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Posted at 04/12/2021 09:14 by adrian j boris
Criticism

Some critics allege that the FIRE movement "is only for the rich",[24] pointing to the difficulties of achieving the high savings rates needed for FIRE on a low income.

Another common criticism is that the FIRE movement is composed only of white "tech bros", a notion that highlights the fact that men are overrepresented in media coverage of the FIRE movement.

A New York Times story focused on the women and women of color in the FIRE movement. It highlighted Kiersten Saunders and called Tanja Hester, author of the book Work Optional, "the matriarch of the FIRE women."

Paula Pant, host of the Afford Anything podcast, and Jamila Souffrant, host of the Journey to Launch podcast, are also prominent women of color in the FIRE movement.


Finally, some argue that early retirees are not saving enough for early retirement and the many unknowns that come with a longer time period.

Because the retirement phase of FIRE could potentially last 70 years, critics say that it is inappropriate to apply the 4% rule, which was developed for a traditional retirement timeframe of 30 years.

For that reason, Hester and economist Karsten Jeske argue for a safer withdrawal rate of 3.5% or less, which means saving 30-40 times one's annual spending instead of 25 times if the goal is to retire completely and never earn money again.

Posted at 20/11/2021 11:03 by gibbs1
History

The main ideas behind the FIRE movement originate from the 1992 best-selling book Your Money or Your Life written by Vicki Robin and Joe Dominguez,[11][12] as well as the 2010 book Early Retirement Extreme by Jacob Lund Fisker.[13] These works provide the basic template of combining a lifestyle of simple living with income from investments to achieve financial independence. In particular, the latter book describes the relationship between savings rate and time to retirement, which allows individuals to quickly project their retirement date given an assumed level of income and expenses.

The Mr. Money Mustache blog, which started in 2011, is an influential voice that generated interest in the idea of achieving early retirement through frugality and helped popularize the FIRE movement.


A Notable contributor to this movement includes Financial Freedom author Grant Sabatier, who works closely with Vicki Robin and popularized the idea of side hustling as a path to accelerate financial independence.

In 2018, the FIRE movement received significant coverage by traditional mainstream media outlets.


According to a survey conducted by the Harris Poll later that year, 11% of wealthier Americans aged 45 and older have heard of the FIRE movement by name while another 26% are aware of the concept.

2020 saw the introduction of dating sites and blogs dedicated to bringing partners that share the FIRE lifestyle together.

Posted at 29/8/2021 17:05 by firtashia
Some interesting info about FIRE on the “monevatorR21; blog if you’ve not come across the site already.
Posted at 29/8/2021 16:00 by misca2
How the Pandemic Changed the FIRE Movement
John Csiszar
August 18, 2021·3 min read
rawpixel / unsplash.com
rawpixel / unsplash.com

The idea of early retirement had been a dream for many Americans long before it evolved into the FIRE movement. But with the growing influence of social media and the ability of workers to operate remotely, the FIRE movement has sparked a renewed effort to retire early, particularly among millennials. However, as with most things in daily life, the pandemic has had a major effect on the FIRE movement. Read on to learn more about what the FIRE movement is and how adherents have had to adjust during the pandemic.

Check Out: Comparing and Contrasting the FIRE Movement With ‘Lying Flat’
Debt-Free Future: Tips for Adapting To a FIRE Lifestyle
What Is the FIRE Movement?

FIRE is an acronym for “Financial Independence, Retire Early.” And while the dream of early retirement is nothing new, the FIRE movement highlights a variety of steps that participants can take to make early retirement a reality.

One of the core components of the FIRE movement is to save 50% or even more of your income to accelerate your retirement date. It also involves trimming down your lifestyle and making current sacrifices so that you can enjoy the long-term benefit of an early retirement.

Read More: 10 Myths About Early Retirement
Find Out: The Downsides of Retirement That Nobody Talks About
How Has the Pandemic Hurt the FIRE Movement?

The skyrocketing unemployment rate, stay-at-home orders and business closures that accompanied the coronavirus pandemic all worked to conspire against the FIRE movement.

