S2E3: Should we play with FIRE?

The Straits Times Podcasts

We don’t all have to live frugally and retire by 40 years old, but we need to be financially disciplined so we can retire meaningfully.

Synopsis: Every first and third Monday of the month, get a headstart in your personal finance and career with The Straits Times.

FIRE in this context, stands for financial independence, retire early - a movement that points to the desire to retire earlier than the usual age range of 65 to 70, through a regime of aggressive investing, saving and frugality during one’s working years.

In this episode, ST business correspondent Sue-Ann Tan investigates if Fire is for everyone, and if there are other ways to sustainably achieve financial freedom and retire at leisure.

Her guests are Mr He Ruiming, 35, who as co-founder of the Woke Salaryman, talks about how he initially wanted to retire at the age of 32, and DBS financial literacy expert Lorna Tan, who feels that retiring meaningfully is more important to her.

Highlights (click/tap above):

1:42 What are the different types of Fire?

3:14 Ruiming’s journey to achieve Fire by the age of 32

9:40 If I’m 25 now, what should I do to retire at 40?

12:56 What Ruiming wished he knew when he was younger

16:45 Lorna’s alternative to Fire, which is 'Firm' - financial independence, retiring meaningfully

21:46 Trends like loud budgeting which support more financial discipline

27:29 Using excel spreadsheets to track finances and goals

Read Sue-Ann Tan's articles: https://str.sg/mvSa

Follow Sue-Ann Tan on LinkedIn: https://str.sg/A86X

Host: Sue-Ann Tan ([e-mail])

Produced & edited by: Amirul Karim

Executive producers: Ernest Luis, Lynda Hong & Joanna Seow

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Kapitler

1. Should we play with FIRE? (00:00:00)

2. What are the different types of Fire? (00:01:42)

3. Ruiming’s journey to achieve Fire by age 32 (00:03:14)

4. If I’m 25, what should I do to retire at 40? (00:09:40)

5. What Ruiming wished he had learnt younger (00:12:56)

6. 'Firm': Lorna’s alternative to Fire (00:16:45)

7. Loud budgeting supports financial discipline (00:21:46)

8. Excel spreadsheets: Tracking finances/goals (00:27:29)