Millennial Money Honey: The other day I saw that one of my favorite personal finance influencers, Mrs Dow Jones, dropped a YouTube video on FI/RE. I watched the teaser and as a girl on FIRE, I decided to do a reaction video.
I’ve been watching a lot of Graham Stephan lately and he does these Millionaire Reacts series. I've been wanting to do one too and I thought this would be the perfect opportunity—doing reactions to other people who talk about FIRE.
If you want to see more videos like this and react with me, be sure to like this video ~for the algorithm~ and subscribe to my channel. Let's talk more money, honey!
Okay let's watch The Truth About the FIRE movement: Is Early Retirement Worth it? You already know I think it's worth it.
Mrs Dow Jones: Alright, what's up rich people? It's me, Haley, and I'm a financial pop star. If you j’adore a good acronym like ROFL or YOLO or EBIDTA, have you ever heard of FIRE? (aka Financial Independence/Retire Early) It is a popular financial lifestyle movement that is actually super dangerous. Why? LME—Let Me Explain. Keep up people, they would have gotten that on TikTok.
MMH: FIRE is ‘super dangerous?’ I feel like this is a marketing scheme of hers. This is a hot, hot take and she knows it's going to cause some controversy. And what does controversy cause? Views. Not hating on that. But I don't think anybody actually working toward financial independence, probably you, if you’re reading this, feels like FIRE is ruining your life. Really extreme of her to say, but extremes cause views. Maybe I need to be more extreme?
MDJ: Instead of their 60s, they have eschewed the traditional age of 65 as the end of their work lives and instead want to retire at Jojo Siwa's age and post up in Boca and turn retirement communities into content houses.
MMH: PAUSE. If you want to join me in early retirement and start our FIRE content house, let's talk.
MDJ: They have to save 50 to 70% of their incomes. No, I did not stutter 50 to 70%.
MMH: But saving 50 to 70% of your income is literally not a bad thing. You can't hate on that! I don't get like why that’s such a bad thing?
MDJ: FIRE was first mentioned in the 1992 bestseller, Your Money or Your Life by Vicki Robin, which yes, I have read. Since then it has gained relevance thanks to all of the internet personalities who have really made the program their own—Mr. Money Mustache, I'm looking at you.
MMH: Okay drag! Oh my gosh. If I ever blow up on YouTube (side note: let's make this blow up), I feel like she would definitely come for me. 😧 YouTube drama. I mean, I'm here for the drama. I love a little bit of flair in my life, but yeah she's like dragging Mr. Money Mustache. Wow. He's like the OG.
MDJ: Those seeking to attain FIRE are sort of the Soho House members of the personal finance community. When your friend joins Soho House it becomes their whole personality and they want everyone to know that they're part of it. Well the same thing happens when your friend joins FIRE. And yes I have a Soho House membership, which yes, I am paying for despite the pandemic. *Brag*
MMH: Paying for Soho House in the middle of a pandemic just seems fiscally irresponsible. Basically throwing money down the drain! That's my hot take. But also what do we care?! What's really cool about FIRE people is that you realize you stop caring about what other people think and don't give up $%#!
MDJ: I’m not a pyro and I 100% do not condone the FIRE movement. Why sweetie? Well let me break it down. Okay in Your Money or Your Life, author Vicki Robin calls the ties that people wear to the office a ‘noose.’ like that is how intense she is about hating jobs. Basically if you buy into the movement, you're 100% going to end up hating your job.
MMH: FIRE does not make you hate your job, your job makes you hate your job. Nobody finds FIRE and is like I didn't hate my job before, but now I suddenly hate it. People working in the corporate field just don't like working. FIRE does not necessarily in and of itself make you hate your job.
MDJ: The movement completely demonizes corporate jobs even though a lot of people seem to enjoy them. Even if I agree with Vic that money equals life energy, is it wrong that I want to spend my life energy doing a job? Like for me personally I find my career fulfilling, sorry and if you don't. Maybe try and pursue a career that you might like instead of committing impulsively to a life of extreme frugality just so you never have to work again, just a thought.
MMH: Okay, whoa. Let me just take that in. It's like super privileged that she can say, “I love my job you should too!” I don't think everybody has that same situation where they can find a corporate job that they love. That's what FIRE is all about, you are able to walk away from your job without the ramifications of struggling to pay the bills and that's really extremely I don't know privileged of her to say just go find a job you like...not everybody has that luxury.
Everyone should be working to become financially independent. That's why I want to spread the FIRE. I want people to know they can become financially independent and have opportunities in which they don't have to rely on money. Also what is her job? According to her Linkedin all she does is Mrs Dow Jones. I'm not here to hate on Haley, love her, but that does not sound like corporate life to me...
MDJ: FIRE is basically financial anorexia, which yes I am allowed to say because I was anorexic in college. FIRE does to your budget what I did to my diet. It cuts everything fun out that you feel deprived and your quality of life will tank. Personally I would rather have to get a report to Susan by the end of the week and then have money to go to that cool Neapolitan pizza place with my friends and drink natural wine, than live in a pantry on wheels and eat gruel. I don't want to live in a van.
MMH: Okay point number 2, wow, I disagree with all of these points. There's a new younger generation of the FIRE movement. I go to Nobu. I eat omakase. I go to brunch and get cocktails and drink wine with my girlfriends. I don't deprive myself.
