Marriage Kids and Money: Personal Finance for Families
Why Coast FIRE is Irrational | Sam Dogen (Financial Samurai)
Jul 15, 2024
Sam Dogen, founder of Financial Samurai and author of the bestselling book 'Buy This, Not That,' dives into the complexities of Coast FIRE. He discusses how this strategy allows more freedom today but cautions about its potential pitfalls, especially with inflation and unexpected expenses. The conversation also touches on realistic investment growth expectations and the importance of educating children about finance for true generational wealth. Dogen emphasizes a balanced approach to personal finance, advocating for stability over high-risk ventures.
35:11
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Quick takeaways
- While Coast FIRE offers appealing flexibility, it can lead to complacency and inadequate financial preparation for future life changes.
- Generational wealth should focus on education and financial independence for children, rather than merely providing large inheritances that may foster dependency.
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The Risks of Coast Fire
The Coast Fire concept, while appealing, is viewed as a potentially dangerous early retirement strategy. It encourages individuals to remain complacent with their financial goals, assuming that a set amount will be sufficient for their future needs. This complacency often leads to insufficient savings and inadequate preparation for the inevitable expenses that come with life changes, such as raising children or handling rising costs. Staying overly relaxed about finances can create a false sense of security, ultimately jeopardizing long-term financial health.
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