Explore the intriguing concept of Coast FI, where saving for retirement becomes optional. Jess and Corey share their personal journey to achieving financial freedom at just 31. They delve into experimenting with spending for enriching experiences, rather than simply saving aggressively. The duo discusses tackling money fears together, emphasizing open communication as key. Listeners learn about the psychological aspects of financial independence and the power of compounding interest in their financial journeys.
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insights INSIGHT
Defining Coast FI
Coast FI is when saving for retirement becomes optional, offering flexibility.
You have invested enough to reach your FI number by your target date.
question_answer ANECDOTE
Reaching Coast FI
Jess and Corey reached Coast FI at 31, needing $245,000 to retire by 62.
Their 60% savings rate became optional, giving them financial freedom.
volunteer_activism ADVICE
Coast FI as a Lifestyle
View Coast FI as a milestone and a lifestyle choice.
It allows for reduced income, increased spending, risk-taking, or continued saving.
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Brad dives into a CoastFI MasterClass with Jess, and Corey from The Fioneers
—where saving for retirement becomes optional. ??
Jess and Corey, popularizers of the term, share their unique journey transitioning from high savings rates to a fulfilling CoastFI lifestyle. They explore vital themes like financial flexibility, the psychological aspects of money fears, and how experimentation in spending can lead to empowered financial outcomes.
00:02:28 Defining CoastFI
CoastFI is described as a financial milestone where saving and investing for retirement becomes optional.
Discussion of how this concept allows individuals more flexibility in their financial journey.
00:07:11 The Realization of CoastFI
Jess and Corey share their personal journey to reaching CoastFI at the age of 31, needing around $245,000 to retire by 62.
The importance of time horizon in achieving financial goals through compounding.
00:21:38 Transitioning to a CoastFI Lifestyle
Exploration of how their focus shifted from aggressive saving to experimenting with spending for meaningful experiences.
00:23:47 Experiments with Spending & Money Management
Jess emphasizes the value of testing different spending patterns, such as renting before big purchases and embracing travel rewards instead of convenience spending.
00:48:09 Overcoming Money Fears Together
Jess and Corey discuss how money fears can resurface, how they navigate these fears together, and the importance of open dialogue and regular financial check-ins.
00:57:31 Conclusion
Reflection on their journey and the broader implications of personal finance choices in achieving a fulfilling life experience.
Timestamps and Key Insights
00:02:33 Quote: "Achieve freedom with CoastFI - where saving becomes optional!" – Jess
00:04:13 Actionable Takeaway: Calculate your CoastFI number using a CoastFI calculator.
00:07:11 Quote: "Longer timeframes mean less upfront investment to achieve CoastFI." – Corey
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