Managing Stress by Leveraging FI | The Fioneers
Episode 229
Episode Guide
Episode Timestamps
ChooseFI Podcast Episode Show Notes
Episode Title: Exploring Coast FI and Slow FI with Jessica and Corey from the Fioneers
Episode Summary: Financial independence provides a sense of freedom that gives individuals choices in their lives. A conversation with Jessica and Corey from the Fioneers explores the concepts of coast FI and slow FI, emphasizing the importance of enjoying the journey towards financial independence rather than simply focusing on deprivation. They share personal stories and discuss how to align savings with spending habits while addressing mental health. The episode highlights a gradual shift from a scarcity mindset to understanding financial stability, enabling a more enjoyable lifestyle and less reliance on escape spending.
Timestamps & Key Discussion Points:
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Podcast Intro:
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Financial independence opens up choices. The conversation begins with the idea that FI allows individuals to take control of their lives while aligning values with spending.
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Create a life you love, instead of one you want to escape. Brad and Jonathan emphasize that the journey towards FI should be enjoyable.
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Saving more does not equate to deprivation; it's about growing income. Corey discusses changing the perception of saving as a struggle.
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Enjoy the journey towards FI just as much as the end goal. The importance of making life enjoyable while pursuing financial independence is highlighted.
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Gaining freedom step-by-step empowers your choices. Incremental freedom allows individuals to make changes that benefit their mental health and life satisfaction.
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Understanding Coast FI: Corey explains how individuals can reach a state of financial independence by having enough saved to retire comfortably without further contributions.
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Spending triggers and mindset: Jessica shares her experiences and offers insights into how external pressures can lead to unnecessary spending.
Key Quotes:
- "The journey to financial independence should be as remarkable as the destination."
- "Incremental freedom allows you to have options."
- "Saving doesn't mean deprivation; it's about balancing your lifestyle and goals!"
Actionable Takeaways:
- Reevaluate your approach to financial independence to focus on your values and lifestyle choices.
- Identify and manage your spending triggers by understanding what induces unnecessary expenses.
- Create a sustainable savings plan that aligns with your income growth and life goals.
Discussion Questions:
- What does financial independence mean to you? Discuss your perspectives.
- How important is mental health in your financial journey?
- What strategies can you implement to manage spending triggers?
Resources:
- Visit thefioneers.com for more insights into coast FI and slow FI.
- Join their private Facebook group, Slow FI Enthusiasts, for community support.
Podcast Description: Explore the journey to financial independence with insights on coast FI and slow FI. Learn how to enjoy life's journey while managing savings and spending triggers, directly from Jessica and Corey of the Fioneers.
- Podcast Extro:
Connect with ChoosFI for more discussions on financial independence and personal finance strategies.
Embrace Financial Independence: Coast FI and Slow FI for a Fulfilling Life
In the journey to financial independence (FI), it’s essential to understand that this lifestyle can provide you with priceless options and choices. Achieving financial independence isn’t solely about accumulating wealth—it's about creating a life filled with purpose and joy. Here are key strategies to navigate your path toward FI, emphasizing concepts like Coast FI and Slow FI, which focus on managing your resources while living fully in the present.
Understand Coast FI and Slow FI
Coast FI is an enlightening financial state where you have invested enough in your retirement accounts that your future retirement needs will be comfortably met without additional contributions. This approach allows you to focus on covering your living expenses without the pressure of aggressive saving.
On the other hand, Slow FI promotes a balanced perspective on financial independence. It encourages individuals to enjoy the journey rather than solely fixating on the finish line. Along the way, it stresses the importance of not sacrificing happiness for the sake of saving.
Create a Life You Love
To achieve sustainable financial health, it’s crucial to design a life that resonates with your values and passions. Reflect on what makes you truly happy and how that aligns with your financial goals.
- Actionable Tip: Ask yourself, “What would I do if I didn’t need to work for income?” This question can open your mind to options that enhance your financial trajectory while improving your quality of life.
