Have you ever considered going part-time, but you weren’t sure if you could afford it? Enter Coast FIRE. Save early, then coast to retirement. In this episode Dr. Jimmy Turner and Justin Harvey CFP discuss the benefits of saving early and often so that you can save less and live more later on in life.

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Coast FIRE: Save Less to Live More

Financial independence has long been the ultimate goal for many individuals. The idea of being free from the shackles of traditional employment and having the financial means to live life on one’s own terms is undeniably appealing. However, achieving traditional FIRE (Financial Independence, Retire Early) can be a daunting task for many, requiring an aggressive saving and investment strategy to accumulate enough wealth to sustain a comfortable lifestyle without the need for a traditional job.

Enter Coast FIRE, a concept that has gained traction in recent years as an alternative approach to achieving financial freedom. Coast FIRE, also known as Barista FIRE, is a more laid-back approach to financial independence that allows individuals to save less and live more, without completely giving up the traditional workforce.

The basic idea behind Coast FIRE is to front-load your savings in the early years of your career, then allow your investments to grow over time while you continue to work in a job that you enjoy or find fulfilling. This means that you can decrease the amount you save each year while still maintaining a reasonable expectation of achieving financial independence at a later date.

For example, someone who focuses on Coast FIRE might save aggressively in the first 10-15 years of their career, then reduce their annual savings rate and live off the growth of their investments. This allows them to have more disposable income to enjoy in the present while still working toward financial independence in the future.

One of the key advantages of Coast FIRE is the flexibility it offers. By decreasing the amount of money you need to save each year, you may be able to pursue opportunities that provide personal fulfillment or increase your quality of life without sacrificing long-term financial security. This might mean taking a lower-paying job with more flexibility, pursuing a passion project, or simply enjoying more leisure time with loved ones.

While Coast FIRE offers a more relaxed approach to financial independence, it’s important to note that it’s still crucial to be disciplined and intentional with your finances. Front-loading your savings in the early years of your career requires sacrifice and commitment, and you’ll need to continue to make wise financial decisions to ensure that your investments have the opportunity to grow over time.

Additionally, Coast FIRE is not a one-size-fits-all solution. It may not be suitable for everyone, especially those who are not able to save aggressively in the early years of their career or those who have a late start in their journey to financial independence. It also requires a certain level of financial literacy and the ability to make informed investment decisions.

In conclusion, Coast FIRE offers a compelling alternative to traditional FIRE for those who want to save less and live more. By front-loading your savings and allowing your investments to grow over time, you can enjoy a more flexible and fulfilling lifestyle while still working toward financial independence. However, it’s essential to approach Coast FIRE with discipline, intention, and a solid understanding of personal finance and investing. With the right approach and mindset, Coast FIRE can be a powerful tool for creating a more balanced and enjoyable life.