Unveiling the 5 stages of financial freedom: level 3 achieved

January 13, 2024
1 min read

TLDR: married money coaches Corey and Jessica Fick have identified five levels of financial freedom. They are currently at level three, known as “Coast FI.” The levels of financial freedom are as follows:

1. Debt freedom: Being free from any high-interest rate debt, such as credit card balances, creates space in your budget to save more or work less.
2. “F you” money: This is the amount of money you need to be able to get out of a bad situation or take advantage of opportunities, like leaving a toxic job or starting a new business.
3. Coast FI: At this level, the money in your investment accounts is expected to reach your FIRE (financial independence, retire early) number without any additional contributions. You can focus on funding your current lifestyle.
4. Semi-retirement: At this stage, you can work less or accept lower-paying work while supplementing your expenses with withdrawals from your investment accounts.
5. Financial independence: At this final level, withdrawals from your savings entirely replace income from working.

Corey and Jessica Fick have estimated they will reach full financial independence in their 50s. Reaching each level of financial freedom provides more financial flexibility and allows for a more intentional life.

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