LBYM Extreme - with a plug for ER.org!

[Midpack]

We’re a bunch of slackers. Here’s a couple who reached 71% savings, achieved financial independence and quit their high paying jobs at around 30 yo.

Note the ER.org plug at 5:45.

https://youtu.be/EU6607PgzCE

 

[Bryan Barnfellow]

A winter coat taken from a dumpster?! Hmmmm....not sure I could be THAT frugal.


-BB

 

[Amethyst]

Presumably they washed it immediately, using homemade soap, and dried it outside on a tree branch in the sun!

Seriously - just like thrift stores, dumpsters are going to vary In the UK, we had a neighbor who expensively remodeled her flat. From her "skip" (dumpster), Mr. A. pulled a set of Bose speakers in perfect working order, which we used during our time there and later sold. She threw away perfectly good furniture, too.

A winter coat taken from a dumpster?! Hmmmm....not sure I could be THAT frugal.


-BB

 

[UnrealizedPotential]

Well a couple of things to say. Not everyone has the upper level middle class income to work with these two had, let alone as a couple to have that income coming in. A lot of couples just don't have that opportunity to work with. The other thing is , I think most people are just not going to go without all the things in life that make life more enjoyable to achieve FI at such a young age.

But I give them credit . They saved and were able to accomplish their goal. But it is not a realistic goal for everyone, and I do not believe others should feel like they are under achieving because they cannot match what this couple seems to have achieved. All of us are on our own paths and we can all experience some level of success no matter where we are in life.

It is easier said than done to not compare ourselves to others. I think it is natural to want to do this. However, so many differences exist between the lives of others that it is not practical to do this. Instead I think it is much better to look at where we are as individuals and decide for ourselves what we want to achieve and what we are willing and able to do to get to where we want to be.

I could have done a lot better saving in my 20's looking back now. But could I have retired in my 30's if I did that? No, I don't think that would have been possible.

 

[Amethyst]

Honestly...while I wish I could/would have retired in my 40's instead of my 50's, I learned so much from my working life that I can't really imagine who I would have been without it. I applaud those who retire in their 30's, but it would not have been for me (I know, heresy!)

 

[Bryan Barnfellow]

Honestly...while I wish I could/would have retired in my 40's instead of my 50's, I learned so much from my working life that I can't really imagine who I would have been without it. I applaud those who retire in their 30's, but it would not have been for me (I know, heresy!)

Yes, +1 on that.

Also: "We'll never eat out again." Is that living, then? Where is the balance?

-BB

 

[rayinpenn]

I’ve read their blog for some time now and applaud their rejection of the ‘stuff’ society. However, I am a little disappointed in Mrs ‘Frugalwoods’ almost apologetic response to the interviewers “Well you started off in a good position”.

I didn’t have parents that had the means or desire to pay for my college so I minimized my education cost by attending Community college then state university. The five grand that I owed when I graduated in 1977 was just one hurdle to overcome. It is true that some people simply don’t have the income to build a big pile quickly. I believe too many Americans continue to make poor financial decisions and could be living a more stress free life if they rejected the ‘stuff’ society.

The ‘Frugalwoods’ are an extreme example I think a more blended living/saving approach would work for more of us. The Mrs and I do go to lunch more often.. Why? because 25 years of frugality means we can.

 

[marko]

Cambridge Mass is one of the most [-]desirable[/-] expensive towns around with homes running about $1MM for a two bedroom house and no yard. (My SIL is a realtor there; some homes sell for $200K over asking)

Their rent from that home should bring in maybe $4-5K a month.

Move to a low COL area and a little dumpster diving and you're there.

 

[Red Badger]

I’ve read their blog for some time now and applaud their rejection of the ‘stuff’ society. However, I am a little disappointed in Mrs ‘Frugalwoods’ almost apologetic response to the interviewers “Well you started off in a good position”.

I didn’t have parents that had the means or desire to pay for my college so I minimized my education cost by attending Community college then state university. The five grand that I owed when I graduated in 1977 was just one hurdle to overcome. It is true that some people simply don’t have the income to build a big pile quickly. I believe too many Americans continue to make poor financial decisions and could be living a more stress free life if they rejected the ‘stuff’ society.

