Musings on the FIRE movement by a single, former refugee, woman of some color.
I posted the below as a response to a post by One Frugal Girl regarding how much of our finances is actually within our control, and her acknowledgment of the positive factors she has been fortunate to have had in her favor (not sure whether my comment will actually appear):
Thank you for addressing this head on; I think it adds credibility to your perspective and your blog to acknowledge your advantages. I had read your post from a few back (the one on how you began blogging), and the safety net provided by your marriage struck me acutely. I am an unmarried woman and over the past year finally took steps to explore becoming a single mother. In the process of considering whether I could take time off to raise a child full time for a few years if I had been successful, I analyzed my balance sheet and cashflow more times than I care to admit, and despite earning well into six figures for close to two decades, saving steadfastly, and living well within my means, there would have been no way for me to do this, or to return to work and afford legal childcare, without depleting a portion of the savings I had earmarked for retirement or selling my home and moving to one with lower ongoing maintenance costs (a major lifestyle tradeoff that would have entailed a significantly longer commute) - whereas my peers married to equal or higher-earning spouses do this all the time without changing their lifestyles, without worries about continuing health insurance coverage, without seeming to bat an eyelash.
Even without the factor of a minor dependent, considering a change to a lower paying position in order to gain more time and flexibility, or embarking on a new business venture - these risks are mitigated by the safety net of spousal support not only from a financial perspective, but a psychological one as well.
In fact, my frustration about trying to figure out how people manage to do all of these things without throwing themselves into a financially precarious position set me off into searching for FIRE blogs by single women - I haven't done an exhaustive search, but those seem to be far fewer than ones by marrieds/coupleds. And I bet if I tried to find ones by women of color who are first or zero generation immigrants/refugees (like myself), there would be even fewer. And I am the first to acknowledge that even given whatever obstacles I may have had, I am HIGHLY PRIVILEGED compared to most Americans. I suppose the ability to even consider "financial independence" or "retirement" - early or not - is in and of itself a mark of privilege.
I truly had considered a post some weeks ago mulling over this topic - is FIRE even within the realm of possibility for normal people? And if it is not, does it merit any of my time or attention? Any of my aspirations? Maybe some of these perspectives on FIRE will be more relatable... more exploring to do; still lots of marrieds in that article, but with some refinement, I might cobble together some guidelines that work for me, some inspiration to get me going and focused.
I first saw the FIRE acronym in the media some years back. And when I was dating former-NF, we discussed it periodically - retirement, how to get there, how to balance working hard with easing up and not burning out, having time to follow passions. A major commonality for us was having come out of modest families and finding ourselves in an "elite" school on the Upper Eastside at a young age. How we processed and navigated money and that world of elite schooling with limited familial financial support (but bountiful familial support in every other way) has shaped our lives to some degree. What we aspire to today as adults is informed by our different senses of financial security - what is "enough" so that we can have the freedom not to worry.
So some of FIRE goals are universal - the desire to be secure, for example. But, let's face it - some of its tenets will never be attainable for a good portion of the American populace: financial independence requires generating one's own income, and most Americans don't even have emergency funds; ditto early retirement, to say nothing of just regular on-time retirement.
And that very ability - the differences between the haves and have nots, economic inequality and wealth disparity - is at the heart of some of the trickiest political issues today, right? Bernie and AOC versus the moderate Democratic middle, to say nothing of the vast Republican contingent, is very real. Wealth disparity is real. The excesses of unfettered capitalism are real. The pandemic brought shined a light on that like nobody's business - or, like everyone's business. The compromises we come to as a society will determine the trajectory of this country, whether it is worth continuing in and investing in.
Sadly, the expat life has never had as much appeal as during the last four years. That's basically what former-NF chose. I haven't gone there. I still have hope for here.