Is “FIRE” (Financial Independence, Retire Early) a Scam?

Sorry for the click bait but I don’t think it’s possible to easily answer this question. What is patently obvious is that many of those who claim to have achieved it are still working.

What? My favorite YouTube guru who boasts about FIRE is still working?

Yup. I’m sure you’ve seen that they all sell courses or something similar. Especially those that portray an extravagant lifestyle. And I can tell you, being a content creator, pumping out regular content is definitely not retirement. It’s a job.

And from a tax perspective? To be honest, many of them operating their online business from foreign jurisdictions may also be (unintentionally I’m sure) guilty of violating various tax rules. They do not talk about the tax consequences of creating #nexus or having a #PermanentEstablishment in Portugal or wherever they now legally reside (or claim to be “retired” – even though they are still obviously working). Here’s more on this concept –

https://en.wikipedia.org/wiki/Permanent_establishment#:~:text=A%20permanent%20establishment%20(PE)%20is,liability%20in%20a%20particular%20jurisdiction.

Here’s one of the best videos I have seen that provide a balanced perspective. Please – remember what I always say….if it sounds too good to be true? It probably is too good to be true

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