Simple life: Anyone intentionally earning just enough to cover their expenses?

[julia]

Though I only discovered the FIRE movement 1.5 years ago, I’ve been living a mustachian lifestyle for my entire life (my Polish immigrant parents taught me both the value of very hard work, perseverance, and many valuable ‘homestead’ style skills that translate into frugalism (ie. canning, making food at home, etc etc).

My fiancé and I (both 26 year olds) are about 6-7 years away from FIRE if we keep at the pace we are going. That being said, we’ve started to question the point of it all – working 9-5 jobs, living a semi-meaningless life in our “prime years” just to retire in our early thirties. We know exactly what we want to do and feel lucky to have discovered what happiness means to us early. We dream to live in a little cottage in the mountains, or somewhere more remote than a city where we can spend a lot of time in nature and live a homestead life (maybe I’m naïve but I’m picturing chopping wood to heat our home, etc).
Though I've helped my mom garden for my entire life, I started my own veggie garden this year. I've learned out to pick wild apples and make/can apple sauce. I've learned how to make sauerkraut and make my own beeswax candles. I LOVE these sort of 'homestead' style hobbies but I have to squeeze them into the limited evenings and weekends when I'm not working.

We realized that even if we kept our expenses the same, we’d only need to each work 2.5 days a week minimum wage (Ontario, Canada) to cover our monthly expenses. Jeez I could get an English teaching job online easily and we’d be fine! I’m thinking that little cottage living wouldn’t cost as much as it does to rent an apartment in a city, drive 40 min to work, etc.

Even if we earned just enough to cover our monthly expenses, the stash we have in the stock market would grow on its own to our FIRE number in about 20 years.

Anyway my point is, what is the point of not enjoying life to its fullest for 6-7 more years when we’re never guaranteed those years anyway… you never know what will happen.
We don’t need much to be happy – just warmth, each other, healthy food, some paints, and nature.

Final question: Has anyone done something like this? Am I naïve?

[NotJen]

I believe that's usually called "Coast FIRE" - you might be able to search on that term and find some relevant threads.

It's part of my plan - I FIREd last December, and plan to eventually find some part time work (probably) so that I don't use up my current stash too fast.  Or possibly just to pay for health insurance, depending on how all that goes.

[ObviouslyNotAGolfer]

As a middle-aged (late 40s) only child with aging parents--both of whom have serious medical issues as well as early-stage dementia--I can tell you that what you might find find suitable for a minimum bare-bones existence in your 20s will change dramatically as you age. I make a pretty decent living for the hours I put in. I enjoy my job a great deal, and I am terrified of growing old and running out of money in old age. In addition to pension (a rarity these days), my wife and I are also piling money into our retirement accounts at a rapid pace. There is an old saying--something to the effect that being young and poor is quite a different scenario than being old and poor.

In addition to that, circumstances change, life sucks sometimes, and you need a substantial cushion of cash to avoid going into debt (slavery) or worse. Budget for the worst-case scenario, not the best! Just look at what's happening now with COVID, people and businesses going bankrupt, disappearing, etc.

You should also consider that in your early years of your career, you are paying your dues to a large extent, and what you find meaningless now may turn into something you enjoy and make much more money doing as you gain experience/seniority/connections. etc.  I got a Ph.D. because I love science and I spent many years paying dues in grad school, postdocs (which were also awesome in some respects), etc. I was not too enamoured with my current  job as university faulty at first, but with increasing pay, job security, a nice office, seniority, etc., I feel a lot better about rewards matching effort. I also greatly enjoy relating to students, something I had problems with at first--As a result I am much better at my job, and my efforts are a lot more rewarding.

I too talk about early retirement, but I have likely at least another decade to go, but I can be happy in a job I enjoy with lots of free time and autonomy (I realize this is a bit of a rarity!). My main reason for wanting to retire early is that I want to get the hell out of SoCal, which I hate and detest with a passion. If classes remain online for me, we could move to Ireland (I am a citizen) or NorCal. Hopefully that will be sooner rather than later!

[Prairie Moustache]

I think about this, every. single. day. I'm not sure what your work situation is, but I think there's a real danger of putting FI on a pedestal if you dislike the job you are doing to achieve FI. I find myself constantly concerned that I'm going to stumble out the other side of a short career with not enough actual practical life skills (like building a house, preserving food and such) because I'm too knackered from my 9 - 5. There's oodles of articles out and about in the FI-sphere about this "Fi-fatigue". See - the Fioneers, and Slow Fi.

I think our generation has a tendency to heavily romanticize this type of lifestyle, but you don't know if it's for you until you try. I think for a lot of people the key part would be having a community/support network around you. I know of people that have tried this - bought/leased a small chunk of land out in the country here in Saskatchewan and then find that they end up being lonely because they don't have a community/friend group supporting them where they bought a cheap piece of land.

I work as an environmental engineer, but spend most of my hours on the computer and find it emotionally and even physically draining and unfulfilling. My current plan is to get a part time job that will teach me hands on life skills (like house framing or something) and earn what I need to cover my expenses and let my current nest egg ride until I decide to retire for good. I've realized I don't have the capacity to become a carpenter and welder, etc while working full time as an engineer like MMM did.

