Will You Have to Work Forever or Will You Live Differently?
Who would have known it. There are people out there who think like me. I love it!
Here's how I (and anyone else who thinks like me) think(s):
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A dollar saved is far more than a dollar earned
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I don't mind living in a modest home (in my case a one-bedroom apartment)
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I'm saving over half my income and that's not even close to enough. How can I cut further?
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Debt? Nope. Never again.
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Index Funds is where I'm investing my money right now.
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Reading books and blogs about money, business, being productive and getting and staying healthy are a joy
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I want to reach financial independence as soon as humanly possible (for a variety of reasons)
Not normal, huh? That's exactly why I'm so excited about all the new blogs I've been reading. Here are some of my favorites:
Mr. Money Mustache - I met MMM in Denver a couple months ago and have since became a follower of his blog and a member of the Mustachian community, well, in spirit. Just like when I followed Dave Ramsey, MMM has a following that talks to each other and helps one another. It's a fun blog and a fun community, if you're into this whole consume less, retire early thing. Anyway, Mr. Money Mustache is in his 30's and is "retired". His story, the way he got there and how he lives today, is an inspiration. Here are my favorite articles at MMM:
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The Shockingly Simple Math Behind Early Retirement - Here are the chart's you'll need when putting together a retirement plan. Are you going to be like many people our age and never be able to retire? Or are you going to live your adult life on purpose and retire early?
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News Flash: Your Debt is an Emergency - As MMM puts it (and I'll let him say it), Your Debt is not something you “work on”. It is a HUGE, FLAMING EMERGENCY!!! I agree. Get the flip rid of it people if you don't want to be broke your whole life.
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The Cost of Living is Too High These Days, Waaah, Waaah! - There is way too much complaining about how we just can't make it in this economy, as you're driving gas guzzlers, and using iPads and iPhones. Hmm... maybe we're all just throwing all the money we have away and that's the real problem..... Hmm.... Could it be?
Brave New Life - I actually finally sat down and went through this site just this morning. It's a great place for reading up on more of this same thinking and living. The author, who goes by BNL, is planning to "retire" next year at age 35. He's done it through living modestly, working hard, saving hard and investing smart. There is some great stuff here. Some favorite posts of mine here are:
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10 Reasons Not To Retire Early? Uh-Oh! - BNL puts to shame arguments from another personal finance article on why you shouldn't retire early. I think these arguments were made so that all the normal people would feel better about their crappy situations, knowing that they may never be able to retire.
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The Core Principles of a Brave New Life - Take a look to see what they are all about.
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The Non-Retirement Generation - Yes, most of us may never be able to retire. How sad... :(
Lacking Ambition - Here's a 28 year old who's striving like mad to retire before he turns 30. This is a very unique and interesting site with tons of good content. Here are some of my favorites:
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I Wouldn't Know What To Do With All That Time - The author discusses all the great things he will do with his time once he's retired.
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Top 16 Reasons Why I'm Retiring Early - Good stuff.
And Some Others
Here are some other good blogs to check out:
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On investing - jlcollinsnh.wordpress.com
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On building a passive dividend paying portfolio - Dividend Mantra
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On mustachianism (the lifestyle of Mr. Money Mustache?) - Toward Mustachianism
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On paying off a ton of student loan debt insanely quickly - No More Harvard Debt
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On early retirement - Early Retirement Extreme
Now, once you've read some of this stuff, you'll understand what's going through my mind. It makes a ton of sense to me. How about you?
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10 Comments
- Terry says:November 5, 2012 at 10:12 PM
I live on a poverty level income and don't even have a one bedroom apartment - I rent a room in a house with (currently) five others. So I think I can out-frugal the vast majority of North Americans.
- krantcents says:November 6, 2012 at 3:36 PM
Embrace what works for you! I was always a saver and started investing early as well. I bought my first apartment building when I was 31 years old. There is really no single formula for financial independence, but you can pick what works for you.
- November 6, 2012 at 5:58 PM
We want freedom by our mid-late thirties. We may still work, but aim to not be tied to it if we decide to move on to new and different projects. That's what we want our "retirement" to look like.
- Kraig @ Young Cheap Living says:November 6, 2012 at 11:03 PM
Great thinking. Freedom in the mid-late thirties sounds like an awesome goal. Good luck with it!
- Barbara Friedberg says:November 6, 2012 at 10:52 PM
Kraig, I love the image !!!! We are on track for the option to retire!
- Kraig @ Young Cheap Living says:November 6, 2012 at 11:04 PM
Barbara, the image is so fitting, isn't it? Haha. Great job being on track. The word "option" is the main goal, don't you think? If you're living life while working, heck, keep on doing it, right?
- Brent Pittman says:November 7, 2012 at 4:36 PM
Kraig, I like your spunk! I think you'd also like Location 180 if you haven't read it yet. http://www.seanogle.com/
- 20's Finances says:November 8, 2012 at 11:49 AM
Craig - Great collection of articles. You're right, it's not normal, but I love it and when you see the possibilities, it sticks with you. Good luck reaching FI early on in your life.
- Gen Y Finance Journey says:November 8, 2012 at 11:58 AM
I'm with you! I don't need more stuff, I need more time! Why would I want to work into old age just so I can have more stuff? I want to spend time raising my future children, volunteering, doing activities I love, reading and learning new skills. Why would I sacrifice all that for a bigger house, a luxury car, and expensive furniture, clothing and gadgets? Also, that image is amazing.
- Eddie says:November 9, 2012 at 7:44 AM
I used to think retirement was not possible for me. I am happy retirment is possible, even if turns out to 70 for me, maybe 65. As a beginner in living cheaply, it feels good saving and putting money in the bank instead of not knowing where it goes. People who are doing their financial planning in their 20s and early 30s are so far ahead - keep up the great work! You are being an inspiration to this 35 year old!