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.
Here’s how to make refried beans (unit cost: negligible)
First you get a 20lbs bag of pinto beans for free at freecycle.org 😉
Second, you take a large bowl and soak the some beans in water all day.
Third, you cook them in a pressure cooker. An ordinary pot works as well, but it takes 3 times as long and requires 6 times as much electricity, gas, etc.
Fourth, you mince an onion and crush a few garlic. By a few I mean a lot 😀
Fifth, you saute the onion and garlic in a deep pan until golden brown. Cast iron works great(*). I use one of these. Use more oil than you think.You probably want to cover 1/4 of the bottom. I used olive oil.
(*) Way better than teflon!
Sixth, get the beans out of the pressure cooker. Drain the water and dump them in the pan. Mash some of them. Stir and try to get all of them fried. Make sure they don’t burn. This should take ten minutes or so. Add oil if they look like they are going to burn. Also, turn down the heat.
Experts can use homemade lard or bacon grease instead of olive oil.
Serve with tortilla shells, rice, tomatoes, salad, cheese, salsa, olives, … or whatever you prefer.
Originally posted 2008-03-31 07:27:43.
