For a blog about side hustles and FIRE, it seems like I haven’t touched on either topic for a while now. Yes, we’ve all been distracted by the crazy crypto run of 2021 thus far. But now that crypto is taking a much needed breather (No, it’s not a bear market), I wanted to share something that I only recently found, even though it’s been around for a while.
So apparently, there’s a thing called the World Domination Summit. I’d never heard of it before, but every year, folks will gather for a week long activity filled fun at Portland, Oregon. It started in 2011, and this talk that Pete Adeney (MMM’s real name) did was back in 2016.
Early retirement in one lesson
If you happened on this blog by accident, and have never heard of Mr. Money Mustache, then this video will be a good introduction to his concepts and why he has such a big, loyal following.
As the video shows, Pete is not just a geek blogging on the internet, but is also eloquent and persuasive in terms of communicating his ideas.
And if you have 28 minutes to spare, this video is highly recommended, for a good blend of humour, and a very good argument for the FIRE movement.
Mr. Money Mustache is a epitome of the FIRE movement. Working hard in his early years, practicing extreme frugality and saving more than half (more like 70% – 80%) of his annual income, and eventually “retiring” at the ripe old age of 31.
By retiring, it doesn’t mean that he’s no longer generating income. Quite the opposite, he’s still getting income from a multitude of sources, but the important difference is, he’s doing the things he wants, on his own time, and on his own terms.
Isn’t this the life we all want?
Different strokes, different folks
Of course, not everyone can and will sign up for the extreme frugality lifestyle. Keeping up with the Joneses is a very real and debilitating disease. The cost of living in your city can also be a huge factor in your baseline expenses. And if you’re lucky/unlucky enough to be living in Singapore…
But, luckily, there are a few levers you can work on. Lowering your expenses, and/or increasing your income.
However, regardless of the path you choose to optimise for (or better yet, both), one universal principle needs to be maintained. Your money management:
Income > Expenses