On Tiktok the FIRE movement built on aggressive saving, investment, and frugality has found a new audience — and come up with new strategies for piling up cash
Photo-Illustration: by The Cut; Photos: Getty Images Every afternoon, Lauren and Steven Keys stroll along the beach near their Florida home with their fellow retirees.
Long before TikTok, proponents of what’s called FIRE have pursued early retirement. But on the app, the movement built on aggressive saving, investment, and frugality has found a new audience — and come up with new strategies for piling up cash. The generally held advice is you need to reach a net worth 25 times your annual cost of living to theoretically live off your savings for the rest of your life.
Even the Keyses aren’t after a lifetime of local beach strolls. Sure, they’re planning to travel to other countries. Maybe they’ll have children. Or maybe they’ll open a coffee shop? That was always the allure of early retirement: opening themselves to challenges, opportunities for growth, and yes, even work, but on their own terms.
It’s also not possible for everyone to do this. The FIRE movement in particular has been criticized for not taking into account the socioeconomic conditions and systemic racism that make it impossible for many people.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NFT Finance Part 1: Demand is exploding for loans backed by NFTsNFT lending lets traders take out loans putting up their NFTs as collateral. And it’s actually taking off.
Read more »
You can now collaborate on emails directly in Google Docs | Digital TrendsCollaborating on emails using Google Docs may seem strange, but it’s actually genius.
Read more »
Starbucks Unveils New Plans to Eliminate Single-Use Cups, Encourage Reusable MugsStarbucks unveiled the latest steps it's taking to reduce its disposable cup use.
Read more »
US bars former spies from becoming foreign 'mercenaries'President Biden signs legislation, forbidding ex-intelligence officers from working with foreign countries or firms for 30 months after retiring. Ex-spies will also have to share details of foreign government work with US agencies for five years.
Read more »
Ex-Spies No Longer Legally Allowed to Become ‘Mercenaries’Former United States spies are now barred from providing their services to foreign governments for 30 months after they retire
Read more »