Coast FIRE Success Story: How a Millennial Turned $2M into Retirement by Age 35
In a world where financial independence seems distant for many, Corey Forsythe’s journey stands out as a remarkable testament to determination and strategy. At just 35 years old, this dynamic pharmacist reached an impressive milestone: saving $2 million for retirement. Let’s dive into the inspiring details of his triumphant Coast FIRE journey.
The Beginning of a Financial Transformation
In January, after years of diligent saving and investing, Corey made a bold decision: he stopped his automatic monthly contributions to his retirement account. By that time, he had accumulated $1.125 million through investments in index funds, stocks, and his 401(k). With careful calculations, Forsythe realized this nest egg could comfortably provide him with $120,000 annually in retirement starting at age 60.
“I view Coast FIRE much like my approach to pharmacy school,” Forsythe reflected. “In the beginning, I’d work hard so that by finals, I only needed to score 20% to pass. Similarly, I invested intensely early on, allowing me to coast later in life.”
Understanding Coast FIRE
Corey’s journey aligns with the Coast FIRE (Financial Independence, Retire Early) movement, a subcategory aimed at those who save enough early, relying on investments to grow while focusing on current expenses. Forsythe’s approach is both insightful and inspiring, illustrating that with smart financial planning, early retirement is within grasp.
The Path to $2 Million: Smart Investments and Tactical Living
Initial Goals and Investment Breakdown
From the outset, Forsythe’s goal was clear: invest $500,000 of his earned income early in his career. He devised a 70/20/10 split for his investments:
- 70% in a mutual fund tracking the broader market
- 20% in individual stocks
- 10% reserved as an emergency fund
This strategy eventually led him to surpass his initial Coast FIRE goal. By maintaining discipline in his investment strategy, he not only achieved his target but went beyond it, growing his total holdings to over $2 million.
The High-Risk YOLO Bet: A Game-Changer
While many aspect of Forsythe’s success stemmed from conventional tactics like frugal living, a defining moment came through a bold YOLO bet (You Only Live Once). By taking a calculated risk, he allocated a significant portion of his portfolio to a stock he discovered on the renowned Reddit forum r/WallStreetBets. This high-risk strategy led him to invest in AST SpaceMobile (ASTS), buying 35,000 shares at just $2.88 each.
Today, thanks to favorable market conditions, that investment now sits at over $1.2 million. While he recognizes that such gambles are not replicable for everyone, Forsythe’s story underlines the potential for high rewards through calculated risks.
Balancing Debts and Financial Priorities
An Innovative Approach to Student Loans
Forsythe’s journey wasn’t just about big gains; it involved strategic decisions around his student loans. While many friends worked vigorously to pay off their loans, Forsythe opted to:
- Pay the minimum required balance
- Prioritize investing in the stock market instead
This unique approach stemmed from the knowledge that early investment could yield significant long-term returns. Enrolled in the Pay As You Earn repayment plan, he understood that his remaining loans would be forgiven after 20 years of qualifying payments.
The Art of Frugal Living
Even with a six-figure income as a pharmacist, Forsythe maintained a lifestyle that mirrored his college days. "Keeping fixed costs under control is one of the most underrated FIRE tools," he shared. His monthly expenses hovered around $3,000, with $750 dedicated to his mortgage. Securing a 625-square-foot condo during the pandemic, he locked in a low mortgage rate, which significantly bolstered his ability to save and invest aggressively.
Embracing Life After Saving
With financial security in place, Forsythe is now at a point where he can enjoy life without the financial stresses that once dominated his early years. “All the money I’m earning now can go to travel and experiences,” he stated. “I’ve begun to live much more freely instead of constantly being frugal.”
Conclusion: Lessons from a Millennial Trailblazer
Corey Forsythe’s journey illustrates the power of strategic financial planning, risk management, and disciplined living. His story emphasizes that through guided effort, insightful investments, and a frugal mindset, financial independence is not just a distant dream but an achievable goal for millennials and beyond.
For more insights into the Coast FIRE movement and financial independence strategies, consider exploring resources like FIRE: Financial Independence, Retire Early and Investment Strategies.
