"Instead of saving up all your money to retire early, consider putting it toward changing your current life situation, a personal finance expert said. Glen James, host of the "money money money" podcast and author of several personal finance books, told Simran Kaur on a recent episode of the 'Friends That Invest' podcast that for people saving to achieve the goal of the Financial Independence, Retire Early (FIRE) movement, they should be asking themselves if they enjoy Mondays - and by extension their job."
""If you don't, it might not be able to be changed right now, but let's put a plan in place to see if we can change," he said. For someone who's in their 20s, say, James said, who doesn't like their work, living situation, or relationship, he would encourage them to put that money into savings instead of an investing account to be able to restudy or afford to leave a relationship."
"Kaur said that the closer she is to retiring early, the more she realizes how much she enjoys working. For James, aiming for FIRE is justifiable if you enjoy your work and earn a high enough income to save, but many people don't. He advised finding a job that you love instead, and if you're saving to start your own business, consider just giving it a shot now."
Aiming to retire early should be pursued only if one genuinely enjoys their job. Saving aggressively for retirement in an early career requires significant effort and a high income. Prioritizing savings to change immediate circumstances can improve quality of life more than investing for FIRE. Young people who dislike their work, living situation, or relationship should consider saving in cash rather than investing to pay for retraining, relocation, or leaving a relationship. Achieving contentment and purpose often makes financial outcomes resolve themselves. If work is enjoyable and income allows high saving, FIRE can be justified; otherwise seek work you love or start a business now.
Read at Business Insider
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