Why Coast FIRE is Better Than Traditional FIRE
Рет қаралды 21,100
Күн бұрынAfter pursuing FIRE (Financial Independence / Retire Early) for a while, it has become apparent that Coast FIRE is more our speed.
In today's video, I break down my Coast FIRE vs. Traditional FIRE views and discuss how you can achieve Coast FIRE too.
CHAPTERS
0:00 - Intro
1:02 - What Is Coast Fire?
2:00 - Coast Fire Instead Of Traditional Fire
4:30 - How To Calculate A Coast Fire Number
10:25 - Outro
#CoastFIRE #FIRECommunity #FamilyFinance #PersonalFinance
RESOURCES
Prefer to Read? Here's this video as a written article: marriagekidsandmoney.com/coas...
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Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.
Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.
When he's not ""talking money"", Andy enjoys being a Soccer Dad, singing karaoke with his wife and watching Marvel movies.
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CREDITS
Research & Writing: Andy Hill
Video Editing: www.editvideo.io
Thumbnails: Ardi, The Thumbnail Wiz
Channel Management: Josh Doering
@MarriageKidsandMoney Жыл бұрын
Are you pursuing Coast FIRE?
@sman9774 Жыл бұрын
I'm on team Coast FIRE. I got a later start with retirement savings but really went minimal for many years to hit savings rates 70% and above. We just paid off our house last month too. April was the first "no mortgage anymore" month for us. The reality hasn't hit us yet. We're now building up that FU money while still putting more into retirement. We don't really want to stop working anytime soon, but I will be downshifting from my stressful job in the coming year or two. I appreciate the job I have as it helped get me to Coast FIRE with a paid off house, but it has taken a toll as well.
@MarriageKidsandMoney Жыл бұрын
I completely feel this. How does the idea of part-time work in the future sound to you?
@claytonlynch6288 Жыл бұрын
This guy could give me terrible news and I simply wouldn’t know, he is very upbeat
@Brandonjwellman Жыл бұрын
I am a fan of coast fire. I’m 36 and know I’ve got time to let it grow without stressing out day to day. Live for today AND tomorrow! Great video, Andy!
@MarriageKidsandMoney Жыл бұрын
Thank you for the support, and great job on your coast fire plan!
@stevegolacks8731 Жыл бұрын
I was aiming for Traditional FIRE since I was 20 years old, and by age 40, I think I fell into Coast FIRE. I had built up a nest egg by age 40 to call it quits, but also got married that year to a spouse who is extremely intelligent, and has a very good, but low stress job, never over 40/hrs a week job, that slowly but surely paid a great salary. I have found that this is the perfect scenario for a married couple, as we still have a great salary coming in, great benefits, company car...all while being debt free and a retirement portfolio is already set up and we are not contributing to it any further . Also, 1 parent is home with the kids, able to keep the house clean, and the vacations planned. Weekend or even weekday roadtrips to the beach are easy, as only 1 spouse need to take a day off, instead of coordinating for 2 people. I truly feel like modern day society would function so much better if we went back to old times where 1 parent stayed home..its a true game changer.
@MarriageKidsandMoney Жыл бұрын
I feel you Steve! Combined, my wife and I are essentially one full-time worker now as we both work part-time. Financially this can be difficult for some depending on where they live (cost of living, etc), but something to strive for in my opinion too.
@RainbowIA 15 күн бұрын
I'm in coast fire or barista fire. At 45, if I lived alone, I could go to Traditional FIRE, but I would have to give up the family of a partner and three children. It took me another 13 years to get there. Saving 10/20% and only occasionally 50% of a low salary, in this way, even making many mistakes, I had a family, 3 children, an average holiday a year, a few weekends a year, and some purchases or whim of personal things. If I had a high salary I would have gone to Coast FIRE much earlier, with a high salary you can save 50/75% because what is left is enough to pay all the expenses, taxes and even some whims, but you can't with a salary poor. The FIRE program allows you to adapt and customize it as you need. You have to stay very far away from debt, luxury houses and luxury cars. It is impossible to predict and easily overcome all eventualities, unforeseen events, health, in particular accidents (even if it is good to keep fit and do primary prevention, free from drugs, alcohol, betting), road accidents, relapses , child problems, partner problems, lost decades and black swans.
