Ever dreamed of telling your boss "I quit" before you hit 40? You're not alone. The FIRE (Financial Independence, Retire Early) movement is heating up in Singapore, & it's got young professionals all fired up. A recent survey we conducted found that 80% of our respondents, aged 21-27 is interested in retiring early. But what's driving this burning desire to ditch the 9-to-5 grind?
What's Lighting the Spark?
Before we dive into strategies of “how to fire”, let's talk about why FIRE is catching on in the first place. It's not just about quitting your job to sip kopi at the New Bahru (though that doesn't sound half bad). For many, FIRE is about reclaiming control. It's a rebellion against the idea that we should work ourselves to the bone for 40+ years before we can enjoy life.
Take Wei Ming* for example. At just 18, he dipped his toes into the world of investing, a move that would shape his future in unexpected ways. What started as a personal interest soon blossomed into an informal advisory role among his peers. Fast forward a few years, & Wei Ming has built a substantial client base to not only support himself but also provide pocket money for his parents. Now Wei Ming is on track to retire at 30, with plans to open up a cafe of his own. Stories like his are becoming increasingly common in Singapore, reflecting a shift in how young professionals view work & financial freedom.
We spoke to 20 youths & our conversations revealed a common thread: a desire for greater control over their time & finances. Specifically, we found that many are motivated to pursue FIRE because of:
Freedom & flexibility
Choose when, how, & if to work, pursuing passions without financial constraints
Family & personal time
More quality moments with loved ones & for personal interests, less time stuck in the daily grind
Financial security & literacy
Handle unexpected expenses confidently & make informed money decisions for long-term independence
Health & well-being
Reduce stress, focus on personal health, & enjoy life's experiences while still young & able
Self-actualisation
Escape the conventional career path to pursue personal growth, meaningful work, & life goals beyond the corporate ladder & the rat race.
Across all the discussions, we gathered that it's not about lounging around doing nothing. It's about having the financial freedom to do something that matters to you.
But how does this growing movement fit into Singapore's unique cultural landscape? From our famous 'kiasu' mentality to deeply-held values of filial piety, the FIRE movement is both challenging & adapting to Singaporean norms in fascinating ways.
A Uniquely Singaporean Flame
The FIRE movement is challenging traditional notions of success in Singapore. In a society that often equates achievement with a high-flying career & material possessions, FIRE advocates are proposing a new direction.
"Success to me isn't about climbing the corporate ladder," says Zayn*, 23, a communications university student pursuing FIRE. "It's about having the freedom to spend time with my family & pursue my passions."
Interestingly, Singapore's famous 'kiasu' (fear of losing out) mentality is finding a new outlet in the FIRE movement. Instead of competing for the highest-paying job or the biggest car, some young Singaporeans are now competing to retire as early as possible.
But it's not all smooth sailing. The FIRE movement is also challenging deeply held cultural values, particularly around filial piety. How do you balance early retirement with the expectation of supporting your parents in their old age? What about your children - should you prioritise your FIRE goals or save for their university education? Pay for their insurance?
"It's a constant juggling act," admits Zayn. "We're trying to save for our future, support our parents, & set our kids up for success. Sometimes I wonder if we should pay for our children's university fees or let them take loans to learn financial responsibility. It's not an easy decision."
The FIRE movement in Singapore isn't just about personal finance, it's reshaping how we think about intergenerational financial responsibilities & the balance between self-reliance & family support.
The Reality Check: Is FIRE All It's Cracked Up to Be?
Now, before you go & invest your life savings into stocks, let's pump the brakes a bit. While the FIRE movement is gaining traction, it's not without its critics. Some youths argue that it's only achievable for high-income earners or those willing to live extremely frugally. Others worry about the potential impact on mental health if the pursuit of FIRE becomes an obsession.
But to me, FIRE has never been about saving 50-80% of your income if you want to retire at 45, or forgoing every bubble tea or about that number in my bank account (Thank God). FIRE made me question: What do I really want out of life? How much is enough? Am I willing to say no to Grab rides now so I can say yes to Freedom later? Even if I could retire early, what would I retire for? What would I do with that freedom?
Now, instead of blindly chasing a number, I'm making financial decisions that support a vision of retiring meaningfully. Maybe that means investing in experiences that broaden my horizons like learning how to surf, or setting aside funds for a passion project I'd love to pursue.
So, Ready to Play with FIRE?
FIRE principles can benefit anyone, even if early retirement isn't the goal. For me, FIRE didn't ignite some insane desire to hit $100k by 30 or to retire at 40. Instead, it sparked a journey of self-discovery & intentional living. FIRE made me more aware of my choices & how they align with my priorities & long-term aspirations.
To reiterate, FIRE isn't for everyone. But even if you're not ready to go full FIRE, there's something we can all learn from this movement.
Whether you're ready to join the FIRE brigade or just want to add a little spark to your financial planning, the key is to start now.
So, what's your take? Are you fired up about FIRE, or do you think it's just smoke & mirrors? Whatever you think, one thing's for sure: it's got us all talking about our financial futures.
*Names have been changed for privacy.
Editorial Note:
Opinions, analyses, reviews or recommendations expressed in this article are those of the author alone, & have not been reviewed, approved or otherwise endorsed by any third party.
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