Since saving a high percentage of your income is an important stepping stone to retiring early, those who lost jobs or had to reduce working hours during the pandemic may have set their early retirement plan back by years.

Read: 10 Tips for Early Retirement

Many who work from home or operate online businesses suffered as consumers went into savings mode rather than spending mode.

And those already beginning their early retirement adventure may have been spooked out of the stock market, which suffered its fastest 30% decline in history in 2020. FIRE adherents who sold during this rapid, massive sell-off missed the equally violent recovery, which at just 33 days was the shortest bear market in S&P 500 history. FIRE proponents who panicked during the sell-off may have permanently crippled their early retirement nest egg.

Posted at 12/6/2008 07:25 by blue god
Online buy price at 1.2

Looks like a small sell at premium to touch price

Could still get interesting over the next 3 weeks

Posted at 11/6/2008 19:11 by blue god
FINANCE IRELAND.

Shares = 18mln - current market cap = £250,000.

From Last Accounts
Shareholder funds = Euro15.7 million.
Total assets increased by 40% to just under Euro68 million.
Net assets of 17 cent per share.

Surely, with such a minimal capitalisation at present, there will be some interest from third parites before the proposed delisting next month.

DYOR.

Posted at 27/9/2007 12:46 by bearraider
Angry manc consolidation to 5p share means taking 5 existing 1p shares and replacing them with 1 new consolidated 5p share i.e a 5 for 1 exchange the old share price was 7.125 multipy by 5 equals 35.625p per new consolidated share.
Either the shares went down 1.625p per new share or the spread narrowed or a little of both.

This would remain a very high risk share, it's interest income stream is only half it's running costs which will increase as they set up the new business with investec probably some time before the new venture develops an income. Check the state of the Irish mortgage market, if it's about to dive like the UK you would have to punt on a pure gamble.

As always do your own research, no advice to buy or not to buy is implied just an opinion.

Posted at 27/9/2007 10:44 by angry manc
I have done the same. Will be looking at the business model and whether it can grow sufficiently. Can understand some rise today due to the 5p share price for the consolidated shares, but not the jump to 30p.

Home reversionary are a long term business needing capital growth from houses being effectively bought by the company. Dont know enough about future income stream yet

Posted at 27/9/2007 08:06 by 5dally
RNS Number:6742V
Finance Ireland PLC
30 April 2007


30 April 2007
Embargoed For Release at 7.00am


Finance Ireland Plc
('Finance Ireland' or 'the Group')

Audited Final Results for the Six Months Ended 31 December 2006

Finance Ireland Plc (AIM: FIRE), the holding company for Shared Home Investment
Plan Plc ('SHIP'), a leading Irish provider of equity release products to the
over 60s, is pleased to announce its audited final results for the six months
ended 31 December 2006.

Highlights:

*Interest income of Euro620k (year ended 30 June 2006: Euro90k)
*Lifetime mortgage loans totalled Euro26.2m at year end (30 June 2006: Euro10.6m)
*Net book value of home reversion interests of Euro7.4m (30 June 2006: Euro6.9m)
*Announced joint venture with Investec Holdings (Ireland) Limited to
launch a specialist mortgage lender for the non-standard mortgage market in
Ireland called Nua Homeloans Limited ('Nua Homeloans')
*Acquired additional reversionary interests in 45 residential properties
through the purchase of S.H.I.P. Property Trading (One) Limited, a special
purpose company , for Euro5.5m in November 2006*
*Completed a private placing of Euro2.4m (£1.68m) of convertible loan notes
in February 2007*

* Completed subsequent to the period end

Commenting on the audited results, Billy Kane, Chairman and Chief Executive of
Finance Ireland said:

'The Group made excellent progress in the 6 months to December 2006 with strong
growth in our Lifetime Mortgage business up to Euro26.2m and the addition of a
further 45 reversionary interests to our Home Reversion portfolio now valued in
excess of Euro13m.

