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🔥Coast Fi and Barista FI 🔥 I’m excited for this one!! 🤩 it’s gonna get more fun from here on out. If you saw my last post we talked about how much you would need to retire on time. Before we start, I’ve included all online calculators used so far in my linktree in my bio. Feel free to use those anytime you want so you don’t have to refer back to this post. Recap⏮: We used an example of retiring on a $40,000/yr salary and a 4% safe withdrawal rate. You would need $1,000,000 invested at 67 to achieve this example. —————————————————— Coast FI 💰 This is defined a couple different ways at least from my research so far. The idea is to invest heavily at the beginning of your career so that after a certain point, you could “coast” your way to retirement without having to invest anymore. You would still have to continue working but once you’ve reached coast FI, you can take on more expenses or take a lower paying job you enjoy because you aren’t needing money to invest anymore. This works by letting the power of compound interest do its magic. Your coast FI number will depend on how much you contribute and how many years you are willing to invest. Without going into detail, my coast FI number is $150,000 and I could reach it by age 32 at a 7% return and 3% inflation. 🌊Coast calculator: ————————————————— Barista FI 💰💰 Similar to Coast FI, you would need to invest heavily enough at the beginning of your career that you could eventually step down from a full time job and maybe work part-time. You live partially off your investments, and the rest of it comes from your part time job. There a couple perks to this: 1️⃣ you could work a job you are passionate about 2️⃣ Some part time jobs provide insurance like Starbucks 3️⃣ Some people that retire early end up going back to work anyway cause they’re bored. 4️⃣ It takes less money to save up then Lean FIRE or Fat FIRE 5️⃣ Working part time allows you to still get community and social interaction as well as a purpose. 6️⃣ If you fully retire early, it might be harder to find work if theres a huge gap in your work experiences. Keeping a part time job will at least show some work experience on your resume. I plan to achieve this by age 40-45, depending on if my lifestyle changes… or simply based off my average return. My current Barista FI number is $500,000. This could change. ☕️ Barista Fi Calculator: —————————————————— I intended to include Lean FIRE and Fat FIRE today as well, but I want to keep these posts relatively short and easy to follow. The great part about both of these options is that you can have coast or barista FI as a goal, but that doesn’t mean you have to step down to part-time. You could continue working full-time once you reach it and simply have even more at retirement than you intended. ⏭Fast forward: if you want to skip ahead to Lean FIRE and Fat FIRE you can watch Graham Stephan explain this way better than me 🤩 @GrahamStephan 🎥: What do you think? 🤔💭 #FIREbender
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