@bretkittelsen5037 Жыл бұрын
I appreciate the awareness and amount of understanding that personal finance is PERSONAL! Very few people give advice like you and I enjoy your perspective.
@MarriageKidsandMoney Жыл бұрын
I truly appreciate you taking the time to share that with me. You made my day!
@carolannstevens5814 Жыл бұрын
Best ever! I wished I would have done this younger! Great Job Andy!!!
@toddmitcham8335 Жыл бұрын
Great advice as always. Doing a really solid job with your channel!
@MarriageKidsandMoney Жыл бұрын
I appreciate that, thank you!
@muhammedsuleiman8047 Жыл бұрын
I like this channel as a new dad to a 4.5 month old I look forward to more content wish you the best
@MarriageKidsandMoney Жыл бұрын
Glad you’re here Muhammed!
@JeffS-dw6ms Жыл бұрын
Definitely agree that most people should be aiming for Coast Fire. I had a very non-traditional career/job in my 20s, was Coast Fire at 25, and close to regular FIRE at 30. But, although I tried to live a life doing whatever I wanted to do, I have started some hobbies and a business that earn me some money. I imagine that the vast majority of people will end up still earning income if they retire anytime before 50. So, if you accept you will probably be doing something for money even after you hit FIRE, it may be better to switch to those other funner/lower earning things when you hit coast Fire.
@MarriageKidsandMoney Жыл бұрын
This is great perspective Jeff -- especially given your exposure to these different levels of FIRE. Working can be fun in my opinion. As long as you feel like you're contributing to something you care about. And not working too many hours. I like 20-30 hour workweeks. But I'm experimenting. I'll report back!
@richdewitt760 Жыл бұрын
Team Coast Fire! But still cannot help saving at least 40% take home--it is addicting. Always a saver and frugal, have 401K & 401A funds the last 20+ years. I am 55 yrs old and discovered FIRE movement 4 years ago, since then maxed out Wife's and My back doors Roths too. I will retire at 62. Blessed to have a Union pension at 62, that combined with reduced Social Security will cover all expenses, this allows the other funds to grow untouched in theory. I know I am blessed and wish all your other subs prosperity and peace! Rich
@MarriageKidsandMoney Жыл бұрын
I get it! As a lifelong saver, saving feels right to me. I challenged myself by reading "Die With Zero" recently and I enjoyed the results so far -- here's my Die With Zero review -- kzfaq.info/get/bejne/iLiXhpWH37uZpHU.html
@richdewitt760 Жыл бұрын
@@MarriageKidsandMoney Thanks Andy, watched your, die with zero video, agree with enough thoughts to order the book-thank you! A good mind should be able to hold two opposing thoughts or views at the same time. Rich
@khuongle877 19 күн бұрын
I’m 46 and has $500k in my retirement account and $280k in brokerage accounts, located in growth stocks for a surprise early retirement. And now I’m coast fire working for holiday and bill
@MarriageKidsandMoney 19 күн бұрын
Way to go!
@Reaperman4711 Жыл бұрын
Continuing to put an income percentage toward your retirement can feel really insubstantial once the retirement accounts start growing at rates over 100% income replacement.
@pnvst6648 Жыл бұрын
I'm not sure what train we are on yet. We're currently grinding and not spending anything unless it is a need. We only have our mortgage left, which should be paid off in 7 years from now. We currently invest approximately 60% of our net income.
@MarriageKidsandMoney Жыл бұрын
Impressive savings rate! There's nothing wrong with your plan in my opinion. My goal with the channel is to try to expand our thinking and define our own definition of family wealth and happiness.
@GreenEyedRoxas 3 күн бұрын
Has anyone asked the question when planning for coast fire what your number is with inflation? I am almost coast but that's with today's dollars I suspect
@MarriageKidsandMoney 3 күн бұрын
I'd suggest factoring in inflation to your calculation. We have a free calculator that helps you with that: marriagekidsandmoney.com/calculators/coast-fire/
@wildfoodietours Жыл бұрын
I think I've always been on Coast FIRE even if I didn't know it at the time. But my ultimate goal is early FIRE. Here's to making it happen many steps at a time.
@MarriageKidsandMoney Жыл бұрын
You've got this!