The ‘Frugalwoods’ are an extreme example I think a more blended living/saving approach would work for more of us. The Mrs and I do go to lunch more often.. Why? because 25 years of frugality means we can.

+1.
DW and I both came from working class families on the first rung of "middle class."
She was a SAHM and I went to college at night to earn both undergrad and MBA.
Our son was 10 YO before we ever used a babysitter so we could have a date night, and eating out was a blue moon occasion.
That was then. We're winding up a week long tour of DC. Staying in a nice hotel with a view of the Pentagon. Ubering here and there while gladly picking up dinner tabs for my Air Force sergeant nephew and his family. We were first frugal out of necessity, then out of common sense. We still practice it with regards to stuff. For experiences, not so much

 

[Bestwifeever]

Made me look. Good for them for being FI I guess. Nice to mention the e-r.org site. Not sure they are retired as most people define it—he works (and is presumably paid? but perhaps not) for a political nonprofit that fundraises for one party (Nate Thames listed near the bottom at https://secure.actblue.com/about) and she writes their monetized blog which says they get paid for clicks on products they mention and just published a book. Frugalwoods search on Google tells more. But truly, good for them being able to live the life they want.

 

[ugeauxgirl]

I read their blog for a while off and on- interesting couple. Part of the reason they selected that house (I seem to remember) is because it was close enough to town to have excellent internet- which he needed to work from home. But it is an admirable achievement anyway-

 

[jollystomper]

Dumpsters - We recently had a "dumpster day" at my parents house when cleaning out. We told some friends in that area that we would be clearing out a lot of stuff, come and see if there is anything you want. A few came by to "dumpster dive" (actually more like "pre-dumpster diving"). We also had 2 couples, strangers, who stopped and asked if they could spend a few minutes looking at what we were throwing out, and they took a few things. So dumpster diving is not necessarily a bad thing .

When I hear these stories, what I see is the willingness to make an effort to be LBYM. Yes, they made have been fortunate - DW and I were as well, coming from immigrant parents to graduate from an Ivy League school and get relatively good jobs - but they chose to try and benefited. I just see a lot of friends and relatives who are even unwilling to try LBYM, even when they get into financial trouble.

 

[NW-Bound]

The reporter plugging ER.org? Hah!

We are now a bunch of geezers and pre-geezers, who exhort each other to "blow more dough" on cruises with balcony cabins if not suites, long European vacations, fancy and fast cars, gourmet food, etc...

Frugal ER-wannabe 30-somethings coming to ER.org will be scared, or walk away shaking their head.

 

[marko]

The reporter plugging ER.org? Hah!

We are now a bunch of geezers and pre-geezers, who exhort each other to "blow more dough" on cruises with balcony cabins if not suites, long European vacations, fancy and fast cars, gourmet food, etc...

Well, isn't that better than dumpster diving? Given the choice between the two I'll take a cruise.

"Kids: THIS is what the tail end of LBYM looks like: Retire early, live a little and suddenly realize that you can't outlive your money!"

 

[haha]

Americans are attracted to extremes. IMO, it's generally nuts. For another example of flocking to extremes, many of the low carb aficionados now insist that you must fast regularly. George Cahill at Harvard proved over 50 years ago that go without food over 24 hours or so and you will lose fat, but also lean body mass. And you may not ever get that lean body mass back, but having lost some of it will make it easier to get that fat back

I never have and will never get clothing from a dumpster, and I will never "blow that dough". I did buy a jacket one day from Value Village because I was freezing when i went out for a walk with GF. Overall, though I find these places depressing. If I want to be depressed there are aesthetically preferable ways, like going to an Swedish movie festival. If I had $10mm I would be happy to buy all my clothes From Barney's, but I don't and I was permanently cured of Barney's when I went in the store to check out a killer skirt & sweater that I would have loved to give my GF and found that they would have set me back well over a thousand dollars each.

