Two Sides of FI

Has your shrinking retirement portfolio left you considering part-time work to ease your anxiety? Inspired by a blog post from Go Curry Cracker, we discuss BaristaFIRE, time freedom, what it means to be "unemployable", and what work we might consider post-retirement. Be sure to see the links below for the show notes and to the blog post referenced in the video. Show notes: https://twosidesoffi.com/failing GCC post: https://www.gocurrycracker.com/failing-at-early-retirement/

How much money can you safely spend in retirement? In part two of this series on safe withdrawal rates, we discuss the #1 tool we've found to help you answer that question. Topics covered include the SWR Toolbox, our thoughts on Social Security, the challenges of spending in retirement, and how to get comfortable with increasing your withdrawal rate. Be sure to see the links below for the show notes and to Part 1 which walks through this FREE retirement tool. Show notes: https://twosidesoffi.com/toolbox

Do you want to avoid the biggest retirement risk? This simple to use tool will let you model your safe withdrawal rate and help ensure you don't run out of money. In this walkthrough video, we teach you how to use this powerful, flexible, and FREE tool created by Karsten Jeske. Using the SWR Toolbox, you can ensure that you have a personalized plan that works with your own financial situation. Show notes: https://twosidesoffi.com/toolbox

Do you worry about running out of money in retirement? How do you draw down your assets without tanking your portfolio? Eric + Jason talk with FIRE bloggers Karsten Jeske and Fritz Gilbert about the bucket strategy. Is it a reasonable withdrawal plan or nothing more than a gimmick? They discuss alternative approaches, how to generate a retirement paycheck, and the role of cash. Whether you're interested in FIRE or on a traditional retirement path, you can't afford to miss this episode! Show notes: https://twosidesoffi.com/bucketstrategy

Year two in early retirement was very different for Jason than year one. It's common that the honeymoon stage of retirement is followed by disappointment and a search for meaning. In this episode, Jason and Eric discuss a recent project Jason abandoned and what stage of retirement they think he's in. You'll hear his approach to guarding his free time, what Eric fears most about retiring early, and more. Check out the link below for the show notes, including all the content referenced in this video. Show notes: https://twosidesoffi.com/noblog Jason's blog archive: https://www.thenextphaseisnow.com/

Are you worried about neglecting to budget for key expenses in early retirement? Even if you put good effort into creating your FIRE budget, it's easy to miss some very important items. In this episode, Jason and Eric discuss these commonly forgotten or underestimated expenses, including healthcare costs, taxes, dealing with inflation, and more. Check out the link below for the show notes, including all the content referenced in this episode. Show notes: https://twosidesoffi.com/iforgot

What is early retirement really like? In this episode, Eric checks in with Jason two and a half years after he left his career behind. They discuss his recent financial moves, the impact of inflation, how Jason spends his time, and what's truly important to him. Check out the link below for the show notes, including all the content we referenced in this episode. Show notes: https://twosidesoffi.com/30months

How big of an impact can a single purchase under $250 make on your life? In part two of this series, Eric and Jason talk about some of the best things they've bought in recent years. Topics discussed include travel, outdoor gear, concert tips, kitchen aids, and more. Be sure to see the link below for the show notes, which includes info on all the items we discussed in the epispode, as well as those on our under $50 list from part one. Show notes: https://twosidesoffi.com/under50

Can low cost items - or even free things - truly impact your quality of life positively? In this episode, Eric and Jason talk about some of their favorite purchases under $50, as well as some tools and life hacks that have done just that. Topics discussed in part one of this series include apps, books, games, outdoors essentials, and organizational tools. Be sure to see the link below for the show notes, which includes info on all the items we discussed in the episode. Show notes: https://twosidesoffi.com/under50