[Freedomin5]

Hi fellow Canadian! (We’re Torontonian)

You’re describing Coast FIRE. That’s what we decided to do. Once we saved enough so that it would grow to our target FIRE amount by age 65, we felt free to slow down. First we dropped to part time (3 days a week), then we dropped to a less stressful more enjoyable job.

What we found was that when we started to slow down and pursue our passions, money-making opportunities started falling into our lap, because we had the time, space and courage to explore new things. This allowed us to continue on with a great savings rate.

The good thing about being in Canada is that we don’t have to worry as much as the Americans about healthcare in old age.

[Cassie]

Being old is bad enough without being poor:)). You definitely want more comfort as you age. While some expenses go down others go up like healthcare.

[Metalcat]

Yes, many of us have done this, as others have mentioned it's called CoastFI.

It's an amazing option for really expanding your horizons of what your life can look like. It's incredible how many interesting work options can pop up when you have more time and flexibility. As @Freedomin5 said, often by stepping back from the rat race, you can start seeing more lucrative options.

Let's put this a different way: take the concept of retirement off the table for a second. How much money do you really need to feel comfortable pursuing your best life?

FI numbers are largely imaginary targets that you make up for yourself. You don't need to wait to hit it before you start allowing yourself to consider moving on from a lifestyle you don't like.

[AnnaGrowsAMustache]

Kind of. I hit peak bullshit last year and I just can't be bothered walking back into the rat race properly - and that was before the whole pandemic bollocks. So now I'm just doing what I have to, no real effort applied. I'm comfortable, but not moving forward.

[Retire-Canada]

Looking back on my life as a 51 year old I'd say 35-45 were my "prime" years so far. So if you told me I could work FT from 26-35 and then FIRE with a comfortable portfolio for life I'd do that as long as I didn't hate my job. If I did hate my job I'd probably look to switch jobs, but still work FT rather than work 50% FT say from 26 - 45. That said I don't see anything wrong with either alternative. They are both "winners" from where I am sitting and it just depends how you want to slice things. I should note that I'm assuming that even with FT work I could still get 6 weeks+ of vacation time a year. I've always prioritized getting time off work and not had any trouble making that happen.

[Buffaloski Boris]

To me FI is having the economic means to achieve freedom.  Freedom looks different to different people and it definitely changes as you get older. I actually have gotten to the point where I like my work and my version of freedom does involve working in some manner. Strange, but true. There really are some SWAMI's out there (Still Working Advanced Mustachian Individuals). 

My impression is that a lot of the folks in the FI-sphere are attracted to FI less because they're seeking freedom or even a retirement lifestyle, but because they don't like their job.  They either got into a career field that isn't fulfilling to them, or they're in a toxic work environment.  There's a cure for that that doesn't require being FI (although it certainly helps): quit.     

[Retire-Canada]

Strange, but true. There really are some SWAMI's out there (Still Working Advanced Mustachian Individuals). 

FI people continuing to work is neither strange nor unusual. My take on the hardest part of FIRE is to actually stop working even if you don't love your work. If you've been a programmed by society to identify with your profession for a few decades it's a really difficult challenge to undo that programming. One way to avoid having to deal with that is to not stop working. People avoiding doing hard/uncomfortable stuff is pretty normal. You could argue that you then aren't getting to experience one of the key benefits of FIRE.

[julia]

As a middle-aged (late 40s) only child with aging parents--both of whom have serious medical issues as well as early-stage dementia--I can tell you that what you might find find suitable for a minimum bare-bones existence in your 20s will change dramatically as you age. I make a pretty decent living for the hours I put in. I enjoy my job a great deal, and I am terrified of growing old and running out of money in old age. In addition to pension (a rarity these days), my wife and I are also piling money into our retirement accounts at a rapid pace. There is an old saying--something to the effect that being young and poor is quite a different scenario than being old and poor.

In addition to that, circumstances change, life sucks sometimes, and you need a substantial cushion of cash to avoid going into debt (slavery) or worse. Budget for the worst-case scenario, not the best! Just look at what's happening now with COVID, people and businesses going bankrupt, disappearing, etc.

You should also consider that in your early years of your career, you are paying your dues to a large extent, and what you find meaningless now may turn into something you enjoy and make much more money doing as you gain experience/seniority/connections. etc.  I got a Ph.D. because I love science and I spent many years paying dues in grad school, postdocs (which were also awesome in some respects), etc. I was not too enamoured with my current  job as university faulty at first, but with increasing pay, job security, a nice office, seniority, etc., I feel a lot better about rewards matching effort. I also greatly enjoy relating to students, something I had problems with at first--As a result I am much better at my job, and my efforts are a lot more rewarding.

