Former Investment Bank MD Claims Pursuing FIRE Lifestyle Isn’t Worth It

Eric Sim, a former banker, shares why he believes the FIRE movement may not be fulfilling

Former Investment Bank MD Claims Pursuing FIRE Lifestyle Isn’t Worth It
Former Investment Bank MD Claims Pursuing FIRE Lifestyle Isn’t Worth It

Singapore: Eric Sim retired from banking in 2017 after finding financial freedom. But he’s not a fan of the FIRE (Financial Independence, Retire Early) movement. Instead, he became a professional speaker and executive coach, focusing on helping young professionals succeed.

When he started in banking, he thought he’d retire at 65 and enjoy typical retirement activities. But after becoming a managing director at UBS, he realized he was financially free and began to ponder what to do next. He didn’t want to just quit without a plan, so he founded the Institute of Life in 2015 to guide young people in their careers.

Sim believes that while the idea of retiring early sounds appealing, it can lead to boredom. After the initial excitement of freedom wears off, many find themselves lacking direction. He emphasizes that a fulfilling retirement requires more than just financial stability; it also needs human and social capital.

Human capital is about the skills and knowledge you build over time, while social capital involves the relationships you cultivate. Sim advises that if you don’t have a clear plan for what to do after leaving your job, it might be better to stay employed and pursue interests on the side. Ultimately, having a purpose is key to enjoying life after work.

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