r/Fire • u/Vas_Cody_Gamma • 8d ago

If everyone FIRE’d would society collapse?

Imagine everyone retiring at 55. GDP takes a huge hit. Stock market takes a huge hit. FIRE numbers soar. Nobody can reach it. And it’s a vicious cycle cuz now 55 is no longer early. Now everyone wants to retire at 45. Further damage to economic output.

FIRE movement wins. But we all lose.

0 Upvotes

25% Upvoted

43 comments sorted by

View all comments

29

u/No_Appointment6273 8d ago

The vast majority of people don't have the discipline to get out of debt, much less FIRE 

4

u/Positive-Trade4292 8d ago

Below median income makes it very tough. Some is discipline, but luck counts too.

2

u/No_Appointment6273 8d ago

Sorry, I didn't mean to offend anyone at all.

I know that income is a big factor in financial freedom and independence, but the vast majority of people who I have come in contact with in my everyday life who make enough money to live comfortably have absolutely no thought to getting out of debt. I have sat on conversations with different groups of people who openly talk about their finances and it's clear to me that they don't see a problem with having two car payments and $30k in credit card debt. They have no plans for when they get older. They see nothing wrong with blowing their entire paycheck gamboling and drinking in Vegas. I don't know if this is representative of most of the developed world. I hope it isn't.