FI-nancial Checkup: New Year Routines + Goals for 2024

What financial lessons did we learn last year and what will we do differently in 2024? In today’s episode, Eric and Jason discuss their end of year review processes. Topics include investing goals, their net worth reviews, lessons learned, and much more. Be sure to check out the show notes below the video!

Show Notes

Essential Background:

  • We’ve talked about our review processes before, and for the full details check out Our Net Worth Is Up! Sharing Our Financial Review Process. If you don’t have a process for regular financial reviews, you aren’t alone. Many people are unsure about how to calculate their net worth and keep their personal finances on track. In this episode, Eric and Jason share their simple pre- and post-FI review processes for net worth tracking, portfolio review, setting savings and budget goals, and more.
  • Jason mentioned staying below his safe withdrawal rate ceiling in this episode. For all the details (and more), you’ll want to see our page dedicated to the Safe Withdrawal Rate Toolbox. If you’re familiar with Karsten Jeske, you’ll definitely want to check this out. It has all the information you need including all three videos in our series, including walkthroughs of the tool and the CAPE-based strategy that Jason referenced here.
  • If you’re not familiar with Eric’s 30×40 Design Workshop business and his FI journey, you’ll want to see our two-part series: Passive Income = A Path to Financial Independence (Part 1) and Lessons Learned in 7 Years Earning Passive Income – A Path to FI (Part 2). Those links are to the show notes pages, which link both the episodes themselves and a host of related content that you’ll want to check out – particularly Part 2. In that post he shares lots of information on his various passive income streams
  • We talk about travel often on the show – it’s a clear priority for us both. Did We Budget Enough for Travel in Early Retirement? is our most recent episode on the topic. What happens if all the travel you want to do after retiring would break the budget? In this episode, Eric and Jason talk about the importance of travel to their early retirement plans. Topics discussed include financial concerns, disagreeing with your spouse, the value of planning by age range, and much more.
  • Want to learn more about that budget-busting 50th birthday celebration? Will This Get Us Kicked Out of the FIRE Movement? has all the details. Would you spend $1000 on dinner for a special occasion – or more? Eric and Jason recently enjoyed a milestone birthday celebration with their spouses + friends at a world famous restaurant. The total cost may shock you. In this episode, they talk about the experience, spending decisions pre- vs, post-financial independence, and whether it was actually worth it.

We talked about New Retirement in this episode. Jason really likes this platform and plenty of people on Reddit are discussing this comprehensive retirement planning tool as well. They have a full-featured free offering  as well as a reasonably priced paid “PlannerPlus” version with a host of really nice features, as well as consulting services. Huge benefits of PlannerPlus include a solid Roth conversion modeler and Monte Carlo analysis. Be sure to check out their 14-day free trial and see if you’re as convinced as Jason was! There’s a very active Facebook community around the tool as well.

Jason referenced a very popular Wait But Why post in this episode. The Tail End is the material in question. We wholeheartedly recommend it as a must-read for anyone – but be prepared for some thought provoking stuff!

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 two 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.

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