The hurdle dampening FIRE clients' plans

Core Insights - The pursuit of Financial Independence, Retire Early (FIRE) often involves significant sacrifices that clients may overlook, such as delaying care for aging parents or spending less time with children [1][7] - Many clients are motivated by a desire for freedom in how they spend their time, but this surface-level reasoning can lead to deeper issues later on [2] - Financial advisors emphasize the importance of understanding the emotional and psychological aspects behind the desire for early retirement, as mindset can be a greater obstacle than financial resources [5][6] Group 1: Emotional and Psychological Aspects - The emotional drive behind financial decisions is substantial, with approximately 90% of financial choices being influenced by emotions [5] - Clients often experience unexpected feelings and behaviors after pursuing FIRE, including shifting goals and feelings of dissatisfaction [5] - Advisors stress the need for clients to be aware of the trade-offs involved in their choices, ensuring they are comfortable with the implications of their decisions [7] Group 2: Alternative Approaches to FIRE - A growing number of clients are opting for Coast FIRE, which allows them to reduce the pressure of saving for retirement while still achieving a sense of financial security [9][10] - Coast FIRE enables clients to cover their monthly expenses without the need for aggressive retirement savings, providing psychological relief without drastic lifestyle changes [10][11] - The mental benefits of achieving Coast FIRE are significant enough that some advisors now calculate a Coast FIRE number for their clients as part of standard financial planning [12]