Are FI seekers supposed to follow the 50/30/20 budget guideline — or is it completely irrelevant when you’re pursuing financial independence? In this solo episode, Justin walks through five years of his own spending data to find out how closely his real-life budget aligned with this popular personal finance rule of thumb.

You’ll learn what the 50/30/20 rule was originally designed for, where it breaks down for people on the path to FI, and how your own needs, wants, and savings ratios might shift as you move closer to financial independence. Justin also shares his FI-friendly version of the guideline that better supports intentional spending, lifestyle design, and long-term financial freedom.

Whether you’re in your first year of the FI journey or optimizing for Coast FI, this episode will help you rethink your spending percentages, understand your true savings rate, and build a budgeting approach that matches your work-optional goals.

Key Takeaways:

• Why the traditional 50/30/20 budgeting rule often breaks down for FI seekers, early retirees, and anyone aiming for financial independence.
• How Justin’s actual 2020–2025 spending data compared to the guideline — including needs, wants, and savings percentages.
• The difference between budgeting for traditional retirement vs budgeting for financial independence or Coast FI.
• What your savings rate reveals about your FI timeline and why it matters more than a fixed budget ratio.
• How an FI-minded spending framework can help you design a flexible lifestyle, reduce money anxiety, and stay aligned with your long-term goals.
• A simple FI version of the 50/30/20 rule you can adapt to your income, values, and personal financial independence path.
• Why intentional spending beats rigid budgeting - and how knowing your own numbers can help you reach work optionality faster.

Other Episodes You’ll Love:

Smart Frugality: The Frugal Mindset That Actually Feels Good | E183 JC Rodriguez

How to Save Thousands on Groceries (Without Giving Anything Up) | E176 Bryan Suddith

Money Moves That Sound Smart…But Aren’t (Part 1) | E172

Connect With Justin

Email me at [email protected] or connect with me on LinkedIn.

Support FI Minded

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Like this episode? Share it with a friend pursuing financial independence.

Love the show? Say thanks by leaving a positive review.

Cutting costs can help you reach financial independence faster, but it shouldn’t come at the expense of your happiness. The real key is smart frugality: spending intentionally on what adds value and confidently cutting what doesn’t.

In this episode, I’m joined by JC Rodriguez, financial coach and creator of The Frugal Rich, to explore how to build a values-based spending system that feels good, lasts long term, and supports your FI goals.

We’ll unpack practical hacks from grocery savings to “buy for life” strategies and talk about how to balance conscious spending, frugality with purpose, and joy along the journey to financial freedom.

If you’ve ever wondered whether saving money is helping or hurting your quality of life, this one’s for you.

Key Takeaways:

• How values-based spending helps you save money without losing joy
• Why cutting too far in the name of frugality can backfire
• Simple hacks to save money on everyday expenses like groceries
• Use tools like CamelCamelCamel to track prices and shop smarter
• The difference between short-term savings hacks and lasting frugal habits
• Why “buy for life” products often save more money long-term
• Balancing frugality with happiness in everyday spending decisions
• Why some people thrive on frugality while others struggle with it
• How to spend confidently on big purchases without guilt
• How to balance financial independence goals with living well today

Guest Summary:

JC Rodriguez is a financial coach and creator of The Frugal Rich, a community of over 1.5 million people learning how to live better with less. His work helps people embrace frugality with purpose, adopt sustainable money habits, and build long-term financial freedom without sacrificing happiness.

Check out JC on:

YouTube

Facebook Group

Connect With Justin

Email me at [email protected] or connect with me on LinkedIn.

Support FI Minded

Want to hear more? Follow FI Minded on your favorite podcast player.

Like this episode? Share it with a friend pursuing financial independence.

Love the show? Say thanks by leaving a positive review.

FIRE was never meant to be the finish line. It was supposed to be the launchpad. But somewhere along the way, we started chasing optimization instead of meaning.

In this episode, I sit down with Jordan Grumet (Doc G), author of The Purpose Code and host of the Earn & Invest Podcast, to explore how the FIRE movement can sometimes turn from a tool for freedom into a trap that leaves people feeling empty.

We unpack three hidden pitfalls that can derail your FIRE journey and how to realign money, purpose, and meaning once you’ve “made it.”

Jordan has been a longtime voice in the Financial Independence movement, through his blog, DiverseFI, his book, The Purpose Code, and his podcast, Earn & Invest.

But after a decade in the movement, he started asking some deeper questions:

• Has FIRE become the destination instead of the launchpad?
• Are we optimizing our finances at the expense of meaning?
• And how do we bring purpose back into the FIRE movement?

