Slow FI vs. Coast FI: Early Retirement The Easy Way?

Slow FI and Coast FI might be right for you if you're looking for the easy path to financial independence and early retirement. I'll discuss the similarities and differences between Slow FI and Coast FI, explain the pros and cons of both, and ultimately share what FIRE path I'm on.
Plus, I'll answer the question: what the heck is Barista FIRE? And how is this all different than traditional FIRE? I'll explain it all, and lots more...
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Q: Let me know what path you're on or which of these is most appealing! Thanks for watching!
TIMESTAMP
0:00 #MillennialRetirementPlans
1:25 Slow FI Explained
3:57 Coast FI Explained
6:09 Calculation
8:10 Slow FI vs Coast FI
9:01 How to work retired
10:31 Barista FI
12:51 My FI path
14:55 My free offer!

[@TheMoneyResolution]

Snag the FREE course preview here: www.themoneyresolution.com/offers/rF8K823R/checkout

[@wendynoble6545]

I'm a committed COASTer! I've already reached lean FIRE but letting my investments grow for 10 more years and paying off the mortgage so the whole rent my tenant pays will cover my day to day costs is the goal. I'm currently applying for the lower income/lower stress job so I can start to enjoy myself while my money keeps working.

[@TheMoneyResolution]

Awesome! The more I hear people talk about their properties and tenants, the more I get the itch to look into that and potentially go down that route... especially as a part of my Coasting plan. Thanks for watching and sharing! Best of luck with that new, happier job Wendy!

[@susanlewis1953]

Love the idea of coast fi found fire too late in life (now 45) but still hoping to coast at 55. In UK so health care is covered. Thanks Sue

[@TheMoneyResolution]

That's awesome. And it's never too late. Glad you have a plan now! I need to research more about health care here... that keeps coming up for people here in the US looking to retire early.

[@marykekana2419]

Totally achievable, you could be further than coasting in 10yrs. 🎉🤑,go for it.

[@CJ-zr8vk]

You are not too late, 55 is still better than the standard retirement age. I am also aiming for 55 in Australia (my partner gets to at 53). Like UK we have a great public health system so this helps.

[@TheLittlePaintAndLiz]

I’m a paramedic and I love what I do, but I hate missing holidays and other important days. Also, 10 24-hour shifts a month starts to wear on you physically. I want to reach Coast FI so that I can go down to part time hours (2-4 24-hour shifts a month) and choose my own schedule.

[@TheMoneyResolution]

That's awesome and thank you for doing what you do!!

[@Breewilly]

exactly!

[@AA-yt9ch]

Older 20s doing coastal fire got 150k saved and been wanting my high payin job in banking and becoming a trucker and drive the 48 states

[@TheMoneyResolution]

crushing it!

[@M.-.D]

Another great video. Thanks for spending so much time and effort making content valuable for others.

[@TheMoneyResolution]

That means a lot to me M D. I was without my main computer the last 2 weeks so it felt really good to put in full editing effort again for this one. The feedback keeps me motivated to keep getting better with each one. See you next week, on the next one I hope!

[@NorthStarPNW]

Be sure to include HEALTH CARE insurance in your 'retirement expenses' calculation. Maybe you can get a deal under Affordable Care Act (ACA), but if not then you'll need at least $500/month each person to be properly covered -- and it will likely be more by the time you retire. America's ridiculous profit-based private 'health care' (really 'disease-management') system is what keeps most people stuck in jobs they hate. And medical expenses are the #1 cause of personal bankruptcies in the U.S. There has to be a better way.

[@TheMoneyResolution]

Yes - agree with everything you said on this. Thanks for that!

[@brittanymcmullen4309]

My thumb accidentally hit the “dislike” & after correcting it to 👍 I still felt the need to comment to make up for it! Thanks for being “Frank with Fi” as usual! Loving the coast mentality. I’m not a numbers gal, but some past real estate renovation investments & my love of saving money has put me in a good place. Videos like yours help me feel secure when the 1st of the month comes up & my automatic investments withdrawal. I’m 30 now & am going to make my passion a part time job & gradually make it my full time. There will always be a passion project, gratefulness every day, people to love, & purpose-or else...what’s it all for?Thanks again for your content.

[@TheMoneyResolution]

Truth is - even the thumbs down helps indicate interaction to KZbin to reach more people haha. I appreciated your comment a lot either way! Thank you for sharing that. It's exactly right. In fact, I don't feel like I have a personal finance channel. If you master your finances, you can live a "richer" life. So it's an "enrichment channel". It's not money for the sake of having more money. Money means security so you can find your purpose. Thanks again for the note :) Let me know if you have questions. Helps me come up with future video topics!

