I keep noticing a very annoyingly condescending attitude in the FIRE (financial independence/retire early) “community” towards people outside of it, the “normal” people. I think this is the consequence of early retirement groupthink.
What am I talking about?
Some of the symptoms of this problem are: mocking people that work full time, policing FIRE people that work on gigs or part-time projects, and idolizing people that reached FIRE.
What is early retirement? (source)
When a person stops working before the normal statutory retirement age, they are said to be taking early retirement.
It is generally understood that early retirement means retiring before the age of 65, at which point you are eligible for Medicare. Currently, the average retiring age for men is 64, while the average retiring age for women is 62.
Depending on your circumstances, you may be forced to retire early from your job at a certain age, opt for retiring early, or be laid off. In any case, there can be an element of excitement and anticipation when retiring before the traditional age of 65.
What is groupthink?
Psychologically, groupthink refers to the phenomenon of irrational decision-making within a group that occurs when the desire for conformity or harmony results in dysfunctional, irrational decision-making.
That was the Wikipedia definition. And it is a good definition because it includes the desire for harmony, which I associate with thinking like peers; and also the desire for conformity, which I assume is more related to aligning your thinking with that of a superior.
“Groupthink” is a term coined by the sociologist and writer William H. Whyte who derived it from “doublethink”, a seminal and disgusting part of “newspeak” the language created by the dystopian society depicted in “1984“, the famous, very recommendable and (sorry to say) depressing novel by George Orwell.
What is early retirement groupthink?
Recently very prominent bloggers on this very topic are retiring much earlier than their sixties: they retire in their forties and even thirties. Some keep blogging and doing other things while “retired”, but this is something for the “retirement police” (retirement police are people that criticize bloggers that make money from their blog while claiming they have retired early… oh well, a topic for a different post.)
Idolizing the “leaders” of the FIRE troupe is quite common. For example, Mr. Money Mustache has a huge following and I imagine he may be a bit surprised and uncomfortable with the image and great expectations he draws from “Mustachians“.
However, the most annoying part of early retirement groupthink is this aspect of “wokeness”. Like… they are the bearers of the only accepted truth. Sort of like a revelation that everyone should live frugally, save money, and be like “Sneezy” (haha).
What I think
To each their own. I like being “FIREd” but I realize this is not for everyone. Just like the regular world of work is not for everyone. Go figure!
Do what you like and let others do what they like. Even if they are doing it because it is the only way they know how to live? I don’t know… Family and friends know what I do. I show them without much pontification that there is a different way. But I definitely don’t try to change anyone else’s life.
What do you think?
Things that I use, like, and am affiliated with:
Google Fi offers great cell phone service in 120 countries, get $20 off using the link. Get discounted phones with service activation and no contract.
Uber and Lyft are offering discount rates on your first rides using the links.
AirBnB where you can be home anywhere in the world; get up to $55 off with the link.
I never spend money before I check Mr Rebates, Raise, Ebates or Honey to get cashbacks, rebates, discounts, coupons or cheaper gift cards.
Personal Capital is a free online financial tool that allows you to see all your money-related accounts and analyze allocation, performance, risk, fees, etc and decide and plan accordingly. Get $20 for opening an account with the link
This blog is hosted at Hostgator