Key Takeaways:

• Why FIRE can accidentally make money the goal instead of the tool
• The trap of “Perfect is the Enemy of Good” in personal finance
• Endless optimization (Roth timing, iBonds, chasing interest rates) can distract from what truly matters.
• How optimization can distract us from the hard emotional work
• Real fulfillment comes from pursuing purpose, not FIRE.
• What Jordan still loves about the FIRE movement (and what he’s outgrown)
• How to redefine success beyond spreadsheets and savings rates

Other Episodes You’ll Love:

Is Saving Too Much Holding You Back? | E179 Jesse Cramer

How to Live a FI Life Without the FI Bank Account | E170 Jess from Fioneers

Find Purpose Beyond Financial Independence | E157 Jordan Grumet

Guest Summary:

Jordan Grumet (Doc G) is a physician turned writer, speaker, and host of the Earn & Invest Podcast. His books, Taking Stock and The Purpose Code, explore how to align money, meaning, and legacy. Jordan has been part of the FIRE community since 2014, helping thousands rethink what financial independence really means.

Connect with Jordan:

• Book: The Purpose Code
• Podcast: Earn & Invest Podcast

Connect with Justin:

Email me at [email protected] or connect with me on LinkedIn.

Support FI Minded:

Want to hear more? Follow FI Minded on your favorite podcast player.

Like this episode? Share it with a friend pursuing financial independence.

Love the show? Say thanks by leaving a positive review.

Everyone talks about starting a side hustle, but few talk about how to pick the right one. The one that fits your skills, your lifestyle, and your FI goals.

Nick Loper, host of The Side Hustle Show, joins me again to share smart ways to find a side hustle that actually fits your life, skills, and Financial Independence goals.

We explore creative frameworks like “Rip, Pivot, and Jam,” “Intersection,” and “Shovels in the Gold Rush,” and how to use AI tools like ChatGPT to uncover ideas faster than ever. Nick also shares how to narrow your list to just one idea you’ll be excited to work on for years to come.

If you’ve been overthinking your next move or waiting for the “perfect” side hustle, this episode will help you find clarity, confidence, and direction.

• Find side hustle ideas at the intersection of what you love, what you’re good at, what people need, and what they’ll pay for.
• Use frameworks like Rip, Pivot, and Jam or Shovels in the Gold Rush to generate creative and practical ideas.
• Leverage AI tools like ChatGPT to brainstorm and refine your concepts.
• Ask questions like “Does this fit my lifestyle?” or “Would I still enjoy this in three years?” to narrow your choices fast.

Other Episodes You’ll Love:

How to Start a Side Hustle in One Month | E167 Nick Loper

How to DOUBLE Your Income in One Year | E164 Andrew Giancola

How to Launch a Side Hustle While Working Full-Time | E132 Genuinely Genesis

More of Nick:

The Side Hustle Show

More of FI Minded:

Email Justin at [email protected]

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

It might have been monsters under the bed, shadows in the corner, or creepy dementors from Harry Potter. We all had irrational fears growing up.

Mine was creepy dolls. After watching a movie called Teacher’s Pet, I became so terrified of dolls that my dad had my sister box up hers and store them in the basement.

I’ll be honest, I’m still not a huge fan of dolls, but I’ve mostly outgrown that fear. Along the way, though, I’ve picked up some new ones like running out of money, being left without health insurance, and probably the biggest of all… taxes.

I’ve been saving and investing with the fear that Uncle Sam will take a huge chunk of my money. That mindset has me padding my investment accounts and inflating my FI number. But after reading Sean Mullaney and Cody Garrett’s book, Tax Planning To and Through Early Retirement, I’m starting to rethink that - and I think you should too.

To help us all navigate this, I invited Sean and Cody to walk us through strategies to optimize taxes before and during early retirement. We’ll cover things like which accounts to deplete first, how to control your taxable income through strategic selling, ways to minimize sequence-of-return risk, and even how you could pay almost nothing in taxes some years without cutting expenses.

If you want practical strategies for optimizing taxes on your path to early retirement, this episode is for you.

I hope you enjoy my conversation with Mr. Measure Twice and the FITaxGuy…Cody Garrett and Sean Mullaney.

Key Takeaways:

• How to fund an early retirement lifestyle tax-free with drawdown strategies.
• Which investment accounts to tap first to optimize your retirement withdrawals
• How to sell specific brokerage lots to precisely manage taxes and cash flow
• A drawdown approach that protects against the sequence of returns risk in retirement
• How to maximize ACA premium tax credits for affordable early retirement healthcare
• When to use Roth and HSA withdrawals for tax-efficient income flexibility

Mentions:

Selling Specific Lots in Fidelity: https://www.youtube.com/watch?v=Cft7dLLP7_U&feature=youtu.be

More of Sean & Cody:

Check out the book “Tax Planning To and Through Early Retirement”:: https://www.measuretwicemoney.com/book

Cody’s website: https://measuretwicefinancial.com/

Sean’s website: https://fitaxguy.com/

More of FI Minded:

Email Justin at [email protected]

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Justin and the FI Minded podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.

