The FIRE (Financial Independence, Retire Early) movement advocates extreme frugality in order to retire as early as age 30. The biggest challenge with the skills and discipline needed for a FIRE plan is not starting it (which isn’t necessarily easy) but stopping (which can be very difficult). Why? Like building an actual fire, building frugality into one’s lifestyle starts slowly. For some savers, especially FIRE advocates, frugality can become a way of life, a game, and a habit that’s hard to break. It can become, not the means to reach the goal of financial independence, but the goal itself. This is what I call “Frugality Syndrome.” A long-term focus on frugality, like a raging wildfire, has a momentum that’s difficult to stop. Extended Insights
About Rick Kahler:
Rick Kahler, MSFP,CFP ® , CFT-1™, CeFT ® , CCIM, president of Kahler Financial Group, is a life-long resident of Rapid City, SD. He began his professional career in 1973 selling and appraising real estate He founded Kahler Financial Group in 1981. He became the first fee-only Certified Financial Planner™ (CFP ® ) in South Dakota in 1983. In 2020 he became one of the first Certified Financial Therapist-Level I (CFT-I™,) in the nation.
His firm, specializing in the integration of investment advising, financial planning, financial coaching, and financial therapy, serving small business and real estate owners, professionals, and retirees, as well as individuals and families.
He served on and chaired the South Dakota Investment Council and served in leadership capacities with the Financial Planning Association and the National Association of Financial Planning Advisors. Kahler is also a nationally renowned speaker and educator. In 2003, National American University recognized Mr. Kahler with the Alumni Distinguished Service Award.
Interested in working with Rick Kahler, MSFP, CFP®, CFT-1™, CeFT®? Please go to our website, www.kahlerfinancial.com/request-an-appointment and fill out a request for a 30-minute free consultation.
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