[@brittanymcmullen4309]

The Money Resolution The Wallet Burst was as equally helpful as you’ve been since I started watching your channel! I have my numbers & its a splash of soy milk in my coffee this AM! Time has been going so quickly & months ago I realized THIS is the way to literally buy it back. You’re awesome, Frankie!

[@TheMoneyResolution]

That made my day when I first saw your reply. I'm super happy the content is resonating! Your time is your most valuable asset. 🙌

[@Word187]

I'm also more interested in the FI than the RE part Slow-FI appeals most to me

[@TheMoneyResolution]

Slow FI is super simple and approachable. Agree. It's what I would recommend to anyone that is interested in FI in general.

[@DafyddMorse]

I've just come across coast fire and I guess you could say I'm already there! This is by far, the best fire isn't it? Great video. Thanks for sharing 👍

[@TheMoneyResolution]

Love it. Yes, coast fi is fantastic as an approach for sure.

[@DeclanLucas]

I think you used the CoastFIRE calculator incorrectly.. you're supposed to enter the age at which you want to retire, and it then tells you at what point you can stop contributing to your savings / investments. (i.e start coasting to retirement. you still need to work, but you will be able to spend a lot more, as you don't need to save for retirement anymore) It was more like plain old FIRE the way you were using the calculator.

[@TheMoneyResolution]

Thanks for pointing this out Declan! Someone else mentioned this as well so I appreciate it - so others might see this comment and do it differently 👍

[@ChrisTovahsAmazingAdventures]

I’m not really sure what fi we are on. We have felt in the shadows/fringes in which no one shared or believed in our financial end game. We are retiring from military after 5+20years and realized this is a movement/journey that we share with other like minded people. We hustled til 30 and found the pace to be unsustainable, so we now enjoy life and vacation twice a year. We find value in travel and choose wisely in our possessions. Thank you for your videos.🙏❤️✈️

[@TheMoneyResolution]

That's awesome. Thanks for sharing!! Great that you recognized the pace being too much and slowed down 👍

[@Rillien]

Nice video!

[@stantonla]

Good overview and very clear. One thing you may speak to is the types of accounts to reach FI. If you retire early you will need enough money to draw from in the right accounts so not to get hit with penalties until your other accounts, like 401k, become eligible for withdrawal. If you blend in real estate early on you should consider properties and geographies that cash flow versus equity appreciation. With equity and a healthy 401k you may reach a net worth target for FI technically but may not have assets to draw the income you need for early retirement.

[@TheMoneyResolution]

Thanks for bringing this up William. It's definitely on my video idea list - best drawdown retirement strategies (including specific account details/rules). You're totally right!

[@gertrudgreger]

Cheers very interesting video

[@TheMoneyResolution]

Thank you for watching!

[@lolomissa]

currently planning a combo of coast FI and lean FI. wanted to put all the $$ into the retirement accounts first for coast FI, and then continue saving in taxable accounts for lean FI! paired with living in a duplex? liquid gold 🙏

[@TheMoneyResolution]

Duplex living IS gold! Nicely done 👍

[@marksjourneytothephilippin9574]

Who else is using fire methods to “catch up” on their retirement? I’m in my mid to late 30’s (almost 37) haven’t saved any for retirement like lots of millennials until this year, and am now working 2 full time jobs and a few side hustles to invest for the future. Wont retire too early most likely but will retire on time at least just by doubling down. The goal is to save at least 100k and put them in stable dividend stock portfolio for passive income and to save that 100k in 3 years. Essentially working a second full time job for 3 years and investing all of it. Maybe 4-5 depending on taxes and any unforeseen circumstances.

[@TheMoneyResolution]

You are getting after it! You sound extremely motivated!! 💪 It's never too late to catch up AND even get ahead when you're willing to put in the extra work and continue to learn and invest wisely. Keep watching finance content and get 1% better each day and you'll be well on your way in no time. Thanks for sharing as always!

[@dfiniin6820]

Good job. Not easy working 80 hours a week and not getting burned out. No clue how you have the time for a few side hustles. get some sleep

[@misssophiamae]

Same!

[@tomd8019]

You're using the calculator wrong. You input your target FULL retirement age (not your target Coast FI date), then the calculator shows you your Coast FI number and age at the bottom. Where the green and blue intersect will be the Coast FI age.