I’m in this strange in-between stage right now, somewhere between Coast FI and Full FI. And I often feel pulled back and forth between spender and saver, current me and future me, speeding up and slowing down. It’s a little exhausting, I have to admit.

A few years ago, things felt simpler because I was in full accumulation mode. Most of my decisions came down to one thing: delay spending so I could save and invest more. Looking back, maybe I would’ve splurged a little on experiences or time-saving purchases, but honestly, I don’t regret much.

These days, though, I’m learning to focus more on my current self. I’m loosening up, spending a bit more, and not being so uptight about every dollar. Talking with friends further along in the FI journey, I’ve realized this shift is pretty natural, and perhaps you’re experiencing it too.

It’s not always easy, which is why I wanted to talk it through with a friend and frequent guest, Jesse Cramer. Jesse’s navigating the same changes himself, and as a financial advisor, he also brings perspective from helping clients through similar situations.

In this episode, we dive into the balance of spending on your current self while still enjoying the growth of your investments. We talk about how we’ve loosened up around money habits like budgeting, and why we’re not stressing about hitting our exact FIRE numbers anymore.

I always enjoy my conversations with Jesse, and if any of this resonates with you, I think you’ll get a lot out of this one too.

I hope you enjoy my conversation with the host of The Personal Finance for Long-Term Investors Podcast… Jesse Cramer.

Key Takeaways:

• Shift from always accumulating to finding balance and enjoying life now.
• Redefine “pay yourself first” to include meaningful spending today.
• Build a portfolio that grows in bull markets and feels safe in bear markets.
• Loosen up on strict budgeting without losing financial control.
• Let your spending evolve to reflect your values and priorities.
• Don’t let your FIRE number dictate every life decision.
• Factor in Social Security - you may be further ahead than you think.
• Learn from retirees: smooth transitions come from people and purpose.
• Take smart risks that push you beyond your comfort zone.

More of Jesse:

Check out Jesse’s podcast: https://bestinterest.blog/personal-finance-for-long-term-investors/

More of FI Minded:

Email Justin at [email protected]

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

I was reviewing my spending for the first half of 2025 and noticed something interesting: excluding routine bills, groceries, and experiences, I only bought 25 new things this year, totaling about $1,400. For six months, that felt pretty solid. But it also got me wondering… could I go even further?

That curiosity came to a head when the nozzle on my garden hose started leaking. My first instinct was to hop on Amazon and buy a new one. It was only $20. But then I paused. I looked up what might cause the leak and found out it’s usually a worn-out rubber washer. I took the thing apart, and sure enough, that was it. I hopped back on Amazon to order a new washer…until I remembered I had another broken nozzle in the garage. I swear I have the worst luck with these—but this one wasn’t leaking. I had just dropped it and snapped the trigger handle. I took the rubber washer from that one and used it to fix the current nozzle.

And it worked! No money spent. Nothing added to a landfill. And honestly, I felt proud of myself.

I share that story because it’s easy to assume we’re already frugal or intentional enough—especially in the FI community. But that moment made me realize how often I default to “buy new” without even questioning it. And I want to become more intentional, especially when it comes to physical things.

That’s why I invited Ashlee Piper on the show today. Ashlee is a sustainability expert and author of the new book No New Things: A Radically Simple 30-Day Guide to Saving Money, the Planet, and Your Sanity. She’s also the creator of the #NoNewThings Challenge, which she personally followed for two years, which is just insanely impressive.

In this conversation, we dig into how to creatively meet your needs without always reaching for your wallet. Ashlee shares her SUPER system for thoughtfully navigating purchases, and we run through a few real-life scenarios like getting ready for a wedding or gearing up for Halloween.

If you want to bring more intentionality into how you consume, this episode will leave you feeling inspired.

I hope you enjoy my conversation with the always resourceful, wildly entertaining, and sustainability-driven…Ashlee Piper.

Key Takeaways:

• How to skip buying new without giving up what you love
• A system to make smarter, more intentional buying choices
• Find practical ways to fix, borrow, or swap before buying something new
• How consumer culture encourages excess (and how to resist it)
• Balancing intentional spending and restriction

More of Ashlee:

Instagram: https://www.instagram.com/ashleepiper/

Newsletter: https://substack.com/@theethicaledit

More of FI Minded:

Email Justin at [email protected]

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

We’re all waiting for the day we hit financial independence. That’s when we’ll finally quit our jobs and have time to learn a new hobby, start that house project, take longer vacations, or prioritize our health.

