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046 | Our Next Life | The Reveal | Are you Ready For Early Retirement?

In today’s podcast we have a wide-ranging conversation with Ms. ONL from Our Next Life on her decision to stop being anonymous on the blog to what their journey looked like to FI plus what they expect life to be like after FI and much more.

Podcast Episode Summary

  • A financial independence discussion with Ms. ONL from Our Next Life
  • The big reveal: Their names are Tanja and Mark
  • What does it feel like for them to come out behind the veil of anonymity?
  • Why have they been so strict about remaining anonymous?
  • They both were previously in political consulting
  • They live in North Lake Tahoe in California and lived previously in Los Angeles
  • Health care has been a focus on their blog and they both actually worked on health care policy with their jobs
  • Tanja has been able to stockpile over 1.3 million United miles plus Marriott and Chase points
  • How does their budget in FI compare with the prior 12 months?
  • How do they view the concept of early retirement?
  • How they can pursue the aspects of their jobs that they still enjoy
  • How is early retirement different than working for yourself?
  • One of the best parts of early retirement is that you can try so many different things
  • Their friends and family are extremely supportive of their early retirement plans
  • Finding their ‘why’ behind early retirement
  • A discussion of how silly the notion of being “bored” in early retirement truly is
  • The Endless Winter: Following the snow to ski for an entire winter
  • How they try to save money on their heating costs
  • How difficult the transition could be from working to not working and to mentally prepare yourself in advance for life after retirement
  • How to mentally prepare yourself for future situations with “disaster drills”
  • The value of finding progress in difficult things in life
  • The questions you need to consider when pondering early retirement: 1) How will you support yourself or your family without a job?
  • They do not plan to tap their tax deferred items before 59.5
  • How they projected the amount they need to reach Financial Independence
  • Question 2) What is your backup plan for dealing with financial emergencies?
  • The value of insurance and especially umbrella insurance
  • Question 3) How will you get healthcare?
  • How your income impacts your health care subsidies and the consideration of FI strategies
  • Question 4) How will you keep your body and mind healthy?
  • What will a day look like for them in retirement?
  • The importance of community in maintaining a healthy balanced life
  • The Hot Seat Questions
Listen to Brad and Jonathan’s thoughts about this episode here. Links from the show:
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Lessons From a Young Entrepreneur | Ep 422

At least once in most of our FI journeys, we have pondered what our life would look like if we started earlier. Maybe you have even wondered what value could’ve been gained if you had started in your teenage years. Well, for some context into the possibilities decision that could provide, we decided to have 17 year old listener Devin on the podcast to discuss what life can look like when you go against the cultural norm of going to college, and instead opting for an entrepreneurial and FI friendly lifestyle. Oftentimes we mention that there are rewards that come with stepping out of your comfort zone, and the same can be said for going against the societal norm and carving out your own path! For our younger audience who may be interested in getting started with their FI journey, let this episode be a useful resource and reassurance that this journey can begin no matter your age!

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