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You are here: Home / Personal / off-topics / budget / Rats retire from a sinking ship

Rats retire from a sinking ship

February 25, 2010 by krisis

I have been enjoying a budget blog called Early Retirement Extreme, written by Jacob – a man who semi-retired into financial independence at age 30.

How? Here’s a glimpse:

I don’t have a driver’s license, I don’t have any debt, I don’t live in a house, I cook everything from scratch, I cut my own hair, I practically never buy new or anything at all for that matter, I am not on any prescription medicines, and I am in great physical shape.

Essentially, he has eliminated the American addiction for conspicuous consumption from his financial diet, and it hasn’t left much else to spend on. I can definitely appreciate his no-frills approach to spending – even within my yuppy, metro life I’ve managed to live marginally.

For a more detailed analysis of how Jacob works his magic, see his recent post Your budget is like a sinking ship. He literally compares the average American budget to a ship, showing how you can plug the leaks. He also aggregates the spend on some common items – like clothing and furniture – across a lifetime, like so:

$2688 a year or a lifetime cost of more than $200,000 simply to have other people prepare your food. If the average income is, let’s say 40000 after tax, would you really want to work 5 years of your life just so you can eat a meal you didn’t make yourself a couple of times a week for the rest of your life?

While his simplistic living might seem beyond your ability to withstand, his bottom line can make sense for anyone – identify the quality of life that you want, and then plug the leaks.

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Filed Under: budget, linkylove, thoughts

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Comments

  1. Desh says

    February 25, 2010 at 6:22 pm

    So if my answer to that supposedly-rhetorical question is “Yes”, that’s OK, right? I like my job more than I like cooking. If I didn’t, I’d look into cooking for a living.

  2. krisis says

    February 26, 2010 at 1:21 am

    That just means it’s not a “leak” for you. Is it unintentional that I spend way over $1k a year to consume music? Totally. But, it would be nice to not spend it on trivial things that I’m not even enjoying, like eating a mediocre lunch out every day.

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