7 Life-Changing Benefits of Coast FIRE

Coast FIRE gives you the freedom to enjoy more of your hard-earned money now! Here are 7 life-changing benefits of Coast FIRE.
Coast FIRE Calculator (free): marriagekidsandmoney.com/calc...
CHAPTERS
0:00 - Intro - Life-Changing Benefits of Coast FIRE
1:10 - Vacation More
1:56 - Enjoy more Fun Money
2:32 - Pay off your mortgage
3:05 - Start a Business
3:43 - Full-Time to Part-Time work
4:57 - More Time with Aging Parents
5:46 - Give More
6:51 - Is Coast FIRE dangerous?
7:25 - Coast FIRE Calculator
#CoastFIRE #CoastFI #FinancialIndependence #FamilyFinance #PersonalFinance
OTHER VIDEOS TO WATCH
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• JL Collins Explains FU...
Jamila Souffrant: Coast FIRE + FU Money = Quit Toxic Job 🔥
• Jamila Souffrant: Coas...
Coast FIRE: An Easier Way to Join the FIRE Movement
• Coast FIRE: An Easier ...
BIO - ANDY HILL:
Andy Hill, AFC® 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 relaxing on his hammock.
✅ CONNECT WITH US
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HOW WE MAKE MONEY + DISCLAIMER
This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. Information shared on this channel is for entertainment purposes only and should not be considered as professional advice.
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CREDITS
Research & Writing: Andy Hill, AFC®
Video Editing: www.editvideo.io
Thumbnails: Ardi, The Thumbnail Wiz
Channel Management: Nev Maraj

[@MarriageKidsandMoney]

Check out our free Coast FIRE Calculator here: marriagekidsandmoney.com/calculators/coast-fire/

[@wildfoodietours]

Love the idea of Coast FIRE to truly create the life you want by working part time in a "fun" job to keep busy and pay the bills without the stress of focusing on money. Here's to FIRE!

[@MarriageKidsandMoney]

YES! It's a life-changing concept!

[@missdoster]

After paying our house off about a year and a half ago, we really just kind of chilled for a bit and didn't have much in the way of financial goals. After using your Coast Fire calculator a few months back I realized we are much closer to that goal that I'd thought! That's both inspired me to keep working towards hitting our Coast Fire number while also allowed me to relax and acknowledge that we're on the right track and don't need to go totally crazy in pursuit of it.

[@MarriageKidsandMoney]

What incredible feedback! Thank you so much for sharing with me - you just made my Friday.

[@chriscuddy1104]

Love coast fire! Dialed back my retirement contributions to just get the match to enjoy life more now

[@MarriageKidsandMoney]

So glad you've found a good balance of enjoying today and planning for tomorrow!

[@Joeschmoe11]

Great video Andy! Such a positive, motivating message! Love the idea of keeping some spare 1s and 10s on hand and giving at all times by default. Going to give it a try myself!

[@MarriageKidsandMoney]

I'm glad you enjoyed the video and that specific message. I learned it from my chat with Rabbi Dave Mason and modified it a bit. Here's a clip from our chat you might like (I've time stamped it for you): kzbin.info/www/bejne/gIuVloBvndatl5Isi=_9JmSIQlEVIghRVO&t=546

[@kristinacarter7595]

Thanks for the FIRE calculator!!!

[@MarriageKidsandMoney]

So glad you enjoyed it! It's fun to play around with!

[@davidmckeever]

We stopped contributing to retirement this year!! Time to coast!🎉

[@MarriageKidsandMoney]

Gotta love those decades of compound interest!

[@gdelacruzjr]

Also...an unmentioned hurdle is overcoming objections and questions from family and friends. People just can't compute not "trying your best"

[@MarriageKidsandMoney]

Such a good point. Living counterculturally is difficult. Finding community with other likeminded folks is helpful. (pretty much why I decided to start a KZbin channel)

[@TheahLil]

I'm working toward my version of coast fire - Coast-house hack-pension fire! There's uncertainty at my work place now, so who knows what will happen in this next chapter, because maybe things will change and I would not be able to save, abruptly . No matter what happens I'm glad i've been working hard toward it these last 3 years and gotten as far as i have.

[@MarriageKidsandMoney]

I like your version! Please explain more -- house hacking + a pension from work and some investing?

