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. [One of my partners, who reads both MMM and WCI regularly says this, “I love MMM, but his bike sucks.”]. 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. If they can afford these items and experiences while still meeting financial goals that are very easily met from working at the high paying job that they enjoy, then I say more power to them. Technology changes. Lastly, if working less is a priority, moving where you can find a job or partnership that fits your desire may be an option. Steves a 38-year-old early retiree who writes about the intersection of happiness and financial independence. Really, I think you’re being disingenuous on this point. And that's why I like MMM so much. But mountain biking in Sedona, Fruita, and Moab on my new fancy mountain bike is REALLY fun, but 100 times as expensive. I do agree with you that the solution to not liking your job is to find a new one. Click here to read our full disclosure. 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. Is that why you’re selfishly spending more time with your family, and less time with patients? MMM’s point is that there is a deep pleasure in doing things yourself, by your own wits and motive power. Yes it’s harder – but ultimately it makes you happier? Nature Itself told the Stoics what conditions they should learn to appreciate as humans – since they realized we are all in fact an integral part of Nature. Â Its conversational writing style makes the blog easy to read. Live like youre a resident! There are a lot of odd people out in “The Bush.”. The whole philosophy has nothing to do with hating one’s job.). Who find fulfillment from their jobs? 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. It’s awfully nice right now. Hang in there TJ! Many people seem stuck on the idea of retiring early and “being forced to do the same thing for the next 50 years.” What? Frugal people like me sometimes take bargain hunting too far. Many people confuse between the two. Doing things the hard way takes more time and energy and planning (mental energy) that may be able to be used in a better way that will contribute more to your happiness, your relationships, and the community around you. Minimalism versus Frugality: Can They Coexist? My idea is to gain financial freedom fast. 268. share. But you know what, sometimes it doesn’t make sense to DIY. I’d rather be free to do what I want with my time and money than have to limit spending in order to proclaim myself officially financially independent according to someone else’s definition. After retirement, Mr. Adeney earned even more money with his blog and eventually he is now earning around $400,000 a year. Facts do too (NEVER give beta blockers to a CHF patient?). 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. Your email address will not be published. Live on 60K a year and you should be out in 3-4. If you have been around this whole early retirement business long enough online, chances are good that you have run across a web site called Mr. Money Mustache. MMM doesn’t advocate doing things you hate, or that there’s no point in wasting time doing. 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. There’s certainly a fine line to walk between the two. Zero employers local to me were looking to hire part time surgeons. This is a very late reply to this post, but can you really brag on how sustainable such a tenuous “cohabitational relationship” really is. kill off the loans. I think all residents should read MMM! Does it have issues? I don’t see taxes as being any different than any of these other items. But Mr. Money Mustache taught me about the other side of the coin - the ability to retire early based on a freaking high level of savings, which opened up an entirely new world of possibilities for me that, quite frankly, are far easier to accomplish than those based purely on high income. A “MMM-style” existence does NOT have to mean scrimping everything and being extremely frugal. 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. http://www.mrmoneymustache.com/2011/10/02/what-is-stoicism-and-how-can-it-turn-your-life-to-solid-gold/, Fire Your Financial Advisor Online Course. He has trained himself to find great joy in these simple things. And that the consumerist impulse is toxic to true happiness. 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). [Editor's Note: I originally ran this post back in June 2015. He (and his teachings) also remain surprisingly controversial. I agree there is a fine line and I’m trying to live right on it. Far too many people see retirement/working as binary, arbitrary, and mutually exclusive. 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. The noted penny-pinching guru dubbed Mr. Money Mustache announced on New Year’s Eve that he and his wife have divorced, writing in a blog post that they only spent $265 on the entire process. I love the article, but I have to disagree with one point. For example, he takes his bike and bike trailer out in a blizzard to pick up 85 lbs of groceries just to say he did it rather than driving his car 1.5 miles (or just waiting until the blizzard is over. But some people simply find more happiness buying more expensive things and doing more expensive activities. We think interesting thoughts. Â How about in your 40s. And if you went into medicine with that goal in mind, I would have to wonder why you chose to go into medicine at all . The result is a retirement that is quite comfortable–way above MMM status. Mr money mustache is explicitly anti-consumerist, and this makes people uncomfortable If you think MMM is frugal, you should check this guy out: http://earlyretirementextreme.com/how-i-live-on-7000-per-year.html. As a surgeon you won’t need 7-10 years to pay your debts. In Alaska, there are a lot of people who like to do things the hard way. Even though Mr. Money Mustache’s blog was nearing 500 articles by the time I first landed on the site, I started at the very beginning. 