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Plagiarism is the sincerest form of flattery - Millionaire Next Door revisited
Old 03-24-2016, 08:06 AM   #1
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Plagiarism is the sincerest form of flattery - Millionaire Next Door revisited

Investopedia published an article on March 23rd on retiring like the rich using the always popular "1%" epitath.

Top Tips on How to Retire Like the Rich | Investopedia

When you get into the article, it has good ideas. Seems like most came directly from the Millionaire Next Door:

• They save more than average:
• They live frugally:
• They diversify their portfolio:
• They have several sources of income:
• They hold stocks for a long time:
• They make saving automatic:
• They start early:
• They max out their retirement accounts:
• They don’t carry debt:

Hey even got the obligatory Warren Buffet living down the street and buy used cars stories.
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Old 03-24-2016, 08:51 AM   #2
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....all of which makes them (us) freaks in America. Contented, autonomous and secure freaks, but freaks relative to the way most people think and live here.
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Old 03-24-2016, 10:32 AM   #3
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This fits me pretty well. I would add from experience that they (we) are self disciplined and can delay gratification.
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Old 03-24-2016, 02:22 PM   #4
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Yahoo had a good Kiplinger article this morning, "The 7 Habits of Highly Frugal People".


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Old 03-24-2016, 03:14 PM   #5
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RE: 7 Habits:

Not sure about this one... "Sacrifice" implies giving up... Never really felt that we were giving up anything. Maybe just too dumb to know.

Quote:
Frugal people begin with the end in mind. The end they want to achieve is financial independence. With that end in mind, they make a plan to reach the goal and follow it every day. The sacrifices along the way are worth reaching the goal.
... but, this one works

Quote:
Frugal people reach an understanding of how much stuff they need to be happy, which is often far less stuff than most people think they need to be happy. .
Whatever. .. and as to success? Well, not so much about the finances, but lots more about "happy".
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Old 03-24-2016, 03:41 PM   #6
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Originally Posted by imoldernu View Post
RE:
Quote:
Frugal people reach an understanding of how much stuff they need to be happy, which is often far less stuff than most people think they need to be happy. .
Whatever. .. and as to success? Well, not so much about the finances, but lots more about "happy".
Enough. realization of what is enough.
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Old 03-24-2016, 04:42 PM   #7
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Enough. realization of what is enough.
+1
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Old 03-24-2016, 07:30 PM   #8
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Enough. realization of what is enough.

Those who buy things to make them happy can never buy enough.

Or to quote Fight Club:

"The things you own end up owning you."


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Old 03-25-2016, 02:12 PM   #9
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Originally Posted by DrRoy View Post
This fits me pretty well. I would add from experience that they (we) are self disciplined and can delay gratification.
+1
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Old 03-25-2016, 02:40 PM   #10
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I am one of "the millionaires next door"

Lived below my means
Saved and invested, never spent more than I made
Never bought a new car
Bought new furniture when holes developed in the old stuff
Bought suits at Sears

I never even knew about the book until I was talking to a co-worker about my financial independence and upcoming retirement and what my plans were. He was asking "Where are you going to move to, what kind of car are you going to buy, that kind of stuff. I said I'm not moving anywhere, the house (1390 sq-ft) is paid off and I have a car (2003 Taurus)

He then told me I was the millionaire next door and that's when I looked it up. Yeah Baby!

On my last day of work he drove me home. Parked in front of my modest house with the weedy front lawn I said "does it look like a millionaire lives here, total stealth baby!"

He just busted out laughing. Yeah, life is good -
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Old 03-25-2016, 03:21 PM   #11
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This fits me pretty well. I would add from experience that they (we) are self disciplined and can delay gratification.
+ 2
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Old 03-26-2016, 05:11 PM   #12
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I am one of "the millionaires next door"

Lived below my means
Saved and invested, never spent more than I made
Never bought a new car
Bought new furniture when holes developed in the old stuff
Bought suits at Sears

I never even knew about the book until I was talking to a co-worker about my financial independence and upcoming retirement and what my plans were. He was asking "Where are you going to move to, what kind of car are you going to buy, that kind of stuff. I said I'm not moving anywhere, the house (1390 sq-ft) is paid off and I have a car (2003 Taurus)

He then told me I was the millionaire next door and that's when I looked it up. Yeah Baby!

On my last day of work he drove me home. Parked in front of my modest house with the weedy front lawn I said "does it look like a millionaire lives here, total stealth baby!"

He just busted out laughing. Yeah, life is good -



Congratulations!

Isn't the freedom of ER worth all the years of LBYM? No one can tell you how to plan your days.

Personally, I think time is WAY more appealing than stuff!

Best wishes in your new freedom. Given the path that brought you to ER, you won't feel pressure to keep up with any of the Joneses......

which is yet another version of freedom!!!


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