Oversaving Debate & Retiring to Something... Or Not - Kristen Knapp - Kristen Knapp | MHFI 311

Doug and Kristen Knapp (FI Friends Travel) dive into a listener-submitted topic from Dell regarding the potential benefits of oversaving.  Doug & Kristen discuss the pros & cons of oversaving, the necessity of having a plan for “retiring to something” after work, and explore the psychological shifts that occur when you no longer need a paycheck.  They also tackle common traps in the FI community such as “One More Year Syndrome”, golden handcuffs, and identity issues tied to a career.

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Links

• FI Friends Travel
• ChooseFI local groups
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• Mark Trautman/Mark’s Money Mind
• Kevin Sebesta on MHFI episode 302
• Morgan Housel, “The Art of Spending Money”
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• Bill Perkins, “Die With Zero”
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• MHFI Facebook group
• Doug’s site
• Check out Producer Chris’s blog: Epic Financial Journey

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0:00 Introduction

4:17 Dell’s voicemail

9:20 Pros of oversaving

17:14 Legacy vs. Die With Zero

20:59 Cons of oversaving

27:55 Golden handcuffs & “enough”

34:36 Retiring to something… or not

40:16 Identity struggles & FI

49:43 Staying busy vs. intentional boredom

56:50 Early retirement pitfalls

1:01:16 Only boring people are bored

1:05:47 The nuances of FI

1:12:02 Longest soundcheck ever