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Mr. Money Mustache Interview - Early Retirement Made Easy
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- čas přidán 11. 12. 2012
- www.madfientist... - In this episode of the Financial Independence Podcast, I talk to the original Mustachian himself, Mr. Money Mustache!
Mr. Money Mustache retired in his early thirties and has recently emerged as one of the most inspiring personal finance authors in cyberspace. His entertaining and informative articles, which can be found at www.mrmoneymust..., give you the "punch in the face" you need to get you on the right track to financial independence.
It was great having him in the Mad Fientist lab to talk about his path to financial independence so I hope you enjoy the discussion with him as much as I did!
www.madfientist...
Targeting financially independent by 45 myself. Since reading the MMM blog I realised it's really just about buying as little crap as possible and saving as much as possible.
Julian, what’s your 5 year update? Hope it’s going well!
My goal is to retire at 40. Only 21 right now but I just bought a $500,000 house with a 10% down. Still putting $500/month away besides my mortgage as well. I have everything planned out and it feels great!
Nice! Good luck and enjoy the journey!
congrats dude... you're ahead of most americans that for sure.
***** I live in Canada so don't have that type of Mutual fund. I bought in a good area so my house is doing nothnig but gaining value at the moment. If its in the right area a house is an investment in it's own right. Made a solid 50k on mine so far
***** Thanks for the advice Frederick, I have stopped putting extra down on my mortgage to boost my various savings investments. My initial post here was right before the initial Oil crash that is hurting Alberta Canada so much so I changed that mighty quick haha.
***** Will have to look into options like the ETF here as well thanks
So great to go back to the beginning of your podcasts and here how it all started. MMM (Pete) is so right with his comment about focusing on one thing at a time. How compelling this would be for all 17 and 18 year old people to hear -- that you can go into the workforce for 8 to 15 years and focus on excelling at your job and saving at a high rate. After becoming FI, then have child(ren) if so desired and focus on them. This would solve so many societal problems if adopted in mass.
Thank you for posting this video, very informative and motivating!
I am really excited about it. I am on a journey to pay my final debt 80.000 since 2015 and i am on my final 14 .669. Expect to Finish paying in July 2019. Then i will be able to invest 60 - 70% of my income. Can´t wait. These audios really help to keep my journey. Thank you guys!
Greetings, Eddie! How are you? Just loved thinking of your progress towards being debt-free and ultimately financially independent. Are you still on track to pay your last debt-installment next month (July, 2019)?
Nice interview. It's nice to know that theres inspiring people like you guys here.
I wouldn't classify this guy as 'retired'...he just doesn't work in the corporate world anymore. He's self employed and has some properties he manages (owns) and is a landlord. Being self-employed obviously you can set your own hours, however, some people like me enjoy going to the office with structured hours (if you like what you do, which i do). Not everyone wants to be a landlord. I'll pass up on the 10% return from a rental property for a 6-7% return from dividends. I hear about how rental properties are nothing but headaches from the people i know that have them. If he does make nice passive income from his blog, great, but that is just another thing to manage and is a job in itself.
Retirement doesn't mean you don't do anything. It means you don't have to generate income to meet your living expenses. MMM does many things that generate income, but my understanding is that he can live off his investments alone. So any "work" he does is a choice, not a necessity.
Its very easy to retire early !!!! I did !!!!! I quit high school my freshman year when I was 15, and I went to work !!!! I retired at 39 !!!!!
+Susan Miller I adore everyone who achieved that! It's amazing, absolutely amazing. I'm still not this far, almost 39 and hate my job so much.
porn.. lol just kidding
One thing I don’t agree that Mr. MM said and let me correct him. Being kick ass in raising a child, which is what you positioned yourself to do, Kudos!, is more important than putting energy in a “career”.
Thanks! Glad you enjoyed it!
Just subscribed to your podcast. Great video!
Minor technical point. The goal shouldn't be to retire early but to have enough money to do exactly what you are good at or want to do. If you want to work on research related life saving technologies that benefit all humanity do that. If you want to write poetry or study Renaissance painting do that. Society will benefit as a result.
