Early Retirement Extreme: A philosophical and practical guide to financial independence
updated 17h ago
updated 17h ago
In fact, by taking the other end of the bargain, saving as much as other people are spending on wants, it's possible to retire and live on invested savings after just five years of full-time work.
Philip Powis added 1mo ago
For our modern purposes, the fields can perhaps be grouped into seven generic fields--physiological, economical, intellectual, emotional, social, technical, and ecological.
Philip Powis added 1mo ago
It's important to understand that doing the right thing (good strategy) is much more important than doing things right (good tactics). This is why this book is short on tactics and long on strategies.
Philip Powis added 1mo ago
But why aim low? Why not live an upper-class lifestyle and think of yourself as a poor aristocrat?
Philip Powis added 1mo ago
Not that there's anything wrong with such creative outlets, but the scale of these "projects" is often mind-boggling, with tens of thousands being spent on marginal increases in functionality.
Philip Powis added 1mo ago
Plato's Cave.4
Philip Powis added 1mo ago
Don't worry about whether you can eventually become an expert (see Gauging mastery). Rather, try to constantly improve on the subjects you already know and seek out useful things to learn.
Philip Powis added 1mo ago
Knowing how to provide basic needs, like householding skills or how to stay happy, can be tremendously valuable. They can often be had very inexpensively compared to what the market offers. For instance, imagine the value of a support network of family and friends, or meaningful, unstressful work, compared to the hourly rate of a psychotherapist or
... See morePhilip Powis added 1mo ago
In a world of abundance, delayed gratification is the optimal strategy. Genetically, there's a preference for the former, which means that a mature person with a measure of self-control has an advantage, being able to wait for bargains. It also means if you have patience and don't depend on speed, there are fewer costs to be paid for the additional
... See morePhilip Powis added 1mo ago