Do you worry about taxes and how they impact your financial goals? Whether you're on a FIRE path or retiring traditionally, there are many critical tax topics to consider. In this episode, Jason talks with financial planner and CPA Sean Mullaney, creator of The FI Tax Guy blog. We talk about common tax misunderstandings, the power of solo 401(k) accounts, Roth conversions, and tax loss harvesting. Check out the link below for the show notes including all the content we mentioned in the episode. Show notes: https://twosidesoffi.com/fitaxguy Sean's book: "Solo 401(k): The Solopreneur's Retirement Account" - https://amzn.to/3B4bqet

Answering your financial independence, retire early (FIRE) questions, including the one we're asked most often. This special Ask Us Anything format commemorates the 50th episode of Two Sides of FI. THANK YOU to all who submitted questions and for your continued support of the show! Show notes: https://twosidesoffi.com/ep50

The bear market has forced many to revise their FI goals and retirement plans. In this episode, Eric talks with Jason about pushing back his FI date, options he's considering, whether BaristaFIRE could be the answer, the possibility of redefining work, and advice for others in a similar position. See the link below for the show notes. Show notes: https://twosidesoffi.com/delayed

Are you worried about holding cash in this high inflation environment? In a recent video, we talked about the role of cash pre- and post-retirement. In this episode, Eric + Jason review and react to YOUR ideas that you shared with us. Topics covered include bond ladders, high yield savings, real estate, gold and other cash alternatives, and emergency funds. Check out the link below for the show notes, including all the content referenced in this episode. Show notes: https://twosidesoffi.com/cash

Chasing short term market conditions adds a lot of risk to reaching your long term investing goals. An investment policy statement (IPS) can help ensure you stick to your strategy, and avoid market timing and other investing pitfalls. In this episode, Eric talks with Jason about his IPS, and why he finds it such a useful tool. Topics covered include defining portfolio makeup + objectives, the mechanics of cash generation + rebalancing, and why you might consider implementing an IPS yourself. See the link below for the show notes, where we link to Jason's IPS and other content we referenced in the episode. Show notes: https://twosidesoffi.com/ips

What can conversations with the dying teach us about the secret to financial independence? In this episode, Eric + Jason are joined by Jordan "Doc G" Grumet, a hospice doctor, podcaster, blogger, and author. Topics discussed include the mirage of wealth, living meaningfully, and Jordan's experiences eight years post-FI. Irrespective of your own retirement journey, you won't want to miss our conversation. See below for links to Doc G's book as well as the show notes. Show notes: https://twosidesoffi.com/DocG Doc G's book: "Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life": https://amzn.to/3xKvukv

How much cash in your portfolio is enough - or too much? In this episode, Eric + Jason discuss the idea of holding cash allocations pre- and post-retirement. Topics covered include emergency funds, the temptation to invest in a down market, bonds, and building cash reserves. Join us as we discuss this essential retirement topic. Check out the link below for the show notes, including all the content referenced in this episode. Show notes: https://twosidesoffi.com/cash

With all of the volatility in the market, should you delay retirement by a year? A viewer asked Jason if he would feel more secure had he worked another year or two before retiring early. In today's episode, Eric + Jason discuss that question and the merits of considering "one more year". Join us as we discuss this idea and the reasons you might consider that option, what Jason would have missed out on if he had worked longer, and the value he found in retiring when he did. Check out the link below for the show notes, including all the content referenced in this episode. Show notes: https://twosidesoffi.com/onemoreyear Submit a question: https://twosidesoffi.com/speakpipe

Can you retire early without a high-paying tech industry salary? In this episode, we talk with Stephen about how he plans to do just that. At 30 years old, he's earning $50k as a higher education administrator, yet he plans to retire with at least a million dollars by his early 50s. How will he do that? Join us as we discuss his plans, the role of financial discipline, why he doesn't feel he's overly frugal, and the challenges of his FIRE path. **Show notes: https://twosidesoffi.com/50k

We're making changes. Here's what we learned and how our FIRE strategies are changing after talking to "Big ERN" Karsten Jeske, an economist, CFA, and safe withdrawal rate expert. In this episode, we review our take-homes from that conversation, and react to comments and feedback we received about the episode. If you missed the original episode, be sure to listen to Episode 40 first. Show notes: https://twosidesoffi.com/swr

