Barista FI | The FIRE Movement Series

Welcome to Episode 5 of my FIRE Movement series!
Episode 1: • Traditional FIRE | The...
Episode 2: • Fat FIRE | The FIRE Mo...
Episode 3: • Lean FIRE | The FIRE M...
Episode 4: • Coast FI | The FIRE Mo...
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[@notyet2345]

I’m barista FI and I don’t work a job. I’m surprise you think the only way to earn income is via a job. I have about 500k and no longer work but I also have rental income, a couple of side hustles, a paid off home and low monthly expenses. Many who barista fi use real estate and other forms of passive or semi passive cash flow to generate income. In fact some can even live solely off passive income and only withdraw from their savings when they need too. My FI money has become more of a backup plan that continues to grow. Last year I only withdrew 11k but i have since made that back plus some.

[@davisamills597]

Im pursuing Barista FI. I don't think I'd ever want to retire from the workforce completely. Even in my golden years, I'd like to work once a week maybe teaching or precepting students... while making some money 🙃 plus if you work part-time, you can keep your health insurance plan and short term/long term disability insurance

[@autobotdiva9268]

please rethink your imagination. america has a good way of depleting it #coastfi

[@fasteddy3336]

Fire is not for me but a great series.

[@ImaniLove94]

I agree-- I think at that point Coast FI is a little more advantage of not needing to take care of yourself in old age while and giving you a little breathing room in your career as you live your life. Have you ever said what type of FIRE you are pursuing? Would love to know your kind of step by step plan and timeline! Ty

[@PersonalFinancewithLeila]

Currently I'm just investing/saving as much as I can, but ultimately I want to pursue Slow FI which I'll talk about next week! 😊

[@budgetnerds]

I think I always confused coast FI with barista FI, I agree with your cons!

[@myriamgagnon68]

I don’t see Barista Fire that way. The way I see it you’re still planning to fully retire at 60-ish, but you dont’t want to work full time until then. So it’s like you retire from full time work until you can actually retire for real. So to me Barista Fire is an even higher number than Coast Fi. You need to reach Coast Fi first, then accumulate more money to be used in your barista era. Hope that makes sense !

[@jenniferr7358]

This is how I viewed barista fire as well! I guess the math would just be different

[@TheCelmap]

Yes, that's the true explanation. Barista allows you to pay 50% of you bills or cost of living on a 4% rule and your portfolio while still growing. There are many advantages on this one: You can take a short or long term sabbatical from your stressful corporate job and live very minimalist during this time while recovering from burn out. You can open your small business or take temporary jobs as you please. Take time off to take care of your love ones for sometime 😅. I love this concept of fire.

[@TheCelmap]

​​​@@jenniferr7358nd just know you can take long breaks if you need or want to it's such a relief.

[@bradleypowers3580]

This. I'll add that when I plan to do it, I don't plan to pull out 4% in barista FI, because I am still trying to grow / outpace inflation to live even more freely in retirement. Maybe I have a million, pull out 20k a year, and can go work a part time job I enjoy more to make up the difference. Do that for 10-15 years and I'll still be essentially growing my wealth while pulling out money. I'm 37 now. My current goal is around 50 to look up and realize I am so far ahead in my retirement compared to 99% of people my age that I realize I no longer need to contribute, and even pulling out 2-3% would allow it to outpace inflation and still increase by the time I'm 65. This would allow me 15 extra years of my life working part time instead of full time, more on my own terms. All that said. I'm not sure I'll ever stop working at least on something. So barista FI could be a long, long period for me. Like 45-50, until I drop.

[@bradleypowers3580]

Though I will say, health insurance and overall health is one of the bigger things I think about. Obviously bad health can ruin any plan and also having to carry insurance is a burden / necessity. A lot will depend on costs there. For me, I could see phases. Barista FI isn't to hit a number and stop. I still want a cushion. Maybe I'm doing something different, just a deviation of the concept.

[@tacrewgirl]

Easy to understand. Thanks. How can you pullout retirement income before 65? Or are you pulling from a taxable brokerage account for barista FI until she 59.5?

[@libbysworld7649]

This was such a great idea Leila. I am enjoying the extra content so much!

[@Daniel-iy4zy]

I wouldn’t hate barista FI…if I had a job outside of the US that covered all my expenses 😅

[@PersonalFinancewithLeila]

True! I should have mentioned BaristaFI may be good for those willing to relocate!

[@Learnersreference.Official]

Nice share leila. Have you resigned your job. I see frequent videos these days??

[@PersonalFinancewithLeila]

Lol no! I just never stop working on my side hustles 😅 before work, after work, weekends!

[@Learnersreference.Official]

@@PersonalFinancewithLeila Good job leila. Keep going