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Coast FIRE: Is $750,000 Enough to Stop Investing?
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- čas přidán 17. 08. 2024
- Anonymous has $750,000 invested for their retirement at age 44. Is that enough for Coast FIRE?
I review the numbers to help our anonymous friend decide if they have invested enough to stop contributing to retirement and enjoy more life today.
CHAPTERS
0:00 Intro
1:00 How To Calculate Coast FIRE
2:56 When Do You Want To Use This Money?
3:35 Play Around with Calculators
5:57 Use the 4% Rule
7:10 Make Yourself Feel Comfortable
#CoastFIRE #CoastFI #FinancialIndependenceRetireEarly #FIRECommunity #PersonalFinance
EPISODE RESOURCES
50% to 10%: Why We're Saving Less in our FIRE Journey
• 50% to 10%: Why We're ...
Coast FIRE: An Easier Way to Join the FIRE Movement
• Coast FIRE: An Easier ...
We Achieved Coast FIRE! How We Saved $500k by 40
• We Achieved Coast FIRE...
Budgeting Apps
Mint: www.marriagekid...
YNAB: wwww.marriageki...
Compound Interest Calculator: www.investor.g...
OTHER VIDEOS TO WATCH
(PLEASE ADD THREE SIMILAR/POPULAR COAST FIRE OR FIRE VIDEOS)
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This was a great video. I now have a new goal. “Coast Fire”
Awesome!
The Coast FIRE videos are super motivating! It's an amazing feeling to have the world at your fingertips.
I'm so glad to hear that!
Cost of living in countryside USA is very very cheap... Well, actually thinking throughly, in countryside Brazil over here too.
Solid, simple and sound advice.
Thank you so much!
This is really worthy to watch as a lot of people may have been wondering how much will they have to invest before they can settle and retire.
Thank you!
Thanks Andy, this definitely puts things in perspective. Coast F.I.R.E is probably something I should be aiming for too, as this will allow us to enjoy life even more today. I didn't realize it, but once you're "up there", your investment keeps feeding itself and grows faster than one's annual expenses.
It’s fun to do those calculations!
Time and compound interest is the magic recipe
This is the best, easiest explanation I've ever seen on how to estimate one's retirement needs. Thank you! As an aside, my hubby and I retired in our early 50's in part by paying our first house off in 10 years and not having a mortgage since then despite moving several times. Absolutely no regrets about being mortgage-free! We then took the money we would have put on our mortgage (and interest!) and invested it and now we are comfortably retired!!
What an incredible win for you and your hubby! I love hearing this!
You are so great man thank you for sharing third tips and helping us!! So great to listen too and so reasonable, one of my new favorites
Glad you enjoyed the video!
Great video
So glad you enjoyed it!
Super useful topic. Thanks for the continual uploads
Absolutely! I’ll keep them coming :)
I wish I did Coast FIRE! I am young 60’s. No debt.
The debt free life is a great one! You should be proud Carol Ann!
Love it!
Thanks for watching!
My dad spent $27000 a month in his last months of life for private nursing care. Something to think about.
Thank you for sharing Robin. Those are real costs and real concerns when it comes to our later years in life.
Yes Robin. Did you know that by the time someone reaches 65, they have close to a 70% chance of needing some type of care when they get older?
I believe in the modern long term care planning.
@@coremoneycoaching3554 Yep. My grandparents made sure that they were paying nursing home insurance premiums.
Another great video
Thank you James!
Great video. Curious to hear from some listeners if having a mortgage or not changes the “coast fire” journey
I would argue it’s necessary to pay if off.
1. Frees up cash flow reducing expenses.
2. Allows you to save more
3. It may allow you to change your job to a hobby earning less
4. Gives you peace of mind which is priceless
I recently paid mine off at 45 and these are my takeaways.
@@TheTaytay198 I’m 43….turning 44 in a few weeks and I have been seriously battling this next phase. I have enough saved in stocks to sell off and pay it off. But the risk of losing the future gains is what’s holding me back….
@@johnanastasio8647 technically there is no right or wrong answer rather what you are comfortable doing. Paying off mortgage is a safe guarantee but there are no guarantees in the market. I’m a super aggressive investor too however I lost my job this year which is why I paid it off. My wife has a strong income and we still save a lot so it just worked out but not having a mortgage makes it so much better. Trust me, I struggled with the decision as well.
@@TheTaytay198 appreciate your insight! I definitely have been thinking and praying about this one…feel like it’s a decision that can’t be taken lightly.
@@johnanastasio8647 just curious what you owe. If it’s less than 100k and your cashing out NQ money do it. Don’t touch qualified money and make sure to have at least 6 mo emergency fund still available. I disagree with the 3 month emergency fund cause it’s too lite in my opinion. Best of luck to you.
For the algorithm
I would sink £500k into the stock market; £300k in real estate and the rest for new business and emergency fund. Good luck 😀👍
Good plan Susan!
>want to retire
>keep working
pick one
The rule of thumb is that your money will go up 5 times in value in 23 years. That means this guy will only have $1,875,000 at age 60. He needs to keep contributing.
That’s a new rule of thumb that I haven’t heard before. Is it like the Rule of 72?
What's your source on this rule of thumb? I've never heard of it before. Definitely not what I see in practice.
@@marinekappa82 It's from my family member's experiences over the years. With the 401ks and the real estate purchases. 2017 was a great year for my family members to retire from those investments.
@@MyLifeThai371 Thanks for the reply. So this is a family experience. Safe to say that it's not a rule though.
It all depends on how much you need to live. Also, did you factor in dividends distributed quarterly which are reinvested? He has more than enough to retire early if the market is ok when he reaches his target date.