The FIRE movement

The New York Times reported the FIRE movement to the masses; FIRE is Financial Independence Retire Early with millennial generation as the adopters of this philosophy. Naturally, this movement got hold in the United States after their disastrous economic meltdown - hardly surprising really. 

The FIRE movement espouses frugality, this is a pre-requisite for saving. Blowing income on non-required expenses and luxuries right now is the basic foundation to invest for the future. The ideals seek long term gains in low-cost index funds heeding the advice of Warren Buffett over speculation in forex, futures or even IPOs.

This form of investment takes full advantage of the powers of compounding with the largest gains generated later rather than earlier. They are listening to old guys like Buffett who have benefited enormously from solid investment and proven philosophies.

The millennial generation have jumped on board the FIRE phenomenon in the United States and I can't blame them. For many, their first experiences with the jobs market and interacting with the economy were in the aftermath of the GFC and the ensuing recession.

They were left behind, offered limited opportunities and lost belief in the system - hardly surprising. They were told to get an education they burdened with high tuition fees that limit their future investing potential - I love it when people back themselves in.

This formed a whole new mindset, for young professionals at least, they have the opportunity to get into their career, live frugality and save for better times so they can experience life. I say good on them, as older generations we would be getting on their case about blowing all their money and opportunities whilst living an extravagant lifestyle.