A CoastFI Path to Financial Security: An Interview with Catherine
Nov 9, 2021
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Meet Catherine, who embarked on her FI journey due to family health issues at a young age. She shares insights on CoastFI, strategic income generation, deferred gratification, celebrating financial milestones, and perspectives on homeownership. Learn about setting financial goals, managing risk tolerance, and finding joy in simple pleasures while striving for financial independence.
Prioritized financial security due to family health issues.
Embraced a CoastFI strategy for consistent savings and smart investments.
Deep dives
Catherine's Journey Towards Financial Independence
Catherine, a 25-year-old full-time traveling medical professional, shared her financial independence (Fi) journey on the podcast. Her motivation stemmed from family health issues, inspiring her to secure her financial future. Despite growing up in challenging circumstances, she pursued a path towards Fi at a young age, prioritizing financial security. Catherine's experience at a Wells Fargo internship highlighted disparities in wealth, shaping her financial awareness early on.
Discovering the Fi Concept
Catherine's introduction to the Fi concept came through online forums, where discussions on Vanguard, IRAs, and passive investment strategies piqued her interest. She embraced a goal of saving and investing early in life to achieve financial independence. Recognizing the importance of financial knowledge and planning, Catherine adopted a proactive approach towards her finances.
Embracing Coast Fi Approach
Catherine adopted a 'Coast Fi' strategy, focusing on saving and smart investing to achieve financial security. She emphasized the significance of consistent savings, wise financial decisions, and leveraging compounding interest to reach her goals. Balancing enjoyment in the present while prioritizing future financial stability, Catherine exemplified a deliberate and disciplined approach to Fi.
Community Support and Financial Growth
Engaging with online communities like Discord provided Catherine with valuable support and diverse perspectives on financial independence. The exchange of ideas, experiences, and advice from peers enriched her Fi journey. By celebrating milestones like reaching a $150,000 net worth at 25, Catherine highlighted the importance of community, research, and self-education in achieving financial goals.
In today's episode we are joined by a guest, who we met in a FIRE Discord server, and wanted to share her story. Our conversation is a great example of the diverse reasons why people choose to seek financial independence. As you’ll discover, family health issues set then 23-year old Catherine on her FI path, largely as a means to ensure her financial security should she encounter issues of her own as she ages. Listen to our conversation to hear just how much progress she's made in only two years.