Posted 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
Ng Lip Hong Kyith, Chief Editor at Investment Moats
Updated on 07 Jun 2019
You got to ask people that are pursing this path. Chances are it is such a small subset that you do ...
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