Secret to Coast FI/ Barista FI in Two Years (Step-by-Step)

Описание: Coast FI also known as Coasting Financial Independence (Coast FIRE), Slow Fi, or Barista FI is the idea of having enough money invested now to cover your retirement in the future. In this video I talk about what Coast FI is, how I achieved it by age 25, and how you can follow the same steps I did to achieve it for yourself.

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Most people who are familiar with financial independence likely know about it through Financial Independence Retire Early (FIRE). This is the idea that by saving a large portion of your income while you are young, you can invest that money to generate passive income, allowing you to retire long before people in previous generations. Coast FI follows a similar mindset of saving money early on, but with what I think is a much more practical goal: giving you the financial freedom to live where you want and do what you want.

One refrain I've often read from those who retire early is that they become bored after a few years of early retirement, and they usually use their newfound financial freedom to pickup a lower-paying lower-stress job that they enjoy more than their previous career. Coast FI lets you achieve this same dream but without the need to save the over $1,000,000 needed for most people to retire. In this video I talk about how I personally achieved Coast FI in just over 2 years as well as the exact steps I took to save and invest my money to reach my current position. I also use a compound interest calculator to walk through some other examples of how people at different ages can achieve Coast FI. Finally, I lay out 8 steps you can follow to get started on your Coast FI journey:
Step 1. Create a budget
Step 2. Create a small emergency fund of around 1 month's expenses
Step 3. Contribute to any employer-matching funds
Step 4. Pay-off any high interest debt that charges over 4% each year
Step 5. Build up your emergency fund to 3-6 months of expenses
Step 6. Max out your Roth IRA contributions
Step 7. Put the remaining money into maxing out any other tax-advantaged accounts (401k, HSA)
Step 8a. If you can, you may want to look into a mega backdoor Roth IRA
Step 8b. Invest any remaining money in a taxable account

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Compound Interest Calculator: https://www.investor.gov/financial-to...

I am not a financial or investment advisor. Everything in this video is for entertainment purposes only. Links above include affiliate commission or referrals, and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.