If you’re already a fan of Mr Money Mustache (as you’ve probably guessed by now that I am) you may have already seen this and know the subject off by heart. So if you’re completely up with the play, please feel free to drift off and read something else. If not, then stick around as I reckon you’ll find it worthwhile.
If you don’t already know Mr Money Mustache, he and his wife made the decision to ditch the typical lifestyle of 95% of Americans (and 95% of the population of most western countries) which is work, earn, spend, repeat, until retirement around the age of 65.
He calculated that he could retire in just 10 or so years of work by reducing spending and drastically increasing his saving rate. So after 10 years of working, he and Mrs MM pulled the plug on full-time employment back in 2005 aged 31. I’ve really simplified it here as Mr MM goes through this in the video.
Since retiring, one of his pet projects is “to try to get the people of the world’s rich countries excited about separating the idea of lifetime happiness, from the idea of buying expensive shit with which to pamper yourself. We use early retirement, personal fulfillment and social status as the carrot, and being a wussypants clown as the stick. It’s a human psychology problem as much as it is a financial or technical or political one.” (Mr MM’s words)
At the recent World Domination Summit (it’s not as hard core as it sounds), held in Portland Oregon in June, Mr Money Mustache presented a summary of what financial independence and early retirement is, how and why you’d want to do it, and why this is actually a good and ethical thing to pursue.
There’s a good chance that you may already be on board, as I am, otherwise you wouldn’t be reading my blog in the first place. But if you’re not, or you’re new to this concept of FIRE, or considering it yourself, I think you’ll find this worthwhile.