U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-27-2018, 11:51 AM
 
11,678 posts, read 7,018,049 times
Reputation: 6387

Advertisements

Quote:
Originally Posted by Stockyman View Post
Will if a house cost 75K where he lives the new roof is probably around 5K or less.
Youíre right. My roof was around $3200-3400 with 30 yr shingles.
Reply With Quote Quick reply to this message

 
Old 10-27-2018, 11:58 AM
 
25,972 posts, read 28,388,910 times
Reputation: 24644
Quote:
Originally Posted by happygeek View Post
A big part of it is renting too. Renting allows you to move with your job.

Personally I HATE commuting, hence 8 miles is the farthest I've lived from a job. Been biking or walking since 2015.
Not true for everyone but definitely true for me. I rent and live a block away from my job. But I am someone who would rent anyway, no matter what.

Quote:
Originally Posted by happygeek View Post
If you read between the lines of

https://www.millennial-revolution.co...ndy-back-then/

you will quickly notice that they rented apartments near work, had roommates, and didn't even own a car. I believe MMM did similar, but he did a write up here: https://www.mrmoneymustache.com/2011...-in-ten-years/

I've never been a 'car guy' anyway, but the ability to easily get to work without a car does tend to change the way you look at a vehicle. Since it's not helping pay the rent, utilities, etc it suddenly begins to look like a really expensive grocery cart (we drive to the grocery store, I'm not MMM hardcore).



+1. Around here people commute to an office job in a Jeep, sports car, or a 'bro dozer'.
On the millennial revolution blog, they are very vocal that renting a small place as the way to go if you want to be financially independent. I think that's particularly true in expensive metro areas like Toronto, the Bay Area, etc, but may not be true everywhere. In theory, renting gives you the flexibility to always live close to your job. However, in expensive metro areas, it's not always that easy. For instance, my apartment is rent controlled, and the landlord hasn't raise the rent as the rent control laws allow; so, realistically, there's no way I'm leaving this apartment unless 1. I move out of town or 2. my portfolio/pension combination allows me to easily afford market rate rents...and #2 won't happen for at least another 7 years. #1 is a more likely scenario even when my pension kicks in in 7 years.

But I totally agree with you about commuting around in gas guzzlers. It's ridiculous.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 12:01 PM
 
25,972 posts, read 28,388,910 times
Reputation: 24644
Quote:
Originally Posted by MLSFan View Post
Mmm's flaw is that he thinks riding a bike saves money... It's the fact that he choose to save money that saved him money.
I don't know if that's a flaw, per se.

But you are correct. Choosing to save money, especially a lot of money, means you have to get deeply motivated. MMM's deep motivation is the environment, as well as flexibility and freedom. And like most engineers, he sees inefficiency everywhere (he's right) and he gets a kick out of being more efficient.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 12:22 PM
 
11,678 posts, read 7,018,049 times
Reputation: 6387
Quote:
Originally Posted by mysticaltyger View Post
I don't know if that's a flaw, per se.

But you are correct. Choosing to save money, especially a lot of money, means you have to get deeply motivated. MMM's deep motivation is the environment, as well as flexibility and freedom. And like most engineers, he sees inefficiency everywhere (he's right) and he gets a kick out of being more efficient.
The efficientcy thing really does get somewhat fun. You are always evaluating things and tightening screws to eliminate waste. Have an $80/month bill...can you get it to $50? Maybe get 5% cashback on top of that?
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 12:45 PM
 
8,712 posts, read 5,072,625 times
Reputation: 9874
Quote:
Originally Posted by mysticaltyger View Post
Not true for everyone but definitely true for me. I rent and live a block away from my job. But I am someone who would rent anyway, no matter what.



On the millennial revolution blog, they are very vocal that renting a small place as the way to go if you want to be financially independent. I think that's particularly true in expensive metro areas like Toronto, the Bay Area, etc, but may not be true everywhere. In theory, renting gives you the flexibility to always live close to your job. However, in expensive metro areas, it's not always that easy. For instance, my apartment is rent controlled, and the landlord hasn't raise the rent as the rent control laws allow; so, realistically, there's no way I'm leaving this apartment unless 1. I move out of town or 2. my portfolio/pension combination allows me to easily afford market rate rents...and #2 won't happen for at least another 7 years. #1 is a more likely scenario even when my pension kicks in in 7 years.

But I totally agree with you about commuting around in gas guzzlers. It's ridiculous.
Are you planning to stay in the Bay Area once you retire? Just curious.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 01:55 PM
 
1,937 posts, read 1,326,970 times
Reputation: 3283
What is Mr. MM going to tell his kids if they want to go to college?

