Don’t Make These Financial Mistakes on the Path to FIRE! (Part 1)

We all make mistakes on the path to financial independence. Learn from ours as we chronicle the poor choices, bad habits and missteps we’ve made on the road to FI. In this episode, we share our own experiences from our teens through our 30s, reflecting on what we’ve learned in hopes of helping our children avoid repeating them. Join us as we explore these topics and more in this first episode in a series documenting our financial mistakes and missteps on the path to FIRE.


Show Notes

Watching this episode reminded us of a resource we’d seen The Money Guy Show share previously. This table is a really powerful example of the value of saving and investing early. It summarizes the amount you need to have saved by a given age (or made a lump sum investment at that same age) for it to grow to $1M by age 65. And on the topic of helping out your kids, if you invest $1544 in your newborn’s UTMA account and never touch it again, it will grow to $1M by the time they’re 65. Wow!

Jason also decided to blog on this topic, given how common of a financial mistake it is to get a late start on investing – it’s not only him and Eric making this blunder after all! Head on over to the next phase is NOW and be sure to invest early and often to ensure your financial goals are met!

You can find information on the tools we mention in each episode along with additional information in the Resources section of this site. To navigate to this material at any time, just click the menu button at the top of any page on the site.

Discussing our FI Numbers : Changing our minds, talking to family

Things have changed: attitudes, spending habits, withdrawal rates, what we’ve chosen to reveal to family and friends. In this episode, we discuss how our early FI goals and calculations underestimated today’s needs and move beyond the math of financial independence to discuss the psychological aspects, including important conversations with family and friends. These discussions can be challenging and touch on deep-seated ideas about money, entitlement, and often guilt. It’s common to overlook the importance of these conversations and this side of FIRE when you’re focused on the financial side. Join us as we explore these areas and more in this second episode focused on the math of financial independence.


Show Notes

A few months after posting this episode, Jason wrote a blog post on one aspect of this show – talking about the “RE” part of FIRE and what retirement actually means. The inspiration for the article was a chance encounter at a winery tasting room. What was discussed there and how did it inform his thinking? Read on to find out why we at Two Sides of FI think “retirement” is a word that is perhaps overdue to be redefined!

You can find information on the tools we mention in the episode along with additional information in the Resources section of this site. To navigate to this material at any time, just click the menu button at the top of any page on the site.

So, What’s Your FI Number? Sharing Ours Here!

How much do you really need to achieve financial independence? We decode the math used to calculate our FI numbers, talk about the different flavors of FIRE and you’ll learn where our FI numbers fall on the FIRE spectrum. All finance is personal but it’s difficult not to compare your financial situation to those around you. The pragmatics of calculating your FI number are easier to comprehend and address than the psychological ones and this episode touches on those too. And, the closer you get to financial independence the more these conversations impact your day-to-day life. See below for key resources mentioned in the episode to help you establish and chart your own FIRE path.


Show Notes

You can find information on the tools we mention in the episode along with additional information in the Resources section of this site! To navigate to this material at any time, just click the menu button at the top of any page on the site.

Slides from the episode:

Financially Independent. Retire Early? Let’s Discuss!

You’ve reached financial independence, but are you really ready to retire? Join us as we discuss what FIRE means to us, why traditional retirement isn’t very interesting, and the challenges of speaking to friends and family about it. Whether you’re already on the FIRE path or simply interested in learning more about it, Eric and Jason bring perspectives from the two sides of financial independence.


Show Notes

You can find information on the tools we mention in the episode along with additional information in the Resources section of this site! To navigate to this material at any time, just click the menu button at the top of any page on the site.

Two Careers, Two Paths to Financial Independence

Our path through life is heavily influenced by the career choices we make early in adulthood. Learn how we leveraged our chosen professions in science and architecture to chart our respective paths to achieving financial independence. One of us employed a job “leveling up” strategy to accumulate wealth, while the other started their own business and became a successful content creator. There’s a lot to learn from our journeys and we walk you through how we did it!


Show Notes:

Given the length of our episodes, it’s impossible to cover all of the depth we’d like on any topic. As a follow up to this installment, Jason wrote a blog article diving into his “career leveling up” strategy. The piece concerns how he approached advancement in the workplace. Irrespective of your own FIRE status or chosen career, we believe you will find information you can use!

You can find information on the tools we mention in the episode along with additional information in the Resources section of this site! To navigate to this material at any time, just click the menu button at the top of any page on the site.