What is Barista FIRE? Retire Sooner

What is Barista FIRE? Retire Sooner

What is Barista FIRE? Retire Sooner

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FIRE is financial independence, retire early. A lot of people would like to phrase it as financial independence, retire eventually.

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Barista FIRE is when you can cover almost all of your expenses from savings, but will need additional income to supplement your retirement.

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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.

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Find Your Financial Independence goal.

This can be done easily by taking your annual expenses and multiplying that by 25.

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Figure out how much you need to make through side hustles.

If we use the safe-withdrawal rate of 4% we can figure out how much less you need to save up.

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Take Action

We have our financial goals in place, and we have a good amount of retirement savings before we hit our Barista FIRE.

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Pros:

There are so many opportunities that await. You can leave your job and start looking for projects that pay and excite you.

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Cons:

At this point, you are not retired. A lot of people want to be fully financially independent, but being Barista FIRE you are like 75% of the way there. You still need to work.

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