Asked on 16 Oct 2018
More people are getting to know about FIRE and early retirement movements and starting to plan for it. However once they have achieved it, how many will actually think of donating their hard earned investment to the poor?
Most of the financial planning is usually done to ensure one has enough for FIRE or passive income for retirement.
Donation are not the only way to help the poor just saying. What are your basis that people in the FIRE movement will be more selfish and self centered? There is nothing wrong with people trying to improve their own lifes first. People work hard for their family and themselves and because they dont donate their hard earned investment means they are selfish? You just said its hard earned. People was frugal in their expenses and working hard in their jobs to earn money and then use those money to invest for the future for their family and themselves. Some even find ways to earn even more money by taking part time gigs. Why are they selfish and self centered for working hard in life? No one is obligated to donate money.
It is good that you are concerned. I’ll give a fictional example. Tony Stark is a filthy rich guy. Definitely can FIRE. He is an asshole, until he got that sharpnel in his chest. Given a second life, he became ”good”.
Another filthy rich guy is Bruce Wayne. He too is a good guy. However, he did not become good due to any incident.
If the person is selfish by nature, whether he is poor or rich doesn’t matter. He won’t donate, even if it is something simple, like giving up his seat.
Another logic fallacy is that you are assuming is that FIRE people will stop once they have enough passive income. If we assume they FIRE at 50, they can have up to 30 years of time to kill. They will eventually go to work, either as employee, or start their business.
So it is more important to guide/raise people to have morals, not just money-mindedness
You got to ask people that are pursing this path. Chances are it is such a small subset that you do not have to worry that they are self centered and selfish. Most likely they will keep to themselves, and you will not notice their selfish behavior.
Knowing about it and embarking on it are two very different things all together.
I know there are those that are not on the path, yet they do not donate. So maybe we should be more worried about those folks
Why not we approach this in another way?
Give a philanthropist 1 million, he will donate it.
Give Hitler 1 million dollars, no prizes for guessing what it does.
FIRE movement is just a way for people to do what they want to do. Maslow Heriachry of Needs (although not a very good indicator) even highlighted satisfaction in the mental level may push even MORE people to be less self centred.
Maybe you should let us have the context of such a thinking.
How does not planning for early retirement equate to donating to the poor?
If anything, most FIRE advocates seem to be less entitled and self indulgent with plans to spend their retirement meaningfully rather than working at BS jobs for consumerism.
Let me rephrase.
If you retire late, would you donate your hard earned money and investment to help the poor?
Consider that early retire means more time more emergency as compared to late retire. Thus in fact more likely to give back to society.
If not, retire early for what? Very strange to try and link these two topics together - anyone who is earning money is susceptible to this 'fault' (if it is indeed one) - why single out FIRE?
Even though I have not attained FIRE, I do donations monthly. I'm also going to a batam orphanage(slum area) this Thursday 181018, to do charity work. To me, charity work does not mean you need to donate. Donating is up to own free will too. I think its not a matter of people achieving FIRE but how are they brought up. Just look at the richest people in the world. They definitely achieve FIRE and probably earned enough even for future generations. But yet they donate too.