I too talk about early retirement, but I have likely at least another decade to go, but I can be happy in a job I enjoy with lots of free time and autonomy (I realize this is a bit of a rarity!). My main reason for wanting to retire early is that I want to get the hell out of SoCal, which I hate and detest with a passion. If classes remain online for me, we could move to Ireland (I am a citizen) or NorCal. Hopefully that will be sooner rather than later!

Thanks for your perspective! Funny enough, Ireland is on my list of places to live too. Friendly people and lots of vast greenery. Super moody too. I however am not terrified of running out of money. Happiness and comfort look different for everyone and the thought of working and living a lifestyle I don't enjoy for many more years when I could live the lifestyle I think I want NOW, why not? Now is the time to experiment and make mistakes! I also live in Canada, so healthcare here is free. We also DO have a significant cushion (~250k) that will grow to our FIRE number in 20 years, which is still decades before 'normal' retirement age (65).

About a year or two ago, I finally came to the realization that I don't give a crap about what others think about my career... and that slowly opened up a totally different mindset that prioritized happiness. Small sacrifices in life are obviously important but 6-7 years is NOT a sacrifice I want to make anymore.

Being old is bad enough without being poor:)). You definitely want more comfort as you age. While some expenses go down others go up like healthcare.

Healthcare is free here in Canada. :)

Looking back on my life as a 51 year old I'd say 35-45 were my "prime" years so far. So if you told me I could work FT from 26-35 and then FIRE with a comfortable portfolio for life I'd do that as long as I didn't hate my job. If I did hate my job I'd probably look to switch jobs, but still work FT rather than work 50% FT say from 26 - 45. That said I don't see anything wrong with either alternative. They are both "winners" from where I am sitting and it just depends how you want to slice things. I should note that I'm assuming that even with FT work I could still get 6 weeks+ of vacation time a year. I've always prioritized getting time off work and not had any trouble making that happen.

We initially thought to maintain our current lifestyle and simply travel for 3 months every year (we've done several 2-4 month long vacations and discovered that 3 months is the sweet spot before we start craving routine home life again). But our wants have changed... we just want peace and quiet in the mountains!

To me FI is having the economic means to achieve freedom.  Freedom looks different to different people and it definitely changes as you get older. I actually have gotten to the point where I like my work and my version of freedom does involve working in some manner. Strange, but true. There really are some SWAMI's out there (Still Working Advanced Mustachian Individuals). 

My impression is that a lot of the folks in the FI-sphere are attracted to FI less because they're seeking freedom or even a retirement lifestyle, but because they don't like their job.  They either got into a career field that isn't fulfilling to them, or they're in a toxic work environment.  There's a cure for that that doesn't require being FI (although it certainly helps): quit.     

I don't mind my work really. It's just the fact that I work more than I work on my hobbies and that's not right. And I want to live in the mountains.

If you've been a programmed by society to identify with your profession for a few decades it's a really difficult challenge to undo that programming.

THIS!

[Buffaloski Boris]

Strange, but true. There really are some SWAMI's out there (Still Working Advanced Mustachian Individuals). 

FI people continuing to work is neither strange nor unusual. My take on the hardest part of FIRE is to actually stop working even if you don't love your work. If you've been a programmed by society to identify with your profession for a few decades it's a really difficult challenge to undo that programming. One way to avoid having to deal with that is to not stop working. People avoiding doing hard/uncomfortable stuff is pretty normal. You could argue that you then aren't getting to experience one of the key benefits of FIRE.

I agree in part.  Continuing to work a job you don't like once you have the money to retire or quit is just plain nuts.  Yet a lot of people do it. Go figure.  But here's the weird thing.  Once you figure out that you do have the economic freedom to leave, sometimes it improves your outlook towards the job and how you perform it.  I very much found that in my case.  Financial freedom translated into a lot more freedom to do my job as I thought it should be done. I'm not so naive as to think that'll last forever.  I'm a rotten boss or a change in terms of employment away from the exit door.     

[John Galt incarnate!]

We dream to live in a little cottage in the mountains, or somewhere more remote than a city where we can spend a lot of time in nature and live a homestead life (maybe I’m naïve but I’m picturing chopping wood to heat our home, etc).

We realized that even if we kept our expenses the same, we’d only need to each work 2.5 days a week minimum wage (Ontario, Canada) to cover our monthly expenses. Jeez I could get an English teaching job online easily and we’d be fine! I’m thinking that little cottage living wouldn’t cost as much as it does to rent an apartment in a city, drive 40 min to work, etc.

Even if we earned just enough to cover our monthly expenses, the stash we have in the stock market would grow on its own to our FIRE number in about 20 years.

Anyway my point is, what is the point of not enjoying life to its fullest for 6-7 more years when we’re never guaranteed those years anyway… you never know what will happen.
We don’t need much to be happy – just warmth, each other, healthy food, some paints, and nature.

Final question: Has anyone done something like this? Am I naïve?

It so happens  that my FIRE dream, which I have realized,  (I am an inveterate daydreamer) is much the same as yours.

Now in  FIREtirement I live in my dream house which is located on rural mountain acreage and heated by a wood stove just like you want your cottage to be.