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. How about this one, on the front page of the forum: In what might be a new record for disillusionment, it has been just over 3 weeks since I started my new position. Even though I like Mr. Money Mustache, I don’t like most of the readers who comment on his blog. I read both blogs, although his is getting less and less as he only seems to post a few times a month now. That’s a very different message than “jobs suck so deprive yourself so you don’t have to have a job.”. I’d like my kids to go to medical school too! So I’m a fan of MMM. He has a website with 10-20 times the amount of traffic as mine, about similar to the Bogleheads forum (which has over a hundred threads started a day.). Thanks for stopping by. You infer that MM and MMMers hate(d) their jobs. Timely article Jim! Mr. Money Mustache is currently the North American (and maybe Canadian too) reigning champion of face punching financial efficiency. I hope he stores his $400k a year in the same bag with his shit. Do those responses to what I wrote sound like they come from people who like their jobs? I was…eh,hem, AM, burned out 2/3 my way through a surgical residency. In Mustachian terminology, all of these thoughts relating to adapting your comfort level to embrace Nature are collectively referred to as Badassity. Got a question, strategy, or something to share regarding taxes? Mr. Money Mustache may be frugal, but he's high income. He lives in Longmont, Colorado. Spending money on stuff that makes your life easier may be making you soft. Brigham Young characterized the ideal day as 8 hours of work, 8 hours of recreation, and 8 hours of sleep. Report Save. For most, they would acquire debt…and with stupid interest rates at that. 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. Yup, this. Required fields are marked *. If someone saves like crazy and retires with enough to get by at 30, he is vulnerable to a financial shock that could cut his savings in half or more. Other times it is very well paid. This seems to be your summary of what you really think is the MMM message: “Is it best to stuff as much money into investments as you can so you can be truly FI ASAP, or is it okay to spend some money on stuff that makes you happy?” This is a false choice, and a misrepresentation of the MMM message. I’ve never liked defining myself by the job I do. I had not yet started working at 30. If you had 10 million in the bank would you be working the night shift and dealing with drug-seekers? Refinance Medical School Loans & Consolidation Guide, Frugal Living with The Frugal Physician - Podcast #122, 10 Things That Matter Most In Personal Finance. He has more money (I think) and spends less of it. Things might change if we have kids? It’s a powerful, life-changing adjustment in perspective. Don’t ruin the planet. You did such a great job in pointing out the good parts of the MMM blog and the parts that don’t really apply to physicians and other late professional starters. But I still pay someone else to cut my lawn, tend my garden, clean my house, maintain my pool, wash my car, etc. . What I am certain of is that the closer I get to following the unconventional, non-consumerist path, the happier I become. Even if you hate the guy, it is always interesting to hear what he has to say. Nothing on any lake around here. I think he would consider you part of the internet retirement police. I imagine this is frowned upon by potential employers, even in the volatile IT industry. You’re free to work on whatever you want. Adeney retired from his job as a software engineer in 2005 at age 30 by spending only a small percentage of his annual salary and consistently investing the remainder, primarily in stock market index funds. At that price I’ll have paid for the boat in a few more weeks of use. Facebook gives people the power to share … Meet Mr. Money Mustache “I’m going to teach you a radical new way to think about and enjoy money that will get you off of your current debt-powered treadmill and into a lifestyle that is completely unimaginable to most people where I live, which happens to be in the United States, ground zero for self-imposed treadmills. Yes, taking the car will burn more gas, ruin the planet, and cost you more money. I think it would be hard for most docs to retire after 7 years, what with med school debt and all. Well said! I think you fundamentally misunderstand, and misrepresent, what MMM is about. 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). I completely get it. I have my own little blog here at ThinkSaveRetire.com (less than a month old as of the time of this writing) that chronicles my journey towards the same worthy goal of jobless badassity (a term that I usually change to "badassery"). 