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Interview with Mr. Money Mustache

blog.ycombinator.com

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Re: Interview with Mr. Money Mustache

#241

Post by giblaz »

astura wrote: post #142
reverend_gonzo wrote: post #102

Earlier quoted context omitted.

The reason to rent is for the ability to move on demand. If a family is renting in the same place for decades, that is their problem. The moment you realize you are going to stay in one place for an extended period of time, there is no reason to continue renting. Sure, not everybody can purchase their dream home. But they can purchase something small, build equity, and upgrade in the future. The government also has p…

"You should own," no, everyone is different. Many people have no interest or ability to take care of a property. I watched my grandparents' house deteriorate and literally fall apart from neglect. [I used to think the roof leaking when it rained was a totally normal thing] They had literally every appliance in the house break over the years but they didn't have the wherewithal to replace anything so they just went wi…

>don't believe for a second "everyone should own."

You really should own if you're going to stay in the same place. If you can't take care of your place, and you rely on a landlord to do it, you're going to be in for a bad time when you have a landlord that doesn't give a shit. Which a lot of them are.

Re: Interview with Mr. Money Mustache

#242

Post by ahelwer »

vasilipupkin wrote: post #235
ahelwer wrote: post #230

Earlier quoted context omitted.

Why does it matter whether doing what you want to do brings in money?

it doesn't but then there is no advantage to whatever MMM is doing, vs just having a well paid regular job that you like. to me the point of retirement is to be able to wake up at 9 and go for a walk or travel or reading a book. Not going to 3 different part time jobs.

Of course there is a difference. MMM doesn't have to do what he's doing in order to pay for a place to live and food to eat. He doesn't have to stress out about losing his income stream. He basically has hobbies for which he gets paid.

In your retirement, you'd choose to walk and travel and read books. Those are good hobbies! What if eventually you want to get into something like woodworking (a very popular hobby)? What if - gasp - you sell some of your woodworking creations for money? Does that invalidate your retirement?

Re: Interview with Mr. Money Mustache

#243

Post by joeax »

macNchz wrote: post #138
stefantheard wrote: post #95

Earlier quoted context omitted.

What avenue is there to retire at 30 if you make 200k by 25? I must be missing something massive.

I'm not a subscriber to this strategy, but the theory goes that if you save, in that scenario, 80% of your take home pay (annually saving ~$100k, spending ~$20k), you'll have, say, ~$500k invested in 5 years and can safely withdraw 4%/$20k per year indefinitely. Then you can quit your 200k job, 'retire', and enjoy the same lifestyle as you lived while employed. Personally I agree with the message about the power of s…

That's pretty much most of us. I couldn't imagine sitting around at 30 with nothing to do.

Re: Interview with Mr. Money Mustache

#244

Post by vasilipupkin »

ahelwer wrote: post #242
vasilipupkin wrote: post #235

Earlier quoted context omitted.

it doesn't but then there is no advantage to whatever MMM is doing, vs just having a well paid regular job that you like. to me the point of retirement is to be able to wake up at 9 and go for a walk or travel or reading a book. Not going to 3 different part time jobs.

Of course there is a difference. MMM doesn't have to do what he's doing in order to pay for a place to live and food to eat. He doesn't have to stress out about losing his income stream. He basically has hobbies for which he gets paid. In your retirement, you'd choose to walk and travel and read books. Those are good hobbies! What if eventually you want to get into something like woodworking (a very popular hobby)? W…

If you sell those wooodworking creations for money and you keep the money - yes, absolutely. Why don't you give those woodworking creations away for free if you don't need the money? or why don't you donate the money you earn from them to charity - if you don't do those things, you admit you need that money for something that you can't afford otherwise. In that case, why not just work a job? I mean if you love woodworking and do it for money, you just have a job that you love, which is fantastic. but it's a job.

Re: Interview with Mr. Money Mustache

#245

Post by ghaff »

vasilipupkin wrote: post #244
ahelwer wrote: post #242

Earlier quoted context omitted.

