What is Better, Reducing Expenses or Increasing Income?

Recently during one of our local Choose FI meetups in Philadelphia someone posed the question, “What is more important, increasing income or reducing expenses?” The answer seemed simple enough, you would work to increase your income and reduce your expenses. Right?


My Phone Bill is $180 per Year

You might not even think this is an option or perhaps I have made some sort of typo, but in-fact my phone bill, before taxes for the next 12 months, is $180 (~$194 after taxes and fees).