Calculating the cost of health insurance is a complicated and stressful exercise when you're retiring early. Hear Jason's experience with his first full year using the California ACA Exchange and learn how Eric arrived at his budget of $350K, his worst case scenario. We discuss how to choose a plan, ACA subsidies, differences by state, and other alternative options. If you missed our earlier healthcare episode, be sure to see the link below. Show notes: https://twosidesoffi.com/aca

What would you do if you ran out of money in retirement? It's hard to imagine a scarier outcome, and yet many on the FIRE path may be at risk for this if they get their portfolio withdrawal rate wrong. In this episode, Eric + Jason talk with Karsten Jeske, the creator of the Early Retirement Now blog. Known by many as "Big ERN", he is an economist who is well known to the FIRE community for his extensive work in characterizing safe withdrawal rates (SWR). In this episode, we dig into Karsten's free, powerful SWR Toolbox, and discuss topics including the downsides of FIRE calculators, 100% stock portfolios, the bucket strategy, why dividend investors are wrong, and his own post-FIRE life. If you're interested in FIRE, you can't afford to miss this information-packed episode! Show notes: https://twosidesoffi.com/swr

Here's what we learned by hiring a financial advisor for a fixed fee of $1,000. Rather than pay a costly ongoing assets under management (AUM) fee, we wanted to test out this increasingly popular fee-for-service advisement model. Eric and Jason discuss each hired the same fee-only, advice-only advisor for $1,000 to evaluate their portfolios and answer a variety of key questions. They share how they found this advisor, what the process was like, the specific questions + answers they had, and who they think could benefit from such a service. Is this the right option for you? Maybe. Show notes: https://twosidesoffi.com/1Kadvisor

You're on a FIRE path and the markets keep falling - what do you do? In this episode, Jason + Eric revisit the topic of market downturn and candidly discuss their pre- and post-FI moods in this turbulent time. Join us to learn what they're doing and thinking about right now as Jason nears the two-year post-FI mark and Eric contemplates pushing his 2024 FI date back. Topics discussed include rebalancing, how to monitor portfolio performance, moves we are making now, and feeling down about FIRE. Show notes: https://twosidesoffi.com/downmarket

Wondering what a day in the life in early retirement is like? Eric travels to California to shadow Jason and find out what his FIRE life is like nearly two years into early retirement. We learn how Jason fills his days, hear his concerns pre- and post-FI, discuss the merits of part-time "fun" jobs, and the reality of finances. Show notes: https://twosidesoffi.com/tryingonFI

Don't make a common mistake that could cost your family dearly. If you don't have an estate plan, many essential decisions will be left to others, including the government. In this second installment in a two-part series, Eric + Jason continue their conversation about what they did to get their respective plans in place. Topics discussed in this episode include end of life decisions, powers of attorney, insurance, and how to get started. Don't delay further - join us now for the second episode of this two-part series. Show notes: https://twosidesoffi.com/houseinorder

We avoided estate planning for a long time; here's why you shouldn't. Without an estate plan, you're giving over the control of what happens to all your assets to others. In part one of this two-part series, Eric + Jason talk about what they did to - finally - get their respective plans in place. Topics discussed in this episode include the elements of estate planning, why people delay + how to get started, living trusts, and taking care of your heirs. Don't be like those who put this off "until they're older": join us now for the first episode of this two-part series. Show notes: https://twosidesoffi.com/houseinorder

Am I leaving my financial advisors after seven years? Is that foolish? Parting ways with a trusted financial advisor is a difficult and impactful decision. In our last episode, Jason talked with Eric about his thoughts to end his longterm relationship with his financial planners and take the reins himself. In this video, we learn the outcome of that conversation and talk about what their decision means for Jason and Lorri going forward. Did you miss the first part of this conversation? If so, check out Episode 33: "Breaking Up With My Financial Advisor?"

