Financial Independence in a High Cost of Living Area

Financial Independence in a High Cost of Living Area featuring Cash-Fasting – Episode 10

Erik Interviews, Podcast Leave a Comment

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Back again with another episode on financial freedom and financial independence!

Getting your financial house in order is incredibly freeing and rewarding. First, figure out your monthly income and expenses.

Next, figure out what your goals are for the future and assess where you are in relation to these goals. Make a plan and stick to it!

I’m looking to be financially free in the next 5 to 10 years. While it’s been slow starting out, I now have a net worth close to $200,000 and I’m improving my financial situation each and every week.

First, I paid off my student loans and debt. After that I started to contribute more to my retirement accounts, and now, I’m looking at taxable investments and businesses. We will see where I’m going to end up in the next few years!

Luckily for me, I live in a relatively lower cost of living area: the Midwest. I don’t know too much about high cost of living areas, so I wanted to chat with a financially motivated friend of mine living in New York to get her perspective on pursuing financial independence in a high cost of living area.

Financial Independence in a High Cost of Living Area featuring Cash-Fasting – Episode 10

My guest today is my friend and fellow blogger, Jane. Jane is a 26 year old living in NYC working in Media Analytics, who just crushed $35,000 in debt in 3 years, runs a successful blog at Cash Fasting and is working to be financially independent by the time she is 35. I’m excited to chat with her about how and why she crushed her debt, get her tips and tricks to living in a high cost of living area, and talk about her future financial goals.

You can check out Jane’s site at Cash Fasting.

With all episodes, I want to leave you with some takeaways for you to improve your life. For this episode, I have a few takeaways:

  • Automate your finances!
    • Let the computers do the saving for you.
    • Set up an automatic transfers from your bank account to your investment or debt accounts so you don’t have to manually do the work yourself.
  • Realize personal finance is personal.
    • If bottomless brunch is your thing, then don’t worry about spending money on it! Just make sure to be saving and hitting your other financial goals to stay on track.

If you are an iTunes or Stitcher person, The Mastermind Within Podcast is on those channels as well!

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