Been watching you guys since the beginning, and my consistent inference from your many conversations is that Eric has never been as fully invested in RE as Jason. Invested in the mechanics of how it works and learning about it, absolutely, but not so much in the actual end product! And my take is that Jason, who - like me - worked for The Man in corporate America, was much more motivated to exit that grind than Eric, a successful entrepreneur. Eric's got a passion for what he's built and much less hunger to leave it. He may have less to retire TO versus what he has going on right now. Simple as that. Eric, you're very fortunate! One of my regrets is that I never found my version of what you've got.
@JoyfulLivingWithLisa Жыл бұрын
This is exactly what I’ve thought. I’ve never been convinced that Eric and his wife were really ready or wanting to step out of the working world yet. I think Eric’s passion for what he does and his relatively high amount of control over how he runs his business puts him in a position to choose to continue working as a part of enjoying life. Reaching FI gives someone the ability to choose and that includes choosing to continue to work.
@teemarie1580 Жыл бұрын
Totally agree. I kinda would hate to see Eric RE at all. Keep at it, Eric!!
@Diomedes01 Жыл бұрын
Concur. Interestingly, it reminds me of the dynamic between myself and my brother. We are both nearing retirement, but I am much more motivated to retire than he is. Part of that is just personality types. But the other is that I worked for The Man in corporate America all my career (I'm an engineer) while my brother works for himself (he is a doctor). So there are certain things one has to contend with in the corporate sector that don't necessarily exist in the same way if you work for yourself.
@darrenmatthews1667 Жыл бұрын
I will warn you Eric that moving to part time does not mean work is out of your mind the rest of the time. I took a contracting gig for a bit here after retiring and I got to name my hours but that commitment was always pressing on me and I spent a lot of time thinking about work when I wasn't working. It ended up not being worth the money and I'm glad it's over. I'm too OCD about the work I do and the sense of responsibility to make a part time job even work out. It was a full time mental commitment for half the pay.
@jeffbither4692 Жыл бұрын
This is valuable insight. Thank you for sharing.
@lese3824 Жыл бұрын
Honesty, friendship, genuine conversation. Just awesome to watch!
@maxpayne7419 Жыл бұрын
Eric has a passion for his business and what he’s built. This makes it feel much less like “work”. And at this point he’s FI (or very close). So he’s in a great place where he can pursue his passion knowing he doesn’t have to grind out a 40+ hour week. And I think it’s very different working for yourself versus working for someone else. Congratulations Eric!
@bridgetgruich Жыл бұрын
Thanks for your blunt honesty in the face of internet judgment. I really enjoy your life insights and candid thought processes.
@TwoSidesOfFI Жыл бұрын
I've often questioned the decision to be so open given some of the feedback and judgement I've received. I sincerely appreciate your kind words + support! 🙏🏻 -Eric
@vagablonding Жыл бұрын
I really appreciate your conversations. I've been following along as you two have talked through the past couple of years. I also just turned 50, and am on plan to FIRE next year. I'm taking a different approach and plan to leave the country and hopefully enjoy a decade of adventure that I might not be physically or emotionally up to in my 60s. I don't think FIRE would be possible for me without moving to lower cost-of-living places. But it's definitely about more then the money. Thanks for sharing your personal journey through the details that are not just about the numbers!
@lizamorning5356 Жыл бұрын
Just out of curiosity, how much is your portfolio down since ‘22 and ‘23? I’ve been down more that I would like, hoping the upswing is on its way.
@lizamorning5356 Жыл бұрын
I’ve been listening to you from the beginning. I love your thoughtful conversations!
@TwoSidesOfFI Жыл бұрын
Thanks so much for your support!
@juliewilliams7937 ай бұрын
This channel should have way more subs! Always really good conversations.
@TwoSidesOfFI7 ай бұрын
Thanks, Julie! We appreciate your support…
@stuarthoffman1668 Жыл бұрын
To me it comes down to if you are an Employee then you get nothing but more money for staying longer yet the responsibility and stress to perform increases on pace as usual. If you are the owner then that is a different animal and your gain at the end is much much greater. Glad you have a passion for your company and you really should pursue that with an eye for how that all plays out for your spouse. Best of luck you guys all deserve it.