Nua Homeloans, our Joint Venture with Investec Holdings (Ireland) Limited was
launched on the 5th April and initial indications are very encouraging.

SHIP is moving to new business premises in Grand Canal House, Dublin 4 which we
will share with Nua Homeloans.'

Enquiries:

Finance Ireland Plc: +353 87 259 7640
Billy Kane, Chairman and Chief Executive

Dawnay, Day Corporate Finance Limited 020 7509 4570
Sunil Sanikop
Alex Stanbury


CHAIRMAN'S STATEMENT AND OPERATING REVIEW
-----------------------------------------

As outlined in my previous statement issued on 12th March 2007, I now have
pleasure in presenting you with the audited accounts for the six month period
ended 31st December 2006. This 'short year' is to facilitate our change of
financial year end from 30th June to 31st December from this date forward.

In the period, our Lifetime Mortgages generated gross interest income of Euro557k
on advances which totalled Euro26.2m at year end. These products have been very
well received among Mortgage Intermediaries and I am happy to report that we
have now reached our target number of 180 formally registered intermediaries all
of whom are authorised by the Financial Regulator to refer mortgage clients to
us on a commission basis. In order to further develop both our direct and
intermediary business, we have recently commissioned our first television
advertising campaign, which will be broadcast in May 2007.

Our Home Reversion portfolio now amounts to holding interests in a total of 102
properties. This follows the acquisition of reversionary interests in 45
residential units through the purchase of S.H.I.P. Property Trading (One)
Limited, a special purpose company, for Euro5.5m. The transaction was completed on
31st January 2007. Two reversionary interests were sold in the period generating
a profit of Euro53k.

Our operating cost base has increased to Euro1.0m for the period but remains
tightly controlled and reflects the increased number of staff to 10 in the
period.

Nua Homeloans, our joint venture with Investec Holdings (Ireland) Limited, is
now operational and working out of its new premises at Grand Canal Street Upper,
Dublin 4. We have recruited a highly rated and experienced management team
headed by Declan Fitzpatrick, who is very well known among mortgage
intermediaries. Nua Homeloans held a very successful 'launch' at the Shelbourne
Hotel on 4th April which was attended by over 250 mortgage intermediaries and
guests.

Despite some recent adverse press commentary on the equity release market, our
lifetime mortgage business remained strong in the first quarter of 2007.

Subsequent to the period end, we raised an additional Euro2.4m (£1.68m) to finance
the further development of the home reversion and sub-prime mortgage businesses
in Ireland.

The Group continues to evaluate other opportunities in niche retail financial
services in the Irish market.

William Kane
____________________________
Chairman and Chief Executive

Posted at 26/9/2002 18:08 by sparky999
A MESSAGE FROM YOUR GENERAL SECRETARY

You will know by now that the recalled annual conference voted unanimously to ballot all FBU members on strike action, consisting of a series of discontinuous strikes, to achieve our claim for a fair wage for all members, and also a new formula to ensure that we never again slip into the poverty trap.

You will therefore shortly receive a ballot paper giving you the chance to vote on whether or not you think that union members should take strike action in pursuit of our pay claim and the new formula, and we naturally urge you to vote yes.

We’re demanding a fair wage based on a re-calibration of our skills base, derived from a report by the Labour Research Department on the Fire Service National Pay Formula. That report lifts us from the upper quartile of male manual workers (evaluated 25 years back after the ’77 strike) to Associate, Professional and Technical workers, and pegs pay at around £30k.

At this stage, it is perhaps worth highlighting a few issues raised by members as we head toward ballot, and perhaps strike action.

THE GOVERNMENT’S REVIEW

Our employers have not only rejected our claim, but have offered an ‘interim’; payment of 4%! This offer is of course contingent on our agreement to the government’s review into pay and the ‘modernisation’ of the Fire Service.

The Executive Council, on your behalf, rejected the Government’s offer of an independent review. This was not done in a fit of pique, but because since 1999, there have been eight reviews of the fire service. Indeed, as late as 1999, the Secretary of State for the Home Office commissioned an independent review of conditions of service, with the recommendations of that review agreed and implemented in September 2001.

