Today we’ve got a special treat! For the first time ever, Mark is here on the blog to share his thoughts on a whole range of questions we’ve gotten, from his thoughts on life as an early retiree to topics on which he has a different perspective from mine.
You might be surprised to know when I truly felt financially independent, and it had nothing to do with leaving behind my career or being able to sleep until noon every day if I feel like it. (Though those are pretty great, too.) Instead, it was when I knew that Mark and I would both be okay financially whether we stay together or not.
We’re about to go through a life and financial transition as big as graduating from college or getting married — and that’s switching from earning plenty while working to earning very little in early retirement. Which means that we need a new set of systems to ensure our financial success, especially given our status as anti-budgeters. But it also means that we’re bringing back a tool we gave up years ago: the personal allowance.
We love that more and more people are talking about prenups these days (more financial transparency between partners is great!), but for those of us considering early retirement, we think a pre-FIRE agreement is even more important. After all, early retirement comes with its own set of major risks, some of which we’re insulated from to some extent as a couple, but others which become bigger risks for those who are married. Here’s how we’re navigating this.
Lately I’ve been making it sound like we both want to retire as soon as humanly possible, but that’s not true. I’m the one who wants out ASAP, while Mr. ONL is playing the role of the financially prudent one and trying to keep us working for one more year, as we’d always planned. But that’s not where we started — he used to be the one who wanted to quit ASAP, while I wanted to be sure we were prepared times ten. Today: the story of our retirement timing role reversal.
We don’t pretend to know whether what we do with our money will work just as well for other couples, but today we’re talking about something we do know for sure: We are going to be able to retire earlier because we have fully combined finances. We’ll also trace our history of money management as a couple, and look at the money-related feelings that give us extra momentum toward FIRE.