Reaching Financial Independence
06-28-2013, 01:30 PM
#1
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Thread Starter
Joined APC: Sep 2007
Posts: 114
Reaching Financial Independence
As a wage slave, I've always found the idea of working until age 65-70 repulsive. About a year ago I picked up a copy of the 3rd edition of " Your Money or Your Life" at the library. The basic philosophy in the book has totally changed my views of consumerism and careerism and my relationship with money. About 6 months ago I came across another book called " Early Retirement Extreme" and a blog by " Mr Money Mustache". One of them walked away after 5 years and the other walked away at 7 years. Granted neither one is rich, but one could say they are just as happy and wealthy considering they generate enough passive income to meet their expenses.
Has anyone else come across this or put this plan into action?
Thoughts?
Has anyone else come across this or put this plan into action?
Thoughts?
06-30-2013, 07:08 AM
#2
New Hire
Joined APC: Jun 2013
Posts: 5
I've never come across the other two but "Your Money of Your Life" is excellent and I've had a copy of it in my library for probably 20 years.
One of the things I cover in depth with all of my clients is the effect of diverting money to useless things like boats, airplanes, vacation homes, fast cars, etc. when they should be using that money for early retirement.
Your career is a crap shoot; you never know when you're going to have your last medical exam ever. You may want to fly to 65. Your body may have other ideas.
One of the things I cover in depth with all of my clients is the effect of diverting money to useless things like boats, airplanes, vacation homes, fast cars, etc. when they should be using that money for early retirement.
Your career is a crap shoot; you never know when you're going to have your last medical exam ever. You may want to fly to 65. Your body may have other ideas.
07-01-2013, 02:10 PM
#3
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Thread Starter
Joined APC: Sep 2007
Posts: 114
It's difficult to get people to understand that consumerism doesn't lead to long term happiness. Embracing a philosophy of simplicity is truly the most empowering experience I've had in sometime. It's an awesome feeling to get more satisfaction out of not buying the latest must have toy and thinking about my future financial freedom that will occur in my early 40s. There are soo many more things I'd rather be doing than working for a corporate entity that could care less about me or my family. You would think more people would exercise delayed gratification in order to free themselves.
08-31-2013, 03:30 PM
#4
New Hire
Joined APC: Aug 2013
Position: CE-650 (SIC)
Posts: 6
I am a huge fan of Dave Ramsey's approach to financial well being. I can't say I follow all of his rules (I have student loan debt and a car payment) but his common sense approach to money is refreshing to say the least.
09-02-2013, 09:40 AM
#6
Gets Weekends Off
Joined APC: Oct 2006
Position: Center seat, doing loops to music
Posts: 843
I've never come across the other two but "Your Money of Your Life" is excellent and I've had a copy of it in my library for probably 20 years.
One of the things I cover in depth with all of my clients is the effect of diverting money to useless things like boats, airplanes, vacation homes, fast cars, etc. when they should be using that money for early retirement.
Your career is a crap shoot; you never know when you're going to have your last medical exam ever. You may want to fly to 65. Your body may have other ideas.
One of the things I cover in depth with all of my clients is the effect of diverting money to useless things like boats, airplanes, vacation homes, fast cars, etc. when they should be using that money for early retirement.
Your career is a crap shoot; you never know when you're going to have your last medical exam ever. You may want to fly to 65. Your body may have other ideas.
Furthermore, there are other opportunity costs that infringe on your ability to save a king's ransom that could be considered to be just as frivolous to others. Children for instance. Oh but no, that's a no no, you can't put them in the same category as boats. Why? Well because they are more universally valued by the majority. So the expense becomes sacrosanct. See why you can't just make sweeping generalizations about value and money? There is no moral compass that universally points to a certain north.
The reality is that my goal in life is to LIVE. Retirement is a subset of that, but deferring activities to the age of 70, that are desirable to me at the age of 30/40/50, is NOT part of my retirement plan. That includes engaging in recreational discretionary activities outside of the toil of a formal work environment. Second but most importantly, my biggest priority in life is to share experiences with people I love, whether they cost money or not. That's the root, stem and flower of my life. Both pursuits objectively and unapologetically require a nominal level of material consumption, TODAY. Not attaining that level of consumption makes me unhappy, which detracts from my quality of life.
