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.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:02:28 </button> 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.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:07:11 </button> 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.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:21:38 </button> Transitioning to a CoastFI Lifestyle

• Exploration of how their focus shifted from aggressive saving to experimenting with spending for meaningful experiences.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:23:47 </button> 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.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:48:09 </button> 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.

<button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:57:31 </button> Conclusion

• Reflection on their journey and the broader implications of personal finance choices in achieving a fulfilling life experience.

Timestamps and Key Insights

• <button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:02:33 </button> Quote: "Achieve freedom with CoastFI - where saving becomes optional!" – Jess

• <button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:04:13 </button> Actionable Takeaway: Calculate your CoastFI number using a CoastFI calculator.

• <button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:07:11 </button> Quote: "Longer timeframes mean less upfront investment to achieve CoastFI." – Corey

• <button class= "px-4 py-1 font-bold text-blue-600 transition duration-200 ease-in-out transform bg-blue-100 rounded hover:text-blue-800 hover:bg-blue-200 hover:scale-105"> 00:10:00 </button> 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.