Podcast: FIRE Philosophy – Lessons from the World’s Greatest Cult

In our first episode of 2021, we discuss the mindset and thought process inside the FIRE movement.  Let’s be honest, the FIRE movement has turned into somewhat of a cult!  But it’s a positive, empowering and help-each-other-prosper kind of cult.

Our philosophy, values, and beliefs are often very different from the rest of society.  In this show, Pat and I share our thoughts on how exactly we’re able to achieve results that other people find hard to believe.

Listen to the episode…

 

(you can also download the mp3 file here)

 

Discussion points…

  • We think differently from ‘normal’ people  (04:31)
  • We see money as a game to win  (11:20)
  • Time is our most valuable resource  (13:49)
  • A high payback job is better than a high paying job  (16:10)
  • Material goods and status are empty goals  (19:42)
  • A happy life doesn’t actually cost much at all  (25:26)
  • We believe saving is what really creates wealth  (28:49)
  • We must take 100% responsibility for our own situation  (32:11)
  • There is no substitute for taking action  (34:52)
  • Our individual choices do make a difference  (36:35)

 

Resources and stuff mentioned…

 

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Do you have something to add to this discussion?  Share your thoughts in the comments below…


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13 comments

  1. Love the philosophical discussion. I think philosophy plays a big part in the FI community because it’s so intrinsically linked to our values as humans. And knowing our values is so empowering!

    1. Oh yeah absolutely! Our values are one of those things that are sometimes hard to pin down because it’s internal and we don’t spend a lot of time thinking about it. But super important to consider. I (now) love philosophy, and even tho the word philosophy sounds kinda boring, it matters because our personal values are why we do what we do every single day!

  2. I found this discussion interesting. I once explained FIRE to someone I work with. I summarised as follows. Most people believe you should save 10% of your income and when you get to 65 you can retire. FIRE is about saving closer to 60% – 70% of this income, investing this money and retiring before 65. Each persons FIRE journey is different and they adjust these variables to suit how much they want to work, values and desired lifestyle. This makes sense to me and the FI group but you cant change some peoples mindset. My coworker’s response was who cares, YOLO and I could die before 65 so this is a waste of time. I never brought it up again.

    1. Haha the YOLO crowd crack me up. I never understand their viewpoint. Here’s how my conversation goes with ppl like that:

      Them: You only live once!
      Me: ….Yeah okay… so why do you wanna spend most of that life at work?

      Usually it then drifts into some nonsense about them thinking they’d be ‘bored’ without work, even though they spend half the time moaning about work and waiting for the weekend. Either that or they just like spending their money on things which makes their lives more ‘fun’ outside work (to justify giving up so much time for a paycheck).

      1. “Me: ….Yeah okay… so why do you wanna spend most of that life at work?”

        Brilliant response! Mind if I copy that one?

  3. Hi Boys ,
    No mindset no freedom !!! ….simple . Great Podcast especially for the newbies out there 🤗
    Now on a completely different subject , would love to hear your thoughts on cryptocurrency in a future podcast .

    Take care and happy investing 😎😁

    1. Cheers mate!
      Our thoughts on ‘other asset classes’ are coming very soon – next 1 or 2 episodes. We do cover crypto and gold etc, but it’s probably not what ppl want to hear lol.

      1. I have a feeling more editing may be required when Pat starts talking about Cryptocurrency!

        I think the majority of the fire crowd don’t give crypto and/or commodities a second look (myself included), I look forward to the discussion either way!

        1. Haha yes that could be the case 😉
          You’re right I think most of us don’t really consider it, though there is no shortage of crypto fans out there!

      2. Hi Dave ,
        Fantastic !!! ….hey you can’t please everyone, however it never hurts to have an open mind and different perspectives…..looking forward to the up coming podcast .

        Cheers

  4. This was super interesting to listen to Dave! I’m surprised you don’t have more comments.

    It’s kind of ironic but I think one of the ways the economy grows is through consumerism and basically through that, the indentured slavery of as many people as possible. The more money you spend, the more the economy grows, the more the economy grows, the more time or people they need to work and to keep people working, they figure out ways to get them to spend more money (so on and so forth). I kind of see FI/RE as stepping away from that cycle and getting on the side that benefits from the cycle.

    I’m not sure what your views are on this Dave but sometimes I feel a little guilty about it. Capitalism and consumerism kind of run this world and we’re lucky to be in a position where we have the choice to be able to benefit from it. But I still sometimes feel like we’re benefiting from a kind of corrupt system.

    Thanks again for the podcast! It makes me feel more motivated to keep my life simple and not get sucked in despite what my rellies or friends are doing!

    1. Thanks Sarah 🙂

      I don’t feel guilty about it at all. Yes we’re benefiting from the system, but why is it corrupt? Capitalism is built on the freedom of choice – people’s choice to earn and spend and borrow as they wish. It results in (and stems from) profitable companies that owners benefit from (and anyone can be an owner).

      Even the people who spend 100% of their money benefit from capitalism over time. Their lives are filled with much more luxury, convenience, pleasures than people just 50 years ago – it’s a choice to spend and a choice to save. Don’t forget, the spenders also still get superannuation (shares) and a pension later in life (paid for by taxes from the same system).

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