Imagine you have enough money to retire at a young age. No more work and no more obligations. This is the principle behind FIRE: Financial Independence, Retire Early. In the fifth episode of "Oh Ja Joh?!", Professor of the Philosophy of Economics Conrad Heilmann discusses the pros and cons of FIRE: a method that promises financial freedom at a young age.
Together with Marta Szymanowska, professor of macrofinance and financial philosophy, Conrad Heilmann is conducting research into FIRE. If you follow the FIRE approach, you work hard from a young age and invest and save your money. This allows you to stop working at an early age and enjoy your retirement. It may sound ideal, but there are also downsides. 'It's a radically different way of life', says Heilmann. 'You run the risk of isolating yourself, because you don’t use your younger years to build social connections, but mainly to save money.'
Making conscious choices
The reason why you’re pursuing FIRE determines how it turns out. According to the philosopher, it’s all about why you’re doing it and what your values are. 'It's primarily a tool for reflection: how do I want to organise my life?' the philosopher says. 'Perhaps you could work less or stop spending money on unnecessary things. FIRE can help you make more conscious choices.'
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