@TwoSidesOfFI Жыл бұрын
This is spot on! The up-side is assymetrical when you're the business owner, much more to gain. Appreciate the support! -Eric
@livingtheslolife Жыл бұрын
Great discussion. And love the sharp looking TDNE t-shirt, Eric. Someone has good taste in beer 😜
@TwoSidesOfFI Жыл бұрын
cheers, Mike... \m/
@shawnleary Жыл бұрын
Fear of the unknown is powerful, nothing wrong with FIRE and then going back to something.
@trizvfx Жыл бұрын
You relationship's are so wonderful to hear about. Especially the communication styles. I learn so much! thanks!
@TwoSidesOfFI Жыл бұрын
Thank you!
@starbursts321 Жыл бұрын
Such an interesting episode! It’s always fascinating to me that those in the FI movement equate it with “freedom” but then they shackle themselves to “the number”, other FI people’s opinions, and the ridiculous thought that you can’t have financial independence/freedom AND still work if you want to. FI to me simply means that a person has enough financial resources and a plan in place to sustain themselves through their lifetime, therefore they no longer HAVE to work IF they don’t want to. That’s where the freedom is! Not everyone in their 50s will find enough creativity, purpose or challenge just vacationing on the beach and playing golf. What a blessing to be financially independent AND still enjoy using your creative talents out in the world! That’s the best of both worlds! There’s such judgement and shaming (and thus pressure) to “not work” in order to be accepted into the FI community.
@19Mrstormy Жыл бұрын
I can totally see Eric's excitement about growing his business. It's obvious that this makes him happy right now. However, I think that the argument of working 20 hours per week does not work well when you're a business owner. Being a business owner means that other people will expect you to be there when a decision needs to be made. And you cannot really say: sorry, I clocked out for the day. Imo, working for 20 hours would work if you were working for an employer and even in that scenario it'll often depend on the role you have. My suggestion is to continue doing whatever makes you and your family happy at that moment. When that no longer excites you as much as RE, then it's time to RE.
@andrewoneil8535 Жыл бұрын
Good conversation as always. Curious how much your portfolio is down and if that factored in to your decision. Im getting pretty down actually as consistent loses continue. Edit after thinking more. It your spouse doesn't immediately think working together is a good idea - don't push it. Take the win - your relationship is working.
@michaelfriedman2221 Жыл бұрын
Eric - from what I am hearing, I think you will be better off retiring around age 55. That is still a pretty early retirement, but not as "strange" as retiring at 50.
@davidfolts5893 Жыл бұрын
To be or not to be: That is the question. Thanks for another great video, gents!
@TwoSidesOfFI Жыл бұрын
Glad you enjoyed it!
@dumoon99 Жыл бұрын
FI means you get to choose what is most valuable. In 20 years, will you look back and be happy to see what you built while also enjoying Fat Fire, or will you lament not having your independence sooner. No bad decisions here. Good luck, looking forward to following the journey. Thank you guys!
@ianwhittaker3041 Жыл бұрын
Love your videos. Would be great to get an update on how close Eric is to FI. Great work thanks guys!
@retirementcorner Жыл бұрын
When you like what you do for a living it's easy to find a reason to keep doing it but hard to find one to leave. You've got to want to leave. Any time we retire we leave something behind whether it's money, friends, a project that we're excited about etc. You have to decide what's worth more to you and your family because your retirement affects everybody around you. What you'd gain by staying vs. what you'd gain by leaving? Which do you value more? Personally I'd retire. Steve
@davef1923 Жыл бұрын
Surprised by the animosity (maybe envy?) you received from your friends....was it awkward or did it lend itself to a further explanation/conversation? That reaction is always my trepidation when considering having the convo with friends.
@TwoSidesOfFI Жыл бұрын
It was definitely awkward, the conversation immediately went to: "what will you do, consulting?" But the conversation ended when we said we wouldn't *have* to work once we reached FI (that was the entire point). With rare exception, addressing this subject with friends/family has always been disappointing/uncomfortable. It's usually been met with some version of: "What are you going to do? Won't you be bored?", "You're too young, what a waste of your talents", "Must be nice" or, "I'll probably never retire". We've decided to keep it to ourselves moving forward.
