Can You Reach FI Faster? Advice From Someone Who Did.

Can you shorten the time to achieve financial independence (FI)? In this episode, Eric talks with Jason about his journey to FI and the steps he took to reach FI faster and retire before 50. Topics discussed include risks taken + sacrifices made, how Eric’s path differed, why early retirement is so attractive, and much more.

Show notes may be found below the video

Show Notes

Essential Background:

The FI journey is far from a solo one for most people, particularly those with long term partners or spouses. As we discussed in this video, it’s essential to be on the same page regarding FI path decisions. Many seem to agree that our two-part series where we discuss our FIRE paths with our spouses, Lorri and Laura, is essential Two Sides of FI content. Check it out here: Part 1 and Part 2!

Want even more candid conversation among spouses? As a bonus, check out the conversation with Eric + his wife Laura, “FI-nancial Decisions – Transitioning to FI with Laura + Eric”, for a behind the scenes look at how they decided on their revised asset allocation last year.

We mentioned BaristaFIRE in today’s episode. In the linked post from Financial Samurai, he describes it as “being able to retire before the conventional age of 60+, but taking on a part-time job (e.g. like at a coffee shop) for supplemental income and potentially subsidized health insurance.” This article provides a good look at this path, and is an effective primer for those seeking more information. In addition to the financial calculations provided in the article, there are numerous supporting tools available online including this BaristaFIRE calculator from Walletburst.

Another common FI path is called CoastFIRE. This is a term used to describe someone who isn’t yet FI but has already put in the necessary effort to mathematically achieve that goal without further contributions. Did you know we talked with someone on this topic in an podcast-only episode two years ago? If you missed it then, you’ll definitely want to check out A CoastFI Path to Financial Security: An Interview with Catherine.

Have you checked out the Two Sides of FI Discord server? If you’re not familiar, this is an instant messaging social network. Ours is meant to be a community for viewers of our show, as well as a space to discuss all things relation to FIRE. It’s totally open, free of charge, and is anonymous as you’d like. This makes it a safe space to talk about financial topics you might otherwise be sensitive about sharing. Come check it out and see if it fits your interests! There are both desktop and mobile apps available.

Did you know Jason resumed blogging? To be notified of his future posts, please consider subscribing here. He’s also archived his old blog, which documents the first 1.5 years after he retired from his career, and started even before Two Sides of FI began. Get more information on those archived posts here.

You can find information on the tools we mention in each episode along with additional information in the Resources section of this site.