Saving more money isn’t just about expediting your journey to FI, but enhancing it. It can provide you the opportunity to buy more freedom now by designing your life. Focusing on the big three expense categories can help you accomplish that without going too far to the extreme.
Chris has a very unique story. According to the numbers, he actually achieved FI (25x his annual expenses) in 2015. However, financial independence wasn’t yet part of his vocabulary, and he didn’t realize what was possible. As you’ll see in this Slow FI interview, Chris refers to a moment when he “claimed his financial independence.” This was when he realized that he could start making decisions differently.
Despite what conventional wisdom may lead you to believe, there are many paths to retirement. Most people follow the same two-phase path to retirement. Instead, the Slow FI approach can help you make small changes over time.
It is important to look beyond our actual salary to include other costs (monetary and time). Taking all of these things (such as commute time and costs, time spent detoxing, and convenience spending) into account allows us to calculate our true hourly wage.
Coast FI is the point at which you no longer need to save any money to have a comfortable traditional retirement. In this post, you’ll learn how to calculate your own Coast FI number and ways to use your financial freedom once you reach Coast FI.
In the latest Slow FI interview, we hear from Robert from Stop Ironing Shirts. Having reached FI, Robert shares his story to financial independence and why Coast FI would have been a better path. He spent precious years of his life working for money that he didn’t need. Learn more about Robert’s journey.