@alexpietsch7997 5 ай бұрын
Im a youth pastor. I'm of the opinion that young ministers need to strongly consider Coast FIRE when our compound interest potential is so high in our 20s and early 30s. Traditionally pastors are notoriously bad at saving and investing with an attitude of God will provide and a call to generosity. My argument in our circles is if we are able to save 15% of what we need by age 30, then the other 85% over the next 35 years can go to the active ministry preaching the gospel through the pastor being able to take cuts in salary.
@MarriageKidsandMoney 5 ай бұрын
I like your plan. From a long-term philanthropic standpoint, front-loading can also do wonders for churches.
@FIRE_DrNinjaTurtle Жыл бұрын
I am going for lean fire, which will take me to fat fire. I am going for a 90% savings rate. I am retired and I realized that I do not need to spend money. I now have FU money.
@MarriageKidsandMoney Жыл бұрын
That's amazing, congratulations!
@TheFirstRealChewy Жыл бұрын
I just wish we already achieved FI. This way we don't go to work with the goal of retiring. We'd go to work with the goal of enjoying life today until the day we are forced or decide to retire.
@freedomworks3976 Жыл бұрын
I retired twice. Overrated. Now I practice F.I.N.R. Financial Independence Never Retire
@MarriageKidsandMoney Жыл бұрын
I like it! Now that I’ve found work that I really enjoy … it’s hard to imagine retiring
@KikiAndJeffreyPearl Жыл бұрын
Find a way to build residual income ESPECIALLY when you are in a coasting position!
@MarriageKidsandMoney Жыл бұрын
Absolutely!
@P__114 2 ай бұрын
Hi, really enjoying your content. You mention the strains on a marriage and finding a way to agree. Do you have any content on that topic? Thanks
@MarriageKidsandMoney 2 ай бұрын
Absolutely! We have a whole playlist on "Strengthening Your Marriage" -- kzfaq.info/get/bejne/gdmSasKDubmlgqs.html
@P__114 2 ай бұрын
@@MarriageKidsandMoney thank you
@rlsmith6625 12 күн бұрын
He has a voice similar to Doug Demuro (another KZfaqr)
@FIRE_DrNinjaTurtle Жыл бұрын
I am tracking my expenses for the first time. At the end of 2023 I will know my average monthly spend.
@MarriageKidsandMoney Жыл бұрын
Nice work Darrell! It’s powerful to know your numbers
@MarkHylas 3 ай бұрын
Noob question... if we use the 4% rule, does that mean our investment will stay at that same amount, or still continue to grow or shrink over the next 30 years?
@MarriageKidsandMoney 3 ай бұрын
In theory, it could last 30 years (or longer) at a 50/50 stock/bond allocation.
@Andarius Жыл бұрын
This makes a lot more sense compared to traditional FIRE, which just looks like a trap to me. Time in the market before you start pulling is a big deal.
@MarriageKidsandMoney Жыл бұрын
I'm happy to help!
@actsofduane2406 Жыл бұрын
Coast fire is very similar to the Dave Ramsey baby steps. Nice.
@MarriageKidsandMoney Жыл бұрын
Easy to follow and gives you the financial freedom you’re looking for!
@josephstupar3372 Жыл бұрын
Focusing on buying more rental properties. 5 in the next 5 years. Then maxing out Roth IRA for 10 years then coast fire. While Continuing to do 3% I get matched into a simple Ira through work the next 10-15 years.
@MarriageKidsandMoney Жыл бұрын
Sounds like a great plan!
@surfnbacker84 Жыл бұрын
The one thing I never hear anyone talk about is how to include your passive income from real estate with the 4% rule. Let’s say you are making $100,000 per year in passive income with real estate, how much do you then actually need in investments? For example, the 4% rule means that you would need to have $2.5 million in order to make $100,000 withdraw $100,000 per year versus I could have $1.5 million in real estate that generates $100,000 per year.
@Itsanawfulwasteofspace 10 ай бұрын
I call it Boujee 🔥 😆
@MarriageKidsandMoney 10 ай бұрын
I like it!
@96ej 4 ай бұрын
One of the biggest things I've noticed is that numbers only nerds undervalue freedom
@winstonmonster 16 күн бұрын
Fugayzi
@MrMuradski Жыл бұрын
I don’t get what the difference is. You’re still picking a retirement age. Still using the 4% rule. But you just focus on paying off your house first? 😂
Marriage Kids and Money
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