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wish i had friends 😭
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Decided to payoff my mortgage.
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My thinking on that goes back and forth. I started out with a Coast number in mind, but events in my life (and the economy) kept me changing it. At this point I'm just going to go full speed and not really have a number in mind. I'm young enough that I can reassess and adjust when I get into my late 30s or 40s.
when you are young enough it makes sense to just chug along. things will become more clear with time and as your pot grows
Mentor
There aren’t many mid-paying jobs that I think I’d enjoy.
So I’d prefer to work few years longer and then have a free choice to work or not.
I can imagine if you love talking to customers barista or bartender would be great, but even then for 10+ years it may become tedious?
Mentor
I agree it would be hard. Say there’s huge lines and customer start yelling at staff.
You’d know how to solve that problem, by dogging against a mistake your supervisor made. but you’d just keep quiet? I couldn’t do it
I'm still pretty new to FIRE so I'm still trying to figure out my baseline and retirement age. But I'm to the point where I'm actually saving 60% of my income every single month and I've learned how to gamify the process and really start enjoying the journey. I think I'm eventually going to work towards coast FIRE but I'm still figuring out the logistics.
Subject Expert
As you start to run numbers, if you run them candidly, you will find that "Coast FIRE" is almost always a mistake.
It takes so many years for a portfolio to grow to retirement readiness reliably (as versus the average) that it makes more sense in almost every case to keep saying and power through to FIRE rather than "Coasting." "Coasting" means working for a very long time rather than FIREing.
It will become apparent as soon as you work some example numbers. If there are cases where it makes sense they are narrow.
Subject Expert
Yeah, I'm pointing out how long the worst cases get when you stop contributing. People often focus only on the average case as though it were reliable, and IMO that's a mistake. You have to consider the whole distribution. :)
Im 44 with 2 young kids. Was recently laid off from high stress/high paying career. I never really had a FIRE number in mind but with roughly $3M saved I’m going to see if I can make coast FIRE work. Spouse working as a teacher so insurance and some income. Im currently exploring how to shift some of our portfolio to income producing investments.
CoastFIRE is a bit of a misnomer, it’s coasting to FIRE and not FIRE’d yet.
Simple example is to take a better WLB job for less pay and spend up to all your income while letting the nest egg grow to target #. If you can do that on part time work then might be ideal.
I have thought about becoming a high school teacher, maybe around 40-45. Would have 2M in mutual funds by then.
I’m at $1.4m, my FI number is $1.6m. I’m self employed so I just work when I want to but can get by with a 5 hour work week. That pays the bills for a few years while my investments coast me into $1.6m.