Does the FIRE movement have issues? I’ll say it again.
Oh, lordy.
The article highlights a thread of criticism that I think is merited, revolving around the financial structure and incentives involved around FIRE bloggers.
OK, get out your pitchforks, I’m about to raise heck.
The FIRE blogosphere is an ecosystem, a platform, a network to be used for good or ill. Like any large network, there are individual agents with various motivations and ethics.
It is clear that the FIRE movement today is much more than a stoic “Mustachianism” approach to personal finance, for better or worse… probably worse.
It is also clear there’s a lot of click-baity, affiliate-laden garbage out there, masquerading as “financial advice.” That’s probably not anything new, but maybe the lines are more blurred between well-intended folk and charlatan.
Here’s what it comes down to for me: I’ll use one example to illustrate my point. Are you a credit analyst and/or have extensive experience with discounting cash flows, delinquency rates, interest rate forecasts? No? Zero, eh?
Then please refrain from writing one-size-fits-all blogposts about the benefits of P2P lending when you have a direct conflict of interest via an affiliate kickback, while hiding behind the feeble disclaimer that “you’re not a financial expert and this content is for entertainment purposes only.” Please.
You are giving advice.
You do not understand what you’re talking about.
You are being compensated for it.
There…whew! I got that off my chest.
Now that I’ve said my peace on that, I will also say there are many, many “untrained” financial coaches who deliver actionable, sound advice when it comes to personal finance, budgeting and investing, so it goes both ways. I have personally learned tons from these “untrained” folks!
Again, more gray, not black and white.
Furthermore, I do think there is a challenge for not just FIRE bloggers, but writers, creators, artists… to “monetize” their creations.
I struggle with this, like, right now!
For many, “monetization” means putting a bunch of crap on your site. Is that the goal?
Or, is it traffic? Should we be concerned with how many clicks versus impressions, etc.?
Again, oh, lordy.
ok, i read that whole article and the spin on it reminds me of why i don’t frequent sites like vox. i agree it’s a subtle spin but i smelled it for sure. of course if you write content on saving and investing it doesn’t apply to 100% of the world. it does, however, apply to more people who could and probably should be paying better attention. we never had a huge savings rate and i don’t really want the fire acronym pegged to my name but financial independence can do wonders for your life and ability to take away one big stressor: money.
even if a person only amasses a decent emergency fund and puts 8% in a 401k they’re ahead of the game. i think it especially applies right now with all the uncertainty with some jobs. i think you said it right: take the parts you can use and learn something. focus on “getting better and smarter with money.” that is winning.
Thank you sir, well said.