Love the grandma shopping idea. We had to upgrade two bathrooms in our home. When you pay cash it takes a little longer but it's totally worth it to not go into debt.
Fellow Michigander here. Just found your channel. I’m 35 and moving pieces on the chess board to begin my coast fire journey. Starting doing research about FIRE after feeling burned out by my current job as a legal professional. Thank you 😊
Welcome to this fun life changing conversation! We made an educational free resource to help people calculate their Coast FIRE status. I'd love your opinion on it: th-cam.com/video/MKQH02dc_Kg/w-d-xo.htmlsi=eun5wRHSIZ4V5Stf
41 & 46 with 650k in retirement and investment and 50k in cash, excluding house equity. Excluding mortgage (projected to pay off in 3-5 yrs) we can probably get by spending 50k a year. I’m really behind bc I really don’t want to wait till 60’s to retire….maybe when I hit 50. I guess I can coast fire in 5 yrs and as long as I cover 50k a year and let my investments keep compounding, I could still be ok.
According to my very loose calculations, you're doing great if you plan to retire by 65, but 50 years old might be tight: th-cam.com/video/3fx0U0V1LK8/w-d-xo.htmlsi=TbHFE4xsz0SiLuIt Maybe a hybrid with part-time work?
This is what my husband and I are doing. We have property in Europe. We have no kids. We have $200k net worth now. Once we hit $500k, I’m joining the peace corps, taking a year to go back to school and then pivoting to work in a different career field. We will hit our coast fire goal in three years. I’m so grateful I discovered the fire movement. It’s made me look at life entirely differently, and I feel more in control of my life. Congrats about your achievements!
This is what wife and I did, I’m 40 and Wife is 37, have $940k in a Brokerage account and just over $300k in Wifes ROTH IRA and we now are done not saving anymore and taking very nice vacations, we didn’t do vacations when kids were young because i don’t remember any of my vacations when i was under 10.
Excellent video! I am in a similar situation, in my late 30's with the same savings status and just paid off my mortgage this year, (difference being I don't have a wife or kids). I definitely don't regret having no debt whatsoever, even though many circles debate the mortgage payoff early vs investing and keeping the debt. For me, it was a risk adjusted decision. (I'm in risk management). I love the Coast/Barista FIRE style and would rather work part time and live full time. Planning to go from full time to part time in early 2022. Wish I would have known about FIRE in my twenties, but I am glad I discovered it in my early 30's. Keep up the awesome videos!
@@MarriageKidsandMoney Thank you, I can't take credit for the phrase as I adopted it from the Buddhist Bootcamp channel and I really liked the mantra of it. It's very Thoreau like!
I am almost 42 and just learnt about coast fire. Luckily i was already over-investing into pension from age 36 because i feared unemployment phases in my 50s. I think if I keep it up for another 8 years, then I can just get away by putting minimum payments into pension.
My wife and I love the concept of coast FIRE. We’re hoping to slay our mortgage and hit cost FIRE via domestic geoarbitrage when we sell our home early next year. I still plan to contribute to my 401(k) to at least get the company match for as long as I’m with them. We’re hoping to buy a homestead property for cash when we move so we can put down some roots (literally and figuratively) and live life in a more sustainable way. Our kids are still pretty young too, so being more present as parents is definitely part of the overall goal. We also can see that we will likely be primary caregivers for both sets of parents as they are, so we’re aiming to have margin for that. Once we hit coast FIRE, our life should become more flexible and, in turn, help our goals to become reality. Thank you for the inspiring video!
I am curious if you have considered inflation in conjunction with coast FIRE, and what your thoughts are. $3m or 120k/yr in 25 years won’t go nearly as far of course. Great content, keep it up. I ask not as a criticism by any means, but because this is a question I ask myself! 120k becomes the equivalent of 57k, while 60k turns into about 29k after 25 years @3% inflation. 29k might be cool if you have 0 debt, no mortgage, and have your lifestyle and budget locked in, especially if you supplement with more taxable account investments, but is something we should all consider I think.
This is true! I took a 7% growth rate instead of a 10% growth rate (typical market average) to factor for inflation. Is it an exact calculation? No but it’s close enough for me. If this concept interests you, check out the Coast FIRE calculator in the description to see how your numbers shake out. It’s a fun concept to think about!
