So, If you do a 2 phase FI thing, are you really financially independent?

Basically, you want to create a fictitious magic number by which you can call yourself "free". It does not mean anything until you walk the talk. So, pick away.

There are always wants. Perhaps you want a new kitchen, or take that dream trip to Europe. Perhaps you truly have no other wants in life (doubt it), but if you do, it would certainly suck to work a couple of decades wanting and saving to do those things, and then kicking the bucket before we get to do them. Just my 2 cents. I don't believe in getting on the treadmill and running as fast as you can. I prefer to take it more easy and enjoy the journey a bit more. And I've done both cases.

Good luck!