What puts out FIRE

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 FIRE(financial Independence Retire Early) is probably newest concept in India. Not many even know the term. Below mentioned are the difficult things that a FIRE starter have to face while attaining/ after attaining FIRE.

  • Your Job is your social identity. For example, I'm a software engineer(Oracle SOA Middleware Developer to be exact). This identity will be lost once you attain FIRE as you wont be working full time anymore. NOTE: Not having to work is just a perk. If you love what you are doing you can still continue.
  • Financial stability is dependent on market factors. If the FIRE starter was about to start of quitting his 9-5 job, and markets are not favorable as we are in now in COVID pandemic situations where portfolio's are down 20-40%. It would be difficult. Even RBI has been cutting the rates of Fixed deposits of banks from 6.75% earlier to 4.75 % as of 9th Aug 2020.
  • There is always fear of unknown. Unplanned events like car brake down, health deterioration, or any other emergency which requires money to be taken out on the corpus amount that was set aside to work for us might be utilized. And whats concerning is this factor is not quantifiable. We can still minimize this by having all the insurances to cover us.
  • You have to give up on temptations of the consumer world. This is hard in online world today as people are trying to make you more jealous of what they are having by posting on thier whatsapp,facebook status and instagram stories.
  • Attaining FIRE is as boring as it gets. You have to follow the rules.
There are many more. All these challenges are worth overcoming once we have our eyes set on the end goal of becoming Financially Independent

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