F I R E
1) The FIRE movement, which started gaining traction soon after the global financial crisis of 2007, requires following a disciplined approach of saving aggressively and starting to invest from a young age in a prudential manner.
2) Proponents recommend even saving as high as 75 per cent of one's income to retire very early
3) There are some challenges facing us today which were never seen or heard of before
4) From being the youngest economy with large number of young people we are on the path of growing older and already the proportion of old people has exceeded the proportion of children
5) Currently in India the proportion of Working Age Population is the largest ever
6) This means the stock of people having the age and energy to work is the largest ever which does not augur well for us because competition for our jobs from competent people is larger than ever
7) To makes matters worse Automation and AI are adding massively to productivity
8) Hence despite the availability of people who are willing to sweat out, technology is robbing them of their opportunities
9) The youth of today is facing unprecedented threat to his or her future prospects for no faut of theirs. They have not choice but to think like an entrepreneur. Entrepreneurship isn't an option. It has become the only way of thinking. Even while doing a job you must have to think like a. Entrepreneur
10) Too much of competition means people are available in large numbers to replace you because they will offer the same or even better service at a lower cost
11) Technology too is nibbling away jobs that were done by people
12) This the scenario facing our youth today
13) EARLY RETIREMENT is not an option. It is the UNDECLARED RULE which makes it even more vicious because the system ain't warning us
14) People above 40 are certainly serving their last job because job ads are clearly mandating that if you are above the age of 40 then please do not apply for the job being advertised
15) Careers spans across every profession is shrinking
16) It will be almost impossible in the future to witness cricketers like Tendulkar or Stars like Big B or the Khans who ruled Bollywood for a few of decades
17) IPL and OTT will prove the be the nemesis of future cricketers and film stars by adding unprecedented competition
18) Recently for the first time we had 2 Indian cricket teams playing simultaneously in the UK and in Sri Lanka
19) Many cricket stars perhaps will play one season before their careers dissolve into oblivion
20) Many Film Stars will remain the One Hit Film Super Star never to see another dawn for himself or herself. Talented and gorgeous TV stars will continue to feel the heat of competition, insecurity which will drive them into breakdowns
21) Look at the Abundance of Actors, Singers and Dancers
22) Talent is Abundant and just a few will grow into Brands and even the brand's will be short-lived
23) There will never be a Lata Mangeshkar, Asha Bhosle, Alka Yagnik kind of long term rule
24) This is the same that will be seen in corporate India
25) Too much of competition will drive salaries down
26) And Too much of competition will truncate career spans despite one being sincere and having loads of talent
27) Just like the stock markets are decoupling from the real economy and are being driven by liquidity induced irrational demand in the same way jobs will no longer remain a function of competence alone and talent is sooner than latter becoming a slave to the forces of market demand
28) The previous generation lost their jobs only if they proved to be incompetent or unethical
29) Today you may lose your job despite being competent and ethical
30) A high salary means nothing because you never know how long it will last. Salary is nothing but an irrational hope that it will continue and rise in the future. Best of luck to those who believe in this kind of a future. I too thought like this many years ago only to be surprised by an ever changing world
31) We are today driving a Mercedes Car with a leakage in the fuel tank
32) The car will fail despite it being a Mercedes
33) Therefore the significance of FIRE (Financial Independence Retire Early) today is more than ever before
34) If you were to jog your memory by a decade or 2 you will recollect that we were in the thick of a "credit culture"
35) Buy now and pay later
36) Hence people could think of buying homes taking a 20 years loan
37) Today you are not even sure of holding on to your jobs for 5 years leave alone 20 years. What loan you will take and if you take a loan it may cause more pain than pleasure
38) We are staring at a future which is 180 degrees opposite to the Credit Culture
39) We are staring at a Savings and Investing Culture
40) Start Working Early, Start Saving and Start Invest Early
41) The sooner you reach your Magic Number that guarantees Financial Freedom the better it will be
42) Financial Freedom is the Freedom to do whatever you wish to do; do the work you like to do; work with people you like to associate; true freedom of living your life and enjoying every breath you take
43) Financial Freedom is the Freedom to live your dream
44) The sooner you reach this the better because you still need to be young enough to have enough time to explore the world and it's opportunities; travel explore and enjoy
45) Ideally one should plan to be Financially Free by the age of 40 if not 35
46) Financial Freedom is the point when your investment corpus becomes a Money Making Machine delivering you your Lifestyle year after year till eternity
47) The world has changed and we cannot dig out heads in the ground like an ostrich and remain oblivious to the changes taking place around us; time to smell the coffee
48) The old story of studying Medicine, Engineering, MBA and aspire for a long career in Corporate is a thing of the past
49) Stop dreaming about the life your father lived. You're not in a position to repeat it even if you are more talented than your Dad
50) Stop following the stories of the past. The future has good stories but they are different
51) Managing your Money was never more important than what it is now and what it will be in the near future
52) Keep Greed and Fear at Bay is even more significant today
53) Have a Balanced Portfolio that has energy to benefit from both from a Bull and a Bear Market
54) Be Conservative and Circumspect
55) Be Frugal and not a Spendthrift
56) Money saved early in life is a potent force that provides the good life energy and prevents any sort of mid life crisis
57) If you can save an additional Rs 2000 per month do it. It will assist you by helping you reach your Financial Independence that much faster
58) Today all of us have a new goal to look forward to; a Goal that your Father and Grand Father knew nothing about when they were writing their stories
59) Today we all stare at a single most significant Goal called Financial Independence
60) Retirement has become younger and smarter and let's not now forget that; I rest my case.
Best of 🤞 Luck
posted by Raja Bhattacharjee @ October 07, 2021
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