The Fire cover review, now widely leaked, is known to call for an increase in the service as a whole of 100%, and the government are currently doing their level best to ensure it never sees the light of day…rest assured, it will!

This proposed Government review, we are told, will produce a full, independent report by the middle of December… so it’s obviously going to be so thorough that it’ll take less time to compile than to train a firefighter!

We are further told that the ‘team’ will be visiting fire stations and control rooms to discuss issues with members. We must make it absolutely clear to the government, that this union and its members have already stated that not only is this review an unnecessary distraction, but that we won’t give it the legitimacy it needs by taking part or submitting evidence. It is imperative therefore that all members make this view known to the team if they arrive on your watch, and that we demand pay, not more inquiries or reviews.

So to sum up, we don’t need a further review to tell us what we already know; that we’re understaffed, underfunded and underpaid.

We don’t need a stalling exercise or a face saver while they gather ‘evidence̵7; to either prove or disprove our claim.

But crucially, this is between us and the local authorities, and is not a role for the government. Indeed, this is an extremely dangerous and cowardly strategy for a local authority funded service to pursue. It is their responsibility to negotiate with us, and then any funding issues should be taken jointly to the Government

THE COST OF THE CLAIM

A report by the Audit Commission places the fire service as the best performing, most efficient and popular of all the public services, so we need no lectures on how to improve efficiency or best value, or that for an increase in pay we must accept cuts in service or conditions.

In a recent report by Cap Gemini Ernst Young, it is stated that our pay claim will cost, on average, an extra 41 pence household, per week across the UK, so any talk by the PM of driving up the cost of mortgages or have a devastating effect on the UK’s economy is, to say the least, an exaggeration, and at best, plain stupid!

DOES THIS RELATE TO EMERGENCY FIRE CONTROL STAFF AS WELL?

Absolutely!

The employment legislation covers everyone in this dispute, and Fire Control members most certainly won’t be put under 92% pressure from the Chief, the employer or this time wasting Government Inquiry, they’ll be put under 100% pressure like everyone else.

So don’t fall for any lies about how it is different for Control because it is more difficult to walk out of a Control Room than a Fire Station, that’s as untrue as it is preposterous. And don’t listen to the cosy chats that may come from senior management or visiting inquirers, think what their real motives are.

Senior management may tell you that they’re looking after your best interests ‘cause after all “you’ve known them for years”. Oh really! They and the employers abdicated their responsibility and the ability to do anything for you when they pushed for this Inquiry.

Just because our employers don’t think Emergency Fire Control Staff are worth the same as Firefighters doesn’t mean we should think the same. Since its inception, and indeed all the way through this campaign, we have been very clear that the only way to win is to be united. The policy of pay parity for Emergency Fire Control Staff has been around for a very long time, and like everything else we’ve gained in the service, it’ll have to be fought for.

Remember, we’re not just fighting for ourselves and individual groups or section of the service; we are fighting one fight and supporting each other; just as it is in the job.

Without the 100% support for each other it just won’t work.

AND MEMBERS ON THE RETAINED DUTY SYSTEM?

This hardly needs a separate paragraph, because unlike our employers, or the recent employment tribunal decision on pensions, or anyone who seeks to play on the differences between those working the retained system and those working the wholetime, we seek to show the many, many issues where there are no differences. Indeed, one of our wholetime delegates speaking at annual conference on the pay debate is quoted as saying;

‘There’s no such thing as a retained fire.’

That sums up this union’s views on those members.

If it’s good enough to go to fires the same as wholetime members do;

If it’s good enough to attend RTAs the same as wholetime members do;

And, like our two members in Blaina, if it’s good enough to die for this job the same as wholetime members do.

Then it’s good enough for all members to receive the same professional pay.

WHAT ABOUT MY MORTGAGE?

