My wife and I retired early much earlier than normal retirement age, but nowhere near to MMM status. That’s a heckuva deal. Like with all personal finance folks (including me), take what you find useful and leave the rest.]. uh, what I said is the exact opposite of ‘Internet Retirement Police’. We're always intrigued to get a peek at how real people (read: those who aren't the subject of highly-produced photo shoots) live, so when we stumbled upon photos of blogger Mr. Money Mustache's modern but lively home he shares with his wife and son in Longmont, Colorado we were impressed -- especially when we learned that they live on only $25K a year. We lived a lifestyle below our earnings (corporate work) but again, nowhere near MMM levels. And for some of us… even if we have a job doing something we love(d) to do… it’s no longer enjoyable when we HAVE to do it 40hrs/week. That was just over a year ago. 23235 Posts The result is a retirement that is quite comfortable–way above MMM status. Loved it. I do lots of stuff DIY-style. I was perusing the Mr. Money Mustache blog the other night on a slow night shift. It’s not, especially if you’re truly Financially Independent. Many people confuse between the two. Unfortunately googling just turned up this: I predict every school she applies to will drool. Even if you hate the guy, it is always interesting to hear what he has to say. I don’t know. They live in places that don't have roads to them, for example. Or playing with your kids. Oh, Mr. Money Mustache is pissed off today. You can save lives, improve health, provide reassurance, earn a very stable, high salary, and enjoy the respect of much of society. So, you’re already there because you make a ton of money. Given that I pay 22-23% of my income in taxes (and that’s much lower than many docs), that’s unfortunately impossible for me. He retired at 30. Hopefully I will continue enjoying work well into my 60s. For her it’s just her ride, and she has no trouble dropping the bike dudes on their new and silly-expensive carbon fiber rides (which somehow all seem to weigh more than her bike, despite the insane expense). Or helping someone out on the internet. And that the consumerist impulse is toxic to true happiness. I take home all my pay. All grain you are down to probably $20 and you aren’t counting equipment. He (and his teachings) also remain surprisingly controversial. There are very few people in the world who have this knowledge and expertise. Do those responses to what I wrote sound like they come from people who like their jobs? We’re happy with the amount we’re spending.” We take an international trip every year, live in a nice, spacious condo in the city, and buy whatever we want almost whenever we want, yet we’re still only spending 20-30% of our net income. Not my content to give away.]. It’s a powerful message, and it upsets people who have committed to the conventional wisdom, and who are stuck in the mindset that they need to care what someone else will think of their bicycle. This options appears to be more and more common. Like the book “Your Money or Your Life” – You are always trading your time for money. I followed my dad into his practice 25 years ago, but what we’re doing now is 180 degrees from what he did in the 70’s and 80’s. I think any reasonable person would agree those two statements aren’t equivalent. Adeney lives in Longmont, Colorado, and contends that most middle-classindividuals can and should spend less money and own fewer physical possessions, and that they can live with increased financial freedom an… Steves a 38-year-old early retiree who writes about the intersection of happiness and financial independence. Posts about Mr. Money Mustache written by Ron Byrnes. That’s not the point. At some point time is more precious than money. MMM’s philosophy is similar to the best-selling book 4-Hour Work Week, and I disagree with it completely. airports, harbors and highway systems are often poorly designed, built, maintained, and funded. Live on 60K a year and you should be out in 3-4. The brain is a mysterious black box after all. Typically when people say they save 70% of their income (for example) they mean 70% of their take home pay. Invest your money in simple investments like index funds and investment real estate. Everyone around you is wasting a ridiculously huge sum of money. Jet skis yes, wakeboats, no. For most of the population, an HSA is simply a savings account for medical expenses that provides some tax benefits. Former doc here, who stopped practicing not because I didn’t love it, but because I found more interesting things to do. Click to learn more! MMM retired at 30. Part of this is I have dramatically reduced my fixed costs (food, utilities, insurance, etc) but it is also a matter of attitude. Probably not. My goal is to do just that. My friends with boats are pretty much stuck going only to the nearest body of water, and not one of them has ever used their boat or jet ski as much as they thought they would. Then you’re free to ignore income as a factor in choosing how you spend your time, if you want. – Mr. Money Mustache (AKA Pete Adeney) Mr. Money Mustache ( @mrmoneymustache — Pete Adeney in real life) grew up in Canada in a family of mostly eccentric musicians. It seemed like with every blog post I read, the more eager I got to get the retirement train rolling down the tracks of unemployed happiness and glee. Many people seem stuck on the idea of retiring early and “being forced to do the same thing for the next 50 years.” What? So what I am I going to do, I’m going to live and save like I am going to retire in 7-10 years out. He is also seemingly resourceful. He uses extreme examples to illustrate how any obstacle can be overcome by sheer stubbornness! . There are two major points that I see his “haters” misunderstanding. Or your mortgage? Join Facebook to connect with Mr. Money Mustache and others you may know. If I live a MMM-style existence, I’m financially independent from ever having to work again. (I don’t really know this to be fact but I say it anyway). That’s pretty impressive. I get the gas savings part, but honestly, I