{"id":564388,"date":"2021-08-29T13:55:11","date_gmt":"2021-08-29T13:55:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/the-millennial-movement-to-retire-early-is-on-fire\/"},"modified":"2021-08-29T13:55:11","modified_gmt":"2021-08-29T13:55:11","slug":"the-millennial-movement-to-retire-early-is-on-fire","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/the-millennial-movement-to-retire-early-is-on-fire\/","title":{"rendered":"The millennial movement to retire early is on FIRE"},"content":{"rendered":"

<\/a> Some millennials are looking to retire in their 30s: <\/strong>Past years have seen millenials move away from a careerist path, and with that notions of employment and retirement. Whether or not this is covid-induced, many millennials are reporting burnout and stress as a leading cause for why they are choosing to quit their day jobs and retire decades early, according to a BBC report (watch, runtime: 08:04<\/a>).<\/p>\n

Financial Independence, Retire Early (F.I.R.E)<\/strong> is based on the concept that you can retire not based on your age, but rather based on how much money you save. If by the first 10-15 years of your career you manage to earmark most of your salary to your savings plan, you should be able to retire early. \u201cI don\u2019t want to be the guy that works until I\u2019m 65 years old because I have to, and then I\u2019m six feet under two years later. And I think a lot of people relate to that now more than ever, since they\u2019ve seen how precarious life can be,\u201d says a 41 year old school principal who recently started Wealth Building Educator<\/a>, a YouTube channel about financial independence.<\/p>\n

The math behind the movement: <\/strong>You need to be able to put away up to 25 times more than your annual expenditures to be able to retire early. That means that if you can live on EGP 60k a year (5k a month), then you need some EGP 1.5 mn in your bank account. How do you save EGP 1.5 mn? Well, you need to save at least EGP 8.3k per month over 15 years. Sounds impossible? People say<\/a> that you don\u2019t have to hit your F.I.R.E number by your 30s. Even if you\u2019ve hit it by your 50s, you\u2019d still be stockpiling some years to enjoy a few decades without having to work.<\/p>\n

The New York Times<\/a><\/strong> argues that the movement works well for the \u201c1 percenters\u201d: <\/strong>The movement has been criticized as catering to an already wealthy segment of society that can afford to save that much from their six-figure paychecks. \u201cA lot of FIRE blogs, while well intentioned, can be very tone deaf,\u201d Kiersten Saunders, a 34-year-old marketing director, says.<\/p>\n

In their defense, members of the movement refute the notion that most of them are wealthy<\/strong>, claiming that the movement actually makes you less of a consumerist. It allows you to reconsider your relationship with money, helping you become more self-conscious when it comes to how you spend both money and time.<\/p>\n

Not a frugal life \u2014 just a slightly less materialistic one: <\/strong>Small decisions make a huge difference in terms of the money that you spend. Followers of the movement suggest that you can move to places with a lower cost of living instead of staying in big cities, and can turn down or minimize dining out or buying new clothes. Likewise, instead of booking a stay at a fancy hotel, you can go camping and enjoy life\u2019s pleasures more modestly.<\/p>\n

Liberation rather than deprivation: <\/strong>How does it feel to be 39 years old and 5 years into retirement? \u201cThrilling,\u201d one member tells CNBC<\/a>, arguing that the biggest misconception about the movement is retiring early and sitting back doing nothing. He says that FIRE has allowed him to do what he really enjoys the most, even if it were another less paid job that he actually enjoys.<\/p>\n

Bulletproof against the pandemic: <\/strong>When everything shut down during the pandemic and many people lost their jobs, a few bucks in one\u2019s bank account would\u2019ve helped. Even for those who didn\u2019t lose their job, most would have preferred to stay at home for safety reasons. F.I.R.E members have witnessed and overcome three recessions, which they claim the movement has protected them against.<\/p>\n

You think that money can\u2019t buy time? Think again. <\/strong>From fathers who are able to spend more time with their children saying it feels like being on paid leave, to caregivers being able to spend more time with their loved ones, the movement is giving people more than financial security and early retirement; it is giving them more time to spend on what matters most to them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some millennials are looking to retire in their 30s: Past years have seen millenials move away from a careerist path, and with that notions of employment and retirement. Whether or not this is covid-induced, many millennials are reporting burnout and stress as a leading cause for why they are choosing to quit their day jobs […]<\/p>\n","protected":false},"author":1,"featured_media":564389,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9279],"tags":[3159,633],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careers","tag-careers","tag-enterprisepm","wpautop","entry"],"acf":{"mongo_id":"61845188-5a90-4298-9822-b6a43e3f95c7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/547.jpg","photo_position":"above","related_issue":[564378],"teaser":"","voice_url":""},"yoast_head":"\nThe millennial movement to retire early is on FIRE - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/29\/the-millennial-movement-to-retire-early-is-on-fire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The millennial movement to retire early is on FIRE\" \/>\n<meta property=\"og:description\" content=\"Some millennials are looking to retire in their 30s: Past years have seen millenials move away from a careerist path, and with that notions of employment and retirement. 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In a high interest rate environment, the company has begun expediting the repayment of EGP 4 bn it owed to a domestic bank consortium, sources told Al\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641179,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/14\/bps-head-of-ir-to-retire-end-of-september-replaced-by-craig-marshall\/","url_meta":{"origin":564388,"position":4},"title":"BP\u2019s head of IR to retire end of September, replaced by Craig Marshall","author":"enterpriseam admin","date":"14 September 2017","format":false,"excerpt":"MOVES- BP\u2019s head of investor relations, Jess Mitchell, will be retiring at the end of September after a five-year run in his position, Reuters reports. Mitchell will be replaced by the head of BP\u2019s North America IR office, Craig Marshall, who has served in the company\u2019s North Sea, Egypt, and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643059,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/29\/cleopatra-hospitals-files-for-capital-increase-to-fund-hospital-acquisition-retire-debt\/","url_meta":{"origin":564388,"position":5},"title":"Cleopatra Hospitals files for capital increase to fund hospital acquisition, retire debt","author":"enterpriseam admin","date":"29 August 2017","format":false,"excerpt":"MARKET WATCH- Cleopatra Hospital Group is in the market for a 150-bed hospital. The group filed for a capital increase (pdf) of EGP 700 mn through a fully tradable rights issue at the par value of EGP 0.50 per share and will use the proceeds to ensure that EGP 580\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564388"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564388\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564389"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564388"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564388"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}