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. This exasperation came mainly from him having been retired a full six years, living happily with his children and wife, while his friends complained about how little money they had. +1. I’d argue that it’s reasonable to spend some money, especially if you’re already saving 20-30% of your gross income already. Click here to read our full disclosure. [Update prior to publication- It's at least 3 times as fun.] Report Save. Neither my wife or I will ever stop working or earning money in some form, but I do plan to “retire” before I’m 45. In one month, I can earn more than I ever made in a year prior to my 30th birthday. He makes some money from it, but as near as I can tell, the site is dramatically “under-monetized.” I don't think he cares. I agree that you shouldn’t waste money on things that don’t make you happier. I’ve repaired and refinished furniture I’ve found out with the trash, when I could have easily bought new stuff. Â I'm talking thousands of hits a month. And I didn’t “zero in on a few minor points.” You numbered your primary critiques, 1-4. He lives in Longmont, Colorado. Do fish ride mountain bikes or road bikes? I’d rather be working at my practice, hanging out at the gym, or playing video games (sorry, WCI, but I just love Peggle). This is unfortunate. 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. There’s certainly a fine line to walk between the two. I still want to be financially independent, but when I’m like 50. I think MMM has alot of things right, but with doctors some of it needs to be adapted. Â I found it interesting...so interesting that it completely changed my life, for the better. I get this whole vibe from reading Pete's story and the stories of those on his site and forum that they hate (or in many cases, hated) their jobs. Will it be ten times as much fun? Notify me of followup comments via e-mail. So, when I hit my FIRE number, and my side gig consistently generated more income than my surgical salary, I decided to turn in my scrubs. Like the book “Your Money or Your Life” – You are always trading your time for money. Like with all personal finance folks (including me), take what you find useful and leave the rest.]. My life already looked a lot like the one he advocates for, when I found his blog. For me though, the MMM gold is that before I read his blog I was stuck in the mindset that everything will be so much better when I am making a big physician salary and that residency is financial purgatory! I spend money on things I like. I like what I do enough to do it for the amount of money I receive. For no purpose whatsoever except to see if he could do it. I enjoy doing it, and I now have a house full of beautiful, high quality furniture. Some of his advice isn’t really practical, but that’s OK. He’s already given me a lot to think about for my next car purchase, for instance. Seems like WCI is mellowing a bit, more relatable and thus more relevant to me. And frankly, friends who have recently gotten into bicycling clearly have as much enjoyment on their low-rent Jamis bikes as the prissy weight-wienies who feel the need to get new bikes every couple of years and who sit around laughing at MMM’s crummy ride. The whole philosophy has nothing to do with hating one’s job.). If you are using an extract kit you save maybe $40 bucks at best. You can save lives, improve health, provide reassurance, earn a very stable, high salary, and enjoy the respect of much of society. As a contemporary Stoic, you might make a point of seeing how long you can leave the air conditioning off on a summer day, or try hiking in bare feet instead of shoes occasionally to feel the land and force your feet to adapt to tougher conditions than a moisture-wicking merino wool hiking sock. MMM lives on $25k a year. And yes, I saw your summary of the MMM philosophy. Minimalism versus Frugality: Can They Coexist? Live like youre a resident! I’d rewrite point 4 to be, ‘for Mustachians one of the main focuses is not wasting money on things you don’t need or that don’t make you happier.” That’s very very different than a ‘scarcity mindset.’ Put more simply, a key element of Mustachianism is not embracing scarcity, or becoming a miser, but rejecting consumerism. He is also seemingly resourceful. With regard to Mr. MMM’s earnings, I vaguely recall him taking a pledge some years ago to only reap the first $4000 in monthly earnings from his blog, and donate the remainder. . I don’t know– maybe as an attending I’ll discover joy in patient care again…but I do know, with MMM’s theology, I can always have that card in my back pocket. I *love* MMM. 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. I think you fundamentally misunderstand, and misrepresent, what MMM is about. And for that I think he is great. And, we earn enough money to do other things we enjoy. This is what I think you’ve missed: it’s NOT a choice between stuffing every penny into investments vs. buying stuff to make you happy. Sorry! As for your take on MMM vs. WCI’s take, you are both right. They still do some work, both for free and for pay, but are not financially required to do so. And all this comes without the slightest sense of deprivation or scarcity. 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. Technology changes. Do you think doctors CAN retire after 7 years? The brain is a mysterious black box after all. For example, mountain biking on the trails behind my house is pretty fun. From Meet Mr. Money Mustache, the man who retired at 30: To hundreds of thousands of devotees, he is Mister Money Mustache. Not me. MMM lives an extremely frugal lifestyle - certainly more frugal than I am living now and probably ever will live. .) , http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/. I doubt she’ll follow me into private practice as she is bored with my specialty and seems better suited for academia. That’s pretty impressive. I think he would consider you part of the internet retirement police. I don’t see where I stated that a surgeon who is not practicing medicine is wasting time. Financial independence is a movement, not a moment. He cuts through the BS and shows you how bad the “norm” has become when it comes to certain financial decisions. Does it have issues? Medicine is just not what I had hoped it was going to be. Seriously, I avoided road biking for years because my impression was that people like your snobby friends dominated the sport. Sounds like shaky ground to me…as I’ve seen many a young lady grow old at the expense of a non-commital man…and be out on the streets by themselves when your man wants kids and you can’t. But you know what, sometimes it doesn’t make sense to DIY. Money Mustache,” with the curious tagline of “Early Retirement Through Badassery.” For me, he helped me focus spending, especially while on vacation, to things that I’ll actually use/enjoy. She got it for $800 even though it had just been upgraded with a $1200 wheel set, $200 seat, new bars and CF seat post and front fork. Having said that, I agree