If you're new here, this blog will give you the tools to become financially independent in 5 years on a median salary. The wiki page gives a good summary of the principles of the strategy. The key to success is to run your personal finances much like a business, thinking about assets and inventory and focusing on efficiency and value for money. Not just any business but a business that's flexible, agile, and adaptable. Conversely most consumers run their personal finances like an inflexible money-losing anti-business always in danger of losing their jobs.
Here's almost a thousand online journals from people, who are following the ERE strategy tailored to their particular situation (age, children, location, education, goals, ...). Increasing their savings from the usual 5-15% of their income to tens of thousands of dollars each year or typically 40-80% of their income, many accumulate six-figure net-worths within a few years.
Since everybody's situation is different (age, education, location, children, goals, ...) I suggest only spending a brief moment on this blog, which can be thought of as my personal journal, before looking for the crowd's wisdom for your particular situation in the forum journals.
If you enjoy the blog, also consider the book which is much better organized and more complete. You can read the first chapter for free, listen to the preamble, or see the reviews (1,2,3,4,5,6,7,8,9, A,B,C,D,E,F,G,H,I,J,K,L,M,N,O,P,Q,R,S,T,U,V,W,Z). Subscribe to the blog via email or RSS. Get updates on the facebook page, join the forums, and look for tactics on the ERE wiki. Here's a list of all the ERE blog posts.
Get identical socks. First of all, they are easier to pair up after doing the laundry. More importantly though, if one sock fails you don’t have to throw out the pair or wear mismatched socks like Pippi Longstockings. Simply pair it with another sock. I don’t think you have to be a mathematician to appreciate how this works out.
However, before throwing a sock out, try applying heroic measures and darn it. No, I don’t mean cursing it, but getting out thread and needle.
Instructions can be found here.
Once a sock has reached terminal failure it is time to put it to other use. While they can be used as a hat in case you have a small head or really big feet, I usually use them to polish shoes with.
I must admit that I have failed to maintain my identical sock system. After owning 20 identical socks, I’m now down to two. What’s worse, in a fit of laziness and having to deal with the horrors of making wish lists, I simply told everybody that I wanted socks. Of course I had not considered the possibility of people not giving me all identical socks, silly me!
Incidentally in case you’re a noob about “what not to wear” like I used to be and possibly still is, the following statement contains my sole knowledge on men’s fashion when it comes to socks. Socks are considered an extension of the pant and should be the same color though darker socks are okay.The second best option is to have all black socks. Lighter-than-pant socks are a no-no unless you are playing tennis.
Girl’s you’re on your own.
Originally posted 2008-01-11 07:19:10.