@ Joe Astorino - most people do account for inflation. To expand on his explanation, most people figure an average growth rate of 9-10% for assets and an inflation rate of 2-3%. Remember these are long-term averages. To find the "real growth rate" you take (growth rate - inflation rate = real growth rate). So 10%-3% or 9-3 depending on assumptions. For quick mental math, use the rule of 72. [72 divided by % growth) = number of years for money already invested to double. Ex (72 / 7.2% real growth rate = 10 years for money to double). bottom line, accounting for inflation they will have ~2.2 million in todays dollars as their money will roughly double twice from 40-60 years old. That'll give them ~88k at 60 just from those accounts (again in todays dollars). I'm 35.5 and reached my number 6 months ago. I save for a home downpayment and other items now. I plan on using this type of calculation to track my number each year and to make sure my retirement assets stay on track in case they start to underperform or my retirement lifestyle/assumptions change (example: healthcare costs).
Thank you for sharing your family’s journey! We recently achieved COAST FIRE and by age 65 we anticipate having 5M. While hubby is working full-time, we are still contributing to retirement, but not currently maximizing contributions as we previously have. We both enjoy what we do, but in the nearby future we want to optimize time together as a fam, as well as visit are aging parents more. Any advice for our fam of 4?
Congratulations! I’d recommend gradually taking steps toward the life you want to live today. Life is precious and if spending more time with your parents and kids is important… make those micro steps to get there. Perhaps moving toward part-time work only for you. Then eventually him. Charting out a timeline to make it a reality.
Sound advice, thx! I’ve been working part-time since I’ve had my first kiddo. I wouldn’t trade the time nor the flexibility I have with my kiddos. I got a 3 yr old & a 6 month old, and I look forward to being even more involved in their education and extracurriculars. Kids are expen$ive, but it would be awesome if we can generate enough cashflow that we both will able to work part-time by the time we are 50 or earlier.🤞🏽
Yes, it was very generous! My company matched 15% of my contributions ... so if I did $18,000 they would do $2,700. It definitely incentivized us to contribute more.
I hear that! Inflation can throw things for a whirl in the coming years ... I do a 7% growth rate instead of a 10% growth rate (typical market average) to factor in 3% inflation. It's not perfect math, but it helps. You could use the Rule of 72 as well for a back of the napkin math on your situation as well!
To be clear, my company matched 15% of my contributions ... so if I did $18,000 they would do $2,700. It definitely incentivized us to contribute more.
Way to go! Achieving Coast FIRE is very personal. It all depends on your annual expenses, asset allocation, and time horizon to retirement. Check out our free calculator to learn more: th-cam.com/video/MKQH02dc_Kg/w-d-xo.htmlsi=C2dpzjn-N_vEhSPJ
This is a game changer. To me this is (after becoming debt free) the next important financial milestone and signals further financial freedom. We only learned this concept in the past year so this video was exceedingly helpful.
@1:40 am I seeing this correctly? Excluding the items not in your retirement accounts (home equity, cash, and 2 cars), this comes out to only $337k? Not exactly $500k if you ask me.
Great question Dean! This was a snapshot from January 2020 and did not include my ESOP shares that I've now rolled over into retirement plan. As of today, our retirement-specific funds are $537,000. The market has been rough since I made this video! Not much growth in a couple of years. But I believe in the long-term growth of the market. I feel confident that this amount (with time and compound interest) will take us where we need to be in our 60s and beyond. Does that answer your question?
@@DeanBKK No problem! I love Coast FIRE so I'll keep sharing our path and other people's stories as well -- check out this recent one with AJ Thompson who reached Coast FIRE with $400k by 30 -- th-cam.com/video/m9A27E6lZP0/w-d-xo.html
Great video. Thanks for recommending this one. Now next question. You say “Most people know how much they make but not how much they spend” I am solid on the 401k investment and have hit Coast Fire but I need to budget. Do you have a tool here?
2000 people to respresent a population of over 300 million in the US 🤔. Im sure more than 64% of americans have $10k or more in there retirement account.
At that time in early January 2020, I was transitioning out of my job and into a life as a small business owner. We wanted to provide a safe runway of cash just in case things went wrong. And when the pandemic hit, two months later, man, was I glad we had that money
It all depends on how much that one income is and how early you started saving and investing. For the majority of America, this is not statistically possible. Controlling how much you spend each month can be one of the most powerful tools when it comes to wealth building and life contentment.
Your daughter on the podcast is unbelievably well spoken. Has her IQ been tested? Seems incredibly bright. Congratulations! Perhaps your backup retirement plan can be your daughter goes on to start a gigantic company and you can get some of that dividend sit on your butt money
You’re very kind my friend. I love her with all my heart so of course I think she’s a genius 🤣 Here’s to everyone enjoying that Dividend butt sitting money
To clarify, my employer matched 15% of whatever I put in ... so if I maxed out the 401k at (say) $19,000 per year, then they would contribute $2,850 that year on my behalf. If I put in $5,000 per year, then they would contribute only $750.
