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Old 10-04-2017, 03:29 PM
 
Location: Michigan
2,247 posts, read 1,469,104 times
Reputation: 5167

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Quote:
Originally Posted by waydo View Post
I tried signing up for this site but for the life of me, I could not answer this guys registration questions. "In what city does the MMM family live?:" How the heck am I supposed to know?!?! I just want to check out what this site is all about!
Longmont Colorado

https://en.wikipedia.org/wiki/Mr._Money_Mustache

Here, boiled down, is the most important information he has. IF this slaps you across the face and makes sense to you, it can change your life all by itself: http://www.mrmoneymustache.com/2012/...ly-retirement/

It's literally so simple a plan, people find it hard to reconcile with their belief systems.
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Old 10-05-2017, 10:52 AM
 
Location: RVA
2,168 posts, read 1,268,333 times
Reputation: 4465
If THATS the most important information he has, Iím glad I never wasted much time on it. Therenis nothing new there at all. Save as much as possible while spending as little as possible? Thats life changing??!! Iíve never wanted to live on as little as possible, and donít embrace that work hard to spend nothing lifestyle. Iíve never seen work as evil, prefer to see myself as a contributor not a taker. Yawn. Move along... nothing to see here.
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Old 10-05-2017, 01:43 PM
 
9 posts, read 12,132 times
Reputation: 37
Quote:
Originally Posted by Larry Siegel View Post
He's a self-employed entrepreneur. I'll call him (and myself) financially independent when I can live on what I've saved.

Retired doesn't mean idle, but it means not having to work for money to sustain one's lifestyle.
He does live off savings; he doesn't have to work. So he is financially independent. Whether he is retired is a matter of semantics.
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Old 10-05-2017, 02:19 PM
 
Location: Mount Airy, Maryland
10,465 posts, read 5,935,374 times
Reputation: 16165
Quote:
Originally Posted by MikeBear View Post
Longmont Colorado

https://en.wikipedia.org/wiki/Mr._Money_Mustache

Here, boiled down, is the most important information he has. IF this slaps you across the face and makes sense to you, it can change your life all by itself: The Shockingly Simple Math Behind Early Retirement

It's literally so simple a plan, people find it hard to reconcile with their belief systems.
From the link:

If you save a reasonable percentage of your take-home pay, like 50%, and live on the remaining 50%, you’ll 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.
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Old 10-05-2017, 02:23 PM
 
Location: Tennessee
23,599 posts, read 17,589,896 times
Reputation: 27682
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.
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?
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Old 10-05-2017, 03:56 PM
 
Location: On the road
5,959 posts, read 2,900,287 times
Reputation: 11407
Quote:
Originally Posted by MikeBear View Post
Here, boiled down, is the most important information he has. IF this slaps you across the face and makes sense to you, it can change your life all by itself
Quote:
Originally Posted by MikeBear View Post
It's literally so simple a plan, people find it hard to reconcile with their belief systems.
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.
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Old 10-05-2017, 04:37 PM
 
Location: Eastern Washington
14,245 posts, read 44,937,745 times
Reputation: 12846
Yeah, this is sort of like saying if you jog 10 or more miles every day, and eat mostly veggies, the pounds just drop right off. Well, OK, if you are independently wealthy, or otherwise don't have to deal with a job and other "regular life" activities, yeah, this plan can work.

Although. When I first got out of college, I worked for Schlumberger, field engineer, logging oil wells. I was single, the east Texas town I was working in had about 0 girls I wanted to date (honestly, I just wanted non-smokers with no kids and no plans for kids - you would think I was asking for a unicorn - but I digress). Anyway I saved a good bit more than 50% of that salary + bonus, because I intuitively knew that the gig was too good to last, and I was really tired of being a poor student. I put about $20K into the bank, post tax dollars I could spend as I wanted, back in 1980. Lived frugally, saved money in money market accounts paying 12-16% interest.
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Old 10-05-2017, 04:44 PM
 
71,663 posts, read 71,801,099 times
Reputation: 49256
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 .
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Old 10-06-2017, 10:35 AM
 
Location: Atlanta
3,210 posts, read 3,201,704 times
Reputation: 2041
Quote:
Originally Posted by Perryinva View Post
If THATS the most important information he has, Iím glad I never wasted much time on it. Therenis nothing new there at all. Save as much as possible while spending as little as possible? Thats life changing??!! Iíve never wanted to live on as little as possible, and donít embrace that work hard to spend nothing lifestyle. Iíve never seen work as evil, prefer to see myself as a contributor not a taker. Yawn. Move along... nothing to see here.
So retired people without jobs are takers....?
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Old 10-06-2017, 11:44 AM
 
Location: Philadelphia/South Jersey area
2,879 posts, read 1,407,237 times
Reputation: 10108
Quote:
Originally Posted by MikeBear View Post
Longmont Colorado

https://en.wikipedia.org/wiki/Mr._Money_Mustache

Here, boiled down, is the most important information he has. IF this slaps you across the face and makes sense to you, it can change your life all by itself: The Shockingly Simple Math Behind Early Retirement

It's literally so simple a plan, people find it hard to reconcile with their belief systems.


I'm a scientist by trade and the first thing you learn in grad school is that what is SIMPLE on paper, is rarely that simple in execution.

lol, there is a popular saying that's attributed to Winston Churchill (there is some debate now if he said it first), anyway it goes.

"Americans will always do the right thing-after exhausting all other possibilities" .

If losing weight was "simple". we'd do it
If saving 50% of our salary was "simple". millions would do it.

Millions of folks get rich writing diet books about how their method "is easy and simple to do and enjoyable". the only thing that gets lighter is your wallet.

same with the financial gurus.
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