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Old 10-07-2017, 08:50 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by DaveinMtAiry View Post
From the link:

If you save a reasonable percentage of your take-home pay, like 50%, and live on the remaining 50%, youíll be Ready to Rock

Very few people are able to save 1/2 of their take home pay. It also claims if you save 10% you will need to do that for 51 years. I doubt that is true, most people save 10% or less and still find a way to retire before 73.
Reading comprehension. He mentioned in that very article that he's assuming no Social Security or other form of income in his example.
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Old 10-07-2017, 08:53 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by Serious Conversation View Post
Yep, I think he's way off base.

I make a good income for the Tri-Cities. If I saved 50% of net, that would leave me with about $400/week to go on for all bills. That's going to be tough and no frills, even here.

What do the people that make the median income in a low income area like here do? How about people in the high cost areas where you have to be basically top 10% to be doing well?
About 6 years ago, I tracked my spending and I was doing about $1700 a month. And that included stuff like occasionally eating out, blowing money on soda from vending machines, etc. And that was here in the high cost SF Bay Area. Honestly, I don't know how people can blow so much money. I spend more now, maybe $2300 a month. If I lived where you do, I bet I could get that down to $1600.
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Old 10-07-2017, 08:56 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by lieqiang View Post
This is downright cringe worthy, in the same manner that hardcore Kiyosaki and Ramsey followers sound when all caught up in their svengalis. They all have what boils down to a good message, but it isn't as simple as some seem to think and it is usually a lot more common sense than groundbreaking.
Well, common sense is groundbreaking precisely because it isn't very common. Or, put another way, everyone knows what they should or could do, but they don't do it. And then they write off people like MMM by saying "Oh, that's just common sense". Or they say "I could have done that if I'd had his income"...but few of them actually would have actually done it.

Last edited by mysticaltyger; 10-07-2017 at 09:30 PM..
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Old 10-07-2017, 08:59 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by mathjak107 View Post
one of my friends was a high powered ceo for quite a few oil companies . his schedule was packed .

well he had a heart attack and all of a sudden the gym was his priority. he didn't find the time , he made the time . all of a sudden everything else was arranged around the new priority. i know i used to go before work . i made it a point to be there 5:30am .
Agreed. And since when does one have to be independently wealthy to eat in a reasonably healthy way?
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Old 10-07-2017, 09:08 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by Cabound1 View Post
Boy, is this right on.

In my case, I never really gave a thought to retirement....it was just be as successful as I could at every level. Valedictorian, ivy undergrad, Wall st career, followed by jobs at prominent tech companies. In school, success was measured by GPA. In the career, it was measured by salary. Success, not money per se, was the objective.

And then it hit me...Wtf am I doing? I hate this treadmill lifestyle. I have nice cars, house, but I really could care less. I looked at my liquid net worth, realized it was more money than Iíd ever dreamed of, and walked away at 42. Havenít had a pennyís worth of income other than divs/interest/cap gains in 13 years.

I had done no retirement planning at all, but luckily Iíve never really been a consumer. I was smart enough to realize though, that Iíd have to pay much closer attention to all things financial going forward. And I have. Luckily, I havenít really had to sacrifice much, and the bean counter in me actually enjoys being much more financially aware.

I donít consider myself anything like mr money mustache.
I think the bolded is what MMM is trying to get at. There are a lot of people with high incomes who are still in the treadmill because they didn't do what you or MMM did. Maybe you weren't as extreme as he was, but it's the same premise. MMM just realized he wanted to raise his own kid. I think that was one of his big motivations. I think his other was the environment. He hates what waste (much of what we think of as normal) in the rich countries does to the planet.
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Old 10-07-2017, 09:09 PM
 
439 posts, read 199,543 times
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Quote:
Originally Posted by mathjak107 View Post
no one argues ? are you kidding . i can't tell you how many times i got put in time out by the mods when i posted there responding to so many nasty posters . i don't post there anymore just because they are so argumentative
If most members here had posted such, it wouldn't bear much crediance with me.

I remember your posts so that is saying something
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Old 10-07-2017, 09:19 PM
 
Location: Texas
43,562 posts, read 52,689,396 times
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Quote:
Originally Posted by mysticaltyger View Post
What a lot of people on this board don't seem to get is that some people hate ANYONE telling them how to use their time, what to do, when to do it, meetings that are boring and waste time, etc. They hate the BS and hoop jumping that comes from the overwhelming majority of careers. They want to get in and get out as fast as they can so they can do as they please with their time. But they want that safety net first. Maybe other people with careers don't view this stuff as BS But people like MMM do and they want no part of it. I notice most people in the FI crowd have very little tolerance for bureaucracy and BS of all kinds.
Hey.

That's me.

There's something about the idea of *having* to be somewhere that actually makes my skin crawl.
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Old 10-07-2017, 09:28 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by emm74 View Post
You'll need to search for them yourself, I'm not interested in giving him any additional clicks. The comments were there but thanks so much for accusing me of lying.
I didn't accuse you of lying...but you're very welcome. There's nothing wrong with asking someone to substantiate what they've claimed. I often supply links to back up my POV all the time. I expect other people to do the same.

But I suspect you misinterpret or exaggerate what people say as a regular thing. You've done it with what I've said and I suspect you've done it with what MMM has said as well.
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Old 10-07-2017, 09:33 PM
 
26,115 posts, read 28,514,332 times
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Quote:
Originally Posted by stan4 View Post
Hey.

That's me.

There's something about the idea of *having* to be somewhere that actually makes my skin crawl.
Yeah, me too.

I am just more and more interested in unplugging from the matrix entirely...including the money matrix. Not an easy life, but I think things are going to get a lot harder, anyway....so might as well be ahead of the curve.
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Old 10-08-2017, 07:11 AM
 
7,982 posts, read 11,665,473 times
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Quote:
Originally Posted by Cabound1 View Post
So I finally read up about this guy.

Seems like the way he made his, what, 800k stache, including home equity, was very achievable given he was in tech for the nine short years he was working. I was working in Silicon Valley during the years in question (1997-2005) and can tell you the numbers he talks about as far as income and returns on options,etc, are actually low. But for his young age, maybe not.....

Right place at the right time as far as employable skills are concerned.
Luck can really factor into it, although many people won't admit it. They may have worked hard but to be at the place where there was something hard to work at, or keep the value they lucked into (born to the right parents etc.) ...luck was a player.

Neighbors kid (very blue collar family) worked as a minor sort of staffer at some IT place.

Don't know the details but I think they got a lot of stock options so when it went public was suddenly a millionaire. Cashed out, retired at prob 45, managed the money well and lived within their means, never had to go back to work.
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