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Interview with Mr. Money Mustache

blog.ycombinator.com

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Re: Interview with Mr. Money Mustache

#61

Post by arethuza »

jacquesm wrote: post #42
ghaff wrote: post #40

Earlier quoted context omitted.

I find his schtick over the top. On the other hand, some people really do need to learn that they'd have an easier time saving money if they didn't lease a BMW, go out eating and drinking every other night, and vacation at expensive resorts.

He has a pretty healthy attitude to debt and in plenty of countries that are less consumption oriented he would be pretty normal. I know lots of mustachians here in Europe who most likely have never ever heard of him.

Actually, that's a good point - I've known quite a few people who lived carefully off of investments/property. Fairly common in some (usually rather posh) circles in the UK.

Re: Interview with Mr. Money Mustache

#62

Post by craigcannon »

_jal wrote: post #52

Allow me to just throw out that I love the transcript. I know it is a lot of work, but I wish more podcasters would publish them. I watch/listen to very few podcasts; don't drive regularly, which is where I would normally consume them, and otherwise tend to skip them because so many are a tedious waste of time. Plus, I just prefer text to video. So, thank you!

Glad you like it! Always helpful to know what's worth the effort :)

Re: Interview with Mr. Money Mustache

#63

Post by the_gastropod »

ramphastidae wrote: post #51
the_gastropod wrote: post #28

Earlier quoted context omitted.

> but good luck trying to retire as a welder or car mechanic making $50k Retiring at 30 while earning $50k would be difficult. But retiring at 40 or even 50 is still relatively easy on such a salary.

That's an exaggeration, even for frugal people. Retiring at 50 means ~30 years of working life finished and ~30 years of retirement remaining. At $50k per year * 30, that's $1.5m. Spread out over 60 years that's $25k per year before tax. I wouldn't say it's "relatively easy" to save for retirement, pay for healthcare, live somewhere safe, have children, etc. on that, even with investment returns over that time frame.

You're ignoring investment income. I suggest reading MMM. It's a trove of great information.

Re: Interview with Mr. Money Mustache

#64

Post by garettmd »

GiorgioG wrote: post #32
the_gastropod wrote: post #28

Earlier quoted context omitted.

> but good luck trying to retire as a welder or car mechanic making $50k Retiring at 30 while earning $50k would be difficult. But retiring at 40 or even 50 is still relatively easy on such a salary.

Assuming you decide to not to have kids ;)

And assuming there are no bad events in your life which drain your savings, like health issues

Re: Interview with Mr. Money Mustache

#65

Post by phaemon »

vasilipupkin wrote: post #48
kdamken wrote: post #45

Earlier quoted context omitted.

I don't think you know what retired actual means here. It doesn't mean never working again, it more refers to being financially independent. If he wanted to stop all those projects and never do anything again, he could. But that would probably be boring, so he pursues things that interest him, some of which net him income. He's gone over his family's spending before, if you want to read more - http://www.mrmoneymusta…

Beautiful. Since we get to make up our own definition of what retired means, I guess I am also retired. re·tired rəˈtī(ə)rd/Submit adjective 1. having left one's job and ceased to work.

Well rather than attempting sarcasm, why don't you tell us what you think retired means? Presumably you're banned from ever doing any task that might even possibly net you any money?

Re: Interview with Mr. Money Mustache

#66

Post by jacquesm »

loeg wrote: post #39
brndnmtthws wrote: post #25

Does anyone else think it's a bit funny to see an MMM interview on YC? Through their investments, YC seems quite pro-consumerism. Consumerism is the antithesis of being mustachian. It's always kind of bothered me that HN (and YC) seems to encourage conspicuous consumption.

Also, startups are kind of the antithesis of early retirement.

The few people I know that actually managed to get into early retirement (below 35) were the ones that founded very successful start-ups.

Re: Interview with Mr. Money Mustache

#67

Post by [deleted] »

joeax wrote: post #50
joeax wrote: post #19

I've been reading his blog for a few years, and he does some have some insightful advice on shedding unnecessary expenses and living on a frugal spending diet. I've been able to get down to one car that is almost paid off, and double my savings and investment portfolio. My favorite article from him is living close enough to work to bike (although working from home is most ideal). However, his blog comes with a bit of…

I'm going to extend my comment. I've been reading James Altucher's books like "Choose Yourself" and his blog. Altucher's philosophy is somewhat similar, except he focuses on tapping into your creative mind and finding unique ways to supplement your income to the point that you're not necessarily retired, but doing what you love. The goal then is not necessarily to retire, but to just get to a point where you are work…

[deleted]

Re: Interview with Mr. Money Mustache

#68

Post by KGIII »

ghaff wrote: post #16
dsacco wrote: post #4

Something I’m curious about regarding Mr. Money Mustache - is he actually retired, in the sense that he doesn’t do anything to bring in income (except through passive index investing)? It seems like he has a brand that is pretty lucrative, so it’s unclear to me if he: 1. has enough money to be functionally retired at his current lifestyle, but chooses to continue his brand anyway, 2. has enough money to be functional…

Here's a New Yorker article about him: https://www.newyorker.com/magazine/2016/02/29/mr-money-musta... I believe he has some rental income from properties he owns and he claims to only spend $25K or so per year, so the answer is probably closest to 1. His brand/blog does seem to be quite lucrative though. At this point, it would probably make more sense to limit the effort rather than shut anything down.

There should probably be another word for it? I'm financially secure and will be for the rest of my life. But, I still generate an income, mostly by ownership but I still do physical labor. I do quite a bit of my own labor, as well. I can easily pay someone to do it for me, but I like it.

I just helped harvest the blueberries. Next, I'll be filling my own freezers during hunting season and I'll be guiding others to help fill their freezers. I harvest and process the animals on the neighboring farm, more so if I'm to be purchasing the results. I cut down trees for my own firewood, but I've helped the crew that harvests for commercial reasons. I own a share in a few franchises, and it is not unknown for me to come help on snowy days or even just to help clean up at close. I not only plow my own snow, but I plow it for other people, I'll even shovel for them.

Some of this makes me money, some of it costs me money.

I'm not sure retired is the right word? I don't have to do it, but I like keeping busy. Surely, there could be a better word than 'retired?'

Re: Interview with Mr. Money Mustache

#69

Post by reboog711 »

jacquesm wrote: post #26

The MMM way is more about locking in your luck than anything else. Be frugal, when lady luck smiles and you have a lot of income make sure you do not waste the proceeds and avoid living above your means at all costs. Having skills is a plus and in his particular case it helps if you are good at building a personal brand so you can ride the self help bandwagon. Very useful information compared to most other self help…

In fairness the bulk of The Millionaire Next Door subjects owned their own business and could often pull in salaries of $500K+ per year.

Re: Interview with Mr. Money Mustache

#70

Post by branchless »

astura wrote: post #44
joeax wrote: post #19

I've been reading his blog for a few years, and he does some have some insightful advice on shedding unnecessary expenses and living on a frugal spending diet. I've been able to get down to one car that is almost paid off, and double my savings and investment portfolio. My favorite article from him is living close enough to work to bike (although working from home is most ideal). However, his blog comes with a bit of…

MMM is too smug and pushy for a good portion of the general public. His writing can awfully hostile, it could be toned down a bit and his message would get further - some of his advice is very sensible. The problem with frugal blogs (in general) is they do one or more of the following; push penny pinching 24/7, "if you aren't eating lentils everyday and living in a cardboard box you're fucking up," they are too conde…

He has several rentals and lives off other families. We can't all do that. It's not a real, scalable solution. It's not genuine.
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