Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
How does spending less money, result in more time to do as you please? If you're talking about working less and as a result spending less, then sure, but its the working less that comes first. That is, you're spending less because you have less money.
By spending less, I'm in a position to retire earlier because I have saved more, thus freeing up a few years that I would have had to work had I not spent less all along. By spending less I spend less time shopping, thus freeing up time to do more pleasant activities.
By spending less, I'm in a position to retire earlier because I have saved more, thus freeing up a few years that I would have had to work had I not spent less all along.
Right, so you are just spending less so you can work less. Also, in this case you're not spending less as a whole, you're just spreading your spending out over a longer period.
So my point here is that there is no power in merely "spending less", saving for the sake of saving is pointless. On the other hand there is power in saving for the sake of achieving some goal, in particular early retirement.
A lot of the frugality crowd save all they can just to save, its not really goal directed at all. They are saving to save.
Right, so you are just spending less so you can work less. Also, in this case you're not spending less as a whole, you're just spreading your spending out over a longer period.
So my point here is that there is no power in merely "spending less", saving for the sake of saving is pointless. On the other hand there is power in saving for the sake of achieving some goal, in particular early retirement.
A lot of the frugality crowd save all they can just to save, its not really goal directed at all. They are saving to save.
Frugality can be a most pleasant lifestyle for many people who just don't like the stress of American Consumer lifestyle so common to many. For them it's not about more it's about enough to live a quiet life unfettered by the debt cycle way to many Americans put up with.
This would sound impossible to most people but I'm here to tell you it's not. I bought quite a few rental homes in the $50 - $75,000 range and paid them off in 5 years - mostly one at a time but some overlapped. The last two I bought I put them both on a 7-year note - I will have those paid off in October.
I borrowed against stock I had and these were bank or credit union notes - no drawn-out qualifying process. Quick and dirty as my chemistry professor used to say! Payments were usually about $1200 per house and I was renting them for $850 or so.. short term loss, long term gain!
This would sound impossible to most people but I'm here to tell you it's not. I bought quite a few rental homes in the $50 - $75,000 range and paid them off in 5 years - mostly one at a time but some overlapped. The last two I bought I put them both on a 7-year note - I will have those paid off in October.
I borrowed against stock I had and these were bank or credit union notes - no drawn-out qualifying process. Quick and dirty as my chemistry professor used to say! Payments were usually about $1200 per house and I was renting them for $850 or so.. short term loss, long term gain!
Well, dont own any stock, but I cant see it being a problem. I make 155k/year and owe 131k for the mortgage. The monthly payment is $908 including property tax and insurance, so an extra 2k a month or so towards principal won't kill me.
Messed up thing was when I first started shopping for a loan,some were like, "you know sir, you qualify for up to 750k in financing". Why in hell would I borrow that much dough?! And this was recently, after the bubble burst!
I don't make nearly that much at my 'real job' so you are lucky there -and SMART not to buy a $750K albatross!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