[@TheahLil]

@@MarriageKidsandMoney Yes, I have a house hack (duplex), and I have a work pension. That means I calculate my coast fi number on a modified amount, as the amount needed to supply from the investents is lessened by the other factors. It's a more complex thing to try to determine for sure. I DID just realize somehting interesting which is that even if I were to leave my job now I'd be able to withdraw the max from my pension at age 62 - the "cooking it" to 67 wouldn't increase the amount. The pension creates a more complicated thing for sure because pension not aimed at early FI . For example if I want to try to go to part time, I need to be careful of the rule that the pension amount is based on the top 3 years in the last 10 years of contributions before retirement. I could go on and on on this topic, its a very intresting thing to try to figure out.

[@TheahLil]

@@MarriageKidsandMoney I swear I wrote a reply, but I don't see it. So, forgive me if somehow this is a repeat. house hack - pension- coast fi - yes, it's me house hacking (duplex), I also have a pension, so i'm trying to create investment amount that is the amount I need with those other things factored in - coast FI. It's a trickier thing to plan BECAUSE there are variable for pension (including for example that there is restructuring happening at my work right now - so what if I dont have a job there OR I dont have enough happiness to want to stay, soon?), but I did recently figure out how much my pension would be based on JUST the amount of years I have now and my current info: it'd be 14000/year at the age 62 (no increase if waiting to older age). Thats something I can plan around as a minimum. Certainly my pension system isn't AIMED at early/flexible retirement, but I think it can more easily fit into coast fi strategy.

[@steveloncar6132]

Really great calculator. My wife and I are really looking at trying to reach our number by the time we're 35. That would be awesome so we could free up our money to do fun stuff/pay off our house faster!

[@MarriageKidsandMoney]

So glad to hear you enjoyed the free resource - here's to more time freedom in your near future!

[@kay203]

I think paying off mortgage after hittinf coast fire is great! and then get back to real fire to get to 25x

[@MarriageKidsandMoney]

Excellent plan! Do you have a goal early retirement age?

[@gdelacruzjr]

That calculator is great

[@MarriageKidsandMoney]

I'm glad you like it! Already working on a 2.0 version. Let me know if you have any suggestions!

[@gustavoesqueda9964]

How does one get access to CF calculator

[@MarriageKidsandMoney]

Here you go! marriagekidsandmoney.com/calculators/coast-fire/

[@TheFirstRealChewy]

I understand the idea of coast fire, I just can't bring myself to trust it.

[@MarriageKidsandMoney]

I completely understand! There aren't very many marketing messages out there about slowing down your investing or stopping altogether. If it feels too uncomfortable, no worries! Maybe a slight decrease in contributions could allow you to enjoy more life today. After all, life is for living!

[@memer2694]

First

[@jenniferselespara1327]

Is cost fire 3 times your income if you you are 40?

[@MarriageKidsandMoney]

Coast FIRE has more to do with your expenses than your income. It's important to know how much you are spending and see how that might change (up or down) when you retire.

[@HoneymoonAlways]

Please teach people that what they are spending today will be increased by inflation so they need to plan on spending more in retirement

[@MarriageKidsandMoney]

It is important to factor in inflation when doing your Coast FIRE Calculations for sure! They are always included in ours.

[@HoneymoonAlways]

@@MarriageKidsandMoney Thank you for responding! I think I am missing something. Taking the midpoint of your potential retirement savings of 2.2M with 88k of retirement income. 88k in 18 years will only go as far as 47k in today's money if you account for inflation of 3.5%. Is that how much you plan on living on or am I missing something?

[@HoneymoonAlways]

Wait, I think I get it now. The rule of thumb I have heard of 8% for returns already accounts for inflation, so you will actually have more than $2.2M? But you say that number to talk in today's money?

[@MarriageKidsandMoney]

@@HoneymoonAlways You got it! I go with 6 or 7% personally 9-10% average returns (on an 80% stock / 20% bond portfolio or 90% / 10%) minus 2-3% average inflation over the years gets you 6-7% The math isn't perfectly accurate, but it's close and a decent gauge. Doesn't also include tax implications of where your money is invested. (-) But it also doesn't include any potential social security you might be receiving. (+)

[@mbank3832]

Where are you investing that 650K ?

[@MarriageKidsandMoney]

Great question! Right now, it is in IRAs, 401ks and HSAs. Mostly low-cost broad market index funds with Vanguard.

[@mbank3832]

@@MarriageKidsandMoney I see thanks !

[@johnjohn40100]

Yes, but you'll still have to work for coast fire until 60

[@MarriageKidsandMoney]

Yes and maybe less work at that! My wife and I work part-time at 20-30 hours per week. Life feels better this way for us.

[@johnjohn40100]

@@MarriageKidsandMoney i can understand why you decide to opt for coast. It's a very long journey for fire with a lot of sacrifices. Money has no substance unless it's used.