@davef1923 Жыл бұрын
Love your videos and thanks for the response. Disappointing to hear, but the good news is you have one good friend to talk with, and of course a growing following who are more open minded. 🙂@@TwoSidesOfFI
@thekatyiknow Жыл бұрын
Agree - have been met with “why”? “What will you do?” A foreign concept to them but respecting different mindset but sometimes envious that I wish I just keep plugging along and be like everyone else
@ThomasNgo Жыл бұрын
I really appreciate this episode. If I were to keep the same 9-5 trajectory, I could achieve my FI number in ten years. But life is short. I could work a fraction of my hours and make the same, if not more as an entrepreneur. And I could probably do this for a very long time (who knows?). Eric, I commend your passion, I love seeing the friendship between you and Jason, and wish you and Laura all the best as the two of you figure this out.
@musashi4856 Жыл бұрын
How has the FIRE movement faired during this recession?
@TwoSidesOfFI Жыл бұрын
Jason here - personally, I think I'm doing great. I haven't seen signs of the movement itself slowing in any way...
@odnilniloc Жыл бұрын
@@TwoSidesOfFI If anything the recession/excessive inflation has grown the idea of financial independence and retiring earlier than the norm? There certainly seems to be a younger generation seeking out this material, at least that's how it appears to me.
@dwightschrute73424 ай бұрын
28 seeking FIRE here. Full steam ahead. Obsessed.
@Hawking1969 Жыл бұрын
sounds like reality changed, and your 'per hour' compensation rose dramatically. this is a good thing! work isn't always a 'bad'. I worry that FI is more of concept that centers around job dissatisfaction. If you like your new job, go for it!
@martysmom3328 Жыл бұрын
I wonder if the market losses have affected your decisions.
@TwoSidesOfFI Жыл бұрын
VTI is up 9.5% YTD...market is def helping the portfolio
@joewoodstock Жыл бұрын
Now Eric is not in OMY mode, he's in golden handcuffs mode. Easy to predict that he would postpone, based on earlier conversations/episodes, as another commenter noted. Best wishes to Eric on the path to FatFIRE!
@Aussieartforkids Жыл бұрын
Eric love your passion finding something to keep you motivated, corporate slaves never have the same level of working for the boss man on their deliverables it is not motivating in the slightest but I do enjoy some aspects of working with a good team of individuals
@observingman1053 Жыл бұрын
If your new business arrangement brings you joy and financial rewards and your family is on board, just do it!
@dabrigalive Жыл бұрын
The best advice I can give is make sure you and your wife are in total agreement before a decision is made.
@TwoSidesOfFI Жыл бұрын
100%
@kenrivera Жыл бұрын
“Find a job you enjoy doing, and you will never have to work a day in your life.” - Mark Twain If you're having fun then keep doing what you're doing... considering the headwinds coming in 2024 with the stock market it may not be a bad idea to defer spending from savings another year... Plus, if you can make good money doing a part time gig, then maybe you've created your own side hustle that you can take with you into "retirement"... if you can have a great deal of freedom to do a lot of what you want to do without too much stress, then maybe it's worth it... however, if you continue to carry a lot of stress from the job, then maybe you should consider stepping away because you'll never feel the freedom, partial or not...
@surfnbacker84 Жыл бұрын
I get the sense that most people in the fire community really hate their jobs and want to reach financial independence as soon as possible. But if you enjoy what you do, why stop?
@TwoSidesOfFI Жыл бұрын
Some certainly do but it hasn’t been our experience that it’s most. But fully agree that FI is about the freedom to choose, which can certainly include continuing to work! RE doesn’t have to follow if it doesn’t meet one’s needs.
@Austinrkr Жыл бұрын
The couple part of this is hard. You will work through it better than most, Eric. But yeah, it’s hard.
@ReesesPieces81 Жыл бұрын
My take on this is Eric does not need to make a decision right away, he can just chug along in 2024 and see how he feels when he gets near his intended retirement date. He may feel quite differently about managing employees as time goes on. Part-time work might just not cut in the long term as the business grows.
@bradk7653 Жыл бұрын
If it is still fun for Eric then he should keep working, but if you feel you are getting burnt out then RE as soon as you can. I didn’t RE as early as I like (made it out @60]. If it had just been my wife and I then I would likely have RE’ed a few years earlier, however we have a special needs adult child and I wanted to work long enough that we could ensure that our son would not be fully dependent on government benefits to survive once we are gone.
@Giant0052 Жыл бұрын
A metaphor to make this decision easier… Eric if you’re saying you have an “invigoration” tree in your yard and every day you pick a fruit from it and eat it and you feel invigorated. For you the business has become an invigoration tree and you don’t want to chop it down. Keep the business. If, however, the business is a “money” tree for you and can generate a lot of money and it’s hard to let it go. Then, chop down the money tree once you hit your number and move on. Love your content.