As we all know, YMMV!

Ha

 

[NW-Bound]

Well, isn't that better than dumpster diving? Given the choice between the two I'll take a cruise.

"Kids: THIS is what the tail end of LBYM looks like: Retire early, live a little and suddenly realize that you can't outlive your money!"

I am not dumpster diving. But then I worked till my 50s, and not quit in my 30s.

 

[Letj]

Americans are attracted to extremes. IMO, it's generally nuts. For another example of flocking to extremes, many of the low carb aficionados now insist that you must fast regularly. George Cahill at Harvard proved over 50 years ago that go without food over 24 hours or so and you will lose fat, but also lean body mass. And you may not ever get that lean body mass back, but having lost some of it will make it easier to get that fat back



I never have and will never get clothing from a dumpster, and I will never "blow that dough". I did buy a jacket one day from Value Village because I was freezing when i went out for a walk with GF. Overall, though I find these places depressing. If I want to be depressed there are aesthetically preferable ways, like going to an Swedish movie festival. If I had $10mm I would be happy to buy all my clothes From Barney's, but I don't and I was permanently cured of Barney's when I went in the store to check out a killer skirt & sweater that I would have loved to give my GF and found that they would have set me back well over a thousand dollars each.



As we all know, YMMV!



Ha

Very insightful Haha but I think this is reflective of the way American society is structured - essentially all work and no play and no safety net. People wait until they are retired to enjoy their lives. Unlike most of the world where they spend more time with friends and family, work less and get longer vacation, hang out in the public squares or at a cafe and generally enjoy life more albeit with less money than we do. All of this lead to a general lack of contentment coupled with a tendency toward quick fixes and trends and mind control by the media.

 

[exnavynuke]

The reporter plugging ER.org? Hah!

We are now a bunch of geezers and pre-geezers, who exhort each other to "blow more dough" on cruises with balcony cabins if not suites, long European vacations, fancy and fast cars, gourmet food, etc...

Frugal ER-wannabe 30-somethings coming to ER.org will be scared, or walk away shaking their head.

The "I want to retire by 30 and don't mind diving in dumpsters to make it happen" crowd is more likely over at the mrmoneymustache forums..

 

[Choices]

Their blog was one of the reasons we gave VT a look for retirement. I was at the transfer station today and took a pan I will use for making old candles into new.
Frugal habits die hard! But we do go out to eat as often as we like!

 

[daylatedollarshort]

I didn't watch this video as I have seen others by the same couple and didn't get too much out of them. It was my understanding she runs the blog and other media forms for income and he works remotely, so I am not really sure where the retired part comes in. It seems like with rent and two earned income streams they should have a pretty decent income, more than enough to go out to eat now and then if they wanted to.

 

[RobbieB]

I could get hurt jumping into dumpsters and lifting out heavy speakers and furniture.

 

[Midpack]

All of this lead to a general lack of contentment coupled with a tendency toward quick fixes and trends and mind control by the media.

Not that you claimed so, but I don’t blame the admittedly pervasive “tendency” on the media.

And the main reason I posted the OP and link was because ER.org popped up. I wasn’t surprised by anything else in the video.

 

[Scrapr]

A winter coat taken from a dumpster?! Hmmmm....not sure I could be THAT frugal. :-
-BB

depends. Was the coat right on top folded & freshly washed and in my size? You betcha I'm gonna grab it. Mid container and lots of food waste? NFW

*full disclosure. I have picked up hats and fleece jackets off the street. Washed them and still wear them

 

[Koogie]

depends. Was the coat right on top folded & freshly washed and in my size? You betcha I'm gonna grab it. Mid container and lots of food waste? NFW

*full disclosure. I have picked up hats and fleece jackets off the street. Washed them and still wear them

Was it hovering there... like an angel...

 

[kcowan]

I could get hurt jumping into dumpsters and lifting out heavy speakers and furniture.

At the estate sale for my parents house, I put the good recycle stuff out on the lawn. Went through the whole pile three times plus some contributions from neighbours. It encouraged people to come inside and look for low priced treasures.