81–90 of 222 posts
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It's not that hard to accumulate $100K if you're in IT. Just working for $100-150K a year and investing $20-30K annually should do it very quickly. Now accumulating $1M in a span of 5-10 years is much more challenging. I'm yet to solve that problem.
As does working for $40k a year and investing 30k annually which is what I did. There's no stock market magic required.
The title of the article is slightly misleading in that it's $7,000 per person, so it's actually $14K in this case. I know that's a little nit-picky, but things like rent would eat a good chunk of that $7k. Living on $14k is certainly possible, and the usual suspects can be cut to save some cash: * Drop cable TV * Same for cell phone - keep one pre-pay for emergency and use Skype for business/personal * Stick to one…
That's a good point and one of the frustrating things I find about an otherwise awesome blog. Living with a significant other is cheaper than living by yourself because I really doubt you're going to want to live in really close quarter with someone your not sleeping with.
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> who is going to consume these products if people are saving? Peter Schiff tells the story of a six guys stranded on a deserted island: five Asians and an American. They divide up the work as follows: one Asian hunts, one Asian fishes, one Asian gathers vegetables, one Asian cooks, and one Asian tends the fire. The American has the job of eating. Peter says that an economist would look at the situation and explain t…
I am not saying producing is not important, my point is that you cannot just demote consumption to an unnecessary side variable, because even when you trade your surpluses, you each are the market for the other. Does that not make consumption as important? What if no one likes fish other than the one Asian? What happens in that scenario?
Sorry, but this story is garbage. Rent/mortgage, retirement completely ignored. Plus he has the shittiest $82 health insurance plan he could find, and he doesn't calculate the costs of what will happen if he gets sick. On average people after 65 spend $2,920 per year on medical out of pocket expenses (Source: http://www.newretirement.com/Planning101/Rising_Medical_Cost... ) Then his food comes from his garden, which…
It disappoints me, but I have to agree with you (at least in part, I wouldn't call his story garbage). I say it's disappointing because his blog really inspired me to make some changes and I agree with the overall thrust of what he's saying. But the problem I have is figuring out how he accumulated his wealth. Of course, being a former physicist you'd think spelling that out in a simple spreadsheet would be a trivial…
Where's the magic? Save 80% of your net for 5 years. At a 3% return you will match what you spend now. That's EASIER than a spreadheet.
I've been living on $13,754 per year for the past 4 years. (Average as of last month.) There are two of us, so, double that and you have the average cost over that period. While we've been doing it, we've been traveling full time, spent the last year in europe living in AirBNB pads, and doing our startup. We buy a MacBook Pro each year and an iPad or iPhone each year as needed, with the old one going to the other per…
Depends on your goals in life. $7,000 is definitely doable. But I don't want to live in an RV. Indeed, I want to live in a walkable neighborhood with groceries, low crime, and easily accessible entertainment. The site probably isn't a convincing case for a general audience. Which is a real pity, because a lifestyle of $10,000 to $12,000 a year is very doable, even for a single person, even in the Bay Area, even with…
The article comes from the same reason I'm running the A Buck A Plate blog http://abuckaplate.blogspot.com - doing it because so many think living well for cheap can't be done.
Living in an RV is not "living well". Flush toilets are generally a minimum standard for that.
The way a regular toilet works: Water automatically enters the bowl. You do your thing. You press a lever.
The way an RV toilet works: Water enters the bowl when you press a pedal. You do your thing. You press another pedal. That's my toilet anyway. From the perspective of one's posterior it's pretty much the same thing and you can do all this while sitting on the throne.
Some RVs have flush toilets or even vacuum toilets.
When you have kids then you really live on $7000 per year. Believe me. So maybe when you are younger it is good enjoy a little because when middle age crisis comes (and it will come) and if you didn't enjoy when you were young all kind of crazy shit can happen. Happen to my father in-law: all his millions are worthless...
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@rorr - Uhm, yes, your point? I did say I was living on 5-7k/year.
After those taxes and $30K invested you'd only have $2506.