002 | Find Your Why of FI: How to Cut Costs, but Keep What You Value in Life

It's important to consider your "why" of wanting to pursue FI (financial independence), or you may get discouraged along the way.

The first couple of steps in your FI journey are to track your expenses and calculate your net worth to see where you're starting from. Don't be discouraged if your net worth is a negative number! After reviewing your expenses, ask yourself, "Do I value the fluff?"

Next, figure out ways to cut costs, so you can save more to invest more by using various general concepts of FI. If you focus your efforts on cutting costs in The 3 Big Budget Items (Housing, Transportation, and Food), you'll supercharge your savings rate! However, it is so very important to consider what you truly do VALUE in life (personally I value awesome coffee!), so that you do not cut those things out, otherwise life satisfaction may decrease (which is the opposite effect of what pursuing FI is supposed to do!). 

View website to learn more about financial independence and to learn how we can work together to help you with your financial and career goals on your way to FI: pathefiway.com 

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