@@theadamblock We have separate retirement accounts, yes. The number I speak about when discussing Coast FIRE is our combined retirement account balances. If I were not married to my wife, I'd be half the net worth (and half the man too :)
![HIWWHEE | OHM [Official MV]](http://i.ytimg.com/vi/OJJLtTLqLag/mqdefault.jpg)
Check out another family who achieved Coast FIRE much earlier than we did! th-cam.com/video/m9A27E6lZP0/w-d-xo.html
Love the grandma shopping idea. We had to upgrade two bathrooms in our home. When you pay cash it takes a little longer but it's totally worth it to not go into debt.
Thank you Mike! Yes, it reminds us of our loving Grandma Hana. Gift giving was her way to express love so we're keeping that tradition alive.
Fellow Michigander here. Just found your channel. I’m 35 and moving pieces on the chess board to begin my coast fire journey. Starting doing research about FIRE after feeling burned out by my current job as a legal professional. Thank you 😊
Welcome to this fun life changing conversation!
We made an educational free resource to help people calculate their Coast FIRE status. I'd love your opinion on it: th-cam.com/video/MKQH02dc_Kg/w-d-xo.htmlsi=eun5wRHSIZ4V5Stf
41 & 46 with 650k in retirement and investment and 50k in cash, excluding house equity. Excluding mortgage (projected to pay off in 3-5 yrs) we can probably get by spending 50k a year. I’m really behind bc I really don’t want to wait till 60’s to retire….maybe when I hit 50. I guess I can coast fire in 5 yrs and as long as I cover 50k a year and let my investments keep compounding, I could still be ok.
According to my very loose calculations, you're doing great if you plan to retire by 65, but 50 years old might be tight: th-cam.com/video/3fx0U0V1LK8/w-d-xo.htmlsi=TbHFE4xsz0SiLuIt
Maybe a hybrid with part-time work?
This is what my husband and I are doing. We have property in Europe. We have no kids. We have $200k net worth now. Once we hit $500k, I’m joining the peace corps, taking a year to go back to school and then pivoting to work in a different career field. We will hit our coast fire goal in three years. I’m so grateful I discovered the fire movement. It’s made me look at life entirely differently, and I feel more in control of my life. Congrats about your achievements!
Your plan sounds so exciting! Congratulations!
🎉🎉🎉yay peace corps! Best decision of my life
Thanks for the VDO. Its good to hear that you are enjoying your money 💰 😉 😎 with family once you have reached coast fire .
Absolutely! Currently on a family ski trip and we’re having fun 🎿 With a paid off mortgage and Coast FIRE, it’s time for more fun
This is what wife and I did, I’m 40 and Wife is 37, have $940k in a Brokerage account and just over $300k in Wifes ROTH IRA and we now are done not saving anymore and taking very nice vacations, we didn’t do vacations when kids were young because i don’t remember any of my vacations when i was under 10.
That's incredible! Way to go!
I like your rationale on the vacations under 10. I'm the same way!
Way to go Andy! That's quite an accomplishment!!
Thank you so much!
I'm in my late 20's but this is great for retirement planning, never know how quickly you get old
Start investing as soon as possible and stay with it. You'll thank yourself in the long run!
Excellent video! I am in a similar situation, in my late 30's with the same savings status and just paid off my mortgage this year, (difference being I don't have a wife or kids). I definitely don't regret having no debt whatsoever, even though many circles debate the mortgage payoff early vs investing and keeping the debt. For me, it was a risk adjusted decision. (I'm in risk management). I love the Coast/Barista FIRE style and would rather work part time and live full time. Planning to go from full time to part time in early 2022. Wish I would have known about FIRE in my twenties, but I am glad I discovered it in my early 30's. Keep up the awesome videos!
Thank you for watching! I love your statement of "work part-time and live full time"!
@@MarriageKidsandMoney Thank you, I can't take credit for the phrase as I adopted it from the Buddhist Bootcamp channel and I really liked the mantra of it. It's very Thoreau like!
I am almost 42 and just learnt about coast fire. Luckily i was already over-investing into pension from age 36 because i feared unemployment phases in my 50s. I think if I keep it up for another 8 years, then I can just get away by putting minimum payments into pension.
@@FABM27 This sounds like a great plan Bjorn!
Hey Jeremy, did u end up going part time?
Congratulations! Coast FI is a fabulous achievement.
We’re thrilled to check this box!
