FIRE or Retire Early has been a talking point for most of the youngsters as well as with experienced professionals. People are actually trying to retire early so that they can work on their passion or do not work at all. But does it affecting their mental health.
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The problem with FIRE is thar it wants you to save more and thus stay minimalistic so that you get to achieve your FIRE number where you get financial independence and do not have to worry about the money. So to do that you have to earn well, invest a lot and stay within your means. And this can affect your mental well being big time.
We earn money so that we can enjoy our life today as well as invest so that the enjoyment can continue in the future too. Now when you start saving a lot of to retire in say 10 years to 15 years. You tend to save more and start enjoying less. And this will make your mental do one thing always, and that is to think more and more about the same thing.
But when you have some laid back approach where you are enjoying present as well as you don't think about retiring early then you live life fully. You tend to enjoy by doing what you love yoday rather than after 10-15 years. The thing is people usually go extreme, try to save more and retire very early or do not save at all and thus cannot retire even in their 60s.
People have to strike a balance between the two and try to find the equilibrium so that you don't get burnt out as well as you try to save as much as possible without worrying along with that enjoying the present. In this way you will have a good mental health as well as financial health will also be sound.