My property is woodsy so deer or quail or foxes are among other animals I see each day.The redolence of pine trees is typical though this year there is a smoky haze  due to the  unprecedented wildfires.

The starry nights, full moons, sunrises, and sunsets are spectacular.

Typically, there are no man-made sounds.

Instead, I enjoy the swishing sound of the wind as it blows between the  needles on the pine trees.

I believe you are on track to realize  your FIRE dream of a bucolic lifestyle.

I certainly  do not think you are  naive.

[Retire-Canada]

We initially thought to maintain our current lifestyle and simply travel for 3 months every year (we've done several 2-4 month long vacations and discovered that 3 months is the sweet spot before we start craving routine home life again). But our wants have changed... we just want peace and quiet in the mountains!

Nothing wrong with that ^^^ or your plan. Good luck! Enjoy!

[John Galt incarnate!]

About a year or two ago, I finally came to the realization that I don't give a crap about what others think about my career... and that slowly opened up a totally different mindset that prioritized happiness.

One's knowing of their own mind, that they are their mind, is the key that unlocks the  portal that leads to their happiness and contentment.

[julia]

We dream to live in a little cottage in the mountains, or somewhere more remote than a city where we can spend a lot of time in nature and live a homestead life (maybe I’m naïve but I’m picturing chopping wood to heat our home, etc).

We realized that even if we kept our expenses the same, we’d only need to each work 2.5 days a week minimum wage (Ontario, Canada) to cover our monthly expenses. Jeez I could get an English teaching job online easily and we’d be fine! I’m thinking that little cottage living wouldn’t cost as much as it does to rent an apartment in a city, drive 40 min to work, etc.

Even if we earned just enough to cover our monthly expenses, the stash we have in the stock market would grow on its own to our FIRE number in about 20 years.

Anyway my point is, what is the point of not enjoying life to its fullest for 6-7 more years when we’re never guaranteed those years anyway… you never know what will happen.
We don’t need much to be happy – just warmth, each other, healthy food, some paints, and nature.

Final question: Has anyone done something like this? Am I naïve?

It so happens  that my FIRE dream, which I have realized,  (I am an inveterate daydreamer) is much the same as yours.

Now in  FIREtirement I live in my dream house which is located on rural mountain acreage and heated by a wood stove just like you want your cottage to be.

My property is woodsy so deer or quail or foxes are among other animals I see each day.The redolence of pine trees is typical though this year there is a smoky haze  due to the  unprecedented wildfires.

The starry nights, full moons, sunrises, and sunsets are spectacular.

Typically, there are no man-made sounds.

Instead I enjoy the swishing sound of the wind as it blows between the  needles on the pine trees.

I believe you are on track to realize  your FIRE dream of a bucolic lifestyle.

I certainly  do not think you are  naive.

This sounds so dreamy. What country/area do you live in? Do you rent or own? How old are you?

[Imma]

My partner is an artist and has always lived this way. Jobs are there to pay the bills and when those are paid and a bit is set aside for saving, he'd rather spend his time working on his art rather than working in his job.

We're not worried about old age, even if I didn't have the well-paid job that I have - I do this job because I enjoy it, I wouldn't do it otherwise. My FIRE dream life looks a bit like yours and Mr Imma's fine with that as long as he can get his studio space in my little house in the Woods. We're not worried about retirement. We both come from low income families. We see our relatives doing just fine on their state pensions and very small company pensions. And we're already richer at the age of 30 than they ever were + we own our home (not the dream home yet) with only a small mortgage. We'll be fine. We don't need much.

I grew up rurally so I'm quite sure I'll enjoy simple, rural life. I master quite a lot of traditional skills and during lockdown I've been growing and canning a lot of food. I make most of my own clothing. I'm pretty sure this is the life for me. In my country rural properties are expensive though, so it's a good thing I enjoy my current job!

[John Galt incarnate!]

We dream to live in a little cottage in the mountains, or somewhere more remote than a city where we can spend a lot of time in nature and live a homestead life (maybe I’m naïve but I’m picturing chopping wood to heat our home, etc).

We realized that even if we kept our expenses the same, we’d only need to each work 2.5 days a week minimum wage (Ontario, Canada) to cover our monthly expenses. Jeez I could get an English teaching job online easily and we’d be fine! I’m thinking that little cottage living wouldn’t cost as much as it does to rent an apartment in a city, drive 40 min to work, etc.

Even if we earned just enough to cover our monthly expenses, the stash we have in the stock market would grow on its own to our FIRE number in about 20 years.

Anyway my point is, what is the point of not enjoying life to its fullest for 6-7 more years when we’re never guaranteed those years anyway… you never know what will happen.
We don’t need much to be happy – just warmth, each other, healthy food, some paints, and nature.

Final question: Has anyone done something like this? Am I naïve?

It so happens  that my FIRE dream, which I have realized,  (I am an inveterate daydreamer) is much the same as yours.

Now in  FIREtirement I live in my dream house which is located on rural mountain acreage and heated by a wood stove just like you want your cottage to be.