that not everyone needs to live up to his exact personal goals. The surgeon in your example has already spent many years of hardship to get to the point of casually paying a painter to paint. Sure, his perspective is extreme and nearly impossible for the vast majority of people, particularly high earning physicians. Mr. Adeney doesn’t give out the exact number for his net worth, but the extrapolated net worth of Mr. Money Mustache is between $3 million to $5 million. If you think MMM is frugal, you should check this guy out: http://earlyretirementextreme.com/how-i-live-on-7000-per-year.html. MMM might consider a 10 day trip to French Polynesia hedonistic but after working like a resident does the clear water makes you feel pretty good while sipping pineapple wine and looking at the most colorful fish in the world! Some things have changed since then (including a divorce unfortunately) but the valuable contributions Pete Adeney has made to the FIRE community still remain. MMM does not espouse the severe, spartan, deprived life you portray him as espousing. Or working out. And he is here to tell you that early retirement doesn't only happen to Powerball winners and those who luck into a big inheritance. Welcome to Alaska. Besides the journal that she has kept since 3rd grade and assorted teen angst poetry, she has not written any books. Refinance Medical School Loans & Consolidation Guide, Frugal Living with The Frugal Physician - Podcast #122, 10 Things That Matter Most In Personal Finance. I think there is ample evidence in the forum that a large percentage of mustachians, at least the vocal ones, barely tolerate their jobs. If you read through some of his old articles and see some of the lifestyle choices he makes, it makes MMM seem downright extravagant. He has trained himself to find great joy in these simple things. Post it here! 2) Just like careers can evolve, or even change quickly, so can retirement. Although I doubt that the US healthcare market is going to change enough to drastically lower my income compared to today’s expectations, I want the peace of mind that a nice stash can give. A couple of years though. Or helping someone out on the internet. I do agree with you that the solution to not liking your job is to find a new one. If I live a MMM-style existence, I’m financially independent from ever having to work again. What percentage of your portfolio do you reserve for "play money"? Spending money on stuff that makes your life easier may be making you soft. His web site is now hugely popular with a busy forum. Sure, I’m burned out because I’m in the midst of residency…but truely, I’m burned out for so many more reasons than this. Mr. Money Mustache frequently extols the virtues of a walk or bike ride in a blizzard, working in his woodshop, or brewing his own beer. And it seems like that worked well for them. Â Forget retiring in your 60s. I do want to achieve FI as soon as possible and will be using a combination of WCI and MMM advice to get there, but I also will ALWAYS WORK – Taking care of patients will always bring meaning to my life! I love how you have clearly articulated some of the things that “bothered” me about the MMM blog. We do have some differences. He retired at 30. I’m in for $75 already…. It would take me months and it wouldn’t work right when I was done, but I can pay for a new tranny in a couple of days in the ER. IMHO, Mr. MMM is putting an inordinate amount of trust in our government, the Fed, Wall Street, the banking system, etc., to keep our economy running in a stable fashion for as long as his extended retirement is going to last. He represents one extreme end of the life spectrum, but for the average American I think it’s helpful to see an example of someone who lives a life that is so different from the expected norm; one who offers a counterbalance to the consumerism that is so pervasive in America. Mr Money Mustache noemt als tip om vermogen op te bouwen dat je minder geld moet uitgeven dan er binnenkomt. Mr. Money Mustache may be frugal, but he's high income. That’s it. Glad you found something you liked more than medicine. I hope he stores his $400k a year in the same bag with his shit. You hit financial independence very quickly saving that much. Simply not available. In addition, First, because you look for to hedge your net-worth against the travel of the Dollar potency, which is assumed by many people to inevitably happen at roughly example. To keep this blog ad-free, this post may contain affiliate links and/or paid placement. Part of this is I have dramatically reduced my fixed costs (food, utilities, insurance, etc) but it is also a matter of attitude. Mr. Money Mustache is on Facebook. Is that why you’re selfishly spending more time with your family, and less time with patients? Plus the paint probably looks better. Mr. Money Mustache is the alias of a forty-one-year-old Canadian expatriate named Peter Adeney, who made or, more to the point, saved enough money in his twenties, working as a … What I am certain of is that the closer I get to following the unconventional, non-consumerist path, the happier I become. Do you think doctors should retire after 7 years if they don't like their jobs? I wonder what it is like to be married to a true Stoic? Your email address will not be published. I loved this article and I’d consider myself a Mustachian wanna-be, but I can’t commit to it 100% (I’m not biking in slush and getting up an hour earlier). Former doc here, who stopped practicing not because I didn’t love it, but because I found more interesting things to do. I imagine this is frowned upon by potential employers, even in the volatile IT industry. 31412 Posts 1371 Topics Last post by Fishindude in Re: Factoring College in... on Today at 12:06:30 PM Taxes. This exasperation came mainly from him having been retired a full six years, living happily with his children and wife, while his friends complained about how little money they had. It involves an emotional freedom (essentially the stoic mindset) and financial freedom. Your kids should learn to work hard. Then I will probably cut back hours and ramp up the luxury. Or your utilities? Mr Money Mustache’s Contribution. Live like a resident and get out of debt – secure financial freedom so when your hospital wants to make you an employee or partners go crazy and want to kick you out that you have options. It didn’t take long for Mr. Money Mustache’s writing style to captivate me, and I ended up devouring every single post on his site in a matter of a few months. I asked him recently if he thought we should spend more money and he said “Why? They range from those early in their careers looking to build a solid financial foundation, to the overworked, discontented, burnt out professional, to the person approaching retirement with … A “MMM-style” existence does NOT have to mean scrimping everything and being extremely frugal. Not all specialties are set up to accommodate docs that simply decide to cut down to 2 days per week. 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