Coast FIRE is a type of FIRE where individuals aim to reach financial independence and retire early, but still work part-time to cover expenses and maintain a sense of purpose. The goal of Coast FIRE is to have a balance between retirement and work, allowing for a more relaxed and enjoyable lifestyle. The term “coast” […]
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Root of Good FIRE: Root of Good FIRE is a variation of Lean FIRE that emphasizes saving a high percentage of one’s income and investing in low-cost index funds. Spend FI: Spend FI involves prioritizing spending on experiences and personal fulfillment, rather than saving a large percentage of one’s income. Simple FIRE: Simple FIRE is
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Fat FIRE: Fat FIRE is a more luxurious version of FIRE, where individuals aim to save and invest enough to live comfortably and still have a significant amount of disposable income. Lean FIRE: Lean FIRE involves living a frugal lifestyle and reducing expenses to a minimum in order to achieve financial independence as soon as
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Minimalism: Minimalism involves living a simple, frugal lifestyle and reducing expenses to a minimum. This could mean living in a smaller home, reducing travel costs, and avoiding excessive spending on non-essentials. Side hustles: Having a side hustle or multiple streams of income can help boost savings and reach FIRE goals faster. This could involve starting
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Underestimating expenses: FIRE requires strict budgeting and savings, but many people fail to account for all their expenses and end up overspending. Poor investment decisions: Investing in high-risk, low-reward securities can lead to significant financial losses, making it difficult to achieve FIRE goals. Unexpected expenses: Emergencies or unexpected expenses such as medical bills or job
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