The American Dream isn’t all it’s cracked up to be
The growing movement among some millennials and members of Generation X to aim for an extremely early retirement in their 40s, 30s, even 20s, which goes by the acronym “FIRE” , is getting a lot of attention right now.
Our collective narrative insists that anyone can achieve the American Dream, and that we control our own destiny. We believe it’s our decision when we’ll retire. The problem is that for most of us, we’ll never actually get the choice. We need to better prepare ourselves for an early retirement, which starts by changing how we think and talk about retirement, not as something that can be predicted with perfect precision, but more like a natural disaster: something that can strike at almost any time, without warning. And early retirement must become something we all anticipate, not something we treat as a fringe phenomenon for entitled millennial tech bros.
We also need more financial education in schools. Currently, only five states earn an A grade for turning out financially literate students from the Champlain’s College Center for Financial Literacy. And 30% of states earn a D or F. Most American high-school students are never required to take a personal finance class to graduate.
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