REWahoo
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Mr MM Explains the Why of FIRE
- Thread starter Tekward
- Start date
If a member has a blog you can usually find it by clicking on their user name, then on "Visit [user name's] homepage" (if they have one) in the drop-down menu.
Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Wow, he really is living in an alternate universe. One of these days he's going to knock on the wrong window, and it won't end well for him.
especially if it's in downtown houston, dallas, etc
Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
if he tries that with me I'll tell him I don't need my windshield cleaned
Ihamo, Thanks for those links. Sorry, no convert here.
In the "stash" post he wrote "I have hesitated to share the details until this point, mostly because I didn’t keep a written record through the years and it seemed pretty complicated and imprecise in my mind."
"Year 6 “It is complicated to remember what portion of income was taxable salary, and what was non-taxable gains inside of retirement accounts and such. But a reasonable estimate of the total is Year 6 ‘Stash: $365k.”
"Year 8 My earnings must have been something crazy like 125k this year."
How can you save for retirement and invest your money if it's complicated and you're not tracking your money? I hope he does well.
In the "stash" post he wrote "I have hesitated to share the details until this point, mostly because I didn’t keep a written record through the years and it seemed pretty complicated and imprecise in my mind."
"Year 6 “It is complicated to remember what portion of income was taxable salary, and what was non-taxable gains inside of retirement accounts and such. But a reasonable estimate of the total is Year 6 ‘Stash: $365k.”
"Year 8 My earnings must have been something crazy like 125k this year."
How can you save for retirement and invest your money if it's complicated and you're not tracking your money? I hope he does well.
daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
A person named blackstache who says he is Mr. MM posted this on Reddit when the amount of his investable assets and timeline from the blog was questioned:
"My post-retirement financial picture is confusing and ever-changing because I play around with investments and earnings so much. That's why I am hesitant to focus too much on personal details and can never explain it fully - it always leads to recursively-packed cans of worms."
https://www.reddit.com/r/personalfi...tructing_mrmoneymoustache_rejoinders_welcome/
"My post-retirement financial picture is confusing and ever-changing because I play around with investments and earnings so much. That's why I am hesitant to focus too much on personal details and can never explain it fully - it always leads to recursively-packed cans of worms."
https://www.reddit.com/r/personalfi...tructing_mrmoneymoustache_rejoinders_welcome/
What a Con artist. Either that or he's like Mr Magoo driving down the street oblivious to what he's doing because he can't see. This guy had a big money job, saved a lot of money, makes money off of his investments, follows the 4% rule, and retired. But has no idea how he got there or how he stays there. Or has an idea but it keeps changing.
Sounds like the tour we had at Benziger winery. Went like, "Well Grandma had a little money in New York, so she bought the winery". haha, what's a little money?
Major Tom
Thinks s/he gets paid by the post
For me, he'd be more credible if he'd simply tell us what we already know - that he's not retired. No shame in that.
There are forum members here who retired in their 30's, and I find their stories highly credible. That is because, as far as I can tell, they are actually retired.
If one is FI and chooses to work because that's how they like to spend their time are they retired?
If one is NOT FI and chooses to work at a job they prefer are they retired?
If one is FI and does not earn w2 or 1099 income are they retired?
If one has investment properties that they spend their time managing are they retired?
Dictionary definition: withdrawn from one's position or occupation : having concluded one's working or professional career
I think ^^^ kind retired is what most people think of as retired. Bill Gates is FI. Warren Bufffet is FI. Would you say they are retired? I don't think of them as retired. But they're not making their income from telling people they're retired either. That's why nobody cares about their definition.
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daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
There are realistic ER bloggers out there in their 30s who have numbers that make sense to be called FI. Fuego is one of them - he had a much higher NW when he declared FI, much lower housing costs, higher investable assets and his budget doesn't leave out major expense categories.
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I thought FUEGO was a SAHD?
IPS: Income Producing Spouse
Sarah in SC
Moderator Emeritus
I think Fuego might be all of those things, lol.
And a verified cheapskate, to boot.
I know, I know, parking is EXPENSIVE!
And a verified cheapskate, to boot.
I know, I know, parking is EXPENSIVE!
Sarah in SC
Moderator Emeritus
FYI, usually blogs are posted in member's "About Me" page, which you can access by clicking on their avatar.
nash031
Thinks s/he gets paid by the post
This is important! Can I be FIREd if I worked 20 years, am FI, but am also a SAHD with no intention of returning to work and... AND even if I have an IPS? I need to know as this might apply in four years.
Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
IPS: Income Producing Spouse
what's that like?
Sarah in SC
Moderator Emeritus
Attachments
As I don't have a spouse, I have no idea.
Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
well I don't have an IPS, DW "FIRED" in 96.
although, she is very frugal and I bring lunch to work almost every day
daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
But from his numbers they would realistically by okay without either one of them working or maybe supplementing with part-time work. I didn't see any fuzzy math in Fuego's blog or unaccounted for expenses. Maybe his budget is a bit more optimistic than I personally would plan on, but it is not implausible.
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The American legal system gives defendants the presumption of innocence. Fortunately, the Internet Retirement Police are not bound by such feeble concepts.
daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
Name calling doesn't change basic math and financial ratios.
"The name calling technique links a person, or idea to a negative symbol. The propagandist who uses this technique hopes that the audience will reject the idea on the basis of the negative symbol, instead of looking at the available evidence."
http://www.regent.edu/admin/stusrv/student_dev/docs/Downloads/Life%20Skills/Critical%20thinking/Critical%20Thinking_index.pdf
I won't comment further except to suggest that books like The Millionaire Next Door, which was based on surveys of many vetted millionaires by someone with a PhD in market research, may be a more comprehensive source of financial advice for becoming FI.
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Sorry I was just being flippant about the IRP - not taking a shot at you. I agree with you that MMM's financials are extremely opaque and his acolytes are irrationally optimistic at times.