I guess that's why I wasn't cut out for airline work. A little bit of time away from my home life in order to have good money and a lot of time with my loved ones is good. But a lot of time away AND little/volatile income for my troubles? Yeah that's not compatible with my life goals. I can fly professionally part-time or recreationally full time to appease the flying bug with a non-flying job that makes more money and has me home more if I need to. To each their own though. I'm certainly not gonna put off living and spending a modicum of money because I want to have a few more shekels in infirmity. There's a big canyon between those values and financial insolvency. The proffering of perennial self-deprivation in your peak income years is just schadenfreude on the part of the ones doling out "advice", to me.
09-02-2013, 03:02 PM
#7
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Joined APC: Apr 2007
Posts: 264
These things are not useless. There needs to be a balanced approach to living. You can't just say cut out recreational pursuits in order to fund a retirement so that you can achieve the "goal" of reaching the indignity of crapping your pants at 95 on your own funds; otherwise living monastically for your entire young life. The point of making money is to spend it on what you value. This may be frivolous to some, but that doesn't make it universally so.
Furthermore, there are other opportunity costs that infringe on your ability to save a king's ransom that could be considered to be just as frivolous to others. Children for instance. Oh but no, that's a no no, you can't put them in the same category as boats. Why? Well because they are more universally valued by the majority. So the expense becomes sacrosanct. See why you can't just make sweeping generalizations about value and money? There is no moral compass that universally points to a certain north.
The reality is that my goal in life is to LIVE. Retirement is a subset of that, but deferring activities to the age of 70, that are desirable to me at the age of 30/40/50, is NOT part of my retirement plan. That includes engaging in recreational discretionary activities outside of the toil of a formal work environment. Second but most importantly, my biggest priority in life is to share experiences with people I love, whether they cost money or not. That's the root, stem and flower of my life. Both pursuits objectively and unapologetically require a nominal level of material consumption, TODAY. Not attaining that level of consumption makes me unhappy, which detracts from my quality of life.
I guess that's why I wasn't cut out for airline work. A little bit of time away from my home life in order to have good money and a lot of time with my loved ones is good. But a lot of time away AND little/volatile income for my troubles? Yeah that's not compatible with my life goals. I can fly professionally part-time or recreationally full time to appease the flying bug with a non-flying job that makes more money and has me home more if I need to. To each their own though. I'm certainly not gonna put off living and spending a modicum of money because I want to have a few more shekels in infirmity. There's a big canyon between those values and financial insolvency. The proffering of perennial self-deprivation in your peak income years is just schadenfreude on the part of the ones doling out "advice", to me.
Furthermore, there are other opportunity costs that infringe on your ability to save a king's ransom that could be considered to be just as frivolous to others. Children for instance. Oh but no, that's a no no, you can't put them in the same category as boats. Why? Well because they are more universally valued by the majority. So the expense becomes sacrosanct. See why you can't just make sweeping generalizations about value and money? There is no moral compass that universally points to a certain north.
The reality is that my goal in life is to LIVE. Retirement is a subset of that, but deferring activities to the age of 70, that are desirable to me at the age of 30/40/50, is NOT part of my retirement plan. That includes engaging in recreational discretionary activities outside of the toil of a formal work environment. Second but most importantly, my biggest priority in life is to share experiences with people I love, whether they cost money or not. That's the root, stem and flower of my life. Both pursuits objectively and unapologetically require a nominal level of material consumption, TODAY. Not attaining that level of consumption makes me unhappy, which detracts from my quality of life.
I guess that's why I wasn't cut out for airline work. A little bit of time away from my home life in order to have good money and a lot of time with my loved ones is good. But a lot of time away AND little/volatile income for my troubles? Yeah that's not compatible with my life goals. I can fly professionally part-time or recreationally full time to appease the flying bug with a non-flying job that makes more money and has me home more if I need to. To each their own though. I'm certainly not gonna put off living and spending a modicum of money because I want to have a few more shekels in infirmity. There's a big canyon between those values and financial insolvency. The proffering of perennial self-deprivation in your peak income years is just schadenfreude on the part of the ones doling out "advice", to me.
