Millennials have a new absorption of the fire movement and it is less to take it easy at retirement (2024)

"I corrupted three, four times a week. I went to the lake. I did all my hobbies that I was really interested in and enjoyed, those who had not so much time for most of a decade," said Mattinson Business Insider.

But after eight months he decidedretirementWas not fulfilling as he had imagined.

Mattinson has all the catches of someone inFire movementThe.The abbreviation, which stands for financial independence, goes back early, was invented in the 1990s in the book "Your Money Or Your Life" and made popular on blogs such as Mr.Geld Snor and investment site Motley Fool..

But Millennia, including Mattinson, who finds himself happiest when he has a work -and -lisure balance, said they are not so interested in early retirement -and creating their own versions of life after work.

Millennials will often have fi without re

Often dedicated to the fire movementSave or invest the majority of their income.Sometimes extra jobs assume or postponing large milestones for life of life as a marriage or having children.

It is an exclusive club and a lot of hungry millennia would like to participate.Selectfi's Facebook groupHas more than 108,000 members, while R/Financial dependence Sudptdit has 2.2 million members, but for some Brandwannabes the "FI" part of the comparison is the most important focus and the "RE" seems to be less of an earlier conclusion.

A popular rule of thumb under this group is the "4% rule" that says you have to strive to save 25 times your annual costs, so that you can draw 4% of your funds every year after you stop working.Some fire workers said BI that their target savings are between $ 1.5 million and $ 2.5 million, although many work on even more security.

Certainly, early pensioners are a small part of the population. 0.75% of all Americans older than 18 years and less than 50 have been retired.Start, many Giers spoke to retire unofficially or partially, takes less responsibility in a company or move to the position of a lower bet.

Bi spoke with a dozen millennia that have reached or are on its way to achieve financial independence..

"What I have noticed that shifts are usually the weight of FI and less on Re," Scott Rieckens, the performer of the film "Doctors with fire, "Said." I think it's great to see, because it signales that financial independence is the most important motive as it is and that work and goal are actually very important to attract nothing early is a bad idea. "

Brad Barrett, the host of the podcast "Selectfi", said "few" people from what is going to financial independence, goes back early.Return early means to turn off everything you have worked against.

For many, financial freedom goes beyond keeping a job that you don't like.Some said it is the possibility to spend on travel or leisure time without much stress - which has become even more important after the top of the pandemic.To lead a life with goal, whether it means that people are training for a podcast or leading charity effort.

The problem of retirement seems to be that people will add value to their community and within their own lives - and they believe that work is the way to do it., found in research, he performed with Naina DhingraFor McKinsey, 70% of the people investigated said they define their goal by work.

"Many people thought that one of the things I get a lot of validation from is to be smart, to solve problems, participate and to work on something bigger than me," Shaninger told Bi.

Covid-19 may have strengthened this, he added."That vulnerability in our state has been brought home in a way that perhaps many of us had taken for granted," he said.This must matter.'

The millennial version of early retirement

Mitch, 37, said he will end his high-voltage rink and a mini-pension he has a 22-stop national parks planned this summer.

The resident of Minnesota and vice -president of a building maintenance company that asked that only his first name would be used because of an ongoing job transition, has a net value of approximately $ 2 million, but said he is planning just a few months offbefore he turns the backlog of the workforce into a lower stress position.

Mitch said that in his early 1930s he met the online personal financing community, which inspired him and his wife to increase their savings to at least 75% of their income by avoiding the costs of luxury items.His decision to stop working.

"I think many traditional pensioners have no goals - they take a year or two pensions and hate it because they do something and lose the goal," Mitch said."Those who are volunteers continue to train and do what it is like to grind their brains and really have a goal, are usually some of the happiest pensioners.

Brian Luebben, an economically independent millennium, described having a panic attack shortly after he had hit Fi and completed his sales task.

"If you fear, financial freedom will not solve it," he said."If you have depression, the financial freedom will not solve it. Be careful with the mountain top. If you become a millionaire if you become financially free if you do all this, no one will follow the Mariachi band around and appears.

He argued that gaining financial independence and touching a specific number is 'the simplest part'.

"The hardest part is to find out what you do if you have nothing to do all day," he said."What do you choose to work on?"

Lübben who organizes a podcast and performs entrepreneurs ResourceAction AcademyTo help other people achieve financial freedom, people said to think four key questions before they even achieve almost financial independence: “What does the perfect day look like?What does the perfect week look like?"

Assessing this exercise can help ensure that your identity is not packed in reaching fire, something that Sabatier who took the work of work for a year and a half struggled after gaining financial independence.

"I defined myself through the pursuit of financial independence," Sabatier, the author of "Economic, "Said." So when I reached it, I was, now I didn't have to do that anymore, so what should I do?Independence and what you want to do afterwards. "

Balancing work and pleasure

Instead of a traditional pension, many financially independent millennia find a balance between work and leisure that works for them.

For Sabina Horrocks, 41, a millionaire was "pretty boring".Early investments, "kept daily expenditure low and bought rental properties, while they were last sold out.

She ends her sales operation, but is not going to stop work.She is a mother-home mother and plans to continue her blogThe money lenders;She also wants to become a financial trainer or planner.

Blogging and coaching were common persecutions after FI among the early pensioners with whom Bi spoke.Giving a feeling of pennies, and in the last decade she and her husband usually lived in a camper or a sailboat.

In 2017, their blog, advertising sale and a course they made, called Sense of Affiliate Marketing, had generated nearly $ 1.2 million in income.per week for his company, which generates $ 600,000 a year.

"I am able to travel if I want. I can work if I want. Nothing really depends on my working hours," she said.More money and save as much as I can.

Lauren and Steven Keys thatComplete their entire jobs in the twenty, have a similar image.

Steven works freelance for his former employer, but spends a lot of his time on an online tutoring service calledTinglingThat he gathered in 2023.Lauren has a social media customer with whom she works for a few hours a month.Journey of a lifestyleAnd earn rental income from a fully paid real estate investment.

"There is a misconception about early retirement that you will never make a crown again and just sat on the beach all day for the rest of your life," Steven said."We will never stop making money."

Are you part of the fire movement or do you live according to some of the principles?kelkins@businessinsider.comofnsheidlower@businessinsider.com.