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 Justin@FIMinded.com 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 Justin@FIMinded.com 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 Justin@FIMinded.com 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.