Of course there is a difference. MMM doesn't have to do what he's doing in order to pay for a place to live and food to eat. He doesn't have to stress out about losing his income stream. He basically has hobbies for which he gets paid. In your retirement, you'd choose to walk and travel and read books. Those are good hobbies! What if eventually you want to get into something like woodworking (a very popular hobby)? W…

If you sell those wooodworking creations for money and you keep the money - yes, absolutely. Why don't you give those woodworking creations away for free if you don't need the money? or why don't you donate the money you earn from them to charity - if you don't do those things, you admit you need that money for something that you can't afford otherwise. In that case, why not just work a job? I mean if you love woodwo…

In the woodworking example, you may only have room for so many chairs around the house. And, if you don't really need the money, you make what you want when you feel like it. That's a lot different from the typical job.

Needing money isn't binary in any case. I may or may not need more money. But maybe I'll be glad I had it some day. Of, perhaps unlike MMM, maybe I'll buy something or take a trip someplace with the extra money that I wouldn't have otherwise done.

Re: Interview with Mr. Money Mustache

#246

Post by sowbug »

bluetwo wrote: post #209
sowbug wrote: post #159

Earlier quoted context omitted.

Feeds into the universal basic income philosophy: if you don't have to work to survive, you might still work on things you care about.

Do you think he is doing this for free? I don't.

No, neither of us thinks that.

I think you wanted to point out an inconsistency between the dictionary definition of retirement and the fact that this person is still receiving income in exchange for work. You made your point. Let's move past that.

Not having to work to survive (e.g., this guy, retirement, UBI, lottery, vow of asceticism, whatever) gives you more options. Some people go on permanent vacation. Some people keep chugging away at their jobs because they still enjoy them. Some people change to jobs that they previously weren't willing to stake their survival on, and those new jobs might or might not pay money. I don't know this MMM guy, but it seems like he's in that last group. Doesn't sound so strange to me.

I'd be pretty disappointed if retiring meant you were prohibited from doing things that others happened to be willing to pay for.

Re: Interview with Mr. Money Mustache

#247

Post by shamino »

reverend_gonzo wrote: post #102
CodeCube wrote: post #79

Earlier quoted context omitted.

Personally, I find rent-seeking landlords to be an unethical pursuit. I know that's not a mainstream thought, and is the underpinning of many people's income strategy ... but I can't support the idea of letting a family live in a property for decades, and then something happening, and they're on the street with nothing to show for the tens of thousands of dollars they have given in rent.

The reason to rent is for the ability to move on demand. If a family is renting in the same place for decades, that is their problem. The moment you realize you are going to stay in one place for an extended period of time, there is no reason to continue renting. Sure, not everybody can purchase their dream home. But they can purchase something small, build equity, and upgrade in the future. The government also has p…

I invite everyone on this thread to read "The Wealthy Renter" by Alex Avery. Also, no, the primary reason is not so you can relocate. Buying a home could be a very bad financial decision for most people, who don't realize it and just do it because everyone around them tells them to.

Re: Interview with Mr. Money Mustache

#248

Post by ck425 »

dxbydt wrote: post #107

man, what a weird pov. Start at the beginning - "nobody should do the 40 mile pleasanton to sf commute". I guess he means pleasanton to mv, because if you were to go to sf you'd just take the bart door to door. So do you know how many engineers drive from pleasanton, or in general east bay, to mv ? I'd wager its upwards of 100k, considering the backed up traffic on 680 between 8 am to noon. now are all of these engin…

His point of view is that those perks don't justify the commute. I'm personally inclined to agree with him having tried both.

There's a fair amount of research suggesting short commutes are good for mental health and the effects of regular walking/running/cycling are well known.

Re: Interview with Mr. Money Mustache

#249

Post by loco5niner »

taway_1212 wrote: post #232
abledon wrote: post #197

Earlier quoted context omitted.

when you retire @ 37, you can start to do yoga/tai chi religiously, 1-2 hrs a day, so when your 80 years old your not old/frail. And IF you are tired of material existence, you have the means to end your life internally by simply controlling your energy, sending it up your spine into your brain ;)

> when you retire @ 37, you can start to do yoga/tai chi religiously, 1-2 hrs a day, so when your 80 years old your not old/frail. Ever heard of diseases (not to mention just plain old aging)? Tai chi/joga is not a ticket to immortality.

I'm guessing that part was as serious as this part:

>you have the means to end your life internally by simply controlling your energy, sending it up your spine into your brain

Re: Interview with Mr. Money Mustache

#250

Post by ck425 »

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…

I personally enjoy his style. MMM is clearly a character that he plays and is deliberately provocative. There are other more level headed financial independence blogs out there but I don't find any of them as entertaining as MMM.
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