I'm trying to reshape how this next generation thinks about the FIRE movement. Yes, the FIRE movement gets a really bad rap for being extreme—extremely frugal, extremely cheap. Obviously, I love a good deal, but I want to show people that there truly is balance in my life. I spend money on lavish trips, but also I cut back in places I don't care about. We are all about balance, it's just balance looks different to different people.
Don't let her budget-shame you or FIRE-shame you. Everybody needs to live and let live! Live your own life, on your own terms. Don't worry about what other people are doing or what they're eating, gruel or otherwise.
MDJ: FIRE does not make you financially independent. It actually makes you financially obsessed. And a lot of the FIRE influencers that you look up to are lying to you. Yes, Mr. Money Mustache I'm looking at you, buddy. You are out there acting like you are just living on a dollar in a dream, but really you've got supplementary income coming in from your website and from your podcast and from the courses that you sell.
In my book that does not mean that you are retired that just means that you switched careers to become an influencer, which is fine but isn't that what we talked about in step one? If you hate your life, you hate your job, maybe you should just switch careers. Then you don't have to live a life of extreme frugality.
MMH: Okay to point number 3, retirement looks different to everybody. If you want to go live the van-life, by all means do it. Nobody is shaming you for defining yourself as an early retiree and then continuing to pursue hobbies. I am still going to retire early. Maybe you don't think I am retiring early because yeah, I might have this YouTube channel, I'm going to have a blog, and things that might still make me passive income, but do I feel like I'm working? No.
That's the key difference. When you become financially independent and pursue hobbies that you really love, especially if you self-designate as being retired, you often make money simply from the passion that you pour into it because you don't have a fear of failure.
I would never today quit my job in corporate life and say, “See ya gonna make YouTube videos and blog and be an Instagram influencer or TikTok influencer. Goodbye!” No. That's not realistic for most people. Those people that have found so much success in their post FI life it's, again, because they aren't afraid of it not making money. That's the key it's. They would do this even if they didn't make money.
She's using these people as examples because that's all she has to go off, but I’m sure a lot of people who retire early probably don't make money. They travel the world and take painting classes or go live off the grid and become van-life rock climbers. You just don't hear about the people who end up doing nothing. You only hear about these people who make money from their blogs because it's what they love doing. The sample she pulls from is a little skewed.
MDJ: Even though I strongly disagree with the FIRE lifestyle, here are the elements of the philosophy that I actually thought were really cool. Okay, the traditional amount that we are told to save of our paychecks is like 10 to 15% and if you're like me you took that information and went on your merry way. But after reading this book and learning about the FIRE movement, it really opened my mind and made me think about my budget and like if I could save more to which the answer is yes. Like am I going to save 50 to 70% of my income absolutely not. But like could I definitely get it up to maybe 25%? For sure and I'm gonna.
MMH: That's funny she trashes the FIRE movement for saving so much, but then she's like it's actually a good thing. It's like what? You can't have your cake and eat it too. Of course saving is better.
MDJ: You are who you surround yourself with. If you surround yourself with a group of people who are financially savvy and focused guess what honey you're gonna succeed. The FIRE community is strong like there's literally dating apps for people who do FIRE. And while the pickup line, come to my van and let's eat ramen, wouldn't necessarily work on me ,the whole culture around this cult (sorry, I mean program) is one that I admire. I'm actually trying to build one here.
MMH: That's funny like she's trying to build her own cult...and it doesn't sound very nice to be honest. Here’s a link to my Facebook community—Millennial Money Honeys: Girls on FI/RE—because yeah, it's way more inclusive and we will not shame you. Not gonna lie, I don't know if I want to be a part of her cult. The FIRE community is strong and everybody is great. I have to agree with her on that and she knows it. FIRE community I see you, drop a comment below and we can be friends on FIRE together!
MDJ: Financial goals are quite frankly bae. Like they do not have to be that you want to reach FIRE but having them is helpful AF. When you know exactly what you're aiming towards, it makes it a lot easier to get a bullseye.
MMH: That is actually really true. Before finding FIRE I did not check my money at all. It wasn’t until I found Mr. Money Mustache's blog and I wanted to calculate my savings rate, which is your (income minus expenses) divided by income. That tells you when you can reach early retirement. I have been tracking my money ever since and it does really help you stay focused on your goal. Now I know I need $1.5 million to FIRE.
MDJ: I am a FIREfighter. I am not a pyro. I do not want you to get burned in order to reach FIRE. You have to live a life of extreme frugality and that is going to degrade your quality of life. Having a job, having cool work friends, having a career that you're passionate about is priceless and it's something that you should be proud of. But also saving diligently, spending mindfully, and working towards clear financial goals is bae.
MMH: Okay, I do appreciate Mrs Dow Jones for putting together her video. I love so much of her content and she's great about turning people on to the idea of financial literacy and personal finance basics. But to be honest, she definitely did not get what the FIRE movement is really all about.
This video made waves in the FIRE community and got everybody talking. In fact I'm here reacting to the video. So she got me. She got you because you are now watching this video too. But don't let this deter you from finding FIRE. Stereotypes are there for a reason but I am actively trying to show you that you can live a healthy balanced life and reach financial independence. Finding what you love is critical but it is much easier when you don't have to worry about money and that's what's really important about the FIRE movement.
Let me know your thoughts in the comments below—agreed? Disagreed? Would love to hear your hot takes. If you like this video and want to see more react videos, also let me know in the comments. Be sure to hit the like button for the algorithm so we can spread the FIRE and get more people hip to what the real FIRE movement is all about! Subscribe to my channel and hit the notification bell so you know when the next video drops. Let's retire early together!
