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@grecy, do you follow Mr. Money Mustache? He is all about cutting costs in ways I'd have never thought of. His goal was to retire early, but it could be anyth

by bargl 13y ago

@grecy, do you follow Mr. Money Mustache? He is all about cutting costs in ways I'd have never thought of. His goal was to retire early, but it could be anything. This requires quite a bit of "badassitude" as he would say. http://www.mrmoneymustache.com/ http://www.mrmoneymustache.com/ I'd also agree that taking some time off is very helpful. I took 1 year off to do some volunteering. It taught me to live a simpler life and respect for the dollar (when your income is 0 you make it work the way you can).

grecy 13y ago
Yes, I love his attitude. I actually was going to quote this one [1] in my reply [1] http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...
humanrebar 13y ago
I like frugality, but rushing to live on a fixed income seems like a big mistake. People on fixed incomes are especially sensitive to externalities such as assuming their investment returns will outpace increases in prices and taxes. For example, if increasing capital gains taxes or introducing a consumption tax become popular, people living frugally on modest investment incomes will be hard-hit. Considering that someone in his thirties could easily live another 50 years, it's hard to adjust retirement savings goals to match that sort of risk. On top of that, careers are the biggest investments of most people. The idea of abandoning that investment and assuming the risks of a fixed income lifestyle seems half-baked to me. Anyway, that being said, I like his attitude and tips on spending, at least when he isn't spending inordinate amounts of time on something to save a few bucks.
- grecy 13y ago
  > Rushing to live on a fixed income seems like a big mistake And you've missed the entire point. The point is to live on a fixed income if you want, for however long you want. If you don't want to, just pickup some work and supplement that fixed income. Choice and options is the point.
  - humanrebar 13y ago
    I understand that point, and to rephrase my objection, I am concerned that people are accidentally trading long term choice for short term choice. There are many aspects of living within one's means that are out of the control of the individual. For example, if a young person retired 20 years ago, he probably would have done a poor job budgeting for increases in prices for healthcare, especially given what the individual market looks these days. If, after a twenty year absence from the workforce, he is forced to work again, he will rapidly be approaching traditional retirement age with a large gap in work history and limited career options. Maybe working or volunteering on the side can keep his skills sharp, but how easy will it be to convince potential employers of that fact? It's possible that people are saying "retirement" when they mean "frequent sabbaticals", in which case, some better labeling of that lifestyle choice would clear up my confusion. Even then, I wouldn't blame a potential employer for being wary to give challenging job openings to sabbatical-takers due to the higher risk that they'll take off.

by bargl 13y ago

grecy 13y ago

Yes, I love his attitude. I actually was going to quote this one [1] in my reply [1] http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...

humanrebar 13y ago

I like frugality, but rushing to live on a fixed income seems like a big mistake. People on fixed incomes are especially sensitive to externalities such as assuming their investment returns will outpace increases in prices and taxes. For example, if increasing capital gains taxes or introducing a consumption tax become popular, people living frugally on modest investment incomes will be hard-hit. Considering that someone in his thirties could easily live another 50 years, it's hard to adjust retirement savings goals to match that sort of risk. On top of that, careers are the biggest investments of most people. The idea of abandoning that investment and assuming the risks of a fixed income lifestyle seems half-baked to me. Anyway, that being said, I like his attitude and tips on spending, at least when he isn't spending inordinate amounts of time on something to save a few bucks.

grecy 13y ago
> Rushing to live on a fixed income seems like a big mistake And you've missed the entire point. The point is to live on a fixed income if you want, for however long you want. If you don't want to, just pickup some work and supplement that fixed income. Choice and options is the point.
- humanrebar 13y ago
  I understand that point, and to rephrase my objection, I am concerned that people are accidentally trading long term choice for short term choice. There are many aspects of living within one's means that are out of the control of the individual. For example, if a young person retired 20 years ago, he probably would have done a poor job budgeting for increases in prices for healthcare, especially given what the individual market looks these days. If, after a twenty year absence from the workforce, he is forced to work again, he will rapidly be approaching traditional retirement age with a large gap in work history and limited career options. Maybe working or volunteering on the side can keep his skills sharp, but how easy will it be to convince potential employers of that fact? It's possible that people are saying "retirement" when they mean "frequent sabbaticals", in which case, some better labeling of that lifestyle choice would clear up my confusion. Even then, I wouldn't blame a potential employer for being wary to give challenging job openings to sabbatical-takers due to the higher risk that they'll take off.