Discussing FIRE with our Spouses: 2 x Two Sides of FI (Part 2)
Aug 23, 2021
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Laura and Lorri, spouses of the hosts, delve into sharing financial responsibilities, finding friend networks, talking to children about FIRE, and envisioning post-FI life aspirations. Topics include navigating retirement concerns, forming new connections, planning unique ideas with teenagers, children's reactions to early retirement, and finding personal fulfillment through collaboration and intrinsic motivation.
Discussing FIRE with your partner involves more than finances, including personal goals and family dynamics.
Transitioning to a new community post-retirement presents social challenges, requiring adaptation to making new friends in a smaller town setting.
Deep dives
Financial Responsibilities and Budgeting Discussion
Eric and Jason share how they divide financial responsibilities in their household, with Jason handling bills and investments. They discuss their budgeting approach and annual net worth meetings to plan major purchases like landscaping.
Financial Planning Evolution and Communication
The friends explore how their financial planning evolved with discussions on intangible but vital factors like lifestyle preferences, vacations, healthcare, and longevity. By focusing on these, they saw an increase in their financial estimates.
Embracing Detailed Financial Modeling
In the years before retirement, detailed financial modeling and discussions around confidence levels and Monte Carlo simulations became essential. Ensuring alignment and commitment between partners on financial plans for the future was a priority.
Challenges of Building Social Connections
The transition to a new community post-retirement presented social challenges, compounded by the COVID-19 restrictions. Adapting to making new friends and finding connections in a smaller town setting was a notable adjustment for both partners.
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.