My wife and I love the concept of coast FIRE. We’re hoping to slay our mortgage and hit cost FIRE via domestic geoarbitrage when we sell our home early next year. I still plan to contribute to my 401(k) to at least get the company match for as long as I’m with them. We’re hoping to buy a homestead property for cash when we move so we can put down some roots (literally and figuratively) and live life in a more sustainable way. Our kids are still pretty young too, so being more present as parents is definitely part of the overall goal. We also can see that we will likely be primary caregivers for both sets of parents as they are, so we’re aiming to have margin for that. Once we hit coast FIRE, our life should become more flexible and, in turn, help our goals to become reality.
Thank you for the inspiring video!
I’m so glad to hear it resonated with you!
Your plan sounds awesome. We’ll keep taking that free employer match money too :)
New subscriber you’re absolutely awesome! Easy to understand and you are natural. God Bless from Oz Down Under
So glad you're here! Thank you Oz!
@@MarriageKidsandMoney so am I!!! Hahaha Aussie Aussie Aussie Oi Oi Oi
Great video Andy. Loved the thumbnail. Thanks for sharing some numbers.
Thank you!
I like this type of FIRE.
So glad to hear that! Me too.
Just found this wonderful channel!
So glad you're here! Thanks for supporting us!
Binge watching loads of your videos! Now subscribed too, love from the UK 🇬🇧
Oh, that means a lot to me! Thank you. Your support is appreciated!
If you have suggestions on content, let me know!
Great video Andy!!! You are wise!
Thank you so much!
I am curious if you have considered inflation in conjunction with coast FIRE, and what your thoughts are. $3m or 120k/yr in 25 years won’t go nearly as far of course. Great content, keep it up. I ask not as a criticism by any means, but because this is a question I ask myself! 120k becomes the equivalent of 57k, while 60k turns into about 29k after 25 years @3% inflation. 29k might be cool if you have 0 debt, no mortgage, and have your lifestyle and budget locked in, especially if you supplement with more taxable account investments, but is something we should all consider I think.
This is true! I took a 7% growth rate instead of a 10% growth rate (typical market average) to factor for inflation.
Is it an exact calculation? No but it’s close enough for me.
If this concept interests you, check out the Coast FIRE calculator in the description to see how your numbers shake out. It’s a fun concept to think about!
@ Joe Astorino - most people do account for inflation. To expand on his explanation, most people figure an average growth rate of 9-10% for assets and an inflation rate of 2-3%. Remember these are long-term averages. To find the "real growth rate" you take (growth rate - inflation rate = real growth rate). So 10%-3% or 9-3 depending on assumptions. For quick mental math, use the rule of 72. [72 divided by % growth) = number of years for money already invested to double. Ex (72 / 7.2% real growth rate = 10 years for money to double). bottom line, accounting for inflation they will have ~2.2 million in todays dollars as their money will roughly double twice from 40-60 years old. That'll give them ~88k at 60 just from those accounts (again in todays dollars). I'm 35.5 and reached my number 6 months ago. I save for a home downpayment and other items now. I plan on using this type of calculation to track my number each year and to make sure my retirement assets stay on track in case they start to underperform or my retirement lifestyle/assumptions change (example: healthcare costs).
Thank you for sharing your family’s journey!
We recently achieved COAST FIRE and by age 65 we anticipate having 5M.
While hubby is working full-time, we are still contributing to retirement, but not currently maximizing contributions as we previously have.
We both enjoy what we do, but in the nearby future we want to optimize time together as a fam, as well as visit are aging parents more.
Any advice for our fam of 4?
Congratulations!
I’d recommend gradually taking steps toward the life you want to live today.
Life is precious and if spending more time with your parents and kids is important… make those micro steps to get there.
Perhaps moving toward part-time work only for you. Then eventually him.
Charting out a timeline to make it a reality.
Sound advice, thx!
I’ve been working part-time since I’ve had my first kiddo. I wouldn’t trade the time nor the flexibility I have with my kiddos. I got a 3 yr old & a 6 month old, and I look forward to being even more involved in their education and extracurriculars.
Kids are expen$ive, but it would be awesome if we can generate enough cashflow that we both will able to work part-time by the time we are 50 or earlier.🤞🏽
Great content! You have a great stage presence and I think this would be even better if you wore a lav mic. Keep it up.
Thanks so much Clayton! I’ve incorporated one since this video and it definitely makes the videos more professional sounding.
Thanks for the info my man
Of course!
15% employer match. Wow.
Yes, it was very generous!
My company matched 15% of my contributions ... so if I did $18,000 they would do $2,700.
It definitely incentivized us to contribute more.
I love the idea of coast fire but inflation scares me too much to cut back on contributions. Love the videos, keep them coming!
I hear that! Inflation can throw things for a whirl in the coming years ... I do a 7% growth rate instead of a 10% growth rate (typical market average) to factor in 3% inflation. It's not perfect math, but it helps.
