“From Banking Boss to Early Retirement: Why the FIRE Lifestyle Isn’t Always the Dream”

• Eric Sim stepped back from his 20-year banking tenure in 2017 upon attaining financial independence.

• However, the ex-investment-bank managing director asserts that he does not endorse the FIRE lifestyle.

• Sim transitioned to becoming a public speaker and executive mentor following his departure from banking in 2017.

This narrative is derived from a discussion with Eric Sim, 54, a former banker who turned into a published author, orator, and career coach. The contents have been condensed for brevity and clarity. Business Insider previously featured an essay about Sim’s banking career.

At the onset of my banking career, the idea of retiring early did not cross my mind.

I assumed I would retire at 65, participating in conventional retirement activities such as taking cruises and socializing with long-time friends.

But my perspective shifted when I became a managing director at UBS. After several years there, during which I earned substantial bonuses, I realized that I had attained financial freedom.

This led me to contemplate: If I wasn’t obligated to work for someone else, what would I pursue?

I understood that I couldn’t simply resign from my position without a strategy. It was vital to discover a significant endeavor to channel my efforts.

After considerable contemplation, I resolved to exit banking and establish my own training institute for young professionals. I launched the Institute of Life in 2015, aiming to assist young individuals in attaining success in their careers and lives.

Although I have reached financial independence, I am not an advocate of the Financial Independence Retire Early (FIRE) movement.

To attain FIRE, considerable savings from your earnings during working years are necessary. However, the reality is that individuals frequently lack a clear vision of what retirement will entail or whether they will enjoy it—particularly when they are currently focused on achieving it.

Certainly, during the initial phase of retirement, you may do whatever pleases you. Traveling internationally, enjoying a spa day, or playing golf are options.

After a decade or two of employment, experiencing freedom from routine for the initial three months feels liberating. However, boredom sets in swiftly.

While employed, planning for your activities is not required. Your job will provide ample tasks to keep you engaged.

However, if financially independent and without a consistent routine to follow, it’s essential to discover activities to engage your time. Without doing so, your days may feel unproductive.

To enjoy a fulfilling retirement, three forms of capital are necessary. In addition to financial capital, having human and social capital is essential to maximize your time.

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