Cryptocurrencies and the FIRE movement - Parallels and differences
Are you familiar with the FIRE movement? It stands for Financial Independence - Retire Early
From Consumer to Investor
It basically teaches to build up as little debt as possible, minimize your spending and save as much money as you can, so you can invest it and live off the dividends.
Below is a short clip about it.
At its essence it encourages people to consume less and invest more, and opt out of our debt based society. BRAVO!
That's the crypto spirit, too!
I have been looking into the FIRE movement recently and find it interesting that nobody is talking about crypto yet, even though there are so many parallels. It mainly attracts Millennials, which is the same generation that's most open to cryptocurrencies.
Crypto enthusiasts are opting out of our debt-based society, too.
Many of them limit their spending and live minimalist lives, too. Only instead of investing in index funds, they put their money in Bitcoin or other crypto assets they believe will appreciate in value over time.
It's funny that the Crypto movement and the FIRE movement have not met yet.
The Crypto movement actually is a FIRE movement
...however crypto people have taken the financial independence part to a whole new level, of course, because they believe that the way our current society and money system is set up, there is no way to ever truly be financially independent.
That's why they are getting more and more invested (not only financially) in a new money system that can replace the old one over time.
True financial freedom can only be achieved by having full ownership of your money. As long as a bank or any other third party holds your money for you, they can also withhold it from you.
No matter how much money you have, if your account can be frozen and your funds confiscated at will, you will never be truly financially free.
While financial wealth is just as important for crypto enthusiasts as for anyone else, their true end goal is self-sovereignty.
True freedom and independence will trump financial wealth any time.
I find the teachings of the FIRE movement very valuable. I would just encourage people not to ignore crypto (or gold and silver for that matter) in order to diversify their portfolios.
And the same call goes out to crypto believers, of course - diversification is key.
Learn more about the FIRE movement in this interview with Tanja Hester, FIRE influencer and author of the book Work Optional
Another version of this article was previously published on Publish0x.
About the author:
Anja Schuetz is a cryptocurrency mentor for absolute beginners, with specific focus on women and non-digital natives. She also consults as a Customer Communication & Operations Manager for blockchain start-ups.
Anja offers a Free Bitcoin Beginner's Course when you sign up to her Conscious Crypto Museletter here: http://anjaschuetz.net and has also written a Beginner's Guide to Steemit
ahh the luxury! I am in love with any concept that leads to work-optional lifestyles where I could be guided by my whims only. The problem for me is that It all comes from a need to reduce my physical anxiety and sadly dealing with money issues (even the saving and making of money!) do nothing to help with this - i just get over excited or anxious or angry (usually with the technology) and then wind up in negative states. I suppose I should probably just give my monies to someone else to invest for me....are there any trusted services of this sort out there?
There are fixes for all of the above :)
My favorite fix for the worries and anxieties is fastereft.com :)
Getting rid of them and learning to trust yourself is much better than trusting someone else with your money. That trust (in our current financial system) comes with very high commissions and annual fees :)
In the crypto realm I would suggest a hybrid - the Emberfund app.
You’re required to know how to put Bitcoin in and how to keep your private keys safe, but for the rest it does most of the trading for you. You may have to push a button a couple of times per month when you get a notification - depending on which portfolio you pick - but for the rest you can just watch your funds grow :)
I’ve made a few posts on my blog about it and will make a few more. This app is the best thing since sliced crypto bread 😄
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ooh that emberfund sounds amazing! Ive been waiting for something to replace sliced bread.... x
I'll make sure I check that out : ) thanks anja x
Ha ha :) Let me know if you have any questions - I've been using it for a few months now.
What kind of return are you getting?
It fluctuates of course, but today I'm up by 33% (after two months). I've been in the 40%'s already, but of course it goes up and down.
It's definitely a lot more than I'm achieving by simply hodling, especially during a bear market :) Some of the coins in the Marius portfolio for example, I had never even heard of. He has a skill to spot the super high potentials.
I kind of approach my everyday life like this. Definitely living minimally. I have not put a lot of funds into crypto but instead have moved my savings into property. I think that's a good way to live off of residuals in the end too!
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Absolutely! People will always need places to live :)
It is a trend and a niche idea.
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You're right about, if we don't have full control on our money then we are not having that full financial freedom. @connecteconomy
Currently one way or another, people are still dependant for their own finances.
Posted using Partiko Android
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This is what has been my aim for the last few years now but I didn’t know it had a cool name like that... i have always had a bit of pyromaniac in me. Now even more, bring those crypto flames
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