Did you know that financial advisor fees can eat up HALF of your portfolio's value over time? While happy with the good support and great relationship he had with them, Jason was thinking about leaving his financial planners late last year. In this episode, we capture a conversation Eric + Jason had on this topic, as they discussed the merits and downsides of paying assets under management (AUM) fees. Topics covered in this episode include why he stuck with them over the years, the value advisors can bring, more cost-effective options for financial advice, and how Jason is making his decision. Get the facts and make the right choice for yourself! Show notes: https://twosidesoffi.com/advisors

Kids are incredibly impressionable and as parents, we have a responsibility to educate them in all ways, including in financial matters. In this second installment of a two part series, we continue our discussion on a topic that's been requested many times by viewers: all things relating to kids. Concepts discussed in this episode include saving for college and the roles of parents vs children in that, budgeting, investing, and sharing life lessons by example. Show notes: https://twosidesoffi.com/kids

How has the recent market downturn changed our plans? Jason + Eric candidly discuss their pre- and post-FI moods in this volatile time. Learn what they're doing and thinking about right now as Jason nears the two-year post-FI mark and Eric contemplates pushing his 2024 FI date back. show notes: https://twosidesoffi.com/crash

Having children comes along with many necessary expenses, but also provides a key opportunity to provide them with a solid financial education. In part one of a two part series, we tackle a topic that's been requested many times by viewers: all things relating to kids. Topics discussed in this episode include our own financial upbringing, early attempts to teach our kids about saving + investing, the value of teens having jobs, and talking with them about FIRE. Join us for the first episode of this two-part series. **Show notes: https://twosidesoffi.com/kids

I reallocated my investment portfolio, sold out of my 100% equity position and I'm not happy about it. Part two of a two-part series, you'll learn why and how I'm making peace with it. Ensuring that your investment portfolio can fund your lifestyle for the duration of your lifespan is essential to success in FIRE. One of the most impactful elements of that is how your portfolio is constructed, or your asset allocation. In this episode, Eric discusses his desire to reduce the risk of his portfolio with Jason, and ensure he + Laura are set up for success. Topics discussed include the role of bonds + fixed income, the types of investment risk, seeking feedback from internet forums, and tax considerations. Join us for the second episode of this two-part series on Eric's reallocation experience. **Show notes: https://twosidesoffi.com/eric-reallocation2

Making big decisions like reallocating your investment portfolio can be pretty stressful. They're also impactful, so alignment with your partner or spouse on them is essential. In this bonus episode, get a behind the scenes look at how Eric + Laura navigated their decision to add bonds to their FIRE portfolio. Topics discussed include how they determined the stocks / bonds mix, their research process, and how it felt to make these impactful decisions. Their conversation continues into broader FIRE strategy, including saving for college and setting limits for individual discretionary spending.

I reallocated my investment portfolio, sold out of my 100% equity position and I'm not happy about it. In this two-part episode, you'll learn why and how I'm making peace with it. Ensuring that your investment portfolio can fund your lifestyle for the duration of your lifespan is essential to success in FIRE. One of the most impactful elements of that is how your portfolio is constructed, or your asset allocation. In this episode, Eric discusses his desire to reduce the risk of his portfolio with Jason, and ensure he + Laura are set up for success. Topics discussed include the role of bonds + fixed income, the types of investment risk, seeking feedback from internet forums, and tax considerations. Join us for first episode of this two-part series on Eric's reallocation experience. **Show notes: https://twosidesoffi.com/eric-reallocation1

We all daydream about what retirement will be like, but will reality live up to expectations? In this episode, Eric and Jason are joined by Fritz Gilbert, who blogs at The Retirement Manifesto (https://theretirementmanifesto.com). Now nearly four years after retiring early, Fritz brings valuable experience + perspectives to this question. Our discussion goes well beyond the numbers, covering topics including finding your purpose, working "one more year", determining your FIRE timing, and the keys to success in retirement. *Be sure to check out the show notes for links to all the blog posts we referenced in the show: https://twosidesoffi.com/fritz-retirement/

Discussing the concerns, worries, and interests occupying our thoughts right now. A temporal look from their respective sides of FI, Eric and Jason discuss a new job prospect, while Eric is a little too focused on saving to achieve FI. They probe ideas about how "vacation time" is different post-RE, as well as their current favorite podcasts and books.

