What Are the Most Powerful Habits You've ACTUALLY Adopted for Huge Results?
02-09-2016, 01:33 AM
^Great post!
Adopt these habits, fellas, and you'll be your own man at 30/35/40 . . .
Not to derail this thread, but I'm not as optimistic about investing as Mr. MM is, though. I lost 1/2 of my college account money in 2008, my senior year of high school. I think if you're gonna go w/ Vanguard/Index funds, you've gotta be in it for the long haul and not touch the money for several decades, no matter what. Part of me, perhaps irrationally, thinks that investing is just gambling for the upper class. Maybe I just don't know enough about it yet, I dunno . . .
Also, skeptics of the Mustachian route believe that the market won't yield dividends that will allow for a 4% withdrawal rate in the coming years & decades. My favorite opinion on this matter is from Jacob at Early Retirement Extreme who wrote that the best plan for early retirement is just a big pile of cash in your bank account.
In any event, if you can accumulate enough funds to decide to invest or not (or where to invest), you've already won the game.
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I'm preaching to the choir here, but the difference between having a high cost of living and a low cost of living boils down to having a DIY mentality. My dad always tried to teach me this and I didn't understand why it was important until I started paying my own bills.
Generally speaking, the conventional method of doing things (paying a mechanic, going out to eat at a restaurant) is the price people are willing to pay so they don't have to learn anything. If a mechanic makes $20 an hour and it takes him three hours to fix your car and you do it in six hours over a couple beers and a youtube video, you just paid yourself $60 to learn how to not need a mechanic.
One habit I've had consistently for the past couple years is that, about once every couple weeks I'll look at an item I use consistently and see if I can somehow make it cheaper in the easiest way possible, or make it more durable in such a way that I'll never have to replace it.
Adopt these habits, fellas, and you'll be your own man at 30/35/40 . . .
Not to derail this thread, but I'm not as optimistic about investing as Mr. MM is, though. I lost 1/2 of my college account money in 2008, my senior year of high school. I think if you're gonna go w/ Vanguard/Index funds, you've gotta be in it for the long haul and not touch the money for several decades, no matter what. Part of me, perhaps irrationally, thinks that investing is just gambling for the upper class. Maybe I just don't know enough about it yet, I dunno . . .
Also, skeptics of the Mustachian route believe that the market won't yield dividends that will allow for a 4% withdrawal rate in the coming years & decades. My favorite opinion on this matter is from Jacob at Early Retirement Extreme who wrote that the best plan for early retirement is just a big pile of cash in your bank account.
In any event, if you can accumulate enough funds to decide to invest or not (or where to invest), you've already won the game.