Reddit reviews Early Retirement Extreme: A Philosophical and Practical Guide to Financial Independence
We found 16 Reddit comments about Early Retirement Extreme: A Philosophical and Practical Guide to Financial Independence. Here are the top ones, ranked by their Reddit score.
Used Book in Good Condition
Sure, if we all stopped consuming 50% of what's being produced, this would make half the production obsolete. The twist in thinking is that this is a good thing and not a bad one as the growth imperative would suggest.
I see the way out through going back to more self-sufficiency. The alternative to a consumer society is a society of mostly self-sufficient people. This is the basis of freedom from economic pressures as it decouples your well-being from the ups and downs of the market economy. Then, how would you get such economically free people back into wage-slavery? In fact, this was the situation prior to the industrial revolution. There's a nice book on the subject of how initially economically independent farmers were systematically robbed of their means of self-sufficiency to drive them into the factories, basically the ironically very forced birth of the "free" market capitalism. There was also a recent article posted about the book.
So basically it is not that we simply stop consuming and then how do we get our food? Instead we go back to more self-sufficiency and no longer require neither wages nor the products of wage-labor. This way, each person can individually step out of the vicious circle that is our current economic system.
For more detail on how to do this - practically, you may want to read "Possum Living", "Early retirement extreme" or "How to live without a salary".
More mainstream are books like "Your money or your life" or "Work less, play more."
Ich habe jedes dieser Bücher gelesen und kann es empfehlen. Ich würde jedes davon wieder kaufen und wieder lesen.
Which is based on the book Early Retirement Extreme by Jacob Fisker. A really great read. He has a whole section with the derivation of this early retirement formula with the assumptions and the graphs, it's pretty neat.
Unless I remember incorrectly, multiple income streams is a point made in https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X I vaguely recall something in there mentioning combining income from a job + investments + paid hobby (maybe fixing bikes) + savings account interest... or something which was heavily lopsided haha.
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As far as I am concerned, nearly everyone seeking early FI is working with multiple sources of income:
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For other paid activities (really, gambling?... sigh....) I have a dual opinion on them. First off, if you have enough extra time, energy, and motivation to earn income through some other stream then sure you have more income AND it has the really important benefit that even after you quit your day job you can keep doing it if you enjoy it. On the other hand, I value my free time not quite as the following, but it gives you a general idea: http://www.mrmoneymustache.com/2012/10/18/why-your-time-is-worth-way-more-than-25-per-hour/ Now, I do not fully agree with a bit of what MMM writes about, as far as I can tell he is intentionally extreme just to make the point more memorable. However, the general point about time being valuable is something I do agree with. Sure, I could pick up a part-time job, I could learn to write novels and hope to be one of the precious few earning something noticeable, or plenty of other things. None of them are worth the time I would trade doing them I personally think. That being said, I will sometimes go beyond what is reasonable to sometimes cut costs, example walking a very stupidly long distance to-from work instead of just taking the bus, however that is done because it is also fun. A different example is hand washing clothes, absolutely not worth the time put into it, but the realization that I am doing something silly like that is amusing to me...
Read this: http://www.amazon.com/Early-Retirement-Extreme-philosophical-independence/dp/145360121X/ref=sr_1_1?ie=UTF8&s=books&qid=1289602142&sr=8-1
Really. Seriously. Read it.
MMM forums. Here.
But honestly as someone else pointed out, once you have the plan, the basics down, there isn't much to say.
I spend too much time on this 'stuff' when you could easily write out all you need to know on the back of an envelope.
I enjoyed ERE's book, https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X/
Not OP, but I am assuming he is referring to Jacob Fisker's book.
I'm actually reading it now and have about 30 pages left. In general, I love a lot of the principles in the book. To many, the cost savings measures might seem too extreme as Fisker is definitely on the lean lean side of FIRE. That being said, I think he makes great arguments for just about every topic he touches on, I'm not sure I'd be so receptive to the ideas in the book if I had started my FI journey with it though.
Early Retirement Extreme (check the side bar). He's known in the FIRE community for his blog and book, and (in?)famous for his post How I live on $7,000 per year.
Thank you! I thought the father of FIRE was Jacob Lund Fisker? ( https://www.amazon.com/dp/145360121X )
https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766
https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
early retirement extreme , good luck decoupling / deconditioning yourself from materialism enough for this to work, I know jobless deadbeat hippies that spend more money than fisker.
The math works though.
Hey bit late on this one, but for some inspiration I found the guys over at /r/financialindependence/ have excellent ideas on reducing expenses and an anti-capitalist way of life. The Early Retirement Extreme book is an eye-opening read!
You pay for your electricity service, they still burn coal.
This idea is good, but it is very difficult or expensive to implement, if not impossible in some sectors (e.g. clothes, sex toys, furniture, jewelery, office supplies and other small stuff)
I think you can live a "service based life" today by using second hand clothing/ebay/craigslist and looking at your suff as borrowed, always having in mind at what price you can sell the items. The difference in purchase price and sell price over the period you owned a thing is your "service cost".
You can find a good explanation in the book Early Retirement Extreme.
It was written many decades ago, and the actual investment advice was very much tied to the times, but the philosophy is still valid, it is entitled “Your money or your Life” . https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766
MMM (Mr Money Mustache) blog and forum are somewhat international, but English speaking based. The blog is a great resource for understanding the math behind savings rates and time to retirement https://www.mrmoneymustache.com/
This guy is a little too out there for me, but Jacob Lund Fisker. Aka “early retirement extreme” or ERE, is a Scandinavian guy who lives by extreme frugality https://www.amazon.com/Early-Retirement-Extreme-Philosophical-Independence/dp/145360121X
He has his own website and forum too
Edit: Formating