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Interview with Mr. Money Mustache

blog.ycombinator.com

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Re: Interview with Mr. Money Mustache

#251

Post by vasilipupkin »

ghaff wrote: post #245
vasilipupkin wrote: post #244

Earlier quoted context omitted.

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 e…

needing money is pretty binary, in my opinion. If I can do all the things I like without working at all, then I have enough to retire. If I occasionally need more money to do some of the things I like and I need to work to get it - I don't have enough to retire.

Re: Interview with Mr. Money Mustache

#252

Post by misnamed »

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…

All I know is he makes good money off the blog, and his affiliate link disclosures (e.g. Betterment) are often poor (e.g. at the end of an article, which doesn't conform to federal guidelines). It also, of course, calls his judgment into question, though naturally he swears up and down he loves the companies that sponsor him.

According to this New Yorker article, the blog makes hundreds of thousands a year. So now his 'early retirement' is starting to look like 'smart career change for getting much richer.'

https://www.newyorker.com/magazine/2016/02/29/mr-money-musta...

Re: Interview with Mr. Money Mustache

#253

Post by misnamed »

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…

His blog also nets him hundreds of thousands of dollars a year. I'm sure that helps him feel smug and safe in early retirement.

https://www.newyorker.com/magazine/2016/02/29/mr-money-musta...

Re: Interview with Mr. Money Mustache

#254

Post by sjg007 »

otterpro wrote: post #184

The easiest way to retire early is to enlist in the military, at least in the US, anyway. After 20 years of service, you are set for life with life-long retirement pension and healthcare. Of course, there's a high risk, since there's always wars and deployments, etc and many don't make it past 10 years, after they get fed up with being in the military. When I was in the army, I saw a lot of people in their early 40's…

It's also a great way to go to med school.

Re: Interview with Mr. Money Mustache

#255

Post by sjg007 »

RestlessMind wrote: post #49

The biggest question I face regarding early retirement in the USA is how to handle health care expenses, because the situation is so messed up. There is huge uncertainty around the future of healthcare, especially regarding coverage and quality. So far, all the early retired people I have seen have either a working spouse or have retired abroad. It would be great to know if people here, especially those who retired e…

True, I think in 10 years we will have single payer or at least buy into medicaid as a start.

Re: Interview with Mr. Money Mustache

#256

Post by ghaff »

vasilipupkin wrote: post #251
ghaff wrote: post #245

Earlier quoted context omitted.

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 e…

needing money is pretty binary, in my opinion. If I can do all the things I like without working at all, then I have enough to retire. If I occasionally need more money to do some of the things I like and I need to work to get it - I don't have enough to retire.

I'd probably like to hop on a NetJets when I travel but I'm not planning to hold off on retiring until that's a reasonable option. Pretty much everything is about tradeoffs.

Re: Interview with Mr. Money Mustache

#257

Post by branchless »

reverend_gonzo wrote: post #224
codydh wrote: post #217

Earlier quoted context omitted.

It's common for people to get stuck below or near the poverty line. It's difficult to save for a house down payment (much less build up the credit to get a loan for the rest) when you're struggling to pay for rent, bills, and food. Ignoring this cycle is missing the reality for many, many people.

Absolutely. Some people definitely do have it a bit harder than other people. But, outside of medical/mental issues, or just a stream of bad luck, people generally make it harder on themselves due to certain choices in their life. My parents came to America without a dollar in their pockets. My dad's income was running a convenience store which barely made enough to pay his bills. So both parents worked, effectively…

How much was land back then? Far less. He'd be in that cycle if he came over now.

Re: Interview with Mr. Money Mustache

#258

Post by dceddia »

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 you can do that too. Leisure is awesome. I think I'd do a lot of that myself.

I don't think I'd give up programming though. I really enjoy it. Maybe after tinkering on a bunch of my own projects that nobody ever sees, I would get bored of that (pretty sure I would anyway). I'd probably get an itch to do something that other people can use too. And then it's likely there'd be money involved.

But also, "going to 3 different part time jobs" isn't really a good way to look at it. If someone asks you "hey, do you want to help me build a deck?" , there's a world of difference between saying yes because you need the money vs. saying yes because you enjoy the work and want something to do.

I would not underestimate being in the position to walk away. Even if you never act on it, that feeling of control is worth something. (see also: "fuck you money").

Re: Interview with Mr. Money Mustache

#259

Post by imgabe »

vasilipupkin wrote: post #158
imgabe wrote: post #85

Earlier quoted context omitted.

You can substitute "financially independent" if it makes you feel better. Many people continue doing things that generate income even though they don't need the money. It's worth noting the difference between someone working because it's what they enjoy doing vs. someone who is compelled to work by financial necessity.

if they have enough money that they don't actually need to work and yet do work that generates income why don't they take that income and fully donate it to charity? if MMM doesn't do that, it means he needs that income - not different from just having a job

That's a ridiculous standard. How much money do you make? Do you live on the bare minimum necessary for survival and donate the rest? If you do, then kudos. If you're like most other people, you probably indulge in a luxury once in a while that you wouldn't otherwise buy if you couldn't afford it. That's not unreasonable. If your income unexpectedly declined, I'm sure there's a number of expenses that aren't strictly necessary and could be given up without too much worry.

FWIW, MMM did blog about giving away $100,000 of his blog windfall last year (https://www.mrmoneymustache.com/2016/10/26/notes-on-giving-a...) and plans to give away more.

Re: Interview with Mr. Money Mustache

#260

Post by Jemmeh »

jk2323 wrote: post #115
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…

He has good ideas but I agree with your arguments. Also, is he retired? How much time does the blog consume? How much income does it generate?

He had the money to retire before the blog got big, but yes he and his wife still work, but only when they want to.
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