Big_Hitter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
^ He's not retired, he's a FERB
Worth another reminder:Something that might be of interest is reading MMM's article about IRP.
Mr. Money Mustache vs. the Internet Retirement Police
Name calling is pretty much playbook technique #1 for deflecting valid criticism of facts or assumptions, instead of addressing the actual issue at hand.
From the above article, in which he talks about his definition of retirement -Something that might be of interest is reading MMM's article about IRP.
Mr. Money Mustache vs. the Internet Retirement Police
Since retiring at the age of 31, (of course he's not retired by many definitions here) his annual spending is ~$25K.
From the above article, in which he talks about his definition of retirement -
"Why does Mr. Money Mustache get to define it? Because I have the biggest Early Retirement blog. If the Internet Retirement Police would like to supersede my definition, they will have to start their own blog, calling it something like www. mrmoneymustacheisnotreallyretired.com, build it up to be more widely read than this one, and then propose their own definition. Only at this point would the torch be passed and the definition of Retired be up for discussion."
Wow. He's cocky isn't he? He may well have the biggest Early Retirement Blog but I still think he's a cocky son of a gun. It's actually the main reason I don't like his site - the attitude.
If I were him, I wouldn't care that much what the naysayers thought of me, but I am entitled to my own opinion, which is - I don't like his attitude, and I'm not terribly keen on his site either. It is of no consequence to me how much he makes, I just happen to have a thing about not being fond of arrogance, and much preferring folk with a bit of humility and grace about them.
i don't think you get it. nobody cares what Markola or Joe Blow or HaHa is doing, but they rightly care what bloggers who are selling their "success" to others say.Wow, when I retire, I'm not telling anyone, especially the skeptics of early retirement who populate early retirement forums.��
These pooints have been made many times. However, it may well mean nothing, because that is history, this is now.Two points that have yet to be made:
1) The 4% SWR is a WORST CASE SCENARIO that barely makes it to 30 years. I believe the majority of the time the portfolio at 30 years is LARGER (nominally) than at its start. 30 years at 4 % SWR historically can go much longer most of the time.
2) The first 10 -15 years is overwhelmingly the determinant of whether the portfolio will glide on or crash. If one is cautious and flexible in those first 10 years, the odds are good for success. At the very least it would give plenty of warning that things will or will not end well.
Sent from my iPad using Early Retirement Forum
+1. Anybody thinking about jumping out of their job/career should not be encouraged to "just do it!". In some cases there is no way back for that person--some positions and some expertise are quite specialized. There are big bureaucratic hurdles to coming back to some positions (try to get back onto active duty after leaving the military . . .). So, I don't think there's any problem at all with there being resistance and hurdles as a way to encourage people to really think it through before making the jump.Personally I think people should be actively discouraged from ER. It's a very risky journey and likely a one way street in terms of one's career. If someone wanting to retire early hasn't done the math and scenario planning they will likely be unable to defend against a robust attack on their plans by the naysayers.
The problem with paying too much attention to early retirement bloggers is survivorship bias and right censoring of data. Survivorship bias because we rarely hear from those that tried to ER and failed. Right censoring because most ER bloggers are young and we don't know if their plans will fail down the road.
I think it's naive to believe that there isn't a significant amount of earnings management in self reported finances in the ER blogging world. There's lots of incentive, opportunity, and pressure to do so.
Finally, it's one thing to drop out of college to found a start-up when you have a safety net (family wealth). It's quite another thing when you have nobody else at all to rely-on and maybe you have a number of dependents of your own. I rarely see any discussion of how various safety nets factor into early retirement decision making. I certainly wouldn't have FIREd as early as I did without the option to return to canada for healthcare (even with guaranteed issue under ACA). That option is probably worth 5-10x yearly expenses to me.
Personally I think people should be actively discouraged from ER. It's a very risky journey and likely a one way street in terms of one's career. If someone wanting to retire early hasn't done the math and scenario planning they will likely be unable to defend against a robust attack on their plans by the naysayers.
The problem with paying too much attention to early retirement bloggers is survivorship bias and right censoring of data. Survivorship bias because we rarely hear from those that tried to ER and failed. Right censoring because most ER bloggers are young and we don't know if their plans will fail down the road.
Finally, it's one thing to drop out of college to found a start-up when you have a safety net (family wealth). It's quite another thing when you have nobody else at all to rely-on and maybe you have a number of dependents of your own. I rarely see any discussion of how various safety nets factor into early retirement decision making. I certainly wouldn't have FIREd as early as I did without the option to return to canada for healthcare (even with guaranteed issue under ACA). That option is probably worth 5-10x yearly expenses to me.
Interest rates have been declining globally for decades. There is an interesting chart on the link below called "10 Year Treasury Rates vs. Historical Economic Forecasts" that kind of shows how most economists seem to miss the big picture on where interest rates have been headed and have for some time:
https://www.whitehouse.gov/blog/2015/07/14/decline-long-term-interest-rates
I wish I'd viewed this chart a few years back. I would have bought more 2% real yield 30 year TIPS and 4% Treasury bonds.
From the above article, in which he talks about his definition of retirement -
"Why does Mr. Money Mustache get to define it? Because I have the biggest Early Retirement blog. If the Internet Retirement Police would like to supersede my definition, they will have to start their own blog, calling it something like www. mrmoneymustacheisnotreallyretired.com, build it up to be more widely read than this one, and then propose their own definition. Only at this point would the torch be passed and the definition of Retired be up for discussion."
Wow. He's cocky isn't he? He may well have the biggest Early Retirement Blog but I still think he's a cocky son of a gun. It's actually the main reason I don't like his site - the attitude.
He's talking back to the "Internet Retirement Police", but you seem to feel targeted by his comment. You skipped over an earlier quote from the same article which seems to apply to retirees:
"Retired means different things to different people. But one of the rules of Mustachianism is that if someone tells you they are retired, you do not question them. You congratulate them."
Isn't that like the emperor with no clothes? "One of the rules of the kingdom is that if someone tells you the emperor is wearing clothes, you do not question them. You praise the beautiful clothes."You skipped over an earlier quote from the same article which seems to apply to retirees:
"Retired means different things to different people. But one of the rules of Mustachianism is that if someone tells you they are retired, you do not question them. You congratulate them."