AMEN!!! You may not even live to retirement...it's all about a balance. I LIVE my life...you only get one!
09-02-2013, 06:11 PM
#8
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Joined APC: Jan 2009
Position: Airbus 319/320 Captain
Posts: 880
09-02-2013, 06:41 PM
#9
Line Holder
Joined APC: Sep 2013
Posts: 42
These things are not useless. There needs to be a balanced approach to living. You can't just say cut out recreational pursuits in order to fund a retirement so that you can achieve the "goal" of reaching the indignity of crapping your pants at 95 on your own funds; otherwise living monastically for your entire young life. The point of making money is to spend it on what you value. This may be frivolous to some, but that doesn't make it universally so.
Furthermore, there are other opportunity costs that infringe on your ability to save a king's ransom that could be considered to be just as frivolous to others. Children for instance. Oh but no, that's a no no, you can't put them in the same category as boats. Why? Well because they are more universally valued by the majority. So the expense becomes sacrosanct. See why you can't just make sweeping generalizations about value and money? There is no moral compass that universally points to a certain north.
The reality is that my goal in life is to LIVE. Retirement is a subset of that, but deferring activities to the age of 70, that are desirable to me at the age of 30/40/50, is NOT part of my retirement plan. That includes engaging in recreational discretionary activities outside of the toil of a formal work environment. Second but most importantly, my biggest priority in life is to share experiences with people I love, whether they cost money or not. That's the root, stem and flower of my life. Both pursuits objectively and unapologetically require a nominal level of material consumption, TODAY. Not attaining that level of consumption makes me unhappy, which detracts from my quality of life.
I guess that's why I wasn't cut out for airline work. A little bit of time away from my home life in order to have good money and a lot of time with my loved ones is good. But a lot of time away AND little/volatile income for my troubles? Yeah that's not compatible with my life goals. I can fly professionally part-time or recreationally full time to appease the flying bug with a non-flying job that makes more money and has me home more if I need to. To each their own though. I'm certainly not gonna put off living and spending a modicum of money because I want to have a few more shekels in infirmity. There's a big canyon between those values and financial insolvency. The proffering of perennial self-deprivation in your peak income years is just schadenfreude on the part of the ones doling out "advice", to me.
Furthermore, there are other opportunity costs that infringe on your ability to save a king's ransom that could be considered to be just as frivolous to others. Children for instance. Oh but no, that's a no no, you can't put them in the same category as boats. Why? Well because they are more universally valued by the majority. So the expense becomes sacrosanct. See why you can't just make sweeping generalizations about value and money? There is no moral compass that universally points to a certain north.
The reality is that my goal in life is to LIVE. Retirement is a subset of that, but deferring activities to the age of 70, that are desirable to me at the age of 30/40/50, is NOT part of my retirement plan. That includes engaging in recreational discretionary activities outside of the toil of a formal work environment. Second but most importantly, my biggest priority in life is to share experiences with people I love, whether they cost money or not. That's the root, stem and flower of my life. Both pursuits objectively and unapologetically require a nominal level of material consumption, TODAY. Not attaining that level of consumption makes me unhappy, which detracts from my quality of life.
I guess that's why I wasn't cut out for airline work. A little bit of time away from my home life in order to have good money and a lot of time with my loved ones is good. But a lot of time away AND little/volatile income for my troubles? Yeah that's not compatible with my life goals. I can fly professionally part-time or recreationally full time to appease the flying bug with a non-flying job that makes more money and has me home more if I need to. To each their own though. I'm certainly not gonna put off living and spending a modicum of money because I want to have a few more shekels in infirmity. There's a big canyon between those values and financial insolvency. The proffering of perennial self-deprivation in your peak income years is just schadenfreude on the part of the ones doling out "advice", to me.
09-03-2013, 05:56 PM
#10
Gets Weekends Off
Thread Starter
Joined APC: Sep 2007
Posts: 114
That's the entire point of reaching financial independence at an early age. I'm all about sharing awesome experiences with the people I love, but it doesn't involve frivolous spending. I want to fully enjoy my life in my early 40s and not in my 60s when I'm suffering from the cost of stress and a seditary work lifestyle. Consumerism and careerism is a hell of a drug! It's not about being a miser...I guess a few get it, most don't.
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