Logan, a CPA and personal finance expert, started his blog, Money Done Right, in July 2017 after nearly a decade of helping big businesses save money in the corporate world. His aim is to help everyday Americans earn, save, and invest more money.
Each year, the FIRE (Financial Independence/Retire Early) movement gains more attention. People involved in this movement strive to live frugally for about ten to twenty years, allowing them to retire in their 30s or 40s, rather than working for forty or more years.
While I embrace the financial independence aspect of FIRE, I’m not as enthusiastic about the early retirement part. Here are five reasons why:
1. I Get Bored Without Enough to Do
Though I enjoy seeing people who have successfully retired early and are traveling in RVs or sailing for months, I get restless after traveling for just a few weeks. I feel unproductive and long to return to full-time work. Maybe my perspective will change after more years in “hustle mode,” but right now, I still want to have career goals.
2. I Want to Contribute to the World
There are many problems in the world, and while I can’t solve all of them, I can help improve financial literacy, which is why I started my blog and work on it full-time. Even if I become financially independent, I wouldn’t want to retire early. I believe I can make a bigger impact by continuing to work on spreading financial literacy. While volunteering without pay is possible, I find I’m more motivated when there’s a financial reward at the end.
3. I Want to Provide for My Children
My wife and I recently had our first child, Hunter, and we want more children in the future. Providing the best possible life for them requires more than just saving a FIRE number and living off investments. Since I don’t have a high-income job like a neurosurgeon, I can’t afford to retire early and still give my children the financial foundation I desire.
4. I Want to Keep My Mind Sharp
I believe in lifelong learning, but I need the prospect of financial gain to stay motivated. Having a job or running a business allows me to apply new knowledge, preventing it from becoming just theoretical.
5. I May Need to Support My Parents as They Age
As the oldest child, I’ve had the benefit of seeing my parents young and energetic for longer. However, I know they won’t stay young forever and may need long-term care, which can be expensive. I don’t want to be in a position where I can’t provide for their needs because I retired early.
Conclusion: FIRE for You, But Not for Me
We all have the freedom to decide how we use our financial resources. Some may prefer to enjoy life now, others may save to retire early. People have different priorities, whether it’s embracing parenthood or living a nomadic lifestyle. FIRE doesn’t have to be all or nothing—you can adopt its principles without intending to retire early. This is the path I’m on: learning from successful early retirees but prioritizing other life goals over the need to retire early.