Choosing how to divide your assets among stocks, bonds, and other investment vehicles is a good first step, but asset allocation also impacts your tax rate, portfolio performance, and long-term ease of maintaining it all. In part two, Eric and Jason dig further into their own portfolios from their respective sides of FI and discuss the role of bonds, risk, tools you can use to assess your portfolio and model performance, rebalancing, and an interesting - not often discussed - case for financial advisors. **Watch Part 1 here: https://youtu.be/OJG8_qct4hc **Note: This content does not constitute investment advice and is being presented for informational and educational purposes only.

What is the best way to divide up your investments among stocks, bonds, and other vehicles? Asset allocation is an essential yet confusing topic. That said, it is an area of critical importance when thinking about early retirement. This is because decisions made about asset allocation can have huge implications on portfolio performance, taxation, and ease of maintenance. Join us for this first episode in a two-part series, as Eric and Jason talk about their portfolios, the merits of simple vs. more complex strategies, the role of bonds, and the risks they considered along the way. **Note: This content does not constitute investment advice and is being presented for informational and educational purposes only.

Will you have enough to money to retire (early or otherwise)? Achieving financial independence requires many key elements to be in place and special consideration if you plan to retire early. You need a plan: what will you do? What will you spend? Where will it come from? In this episode, Eric and Jason discuss a recent blog post by Fritz @ The Retirement Manifesto where he discusses the "10 Steps to Make Sure You Have Enough Money to Retire". We cover how we've been designing our "dream retirement", how we track current expenses and project future spend, how Jason is drawing down assets and Eric's evolving plan to use "the bucket strategy", and much more. **H/T to Fritz's post "10 Steps to Make Sure You Have Enough Money to Retire", please see his article at The Retirement Manifesto: https://www.theretirementmanifesto.com/10-steps-to-make-sure-you-have-enough-money-to-retire-2/

Health insurance may not be top of mind in early retirement when you're young and healthy, but it should be. In the US, healthcare costs are a significant line item in our budget. To help us decode what you need to know, we've invited a retirement benefits expert to answer our questions through the lens of those seeking financial independence and early retirement. To protect against astronomical expenses resulting from unexpected medical issues, it's prudent to carry insurance. If you're retiring before 65 (when Medicare kicks in), you'll be responsible for covering those costs. What do you need to consider? What ARE the costs involved? What insurance shouldn't you purchase? Are there other options for coverage? What about long term care insurance? These are just a few of the topics we cover in this hour-long episode. Our sincere thanks to Amy Manning for sharing her time, knowledge and expertise with us! Be sure to check out the show notes at https://twosidesoffi.com/

In today's episode we are joined by a guest, who we met in a FIRE Discord server, and wanted to share her story. Our conversation is a great example of the diverse reasons why people choose to seek financial independence. As you’ll discover, family health issues set then 23-year old Catherine on her FI path, largely as a means to ensure her financial security should she encounter issues of her own as she ages. Listen to our conversation to hear just how much progress she's made in only two years. Interested in checking out the FIRE Discord server? Here's a link: https://discord.gg/ArESGNZRax

A seven day vacation or 5 weeks of travel - which would you prefer? When you're working towards financial independence, vacations are a time to set aside work and everyday chores. But they're constrained by things you don't often control: accrued vacation time, work and school schedules, business obligations, and holidays, to name a few. In this episode, Eric and Jason compare notes from their two respective sides of FI and their recent vacations: 7 days for Pre-FI Eric and 5 weeks for Post-FI Jason. See just how different is travel once you reach FI and the constraints have been removed. For more information on Jason's five-week trip, check out his blog post on the topic: https://thenextphaseisnow.com/longest-vacation-of-my-life/

