Australia's thousand-year-old generation (born in 1984-2000) is joining economic, independent, early-retirement "FIRE" activities, according to the Australian network. They want to retire by the age of 50 and have a $2 million to $5 million deposit. In order to achieve this goal, the thousands of companies invest in listed companies, real estate and encrypted currencies of the Australian Stock Exchange.
According to reports, on the "FIRE" campaign page, has attracted more than four hundred and forty six thousand netizens to join the event. The economic independence and early retirement of the "FIRE" campaign, which was strong among the U.S. millennials, has spread to Australia. In Australia, millennials are increasingly joining the FIRE campaign, but they are realistic about the amount of cash they need to retire.
It is understood that the "FIRE" program includes a strict budget, making every effort to reduce daily expenses, including reducing dining out, walking to work, buying clothes at thrift stores, and looking for sidelines to supplement major jobs. In addition, Australian blogger Osferberg said the "FIRE" campaign tells people how many years it will take to become economically independent by calculating how many more years it will take.
To find out what Australians think about early retirement, Stake, an Australian stock exchange, recently released its findings after a study of 506 Australians. Forty-nine percent, or nearly half of those aged between 18 and 34, said they wanted to retire before the age of 50, according to the data. About 83% of people want to stop working at the age of 60. Nearly 1/5 of millennials say they need more than A $5 million to retire comfortably; 28 percent believe they have A $2 million to A $5 million. To secure the money, 53 percent of respondents invested in listed companies on the Australian Stock Exchange, 27 percent invested in real estate and encrypted currencies. Among them, investing in American stocks is listed as the most popular form of wealth growth. In addition, 47 percent said the technology industry was most conducive to long-term wealth growth. 63 percent said the biggest cash loss was rent or home loans, while 32 percent still lived with parents to save money. At the same time, more than 67 percent said they wanted to retire early to travel, compared with 25 percent who wanted to continue to work for their company after retirement.
It is understood that young Australians who wish to retire early are reluctant to see the collapse of healthcare and government-funded pensions and are less keen on life-long careers. Many say economic independence is more of a matter of time. As people grow older, time becomes more valuable, because people have less time than money itself. However, some experts say early retirement is unrealistic and most people will not effectively plan for an increase in retirement costs.
In response to the findings, Matt Leibovitz, chief executive of (Stake), the Sydney-based Stark financial firm, said young Australians were redefining many industries, including the investment sector. They will no longer be content to build comfortable savings slowly and steadily. Young Australians proactively seek new tools to create wealth and achieve their goals. 'FIRE' is very popular. It's not just frugality, it's about a new, independent individual who lives according to his will.