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Budgeting and tracking expenses are key components of achieving financial independence from "summary" of Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
Budgeting and tracking expenses are like the bread and butter of achieving financial independence. These two components are the foundation of taking control of your money and being intentional about where it goes. Budgeting involves creating a plan for your money, outlining your income and expenses, and making sure that your spending aligns with your financial goals. It's about being proactive and strategic rather than reactive when it comes to your finances. Tracking expenses, on the other hand, is about keeping tabs on where your money is going. It's easy to lose track of small purchases here and there, but those small expenses can add up quickly and derail your financial progress. By monitoring your spending closely, you can identify areas where you might be overspending and make adjustments accordingly...
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