My property is woodsy so deer or quail or foxes are among other animals I see each day.The redolence of pine trees is typical though this year there is a smoky haze  due to the  unprecedented wildfires.

The starry nights, full moons, sunrises, and sunsets are spectacular.

Typically, there are no man-made sounds.

Instead I enjoy the swishing sound of the wind as it blows between the  needles on the pine trees.

I believe you are on track to realize  your FIRE dream of a bucolic lifestyle.

I certainly  do not think you are  naive.

This sounds so dreamy. What country/area do you live in? Do you rent or own? How old are you?

I live in California @ an elevation of ~2700 feet where right now I am looking out my window at the beautiful mountains on the southeast border of Yosemite National Park.

I own my home (no mortgage) which is a crucial determinant of my definition of FIREtirement.

I am older than you.




 

[John Galt incarnate!]

Here's a song for julia and Imma.



"Don't Fence Me In"

Oh, give me land, lots of land under starry skies above
Don't fence me in
Let me ride through the wide open country that I love
Don't fence me in
Let me be by myself in the evenin' breeze
And listen to the murmur of the cottonwood trees
Send me off forever but I ask you please
Don't fence me in
Just turn me loose, let me straddle my old saddle
Underneath the western skies
On my cayuse, let me wander over yonder
Till I see the mountains rise
I want to ride to the ridge where the West commences
And gaze at the moon till I lose my senses
And I can't look at hobbles and I can't stand fences
Don't fence me in
Oh, give me land, lots of land under starry skies above
Don't fence me in
Let me ride through the wide open country that I love
Don't fence me in
Let me be by…

[Simpli-Fi]

As a middle-aged (late 40s)

My main reason for wanting to retire early is that I want to get the hell out of SoCal, which I hate and detest with a passion.

Ouch...you are sacrificing a lot because of your fears.  I recently walked away from great pay because I couldn't stomach the environment my job required me to live in (also SoCal)...now I live in my paradise and looking for that perfect coast gig to ease my similar fear and allow me to start that small business I always day dream about.  The market will do my heavy lifting from now on.

[RedmondStash]

The simple answer is yes, some folks do the Coast-FI thing. I hadn't heard that term before, but it makes sense. Spouse & I sort of did that ourselves: we saved a chunk, then I cut back hours to part-time and switched careers to something I was more passionate about, and spouse & I both took long employment breaks. We lived on our income as our investments grew untouched.

My one caution is, as others have said, your priorities may change as time passes. I felt pretty grown up at 26, but now, in my 50s, I view the world differently, and my needs have shifted.

My best advice is to pursue your dream, but come up with contingency plans just in case something changes in your life. Don't burn bridges unnecessarily, and keep skills honed that would enable you to get back into the workforce if you have to.

But -- by all means, lift your head up from the rat race and really see what other options you may have. Don't be afraid to break out of the mold you've been told you must fit into; strike out and make your own path. It's not naive to reject guidelines that you don't really need.

I hope living your dream ends up being as rewarding as you expect.

[Fish Sweet]

I did this, sort of unintentionally.

I didn't earn a ton, but don't spend much and was earning enough that like you, I probably could have coasted to my FIRE number within the next decade.  But I was so fucking sick of the 9-5 (more like 7-7) and mind-numbing nature of my job, and hating how I felt like I was was trying to cram all the things gave me joy into the edges of my life. Through FT work and a hobby side-gig, I had saved up about 1/4 of my FI number and decided to make a career change. So I quit (after MONTHS of agonizing over the decision, I might add.)

Immediately after, the pandemic struck.  The market crashed.  The career change didn't happen.  One of my parents got very, very ill, and ultimately passed away after weeks of round the clock caregiving by me and my family.  My sister got into school... which was supposed to be paid for by my deceased parent. I ended up loaning her the money for tuition instead. Due to COVID & family, my hobby ended up turning into my main source of revenue.

In a manner of speaking, everything has worked out.  My 'hobby' gig has turned into my business where I get to work safe at home. I'm not quite earning enough to live on (about 80% of my living expenses), but I have a good feeling that will change next year.  Leaving work has done wonders for my mental health and stress, and I genuinely enjoy and adore what I do now. My investments have recovered - my net worth is now the highest it has ever been. Most importantly, I feel lucky, really incredibly lucky, that I had left my job so I could throw everything nonessential aside to take care of my parent.

I do have a new and growing appreciation on the precariousness of life and of luck and of living.  My emergency fund has done a lot of heavy lifting in the past few months.  I have had strokes of very good and very bad luck, and there are ways in which things could have gone much worse for me - my parent could have had little or no health insurance or money, and I'd be scrambling to help pay for the hefty cost of their care.  My roommates (I have many) could have lost their jobs in the pandemic and we'd be making hard decisions about moving or rent.  My friends have largely stayed healthy and had no financial emergencies.  So many factors could have been different and impacted me mentally and financially.  And like some other posters have mentioned, my priorities might change in the future.  Do what will be best for your happiness, but always make sure you have a well constructed backup plan(s) and emergency funds for whatever life might throw at you.  That, and a willingness to be flexible with your life will offset the 'risks' of setting off the beaten path.