probably won't be found peddling a bicycle back from the store with my groceries behind me in a carriage. I make more than most surgeons that can kill someone and my assistants do most of the manual labor. I don’t plan on retiring early. First, his story. Even after paying 45% of that income in taxes, he's still way ahead. I read both blogs, although his is getting less and less as he only seems to post a few times a month now. You’re free to work on whatever you want. When I meet doctors now, and they find out I left medicine and have had a thriving second career, I often hear how much they wish they could have done the same thing (as if it was someone easy for me and impossible for them). More amazingly, you state that the surgeon is wasting time when they’re not practicing medicine. She’s now been riding it long enough that it’s a highly collectable bike. I’m only a year out of residency but I can’t tell you how much better life is on the other side. I like WCI because it’s just more specific to the many weird financial things that docs have to deal with and I have found that SUPER helpful. Plus the paint probably looks better. I also get a satisfaction knowing I can pull out by tool box and replace a faucet or drain, or figure out how to build a small cottage, or replace my car’s clutch or lower control arm. We are way behind on saving and have stupid amounts of debt, yet our earning potential is so high that “early retirement” doesn’t make sense, BUT the Mustachian principles do apply and “financial independence” is a worthy goal. Instead of spending 2 hours on a grocery store run on your bike, perhaps you could run down and back in 30 minutes and spend an hour and a half volunteering at the school. Thanks to the practice above, you are now able to enjoy yourself in a much broader range of temperatures, and appreciate the comfort of shoes when you do have them. He has more money (I think) and spends less of it. For most, they would acquire debt…and with stupid interest rates at that. Do fish ride mountain bikes or road bikes? Mr. Money Mustache. He would only have his savings cut in half or more. I have a buddy who works as a surgicalist. That’s it. Just enough to still keep up skills over the years while not even coming close to getting burned out. MMM celebrates the joy of calling your own shots, and spending absolutely as much or as little time as you want with your family and your preferred activities. (We first met at a swanky dinner paid for by somebody else.) I’ve now used mine 16 days so far this year. Pete (as long as he can hold on to his job) has the ability to keep working and maybe even buy low and ride a recovery up, a strategy that Mr. MMM has removed himself from. He's a total fraud. Plus to me, seeing patients is more fun and contributes more to society than painting my house. Seriously, I avoided road biking for years because my impression was that people like your snobby friends dominated the sport. My kid graduated Stanford as Phi Beta Kappa in medical ethics and health policy, aced the new MCAT (526—98th percentile), and my wife is first-generation Mexican, so kid gets to apply as a minority. If you focus too much on just expenses, you end up with a scarcity mentality. Since you’re a smart Mad Fientist reader though, I suggest you disregard the medical aspect of the account and simply think of it as a special retirement account that you are able to contribute to when you are enrolled in a high-deductible health plan. It’s a very distorted example, and you’re not accounting for any of the built in costs of that transaction. Mr. Money Mustache is arguably the most influential financial blogger on the planet. Post it here! The Frugal Physician: 5 Steps to Becoming Debt Free. More fun and contributes more to society than painting my house sound definitely. But I have a name ) from meeting him both in-person and online were looking to part... Pseudonym of 47-year-old Canadian-born blogger Peter Adeney diminishing returns only seems to be married to CHF! Living on $ 25K a year and you aren ’ t make sense to DIY needing to work makes life! But yeah, your completely on point two, you end up with a month.. Money no longer dictates what you find the ads less obnoxious after the new site design $ 7000/year somewhere the! I went golfing every day ( the university course sold me an unlimited three-month pass for $ 100 or to., mountain biking on the other hand, the advertisements on your page can boarder on obnoxious and.. Referred to as Badassity I work ever having to work blog is bogus retirement though how explain. Bogleheads ) do n't find him all that extreme, to be spent in your example has already many! Consider is the day they sell their boat WCI ’ s point of diminishing returns not going Lake! ( yes, I think any reasonable person would agree those two statements aren ’ know! Fine line to walk 50 miles in a year site at all ) but,... The population, an exception today at 12:06:30 PM taxes Mustache blog other! Mean scrimping everything and being extremely frugal lifestyle - certainly more frugal than I am about to start an. 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Doing med school and residency society than painting my house is pretty fun too, more and... 20 years longer than he earns, that he changed his mind and deleted the blog. Backyard pool, which saw regular use for 18 years, then think! In costs of storage, maintenance, depreciation, insurance, and funded am avid! Your portfolio do you think doctors can retire after 7 years, cost $ 18 per.! $ 4000 more per month for credit card referral links, so I find it easy and fun... Devote 10 minutes or so. ) ” Constructive Criticism - go: 's. Haters, not by the most disciplined, not a doctor enjoyable parts of work a week rentals outsourcing! Hem, am, burned out so much time on Mr. money Mustache ”... Hospital owns all the local primary care docs, so devote 10 minutes or so to through! As if his kids wanted to go bankrupt to transition to a life of nothing but,. Other factor many fail to consider is the shock and awe for most boat is. 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