[@TheMoneyResolution]

Thanks for that Tom. I’ll take another look 👍

[@chessdad182]

I'm on mega-slow FI as I'm planning on retiring one year before my full retirement age. LOL.

[@TheMoneyResolution]

That’s great. Any kind of early is always better than late 👍

[@chessdad182]

@@TheMoneyResolution That is true. And the things we have to wait for are even sweeter!

[@mucusofwanderhome6945]

I’m on slow-fat fire

[@sonderexpeditions]

I'm coast FIRE 😊 I'm aiming for 2500 a month as well.

[@daviddowling6376]

I liked that video

[@TheMoneyResolution]

Like if you liked. Subscribe if you love! 🙌

[@inea-fijourney22]

YOLO BBS! 🙋🏾‍♀️💪🏽😂

[@TheMoneyResolution]

#YOLOBBS & #FrankieFIRE. Trending worldwide haha.

[@eugenet7473]

Reminders to subscribe and hit the like button are sooooo darn annoying, but almost everybody continues to do it! This is 2021, everybody on KZbin is well aware of these functions and will subscribe if they want to. Also, if youtubers still want to annoy the viewers with this reminder, do it at the end, do it to those who stay with you until the end.

[@TheMoneyResolution]

I’ve found you don’t get what you don’t ask for. People don’t understand how critical a simple like is. I forget to like when watching my favorite creators until they ask. That said, I’ve gotten much better at weaving it in quickly and seamlessly. Thanks for the feedback though!! 🙏🏼

[@AM-pn2dq]

How do you handle health insurance when working part time?

[@nicholasandheather9488]

I would like advice on that too

[@TheMoneyResolution]

It's on my list for a future video for sure. I've seen this question a lot so it now gets a star next to it 🌟 Still researching myself, but I'd love to hear thoughts from anyone else here!

[@dfiniin6820]

Look up places that offer health insurance for part timers, there are some. I'm not sure though how much it would cost you.

[@manny6020]

🤔 I’m going with Real Estate FIRE. I want to pay off my 1st duplex ASAP

[@TheMoneyResolution]

Nice! Is that an official type of FIRE or your name for it? I'm working on "Side Hustle FI" if I can coin my own :)

[@manny6020]

@@TheMoneyResolution I just made it while I was watching your video but I’d be surprised if nobody thought of that before 🤔

[@DafyddMorse]

REFIRE is a great plan! That's my plan too. I won't be paying off any mortgages though! Mathematically an awful idea!

[@manny6020]

@@DafyddMorse I see your point. I’m paying off this property early because the rents in NJ are relatively high. The rental income from one tenant will put me in FIRE territory. I’m just trying to keep my risk low while striving toward Fire. The faster I pay it off the faster I reach Fire . Which state are you in?

[@DafyddMorse]

@@manny6020 So turns out I'm in Cardiff in South Wales. At the moment, I can't think of a time when I won't have a mortgage on all my rentals! Not in the near future with interest rates so low anyway. In the UK, one lender has just come out with a 40 year fixed 4.2% mortgage so they are obviously not thinking that interest rates will get that high anytime soon!

[@Nega_Duck]

I missed the part where your experience warranted selling a course to others. What is your background, networth and age?

[@TheMoneyResolution]

I have 100 other videos that answer it all. I’m an open book and bring a lot of positivity to a tough topic. 👍 It was a fun project I was passionate about creating. Anybody can peruse passion projects.

[@Nega_Duck]

@@TheMoneyResolution No need to defend, I genuinely want to know "why one should check it out?". What is your sales pitch, you vs the next guy/gal with a course?

[@TheMoneyResolution]

@@Nega_Duck hah it read as negative but I see. I don’t have one specific video to point you to - there are lots - but Friday I’m covering passive income streams with full transparency. Otherwise my recent 21 rules of money is good at explained some tips and leanings and things I’ve learned I also teach. There’s a free preview too so if it’s not your thing, no worries!

[@MN-wg8qd]

I think Coast should be a 5-15 year plan like you said. 30 year plan????? Eh you better keep working hard for a while imo.

[@salomepereira6967]

#FrankieFIRE

[@TheMoneyResolution]

🔥🔥

[@bradterhaar7694]

Coast FI is not the same as Barista FI. Similar, but not the same. (4:35)

[@TheMoneyResolution]

Fair enough!

[@bartz4439]

Coast fi is so different from barista fi... Dislike, don't recommend channel, dude had no idea what he's takes about