[John Galt incarnate!]

 Don't be afraid to break out of the mold you've been told you must fit into; strike out and make your own path. It's not naive to reject guidelines that you don't really need.

Hear, hear!

The individual liberty of civil society presupposes that  there is no duty to obey the "mold makers."

To steel ourselves   against their importunate command to conform  is to  commit ourselves   to  loving  our own lives  and their progress.

 
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."   Ayn Rand

[julia]

I did this, sort of unintentionally.

I didn't earn a ton, but don't spend much and was earning enough that like you, I probably could have coasted to my FIRE number within the next decade.  But I was so fucking sick of the 9-5 (more like 7-7) and mind-numbing nature of my job, and hating how I felt like I was was trying to cram all the things gave me joy into the edges of my life. Through FT work and a hobby side-gig, I had saved up about 1/4 of my FI number and decided to make a career change. So I quit (after MONTHS of agonizing over the decision, I might add.)

Immediately after, the pandemic struck.  The market crashed.  The career change didn't happen.  One of my parents got very, very ill, and ultimately passed away after weeks of round the clock caregiving by me and my family.  My sister got into school... which was supposed to be paid for by my deceased parent. I ended up loaning her the money for tuition instead. Due to COVID & family, my hobby ended up turning into my main source of revenue.

In a matter of speaking, everything has worked out.  My 'hobby' gig has turned into my business where I get to work safe at home. I'm not quite earning enough to live on (about 80% of my living expenses), but I have a good feeling that will change next year.  Leaving work has done wonders for my mental health and stress, and I genuinely enjoy and adore what I do now. My investments have recovered - my net worth is now the highest it has ever been. Most importantly, I feel lucky, really incredibly lucky, that I had left my job so I could throw everything nonessential aside to take care of my parent.

I do have a new and growing appreciation on the precariousness of life and of luck and of living.  My emergency fund has done a lot of heavy lifting in the past few months.  I have had strokes of very good and very bad luck, and there are ways in which things could have gone much worse for me - my parent could have had little or no health insurance or money, and I'd be scrambling to help pay for the hefty cost of their care.  My roommates (I have many) could have lost their jobs in the pandemic and we'd be making hard decisions about moving or rent.  My friends have largely stayed healthy and had no financial emergencies.  So many factors could have been different and impacted me mentally and financially.  And like some other posters have mentioned, my priorities might change in the future.  Do what will be best for your happiness, but always make sure you have a well constructed backup plan(s) and emergency funds for whatever life might throw at you.  That, and a willingness to be flexible with your life will offset the 'risks' of setting off the beaten path.

I'm sorry for your loss; thank you so much for sharing your story because it gives me a little extra push to pursue happiness.

[partgypsy]

The simple answer is yes, some folks do the Coast-FI thing. I hadn't heard that term before, but it makes sense. Spouse & I sort of did that ourselves: we saved a chunk, then I cut back hours to part-time and switched careers to something I was more passionate about, and spouse & I both took long employment breaks. We lived on our income as our investments grew untouched.

My one caution is, as others have said, your priorities may change as time passes. I felt pretty grown up at 26, but now, in my 50s, I view the world differently, and my needs have shifted.

My best advice is to pursue your dream, but come up with contingency plans just in case something changes in your life. Don't burn bridges unnecessarily, and keep skills honed that would enable you to get back into the workforce if you have to.

But -- by all means, lift your head up from the rat race and really see what other options you may have. Don't be afraid to break out of the mold you've been told you must fit into; strike out and make your own path. It's not naive to reject guidelines that you don't really need.

I hope living your dream ends up being as rewarding as you expect.

Sometimes people achieve great things with single minded focus (Mister Money Mustache comes to mind) but for me or at least my sanity I need to periodically look at my life and ask myself, is this the way I want to live? So far I have been saying yes. But - no matter what you decide to do be OK with making changes.

Ps what you are describing would NOT be my paradise. 3 of my 4 grandparents grew up on small farms which was essentially working ALL the TIME, sun up sun down. On my Dad's side, no inside kitchen, or bathroom, or electricity or running water (outhouse and a well). My other grandmother worked on the family dairy farm and while they had more conveniences the reason they had 7 kids was -free labor. My grandma was the child who couldn't get away soon enough to go to the city and do SOMETHING, anything else. Anyways I kind of side with my grandma, working a homestead to me seems like a ton of monotonous work. Similarly I had to work (as my sibs did) at the family restaurant as soon as I was in junior high. Which convinced me I did NOT want to work the family business (oh so fun to work 10 hour days, every day including holidays). In fact me going to college, grad school and being able to sit on my ass read all the books I want, write, and use my brain and get paid for that is my own shangri la.  I am exceedingly thankful I have a job that provides decent health insurance, so I am not bankrupted by my current health crisis. So that makes me feel, I made the right decision. Not that I wouldn't change some things. Yes I would like someone to share my life with. I would like to have more time for my hobby and other fun-to-me stuff.