@TwoSidesOfFI Жыл бұрын
Thanks or sharing your thoughts, and we appreciate the support for the show! If the business "tree" bore only one fruit the decision would be easy. The fact is, it bears *many* fruits: a reliable income, a source of purpose, continual challenges, joy, occasional stress and fulfillment. Knowing this, would you choose to prune the tree, or chop it down? -Eric
@Giant0052 Жыл бұрын
@@TwoSidesOfFI I would prune to the “dream org” and enjoy all the wonderful fruit. Financial Independence is about doing what you want. It is not defined by an age, an amount, or work status. Financial Independence is also like selling a house. You only need one buyer to be a success and for Financial Independence, the buyer is you and your spouse. I would love to see an episode about spirituality. I believe a lot of the regrets and anxiety in Financial Independence are highly correlated with a lack of spiritual contentment.
@aztecforlife7360 Жыл бұрын
Sounds to me like Eric has reached FI and has the freedom to choose how he wants to spend his time. Nothing wrong with choosing to spend some of his time reaping the benefits of his entrepreneurial ventures. Congratulations. Do something to recognize the achievement and enjoy spending your time how you wish.
@christinab9133 Жыл бұрын
❤❤❤
@PowerfulMoneyHabits Жыл бұрын
I’ve had my own practice over 23 years. As soon as ai hit my FI number I’m done! I don’t want to hang on and lower my hours. I want freedom. So Eric, what do u want? A career that is exciting or freedom? Only u can decide. I built my practice from scratch and the next person can take it and build from there.
@surfnbacker84 Жыл бұрын
Are you gonna sell it or just close the doors?
@TwoSidesOfFI Жыл бұрын
How would you make the decision whether or not to work one (or more) year(s) post FI?
@slimdawgwoof Жыл бұрын
If the spouse wants to stop working don't pull her in to the business. Since you are passionate about the changes and what you are building roll with it up to 3 years. Your spouse and excitement for fun travels will help you know when its right
@MrRGBTV Жыл бұрын
I know exactly how Eric feels. When you really like what you do, you wonder if you should just hang on a tick longer - part of it is financial and part of it is fundamental, am I crazy to give this up? I'm going to try to split the difference and cut my hours by 50% and see if it scratches the itch and brings in the "fifth wheel money" as Jason said and if it's satisfying and rewarding or if it just ends up being a burden. Like Eric, I'm a small business owner. Oh, and Eric, if you need to outsource the video work so you can have wine with Jason, gimme a shout!
@TwoSidesOfFI Жыл бұрын
Appreciate the support + kind words! Good luck with the plans to scale back and keep us posted. Cheers, Eric
@vivekh7662 Жыл бұрын
Wow, all my friends are like, "We are right there with you", of course I'm a bit older than the both of you guys.
@jeffb.2469 Жыл бұрын
What kind of business? I liked your line - you have to on-board her more.
@TwoSidesOfFI Жыл бұрын
For more on Eric’s business, check out this 2-part series: kzbin.info/www/bejne/hnbYf2iHqad4r80si=g9plAspNthVc0UVt kzbin.info/www/bejne/gmLHYpp8YqynpJYsi=s__HaX7Lh_axUFN9
@rickmc73 Жыл бұрын
I am curious if peak earning years for high income earners are far far far more of a “one more year” incentive than others acknowledge. It’s a draw that is one more year of working but 4-5 years more of fire lifestyle or it’s 20% bump up in fire lifestyle for maybe 10 years (for some that bridge the gap to social security income bump to fire lifestyle). Maybe its means Switzerland over Malaysia lifestyle for travelers, in expenses not plain experiences. I expect it’s not just the ability to supersize your fast food meal but it’s extremely meaningful to fire lifestyle. If I am right, ignore the haters to one more year decisions as 95% of them don’t have the similar impact to offer advice in the true area of your decision.
@mark-old-man-golf Жыл бұрын
Interesting show today. Looks like more planning is required for what life looks like after you reach your FI number. Options: 1) Look at bringing your hours down to a low number that you can do everything you want in Retirement. (10 hours a month, year, etc.) 2) look at selling your business to a younger person and having you stay on for X time as you migrate over to retirement. Setting an end date. 3) other