❤❤❤
I require flat land to ride a bike. Missouri does not have it. Dirt roads and lot's of hills. Perhaps 20 years ago... Anyway good advice, good podcast.
23 years old I hope to retire by 35-40
Matt Obadia same age same goal see you there bro
Hoping to do this myself in another 10 years, hey 40 is still early!
How's it going so far?
Wow, a 65% savings rate at 23 is a great start! Keep me posted on your progress, Nick.
We've been saving since 2007. Started with a negative net worth of -$3K and now have a net worth of $300K. I'll be 40 next month, so I'm no spring chicken. My wife, however, is only 30.
hahahahah wtf...lol
1MansMoney Blog let's hope your wife doesn't divorce you or you'll be taken to the cleaners.
Currently working over seas in a great paying job, 27 years old have 67k in investments and one rental property. I am able to put around 10k a month (for 9 or 10 months of the year) into investing, my goal is to retire by 33.
In a post titled "How About that Stock Market!?", MMM links to a great stock series written by my friend Jim Collins. Jim's series is a great place to start if you're interested in investing in the stock market.
Great!
ty
Forty is definitely still early so well done!
Thanks a lot for listening
here in 2022. can't find the ultimate retirement calculator life spreadsheet that Mr. Money Mustache mentioned. maybe it changed name over the years? anyone know?
Here are the two spreadsheets that were discussed in this episode:
- lifespreadsheet.wordpress.com/download-the-spreadsheet/
- www.madfientist.com/financial-independence-spreadsheet/
Wonder if his views on rental as income has changed since the landemic and eviction moratoriums. I bet many people have changed their minds.
*pandemic lol
Any investment is with risk. Squatters rights have existed even before the major crisis that was the pandemic. I think the key is to have enough money to ride out any storm or risk on investing. Though rental properties are more intimidating than just stocks and other investments as it’s hard to get out from them compared to just selling stocks.
I feel like all these methods are based on above average earnings ? I don't earn much as a mature student (around 900 - 1000 GBP p/m) and only able to save between 300 - 500 p/m consistently . Please correct me if i'm wrong but with the above figures it's impossible to retire
+Ninja Warrior good question. This is something that I also am interested in..
You're right. The more you make the better chance you have at retiring early. But don't give up. Even with your income, you can have a lot more cash if you invest early. Search on CZcams "millionaire plumber on Dave Ramsey show" as an example ..
I can't believe that MMM didn't remember Burton Malkiel's name!
Video will not play in google chrome browser today. Bummer. I really like this guys blog.
But how can you accumulate enough investments by the age of 30 to retire? You'd have to have a big money job and put away a lot of that money very fast....that's a unique situation that very few are able to achieve. '
Check out his blog. Tons of resources and information, including exactly how he did it..... Not so unique situation, just a unique mindset. I am 42 and work in construction. I have ben following this methodology for some time now and am on track for "retirement" or "financial independence" in about 7 more years. I probably could have already gotten there had I been more extreme in my spending in my late 20's and early 30's. I have never had a car payment (have only owned 5 vehicles in 25 years), and had rooms rented out in my first and second houses in order to help me afford to make double house payments much of the time. Most people don't really understand compounding interest, and our schools barely touch on the subject. Because we live in such a consumptive culture, we seem to get stuck in bad habits of not creating budgets and spending all of what we earn.
He mentioned 130k yearly as a couple.
even when a many has very much, his life does not consist of his possessions. ~ Jeshua c 30 ad
What does he think about people like Robert Kyosaki and the kind of financial advice he gives?
MMM mentioned knowing people who use other people's money (debt) to get property that now makes them money which follows what Kyosaki talks about -- "good debt" vs "bad debt" and using good debt to build assets. But Kyosaki also says "saving is for losers", and that obviously goes against what MMM did. Take the best lessons from each person and put them to use.
heh become an engineer, save a lot, invest in index funds.