What is Barista FIRE? Barista FIRE is when you can cover almost all of your expenses from savings, but will need additional income to supplement your retirement.
You may want Barista FIRE, if your job is not going well, but you are close to retirement you could retire. You could then take up a part-time job working as a barista at Starbucks to get health insurance, and you are essentially living the Barista FIRE life.
What is the FIRE Movement?
FIRE is financial independence, retire early. A lot of people would like to phrase it as financial independence, retire eventually.
Ways to FIRE
There is more than one way to FIRE. – Fat FIRE – Lean FIRE – Barista FIRE – Coast FIRE -- Regular FIRE
Steps to Start Barista FIRE
To work on achieving Barista FIRE, you first need to have some good financial goals to help guide your way. Let’s set those up and work towards hitting Barista FIRE.
1. Set FI Goal:
This can be done easily by taking your annual expenses and multiplying that by 25. If you spend $40,000 x 25 = $1,000,000. .
2. Figure out Side Hustle Income
Side hustles are just part time jobs on the side. These side hustles will help you supplement your income as you are no longer working for your regular job.
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