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. I love having friends who have boats myself. But, I won’t sacrifice fun in the meantime just to retire early. Your email address will not be published. Lol yeah, most of the jobs out there aren’t ones that many people would actually WANT to do… if they didn’t need the money. But going in my new fancy 410 hp wakeboat is going to be a lot more fun, especially because I'll be able to take twice as many fun people. $3K a day. The book summarizes the most important information on the blog and contains material not found on the site at all. This requires an investment account of $750,000 to sustain. Posts about Mr. Money Mustache written by Ron Byrnes. Work doesn’t have to suck – but let’s be honest it often does. 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. As an avid reader of both blogs (from start to finish). What percentage of your portfolio do you reserve for "play money"? Every so often I come across references to financial advice blogs, and one that keeps re-surfacing is “Mr. I make more than most surgeons that can kill someone and my assistants do most of the manual labor. I’ll guarantee I’ve had just as much fun skiing, boating, scuba diving, jet skiing, and so on without ever owning the equipment I needed for those activities. For most of the population, an HSA is simply a savings account for medical expenses that provides some tax benefits. And he advocates asking yourself if you’ve ever experienced the satisfaction of doing your own work. Your are, however, based on having known many boat owners, an exception. But I do my own financial planning and investing. Financial independence is a movement, not a moment. Like with all personal finance folks (including me), take what you find useful and leave the rest.]. Â So this question is natural. But if he were a bit more antisocial, he'd fit in just fine up there. You hit financial independence very quickly saving that much. From 1994. Does that fact that many doctors hate their jobs mean that your blog is bogus? Going to Lake Powell in my 13-year-old, $6K, 135 HP boat is pretty fun too. I agree that DIYing is fun and useful. airports, harbors and highway systems are often poorly designed, built, maintained, and funded. And I didn’t “zero in on a few minor points.” You numbered your primary critiques, 1-4. If your work sucks, the solution isn't necessarily to save some crazy percentage of your income so you can quit working ASAP. Â Or 30s. 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! He is also seemingly resourceful. Moving from the mental to the physical, Stoics actually enjoy experimenting with Voluntary Discomfort. 540. share. Another option is to pay money to buy time. For no purpose whatsoever except to see if he could do it. The implication is that his advice is for job haters, not doctors who like their work. Thank you again for this wonderful, well reasoned and thoughtful article. He hacked his way to early retirement in his early 30s, chilled for a few years, then established a website focused on financial independence that receives millions of visitors per month. Actually, scratch that. 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 … Do you think doctors should retire after 7 years if they don't like their jobs? Meet Mr. Money Mustache “I’m going to teach you a radical new way to think about and enjoy money that will get you off of your current debt-powered treadmill and into a lifestyle that is completely unimaginable to most people where I live, which happens to be in the United States, ground zero for self-imposed treadmills. I remember putting in a new garbage disposal 15 years ago. And I get a genuine satisfaction in using these things. 2) Just like careers can evolve, or even change quickly, so can retirement. I don’t know that stay at home parenting would be my idea of retirement though . She’s now been riding it long enough that it’s a highly collectable bike. What I mean is hiring a PA or NP to assist you with the less enjoyable parts of work. They’ve already worked for years at no pay or low pay so that now they can do a few extra surgeries to get that extra $8k. And, eight years ago, he and his wife retired at age 30. But hey, even if you’re happy to work a few extra nights of call to afford the ownership of a toy like a boat, a jet ski or whatever, know that some of us enjoy going to any lake or ocean we wish, anywhere in the world, and just renting the equipment for the time we use them. You may be missing the point about the entire post however, which was that WCI readers should spend a little time on the MMM site, especially those attendings who can’t figure out how to save 20% of their $300K income and those residents who are trying to find someone to lend them money above and beyond their $55K salary to fund their lifestyle. Mr Money Mustache’s Contribution. I went golfing every day (the university course sold me an unlimited three-month pass for $100 or so.) Really? Also love it because I love DIY and, honestly, my dream life involves being that person in Alaska building my own cabin…I do intend to reach financial independence as soon as possible so I can have my medical career on my terms: family time and the opportunity for international work that’s hard to get when almost maxing out a $400K salary. He blogs about how he isn't accomplishing anything or contributing anything to society. But there are more important things in life than a gallon of gas. 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 enjoy doing it, and I now have a house full of beautiful, high quality furniture. That’s pretty impressive. 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