Tackle Spending Triggers
Spending triggers are emotional responses that lead to impulse purchases. Identifying and managing these triggers can help protect your financial wellness:
- Recognize Emotional Spending: Note the situations that prompt you to spend impulsively, such as stress or feeling overworked.
- Implement Strategies: When navigating a stressful job or challenging situation, consider small "quits"—incremental changes that could ease your burden without drastic decisions.
- Actionable Tip: Keep a journal for a couple of weeks to track your spending and identify patterns. Note what scenarios lead to your spending and how you felt before and after the purchase.
Redefining Your Relationship with Money
Understanding your financial situation can release a significant amount of anxiety and bolster your mental health. Instead of viewing savings as a deprivation, embrace it as a pathway toward building the life you desire.
- Actionable Tip: Calculate your Coast FI number. Knowing how much you need to live comfortably can empower you to make more informed decisions about working, saving, and spending.
Balance Savings and Enjoyment
Many people misunderstand that focusing on financial independence means living a life of deprivation. In contrast, it’s about striking a harmonious balance between saving and enjoying your present:
- Remember Incremental Freedom: Life will continue to happen regardless of your financial goals. Creating a life that incorporates your financial vision without sacrificing enjoyment is paramount. Reassessing your approach regularly can help you stay aligned with your values.
Engage with a Community
Surrounding yourself with like-minded individuals who are also pursuing financial independence can offer support and motivation. Join communities, whether online or in-person, that share insights, experiences, and encouragement.
- Actionable Tip: Participate in forums or social media groups focused on Coast FI and Slow FI. This shared experience can enhance your understanding and commitment to your financial independence journey.
Tracking and Measuring Your Progress
Creating a simple tracking system for your financial goals will help you visualize your progress. You can use spreadsheets or apps that illustrate your savings, spending habits, and overall financial health:
- Actionable Tip: Set aside time each month to review your financial standing. Adjust your goals as needed so they remain both realistic and inspiring.
Conclusion: A Life of Freedom Awaits
Your journey to financial independence shouldn’t be seen as a solitary endeavor. By integrating the principles of Coast FI and Slow FI into your life, you can liberate yourself from the confines of traditional work and create a sustainable lifestyle that fulfills you on every level.
Take Action Today
Identify your personal spending triggers, create a strategy for Coast FI, and start tracking your financial progress. By embedding these concepts into your daily life, you’ll be not only building wealth but also crafting a life that you love every single day. As you move toward financial independence, remember, the journey can be as remarkable as the destination.
Embrace this magnificent opportunity and take empowered steps toward your financial future!
The Fioneers
- Website: Thefioneers.com
- Twitter: @TheFioneers
- Instagram: Thefioneers
- Facebook: Slow FI Enthusiasts
What You'll Get Out Of Today's Show
- The path to FI doesn't look the same for everyone. It's a balancing act, designed with intention to regain freedom in a way that aligns with your values.
- The Fioneers, Jessica and Corey, aren't racing toward FI. They believe that the journey to financial independence should be as remarkable as the destination, leading them to the concept of Coast FI.
- With Coast FI, you have enough saved in your retirement accounts where if you were to leave them untouched, without adding or removing, you will have enough money for a comfortable retirement.
- Back in 2011, Jessica and Corey's initial exposure to FI and the community's stories did not resonate with them, as they worked for non-profits and weren't high earners. However, they took to heart the idea that an increased savings rate could shorten their working careers.
- Convincing your partner to pursue financial independence can be challenging. Though Corey was continually pushing to save more, it wasn't numbers or spreadsheets that finally convinced Jessica. It took her finding her "why" to get onboard.
- Incremental freedom is gained on the way to FI. Both their savings and savings rate enabled Jessica to quit a stressful job.
- While living a life by design and building a life that they loved, they reduced their stress and spending triggers. Much to their surprise, they saved $17,000 in the first year, getting them back on track with their original retirement timeline even though Jessica was only working part-time.
- Tracking and rating pain points throughout the week is a simple practice to help reduce the stress and burnout leading to spending triggers.
- Saying no in a toxic work situation is difficult. Reduce on-the-job stress using tactics and strategies for saying no without having to actually say no.
