I’d say that the FIRE mindset relies on 3 simple principles, and of course it can be harmful if you make an overkill out of each of them, just as it is not a good idea to brush your teeth every hour.
1. Control your spending
- wrong: spend all your income, because you can “afford” it
- right: be mindful your spending, think about utility of the things you buy
- overkill: get obsessed about every penny, live like a monk
2. Increase your income
- wrong: be content about a low income job, change nothing
- right: perfect your skills, look for opportunities, plan ahead, don’t be afraid of change
- overkill: work crazy overtime, take more responsibility than you can handle
3. Invest your savings
- wrong: keep your savings in the bank account
- right: invest in an index fund, buy and hold
- overkill: pick stocks, time the market, use leverage, constantly check market news