3 ms·

Isn't the core idea behind MMM just spend less, save more? Not sure how that's garbage advice. The particulars of some of the things he advocates aren't possibl

Isn't the core idea behind MMM just spend less, save more? Not sure how that's garbage advice. The particulars of some of the things he advocates aren't possible for everyone, sure. But reducing debt and increasing your savings is a goal that probably everyone who hopes to live another 10+ years should strive for.

pc86 10y ago
Like most finance blogs, the core idea behind MMM (spend less, save more, retire early) is fine. It's the specifics that are either completely ineffectual (don't use AC because you'll get used to the heat anyway), or unrealistic for most people (walk or bike to work; spend $1k on a 20 year old Corolla and be your own mechanic). Edit: And (3) a lot of the advice is the same old thing rehashed in a different way (never lease a car! index funds!); (4) A large part of his income is from shilling credit cards and other financial services
- cmdrfred 10y ago
  Also if you are anything near minimum wage in most of the united states its useless advice. Saving that 9 dollars a month won't lift you out of poverty only growth will. Invest in yourself.
  - artimaeis 10y ago
    Sure, but given that the median income in the US is $51,939 (2013) I think it's safe to assume that most people (in the US) can gain a lot by following the simple tenant of spend less, save more. But even MMM has suggestions for people who make too little - I suspect most finance blogs do. MMM advocates getting into a profession where you can make at least the median income, because that's obviously the easiest way to increase your potential savings if you're low-income.
    - JamesBarney 10y ago
      That's median household income. Median personal income is $32,000
- deleted 10y ago
  [deleted]
- FTSI_Engineer 10y ago
  MMM makes a lot more sense if you view it as an environmentalist masquerading as a early retirement blogger. Take a recent post that starts "If you’re going to become rich, you need to either earn way more money than you spend, or spend way less money than you earn." The rest of the post focuses entirely on spending less. Arguments like point 4 are sort of silly to me. Most of what he preaches he was doing well before he had a blog that could be monetized. Also, he seems to be pretty up front about commissions on the "MMM recommends" (though he could be more explicit about referral v non-referral links).

pc86 10y ago

Like most finance blogs, the core idea behind MMM (spend less, save more, retire early) is fine. It's the specifics that are either completely ineffectual (don't use AC because you'll get used to the heat anyway), or unrealistic for most people (walk or bike to work; spend $1k on a 20 year old Corolla and be your own mechanic). Edit: And (3) a lot of the advice is the same old thing rehashed in a different way (never lease a car! index funds!); (4) A large part of his income is from shilling credit cards and other financial services

cmdrfred 10y ago
Also if you are anything near minimum wage in most of the united states its useless advice. Saving that 9 dollars a month won't lift you out of poverty only growth will. Invest in yourself.
- artimaeis 10y ago
  Sure, but given that the median income in the US is $51,939 (2013) I think it's safe to assume that most people (in the US) can gain a lot by following the simple tenant of spend less, save more. But even MMM has suggestions for people who make too little - I suspect most finance blogs do. MMM advocates getting into a profession where you can make at least the median income, because that's obviously the easiest way to increase your potential savings if you're low-income.
  - JamesBarney 10y ago
    That's median household income. Median personal income is $32,000
deleted 10y ago
[deleted]
FTSI_Engineer 10y ago
MMM makes a lot more sense if you view it as an environmentalist masquerading as a early retirement blogger. Take a recent post that starts "If you’re going to become rich, you need to either earn way more money than you spend, or spend way less money than you earn." The rest of the post focuses entirely on spending less. Arguments like point 4 are sort of silly to me. Most of what he preaches he was doing well before he had a blog that could be monetized. Also, he seems to be pretty up front about commissions on the "MMM recommends" (though he could be more explicit about referral v non-referral links).