Imagine hitting your FI number, retiring early, and discovering you hate it? In this episode we discuss four examples of such an outcome: from quitting the perfect job and regretting it, to feelings of depression and lack of purpose. Some are unable to find motivation without financial incentives, while others realize they haven't budgeted enough to do things they enjoy in life. This is part 2 of our How NOT to FI/RE series for part 1 and the PRE FI/RE examples, be sure to check out that video here: https://youtu.be/Jb438jvebd0 The full text of each of the Reddit posts we discussed is posted in the show notes at: https://twosidesoffi.com/how-not-to-fire-2

On the path to financial independence, there are ample opportunities for mistakes and missteps. In today's episode, we review stories from people who shared their FIRE experiences online in the hopes of educating others. Here we review five of these tales: incurring tragic losses due to trying to beat the market, losing 75% of your portfolio value due to sector investing, regretting aggressively saving at the expense of living your life, and resenting your partner who doesn't have the same degree of FIRE ambitions as you do. Show notes, including the full text of Reddit posts from this episode: https://twosidesoffi.com/how-not-to-fire-1/

You asked, we answered. Bringing the Two Sides of FI together to discuss changing withdrawal rates, Jason and Eric's own FI numbers, redefining identity in early retirement, rental real estate, and more. Want your question featured on an upcoming show? Leave us a comment on YouTube - https://youtube.com/c/TwoSidesOfFI or reach out on our contact page - https://twosidesoffi.com/

Retiring at 47 is early by any definition. In this episode, Jason reflects on his first year in early retirement. Not everything went smoothly as you might expect. Learn what's changed, what's been better, what's worse, and - importantly - has it lived up to his expectations? If you're excited to reach this milestone but still harbor some reservations about crossing into "retirement", Jason offers a grounded, thoughtful perspective on what to expect and how to prepare for such a life-altering transition. Read more about his journey on his blog: https://thenextphaseisnow.com/ His milestone post from year 1: https://thenextphaseisnow.com/learnings-from-year-one/

Talking about FIRE with your partner involves so much more than finances: from friend groups and career aspirations, to personal goals and family dynamics. In part two, Eric + Jason continue the conversation with their spouses, Laura + Lorri, discussing how they share financial responsibilities, the importance of finding friend networks, talking to their children about FIRE, and their hopes for their post-FI lives. For show notes and resources please check out our website - https://twosidesoffi.com/

Talking with a spouse or partner about FIRE isn't always easy. In this episode, Eric + Jason bring their wives, Laura + Lorri, into the conversation to share their personal experiences. In part 1 of our two-part conversation, they talk about getting onboard with FIRE, financial topics including budgeting and setting the FI number, as well as the emotional aspects of choosing the FIRE path. For show notes and resources please check out our website: https://twosidesoffi.com/

Retiring early is a dream for many but the decision to leave the workplace early can impact us in ways we may not have predicted. In this episode, we discuss the first year of Jason's early retirement and Eric shares his own concerns as he approaches FI. For many, work provides a sense of purpose and identity, as well as validation, utility, not to mention financial security. What happens when that no longer exists? What takes its place? How does it impact your personal relationships and your personal sense of accomplishment? Much of the discussion about financial independence, retire early (FIRE) focuses on saving and investing, in this conversation we unpack what it means to leave work behind and fully embrace this life-changing transition. Join us for this conversation about life after FI. For show notes and resources please check out our website: https://twosidesoffi.com/

Choosing a new area to call home once you've reached financial independence can be an overwhelming task given just how large the problem space is. In part two of this series, Eric and Jason continue their conversation about how to narrow the options of where to live post-FIRE. There's a lot to consider beyond the finances, and the "Where to Live" process they used is again highlighted as a useful tool to support that. Irrespective of your own retirement path, this approach can help you make decisions about relocating to a new area. Check out the show notes and get a FREE copy of the "Where to Live" planning tool at https://twosidesoffi.com/where-to-live/