Is the FIRE Movement over?
Do you think the FIRE Movement Will End Due to COVID-19?
I found this very question online over the last week. Obviously this question arose from the current mass layoffs, the current plunge in the stock market, & COVID pandemic. In particular, it’s possible that the RE (retire early) component of FIRE is the most disrupted, but I wouldn’t say it’s ‘over’. Those that were aiming for early retirement may have to take a step back and re-assess, but I’d doubt most FIRE folks have ‘thrown in the towel’.
How has it disrupted your plans?
In fact for us, to think positively on this situation…it’s reminded us exactly why we started “Driving Towards FIRE” back in 2018. Truth is, had this pandemic happened while we were in Nashville, we would be in a much different place…financially speaking. The goal for us has always been FI (Financial Independence). Now more than ever it’s incredibly important. Being both financially independent & financially literate are the best things in life. The power to withstand corporate layoffs and economic downturns are the exact reasons we started this journey.
Even though we’ve had to put paying off our remaining debt of $67k on hold, we’ve shifted our focus to protecting both our health and our emergency fund. Two very important investments during this time. Without any income at the moment, our emergency fund and limiting our spending while maintaining our health is critically important. Additionally, we’re using this time to plan what are next steps will be and doing our best to remain motivated.