Anyways as the saying goes don't live "at" your means, live below your means. "Stuff" always happens so you need to always have more money/resources than your exact living expenses. At the same time the more you learn skills such as food preparation, fixing cars and houses etc, the more you can do it yourself and be resourceful, versus hiring it out and having to spend money to do that. I don't think there is a perfect same answer for every person. 

[Fish Sweet]

I'm sorry for your loss; thank you so much for sharing your story because it gives me a little extra push to pursue happiness.

Thank you very much.  IMO, it's really hard balancing the discipline of planning & saving for tomorrow, for next week, next year, next decade and reconciling it with the fact that we may not have tomorrow, let alone next year.  Trying to listen to yourself and actively choose happiness is the best way to thread that needle.

[Imma]

@partgypsy my family background is similar. But one big difference between my grandparents' life and mine is that for me it's a choice. I grow food and can for fun. When my crop fails I can buy food. It's just the two of us so growing all our own food isn't that much work, and I'm not looking for a massive property to avoid too much maintenance work. I don't plan on keeping any other livestock than a few chickens.

 I'm not FIRE'd yet and still in the city, and I'm not going to look for a homestead until I'm FI. When my grandparents got older they needed more and more help growing all their own food because they couldn't really afford buying. When I get to the point that I can't harvest my own potatoes anymore, I want to be able to buy them. I think there's a big difference between subsistance farming on a mortgaged farm and living a simple life out of choice with some backup money.

[GoCubsGo]

I guess the big question I would ask is will you have children.  I was given a lot of advantages by my hardworking,  middle class parents (good schools, ability to play multiple sports and free state college).  Those things have allowed me to earn multiples of what my parents earned and enjoy things they never had.  I feel it's personally important to give my kids the same opportunities.  That costs money.  Kids in general cost a lot of money and living a homestead lifestyle can be especially tough on teenage kids (I have cousins that despised it).

I'm more cautious by nature and would probably crank out a few more years to allow your self even more options at the ripe old age of 30.

[julia]

@partgypsy my family background is similar. But one big difference between my grandparents' life and mine is that for me it's a choice. I grow food and can for fun. When my crop fails I can buy food. It's just the two of us so growing all our own food isn't that much work, and I'm not looking for a massive property to avoid too much maintenance work. I don't plan on keeping any other livestock than a few chickens.

 I'm not FIRE'd yet and still in the city, and I'm not going to look for a homestead until I'm FI. When my grandparents got older they needed more and more help growing all their own food because they couldn't really afford buying. When I get to the point that I can't harvest my own potatoes anymore, I want to be able to buy them. I think there's a big difference between subsistance farming on a mortgaged farm and living a simple life out of choice with some backup money.

Amen!

[Captain Cactus]

Definitely think about this coast FIRE a lot.  My dream is to sell the house and move to Waterville Valley, NH.  Buy a condo (can buy a good one outright and still have around $250,000 left over in my non-retirement accounts/cash savings) and get a job on the local economy for life's basics and healthy insurance (ie work in the bike shop, the ski resort doing something, hotel front desk, etc...).  My kids could go to the tiny school in town and spend their leisure time skiing, hiking, swimming, etc...

That's my dream... no more rat race, just live a simple life in a small town, become part of the community and live/ski/hike, etc.. surrounded by beautiful nature.

My wife won't go for it... but we could do it and be financially very healthy.  What ya gonna do?!

[Mmm_Donuts]

Yes. I would consider myself Coast FIRE. I'm guessing we're 1-3 years out from fully FIREing but for now I'm just working part time to cover expenses (which are pretty low - no mortgage or kids.) It's working out really well now that I've gotten used to being stuck at home 99% of the time and not being able to travel. I wasn't expecting to quit during a pandemic, but I'm starting to embrace the stuck at home life and be grateful for what I do have (a decent PT job, a home, family and friends to chat with remotely, and living in a safe neighbourhood with lots of pretty outdoor space to walk around in.) I'm starting to appreciate the simple life more and more - staying home, cooking more, gardening, being in nature, not buying into consumer culture, learning to knit and sew, etc.

[GoCubsGo]

I'd be curious to know that of the people that coast-FIRE'd or approve of coast FIRE'ing how many were under say age 30 (or would recommend to do it under the age of 30).  Apparently I'm super conservative and wouldn't even consider it until 35 (unless you had a massive stash). 

The 26 year old me was sooooo different than the 46 year old me.  A few things that happened to me in those 20 years were greatly mitigated by having a lot of money piled up.  Kids, health scares, complete career shifts, one time investments that paid handsomely were all things I was able to do or able to absorb because I cranked on making money by age 40.

I applaud people that have the guts to live that way but damn, it seems super hard for me to wrap my mind around.  Maybe it's just me.

[Metalcat]

I'd be curious to know that of the people that coast-FIRE'd or approve of coast FIRE'ing how many were under say age 30 (or would recommend to do it under the age of 30).  Apparently I'm super conservative and wouldn't even consider it until 35 (unless you had a massive stash). 

