Who makes up the FI/RE Movement?
Despite its relatively recent popularity, the FI/RE movement is still in many ways ambiguous. Who are these millionaires next door and what common traits are shared among them? Fortunately based off of data obtained from a survey conducted of nearly 1,400 individuals in the r/financialindependence subreddit, we can get a bit more insight into not only those who are pursuing FI/RE, but also those who have already achieved it. Special thanks to u/melonbalon for conducting the survey in the first place!
So much data was obtained as part of this survey and the figures reported in the above visual only scratch the surface of valuable insights that could be drawn. Of note however are a couple items:
- Commute times are very low. Over 20% of respondents noted that it takes last than 10 minutes to get to work. Additionally, nearly 70% had a commute of less than 30 minutes. It's likely that these smaller commute times result in less transportation costs which could be a motivating factor.
- Individuals who have already FI/RE'd are highly educated. Not only did nearly 85% of respondents have a college degree, but an additional 7% had multiple graduate degrees. Perhaps these individuals have more time for additional schooling post-retirement. It also could be the case that this additional education helped them FI/RE in the first place. Regardless, more schooling was expected in comparison to the respondent group that had not yet FI/RE'd simply given the older average age.
- Respondents favored urban and suburban environments equally. Additionally this ratio remained constant in both the pursuing FI/RE and FI/RE'd populations. I would have expected far more suburban living, but perhaps the increased cost of living in an urban environment is offset enough by the reduced transportation costs to be appealing.