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  Are you just beginning your journey to financial independence and don't know where to start? Download your FREE copy of the PA the FI Way Beginner’s Workbook here! Enjoy the show? You can now support the PA the FI Way podcast through Buy Me a Coffee! Thank you for all of your support! https://www.buymeacoffee.com/pathefiway Prefer to pin the posts that you found informative? Follow along on Pinterest: https://www.pinterest.com/pathefiway  Follow along on Instagram: @pathefiway   https://www.instagram.com/pathefiway/ Join the private Facebook group only for current and future PAs on their journey to financial independence: https://www.facebook.com/groups/pathefiway  Like the Facebook page to follow along: https://www.facebook.com/pathefiway