What is he going to do if one day he cannot physically ride his bike any longer or do physical repairs?

Oh wait his website makes 400k a year since 2016. No worries for him.

So when is he going to do a seminar at Home Depot and WalMart and get their underpaid staff to retire in their 40's?
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 03:00 PM
 
Location: Portal to the Pacific
5,082 posts, read 5,056,821 times
Reputation: 6265
Quote:
Originally Posted by JonathanLB View Post
Iím going to stop you right there. Have you ever been to Oregon? If you waited until it stopped raining youíd starve. More than that what kind of an absolute moron BIKES to get groceries?!? What are you buying, a Snickers?! Groceries barely even fit in a small car, it takes an SUV to shop for groceries comfortably. A bike sure isnít going to get the job done unless you intend to bike DAILY for them.

Itís nice to save money and all but itís fresh for people to live like poor third world country bums and make fun of people with actual lives and cars. I wouldnít live like a poor person no matter how much money it saves. No thanks!
Why do you give ill informed opinions on things that don't interest you?

I live in the PNW, about 15 miles outside Seattle specifically, and biking is my main form of transportation. Year round. I argue that the greatest challenge here isn't the rain as much as the hills (that's what gore tex was designed for!). I personally have to tackle elevation difference of 1200 ft total, but most days it's 300-750ft. So my bike is electric and my 500 watt motor takes care of the elevation gain just fine.

Within 3 miles I have bike to: Dentist. Doctor. Post office. City Hall. Library. Fish Hatchery. Art Gallery. Coffee shop. Donut shop. Target. Generic grocery store. Department of Motor Vehicles (damn near ironic.. I had to pick up car tags!). Buy Nothing and Craigslist pick ups and drop offs (do you even know what Buy Nothing is?). Value Village. Furniture store. Yoga studio. And my personal favorite: Costco. Yep. I've hauled eggs, milk, coffee, muffins, peanut butter, cereal, bags of chips and gold fish crackers on my bike. At at once (I have two panniers, back rack and a backpack).

I've carried small appliances and other household goods. Clothing. Moving boxes. Ice cream cake. Donuts. Yoga mat. Small stool. Broom. Bedding. Suitcase.

If you think biking is moronic you should stay clear of Munich. Everyone rides bikes in Munich and people carry all of the above and their dog and their toddler while wearing heels and skirts.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 03:05 PM
 
11,678 posts, read 7,018,049 times
Reputation: 6387
Quote:
Originally Posted by Stockyman View Post
What is Mr. MM going to tell his kids if they want to go to college?

What is he going to do if one day he cannot physically ride his bike any longer or do physical repairs?

Oh wait his website makes 400k a year since 2016. No worries for him.

So when is he going to do a seminar at Home Depot and WalMart and get their underpaid staff to retire in their 40's?
Iíve only been to his website a few times but maybe MMM is a little disconnected from the common folks...talking to other yuppies.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 04:02 PM
 
25,972 posts, read 28,388,910 times
Reputation: 24644
Quote:
Originally Posted by jghorton View Post
It occurs to me that one might choose to live a destitute lifestyle to save every penny and "retire" by 40. But, one would then have to continue living that lifestyle through retirement in order to make their savings last.

In short, it's not just a decision to scrimp and save in order to retire by 40, but, essentially a decision to live that way for a lifetime (and avoid kids, emergencies, health problems, transportation apart from work, etc).
Except the reality of people who retire by 40 is that they often DO earn some money doing something they enjoy. That means they can typically draw down less than the already conservative 4% rule and/or steadily upgrade their lifestyle along the way. They will likely be able to collect some kind of Social Security at 62 or whatever age they decide, as well. And beyond that, historically speaking, taking 4% a year plus annual inflation adjustments, in most time periods, has resulted in MORE THAN YOU STARTED WITH, IN INFLATION ADJUSTED TERMS. AT THE END OF A TYPICAL 30 YEAR PERIOD. Often much more.

Some people have called the FI lifestyle "entrepreneurship with a safety net". I think too many people get hung up on the "retire" part and don't focus enough on the "financial independence" part.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 04:05 PM
 
25,972 posts, read 28,388,910 times
Reputation: 24644
Quote:
Originally Posted by Stockyman View Post
It's about deciding to be life poor, a life without much experiences. It's about emulating that Uncle who never eats out, never leaves the city, no hobbies that require money, wears the same clothes, refuses to go to social functions that require money.
Simply not true.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:41 PM.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top