Members have, understandably, raised fears over their mortgage payments. If we are forced into taking industrial action, and you feel that you may not therefore be able to maintain your payments, you must contact your mortgage company. You need to tell them you will be involved in industrial action and that you won’t therefore be able to make payments during that period. Your company will of course be aware of our action and of your occupation, and should agree a revised payment schedule with you.

Remember, it’s not in their interest to repossess homes; they’d far rather have your payments every month and will therefore assist you in this process.

WHAT ABOUT MY PENSION?

Members have never taken action yet whether nationally or more recently, locally, where members have not only had that service count as pensionable service, but have also had the right to work the time lost at the end of service, or if that's not possible, to buy back pension entitlement, and this will of course be one of the central planks of any negotiated return to work settlement.

For those members who'll be age barred from continuing in service, and are naturally worried that this will substantially affect their pension entitlement, the rules of the pension scheme provide some re-assurance. Firstly, your pension is based on your 'Average Pensionable Pay’, which is, as the name suggests, pensionable pay averaged over the twelve month prior to your retirement date. If you are not receiving any pensionable pay for part of that twelve months however, then a pro-rata formula is applied so that the effect of the missing service on the calculations is eliminated. Secondly, if your final twelve months produces a lower figure than either of the two previous years, then the earlier period which produces the best figure would be substituted. So, as last year's rise was particularly dismal, the value of your pension will not therefore be hugely affected.

For our Emergency Fire Control Officers in the LGPS, the position is different only in that payments will have to be made to account for missed contributions from members and employers: to buy back the missing period of service you will have to pay contributions of 16% of the pay which you would have had during the strike.

CAN I BE SACKED OR LOCKED OUT?

The simple stark truth is, yes.

The current employment law states that you have a contract with your employer, and if you break that contract, the employer is entitled to dismiss you, but only after they have complied with lengthy procedural requirements.

This is a left-over from the darkest days of Thatcher’s reign, and had the very obvious purpose of frightening workers into voting no in the ballot, and is indeed written on the enclosed sample ballot form. However, since this legislation was enacted, no FBU member who has taken strike action has had their contract terminated, and as recently as the Merseyside strike, even the employers there (at that time, probably the most reactionary of the bunch) shied away from this course of action.

As to lock outs, this is a tactic a few of the employers may attempt, but just think how that would look in the press with our members queuing up to go back to work and the employers refusing us access! Not to mention how the rest of our members who had just returned to work would possibly react.

MY CHIEF OFFICER SAYS…

The short answer is; ‘who cares what they say.’

However, unless it’s to offer support for our claim, tell them as politely as you feel able, that apart from attempting to undermine our campaign in the current period, and scabbing on us if we do strike, this affair, as with many other issues, is between us and our employers and is none of their business. They play no part in negotiations; don’t have a seat on the National Joint Council; and have absolutely no role in this affair. You could always ask to see their payslip I suppose.

Our fight is with our employers, not with members of the organisation calling itself CACFOA, who, despite calling themselves ‘The Professional Voice of the Fire Service’, continually strive to disprove that title, by failing to understand their peripheral role in this dispute.

Finally, remember that this claim is for all members of the FBU.

It’s for all Emergency Fire Control Officers; Firefighters of all ranks whether working the whole-time duty system or the Retained system, and that everyone has a stake in this fight, from the oldest hand to the newest recruit.

Even if you went through the ‘last lot’ in ’77 and have only a few months until retirement and probably won’t gain much in your own pay or pension, you’ll be leaving a decent level of pay for those who’ll follow, which is what the old hands did back then…what goes round comes round.

Members should feel confident that the traditional plight of poor pay in the Fire Service can be eradicated once and for all this year.

The employers have shamefully run away from their responsibilities at the National Joint Council, while the Government hides behind the fact that they have traditionally denied public sector workers decent pay to deny us fair pay; professional pay.

So support your union and support your campaign to ensure that you can support you and yours in the coming years.

Vote YES to end poverty pay;

Vote YES for professional pay;

Vote YES for £30k!

Andy Gilchrist,

General Secretary.

September ‘02

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