The financial independence movement changed my life, but funny enough, I don’t really consider financial independence an important part of my life these days. Maybe my life has changed too much now that I have two kids and a lot of expenses to deal with (mortgage, daycare, etc). In any event, the idea of financial independence is still there, but I’m not really living my life with that goal in mind. These days, my family is taking a relaxed approach to money, taking things day by day, saving as much as we are comfortably able to, and paying for things we need or want without agonizing about every little detail.
There’s a big reason why I’m able to live life like this. For almost all of my 20s, I was hyper-focused on financial independence. As a result, I spent much of my early 20s aggressively paying off debt, then spent the rest of my 20s hyper-aggressively saving into tax-advantaged retirement accounts. The result of all this was that I ended up with a very solid nest egg of invested assets – enough that even if I stopped saving anything, I’d likely still have enough to support myself at traditional retirement age.
This is called Coast FIRE – when you’ve saved up enough that your assets should grow enough to support yourself at traditional retirement age, even if you never saved another penny again. In its basest form, what you’re doing is front-loading your retirement savings, saving enough early enough so that time and compound interest can work for you.
So that’s where I am now – Coast FIRE. It’s not what I was trying to do, but if I’ve learned anything after over a decade of being involved in the financial independence movement, it’s that what you want will absolutely change as your life circumstances change. Trying to plan for five years out – let alone a decade or more out – is folly, in my opinion.
But since we never know what the future will hold, we want to do things that put us in the best position and give us the most flexibility and options. Giving yourself those options is the beauty of hitting Coast FIRE.
The Beauty of Coast FIRE – Giving Yourself Options
When I graduated from law school over ten years ago, I thought my future was pretty much set. The way I saw it, I’d work as a lawyer in a big law firm for a few years, then maybe get a job with the government or an in-house counsel position and keep doing that for the rest of my life.
Then I discovered the FIRE movement and my plans changed. It turns out I didn’t need to do life the normal way. Instead, I could be hyper-vigilant with my expenses and save money so that my savings would be enough to cover my living expenses. Rather than working as a lawyer for the rest of my life, the plan was to work as a lawyer, save as much as I could, and then retire early.
This backdrop is what guided my decisions for many years. I aggressively paid off my student loans as fast as I could. I lived on as little as I could. And I saved as much money as possible with the goal of hitting my financial independence number as soon as possible. All of this proceeded under the assumption that I would keep working as a lawyer while aiming for this goal.
But it turns out it’s really hard to predict what your life will look like years into the future. I ended up quitting my career in law and took a chance as a full-time blogger and content creator. A decade ago, if you had asked me what I would be doing in ten years, there was no scenario in which I thought I’d be in my late 30s making my living writing and creating content online. And yet, here I am, wildly removed from the path I was originally on.
So where am I today? At the moment, I don’t consider myself practicing any form of the FIRE movement. My wife and I bought a big house. We have two kids. We’re doing things pretty normal now. I still save money and max out all the retirement accounts I have, but I don’t feel myself agonizing over every purchase I make. All those years of aggressive debt paydown and savings has taken a lot of the pressure off me to constantly push to save as much as I can.
Giving yourself options is the best thing you can do for yourself. I used to think that you could plan out your future pretty well. And while you can plan to some degree, the future is unlikely to look the way you think.
Aim For Coast FIRE – But Keep Doing More
Perhaps the best way to hedge your bets with an uncertain future is to do what I unintentionally did. Be aggressive with your savings early on. Just by doing that, you’ll eventually hit your Coast FIRE number without even realizing it. Once there, you can dial it back if you want, but if you can, continue to save for your future (even aggressively if you are able to). This puts you in an unbeatable position where you’re in a good place since you’re still saving and investing, but you’ll be okay if you need to slow down or stop saving.
Being aggressive with your savings early on is so important, not just from a monetary standpoint, but from a lifestyle standpoint as well. The money part is obvious – the earlier you get started saving, the more time you have for your money to grow and compound.
Perhaps less talked about, though, is how much easier it is to save when you’re younger because of the flexibility you probably have in your life. Before I was married and had kids, my life was very simple. I could save a lot of money because I only had to pay for myself. I could work a lot because I didn’t need to worry about taking care of a family. And I could do weird lifestyle things like renting out a room in my house on Airbnb because I didn’t have young children to worry about. With a family and young children now, not only have my expenses gone up, but I also don’t have the luxury of doing weird stuff since I need to live a much more normal and stable lifestyle. I’ve said before that you should do the weird stuff when you’re young because when you get older, things will likely get more complicated and you might not have the ability to live like that again.
The great thing about hitting the Coast FIRE point is that it has removed a lot of pressure from my life. I still save a lot of money because it’s a natural thing for me to do. But, I’ve also been able to take more risks too because I don’t have the same pressure to save every penny I earn. There’s a lot of comfort in knowing that I can take a step back or slow things down if I need to.
So as the ultimate hedge, this is what you should be trying to do. Hit that Coast FIRE point as fast as you can. Then you can keep hustling or take a step back or do whatever else you want.
Final Thoughts
As an end goal, I don’t think Coast FIRE is the best choice. It makes a lot of assumptions about where what will happen in the future and what your life might look like. And from what I’ve learned, your life is likely going to be different from what you imagine. Plus, saving money should be something everyone should do as a principle.
But as a stepping stone, Coast FIRE makes a ton of sense. It’s a goal that is within reach for most people. And no matter what sort of life you’re trying to live, if you are saving money, Coast FIRE is a point that everyone will eventually reach on the path to financial independence. Getting there as fast as possible can do wonders for what you’ll feel comfortable doing later down the road.
As for how to figure out your Coast Fire number, here’s a Coast FIRE calculator that can give you a good idea of what you need to be at that point.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
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