You could use the Rule of 72 as well for a back of the napkin math on your situation as well!
I’ll have a small pension when I’m 57… really interested in this method! Would love to work part time or have a paid off farm to live off of!
15% match?!! Hot diggity!
To be clear, my company matched 15% of my contributions ... so if I did $18,000 they would do $2,700.
It definitely incentivized us to contribute more.
@@MarriageKidsandMoney That is wonderful!
Is this calculation fore one person or a family? 555k for a 44 year old person or a two person household?
in our situation, it is for me and my wife (age 40 in this video) with two kids at home
500k can coast FIRE? I have 800k!
Way to go! Achieving Coast FIRE is very personal. It all depends on your annual expenses, asset allocation, and time horizon to retirement.
Check out our free calculator to learn more: th-cam.com/video/MKQH02dc_Kg/w-d-xo.htmlsi=C2dpzjn-N_vEhSPJ
What do you think of Coast FIRE?
This is a game changer. To me this is (after becoming debt free) the next important financial milestone and signals further financial freedom. We only learned this concept in the past year so this video was exceedingly helpful.
@@dekers2007 So glad to hear this!
You can access retirement accounts at 59.5
Yes, I'm looking forward to it!
@1:40 am I seeing this correctly? Excluding the items not in your retirement accounts (home equity, cash, and 2 cars), this comes out to only $337k? Not exactly $500k if you ask me.
Great question Dean!
This was a snapshot from January 2020 and did not include my ESOP shares that I've now rolled over into retirement plan.
As of today, our retirement-specific funds are $537,000. The market has been rough since I made this video! Not much growth in a couple of years.
But I believe in the long-term growth of the market. I feel confident that this amount (with time and compound interest) will take us where we need to be in our 60s and beyond.
Does that answer your question?
@@MarriageKidsandMoney Awesome, and thanks for the clarification. Great work! 🤙
@@DeanBKK No problem! I love Coast FIRE so I'll keep sharing our path and other people's stories as well -- check out this recent one with AJ Thompson who reached Coast FIRE with $400k by 30 -- th-cam.com/video/m9A27E6lZP0/w-d-xo.html
Great video. Thanks for recommending this one. Now next question. You say “Most people know how much they make but not how much they spend” I am solid on the 401k investment and have hit Coast Fire but I need to budget. Do you have a tool here?
I love Mint.
Here’s how to set up your budget for free:
th-cam.com/video/BMkGGmn-DhQ/w-d-xo.html
If you don’t like Mint, here are 14 other budget apps to consider :)
th-cam.com/video/NnX6n8UxNy8/w-d-xo.html
2000 people to respresent a population of over 300 million in the US 🤔. Im sure more than 64% of americans have $10k or more in there retirement account.
Does nicole not have a traditional ira that she contributes to? And you had a 15% match??? Holy jeez
Nice video! If you don't mind sharing, what is the reason for 114k in cash?
At that time in early January 2020, I was transitioning out of my job and into a life as a small business owner. We wanted to provide a safe runway of cash just in case things went wrong.
And when the pandemic hit, two months later, man, was I glad we had that money
@@MarriageKidsandMoney totally understand. Glad it all worked out!
Tipping culture is outta hand
Is this possible for a family on one income?
It all depends on how much that one income is and how early you started saving and investing.
For the majority of America, this is not statistically possible.
Controlling how much you spend each month can be one of the most powerful tools when it comes to wealth building and life contentment.
Your daughter on the podcast is unbelievably well spoken. Has her IQ been tested? Seems incredibly bright. Congratulations! Perhaps your backup retirement plan can be your daughter goes on to start a gigantic company and you can get some of that dividend sit on your butt money
You’re very kind my friend. I love her with all my heart so of course I think she’s a genius 🤣
Here’s to everyone enjoying that Dividend butt sitting money
The 4% to family do you do tax deduction for those?
No, I’m not able to receive tax deductions for giving to family and friends.
Where do you get 15% employer match??
To clarify, my employer matched 15% of whatever I put in ... so if I maxed out the 401k at (say) $19,000 per year, then they would contribute $2,850 that year on my behalf.
If I put in $5,000 per year, then they would contribute only $750.
$250K each
Since we are married, we combine our retirement savings together.
@@MarriageKidsandMoney Great job!
@@MarriageKidsandMoneyseparate accounts though?
@@theadamblock We have separate retirement accounts, yes. The number I speak about when discussing Coast FIRE is our combined retirement account balances. If I were not married to my wife, I'd be half the net worth (and half the man too :)
nice
🎙 ✔️🎙 ✔️