You probably have a list of things you’re saving for after FI—but what if you don’t want to wait another decade to start? Tomorrow isn’t guaranteed. The challenge is that your career eats up most of your time and energy, and since you’re not financially independent yet, walking away isn’t an option.

But what if you didn’t have to choose between all work now and all freedom later? What if you could work for a few years, take a break, then return to work—and repeat that cycle? Instead of one long career followed by one long retirement, what if you took mini-retirements along the way?

It’s not just a theory—today’s guest has done it. Jillian Johnsrud has taken over a dozen mini-retirements throughout her life and now helps others do the same.

In this episode, Jillian shares how to organize your time off, why some employers actually say yes to these breaks, and how a mini-retirement might even improve your career. She also provides examples of how mini-retirements speed up, rather than slow down, people’s path to FI.

Mini-retirements are one of my favorite concepts—I’ve taken one myself, and I always encourage my friends to consider them too.

So today, I’m making the case to you: maybe it’s better to retire often than to retire once.

Key Takeaways:

• What a Mini-Retirement Actually Looks Like
• How to Plan a Mini-Retirement with Purpose
• A framework for organizing your mini-retirement using Jillian’s “Dream To-Do List”
• Signs It’s Time to Step Away
• How to Talk to Your Employer About Taking Time Off
• Why some employers say yes to mini-retirements—and how to make your case
• Tips for framing the request in a way that shows mutual benefit
• Making the Financial Trade-Off Worth It
• Surprising ways mini-retirements can actually improve your career or lead to new income opportunities.
• Why “Retire Often” Might Be Better Than “Retire Once”

More of Jillian:

Read Retire Often: https://lnk.to/retireoften

More of FI Minded:

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

If you're on the path to financial independence, you know every dollar adds up. An extra $1,000 a year might not sound like much, but early in your FI journey, that kind of savings can seriously accelerate your timeline. And if you’re already FI, trimming $1,000 in expenses lowers your FIRE number and helps your nest egg last longer.

The best part? I’m not asking you to start a side hustle or cut out your favorite purchases.

Instead, we’re talking about saving money by wasting less, specifically, food waste.

Yes, that’s right. The average American throws out over 200 pounds of food a year. For a family of four, that’s about $3,200 straight into the trash. Think wilted spinach, moldy bread, and forgotten leftovers. Any of this sound familiar?

Here’s the good news: with a little planning and a few habit shifts, you can cut that waste dramatically and keep more money in your pocket without sacrificing lifestyle.

Today’s guest, Bryan Suddith, took this challenge seriously. Over the last five years, he’s tracked every bit of food that ended up in his trash. And the total? Less than $100. For a family of four.

We’ll share practical tips for meal planning, a framework for eating through your groceries, his favorite go-to food-waste saving meal (which surprised me), and even how to avoid food waste after hosting a party.

If you’re ready to trim your grocery bill and stretch your FI dollars further without really sacrificing anything, then you’re going to like this episode.

Key Takeaways:

• The impact of tracking your food waste
• How to avoid aspirational grocery purchases
• Which groceries to prioritize eating first
• Creative ways to turn soon-to-expire food into tasty meals
• A go-to food-waste-saving meal everyone will enjoy
• How to cut down on food waste after hosting a party
• What to know about food waste legislation

More of Bryan:

Instagram: https://www.instagram.com/bryansuddith/

More of FI Minded:

Email Justin at [email protected]

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Today, we dive into some of the biggest questions our community has about money, relationships, and raising kids on the path to financial independence.

Matt and Yana from CoastFI Couple share their honest experience with shifting from a strict save-only mindset to learning how to enjoy their money after reaching Coast FI.

We talk about how even couples who agree on big-picture goals can still face daily money disagreements — and the tools and conversations that help keep things on track.

Plus, we explore how to teach kids healthy money values without passing on anxiety or scarcity.

Whether you’re struggling to spend guilt-free or want to raise money-smart kids, this episode offers practical insights and encouragement.

If you have a question you'd like me to answer on a future episode, just shoot me an email at [email protected].

Key Takeaways:

• It’s totally normal to struggle with spending after years of saving.
• Start with small upgrades to ease into enjoying your money.
• You and your partner can be aligned overall and still clash on daily spending.
• Using tools and talking openly can help you avoid constant money arguments.
• You can teach your kids to be smart with money without making them anxious.
• Modeling a balanced approach helps your kids build confidence around money.

More of Matt & Yana:

YouTube: ​​https://www.youtube.com/@CoastFICouple

Qube Money: https://qubemoney.com/ (Use code COAST for a free trial)

More of FI Minded:

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/