Exploring fire for financial independence retire early (FIRE): a netnography approach

Purpose Consumers’ lifestyle and financial decision-making affects their overall well-being. This paper aims to explore the factors that motivate consumers to pursue the goal of financial independence and retiring early (FIRE). Design/methodology/approach Qualitative netnography was used to analyze FIRE-related discussions by FIRE-specific online communities. The findings were triangulated using inputs from in-depth interviews with 13 financial advisors. Findings Using conservation of resources as a theoretical lens, two factors were found to be the primary motivators driving FIRE attitude and subsequent adoption of FIRE behavior – “escapism & freedom from the current workplace & life space” and “concern for physical & mental well-being.” Four factors were found to influence the adoption of FIRE attitude and behavior: “individual characteristics” [do-it-yourself (DIY) and proactive attitude, the capability of frugal living and ability to plan, track, and review], “well-paying job,” “support from spouse” and “resistance from social groups.” Research limitations/implications Due to the nature of netnography, demographic details of the sample cannot be completely ascertained. Practical implications The findings suggest marketing strategies primarily to wealth managers for: shifting to need-based segmentation of FIRE participants, modifying offerings to involve co-creation and low-touch products, innovating pricing models, increasing distribution reach through digitization and increasing sales and lead generation through engagement. Originality/value This is one of the first studies to explore the factors driving the adoption of FIRE by general FIRE consumers and presents a conceptual model.