The 26 year old me was sooooo different than the 46 year old me.  A few things that happened to me in those 20 years were greatly mitigated by having a lot of money piled up.  Kids, health scares, complete career shifts, one time investments that paid handsomely were all things I was able to do or able to absorb because I cranked on making money by age 40.

I applaud people that have the guts to live that way but damn, it seems super hard for me to wrap my mind around.  Maybe it's just me.

Well, it depends on what you want to do to coast.

If it means walking away from any kind of lucrative work and only doing low paid, low skill jobs, then yeah, that might be tricky.

However, for a lot of us it means consulting, working highly paid work but part time hours, focusing on project-based work, etc. All stuff that leaves us highly employable, if not moreso than people who are trapped in conventional full time jobs.

Either that, or it leaves us with ample free time to learn additional valuable skills.

Either way, yes, if someone plans to do this young, they should probably be proactive in making sure that they can amp up their earning at some point in the future in case they need to.

Still, I really don't get how this is somehow more intimidating that full FIRE? CoastFI keeps you in the workforce longer than full FIRE, lowers the years of retirement to fully fund, and creates a lot more flexibility along the way if done carefully. I don't really see what the big deal is.

[RedmondStash]

Still, I really don't get how this is somehow more intimidating that full FIRE? CoastFI keeps you in the workforce longer than full FIRE, lowers the years of retirement to fully fund, and creates a lot more flexibility along the way if done carefully. I don't really see what the big deal is.

^^ This.

[rockeTree]

Good friends of mine built their own house in the mountains and put a gate at the bottom of the road to just live their lives. It's been a great run for them, though they were closer to 40 than 30 at the time and one of them kept a job in the city for a bit.

The two tips they would have I think are that doing all the maintenance work got hard at younger ages than they expected. They needed help in their late 50s and almost all of it needed to be outsourced by 70. So plan to budget that and if you find a younger handy person who can familiarize themselves with the setup and help on an ongoing basis that's gold, hang on to them.

The other is that it's very easy to get very socially isolated in these settings. Take making and maintaining meaningful friendships seriously, or risk real strains on your primary relationship.

[jpdx]

I'm in an unintentional coast-FIRE situation, and kinda like it. I used to make 6-figures, and during that time lived beneath my means and saved well. Now, I make half of what I used to, just enough to get by, but I have time to focus on raising my kid and fixing up my house. I take my kid on the bike and to the park every day, which is priceless.

I have total financial comfort knowing my stache is available should I ever need it.

It's difficult to imagine working FT and dumping a young child into daycare or hiring a nanny, but that's what many choose. If you see kids in your future, it really does change your life, so consider how that aligns with your FIRE plans.

[fuzzy math]

Definitely think about this coast FIRE a lot.  My dream is to sell the house and move to Waterville Valley, NH.  Buy a condo (can buy a good one outright and still have around $250,000 left over in my non-retirement accounts/cash savings) and get a job on the local economy for life's basics and healthy insurance (ie work in the bike shop, the ski resort doing something, hotel front desk, etc...).  My kids could go to the tiny school in town and spend their leisure time skiing, hiking, swimming, etc...

That's my dream... no more rat race, just live a simple life in a small town, become part of the community and live/ski/hike, etc.. surrounded by beautiful nature.

My wife won't go for it... but we could do it and be financially very healthy.  What ya gonna do?!

Tell your wife that this internet (female) stranger approves of your plan!!! I would love to be a ski bum and have my kids be ski bums...

[partgypsy]

Imma regarding homesteading yes it is a very different choice whether it is by choice or not by choice. And having the flexibility to buy food etc if one wants to vs being totally self sufficient. The one grandmother who fled to the city loved dressing up, going out but at the same time was extremely resourceful in running the household, as well as finding ways to afford her wardrobe (which included hats, scarves, matching shoes and costume jewelry). Home cooked meals all the way including pies for dessert. My other grandmother was more old school but clearly enjoyed gardening (it was her happy place. Along with crocheting in winter). But again she did it out of choice vs necessity. Unfortunately I did not inherit the green thumb my grandparents or Dad had.

[Captain Cactus]

Definitely think about this coast FIRE a lot.  My dream is to sell the house and move to Waterville Valley, NH.  Buy a condo (can buy a good one outright and still have around $250,000 left over in my non-retirement accounts/cash savings) and get a job on the local economy for life's basics and healthy insurance (ie work in the bike shop, the ski resort doing something, hotel front desk, etc...).  My kids could go to the tiny school in town and spend their leisure time skiing, hiking, swimming, etc...

That's my dream... no more rat race, just live a simple life in a small town, become part of the community and live/ski/hike, etc.. surrounded by beautiful nature.

My wife won't go for it... but we could do it and be financially very healthy.  What ya gonna do?!

Tell your wife that this internet (female) stranger approves of your plan!!! I would love to be a ski bum and have my kids be ski bums...

Thank you for your support!  We can always dream, right?  Maybe some day... If I keep praying!