S2E3: Should we play with FIRE?

2024-10-06

We don’t all have to live frugally and retire by 40 years old, but we need to be financially disciplined so we have the stability and means to make life choices and retire meaningfully. Synopsis: Every first and third Monday of the month, get a headstart in your personal finance and career with The Straits Times. FIRE in this context, stands for financial independence, retire early - a movement that points to the desire to retire earlier than the usual age range of 65 to 70, through a regime of aggressive investing, saving and frugality during one’s working years.

We don’t all have to live frugally and retire by 40 years old, but we need to be financially disciplined so we have the stability and means to make life choices and retire meaningfully.

Synopsis: Every first and third Monday of the month, get a headstart in your personal finance and career with The Straits Times.

FIRE in this context, stands for financial independence, retire early - a movement that points to the desire to retire earlier than the usual age range of 65 to 70, through a regime of aggressive investing, saving and frugality during one’s working years.

In this episode, ST business correspondent Sue-Ann Tan investigates if Fire is for everyone, and if there are other ways to sustainably achieve financial freedom and retire at leisure.

Her guests are Mr He Ruiming, co-founder of the Woke Salaryman, who could retire at the age of 32, and DBS financial literacy expert Lorna Tan, who decided that retiring meaningfully is more important to her.

Highlights (click/tap above):

1:42 What are the different types of Fire?

3:14 Ruiming’s journey to achieve Fire by age 32

9:40 If I’m 25 now, what should I do to retire at 40?

12:56 What Ruiming wished he knew when he was younger

16:45 Lorna’s alternative to Fire

21:46 Trends like loud budgeting which support more financial discipline

27:29 Using excel spreadsheets to track finances and goals

Read Sue-Ann Tan's articles: https://str.sg/mvSa

Host: Sue-Ann Tan (suetan@sph.com.sg)

Produced & edited by: Amirul Karim

Executive producers: Ernest Luis, Lynda Hong & Joanna Seow