Coast FI Masterclass | The Fioneers | Episode 538
Brad dives into a CoastFI MasterClass with Jess, and Corey from The Fioneers
—where saving for retirement becomes optional. ??
Jess and Corey, popularizers of the term, share their unique journey transitioning from high savings rates to a fulfilling CoastFI lifestyle. They explore vital themes like financial flexibility, the psychological aspects of money fears, and how experimentation in spending can lead to empowered financial outcomes.
00:02:28 Defining CoastFI
CoastFI is described as a financial milestone where saving and investing for retirement becomes optional. Discussion of how this concept allows individuals more flexibility in their financial journey.00:07:11 The Realization of CoastFI
Jess and Corey share their personal journey to reaching CoastFI at the age of 31, needing around $245,000 to retire by 62. The importance of time horizon in achieving financial goals through compounding.00:21:38 Transitioning to a CoastFI Lifestyle
Exploration of how their focus shifted from aggressive saving to experimenting with spending for meaningful experiences.00:23:47 Experiments with Spending & Money Management
Jess emphasizes the value of testing different spending patterns, such as renting before big purchases and embracing travel rewards instead of convenience spending.00:48:09 Overcoming Money Fears Together
Jess and Corey discuss how money fears can resurface, how they navigate these fears together, and the importance of open dialogue and regular financial check-ins.00:57:31 Conclusion
Reflection on their journey and the broader implications of personal finance choices in achieving a fulfilling life experience. Timestamps and Key Insights00:02:33 Quote: "Achieve freedom with CoastFI - where saving becomes optional!" – Jess
00:04:13 Actionable Takeaway: Calculate your CoastFI number using a CoastFI calculator.
00:07:11 Quote: "Longer timeframes mean less upfront investment to achieve CoastFI." – Corey
00:10:00 Related Resource: Work Optional by Tanya Hester.
[23:47] Jess emphasizes purposeful spending experiments, leading to a reduced savings rate while enriching their lives.
[48:09] Discussion on dealing with money fears, showcasing the couple's process as compassionate and collaborative for emotional support.
[53:10] Quote: "Combat fear by knowing your unknowns!" – Corey
[57:31] Highlights the journey through money fears as a natural part of the financial independence path.
Experiment with Spending: Allow yourself to explore different financial habits and adjust your spending as needed to enrich your life experiences.
Use Financial Tools: Leverage tools like the CoastFI calculator to identify your financial milestones and create a roadmap tailored to your lifestyle.
Open Communication: Regularly check in with your partner on financial matters to address any fears and reaffirm your plan together.
ChooseFI
How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.
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