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.
… modern culture does not seem to value individual independence of thought yet it values individual comfort. Conversely, collective thought (an oxymoron really) is valued whereas few care about collective comfort.
Actually it is both strange and quite sad.
It begets the question whether this preference is evolutionarily determined or conditioned by culture. One thing I keep wondering about is that perhaps only 10% is naturally inclined to thinking critically whereas the other 90% are mostly inclined to believe and have faith in what they are told. I can certainly see how having too many people thinking would lead to instability. Conversely, I can also see how going along also leads to a dangerous situation. Hence, there is an optimal number where a small fraction of thinking people in the population slowly adapts the entire population to new environments.
There is also an evolutionary concept called inclusive fitness. This can be used to tackle the comfort question. However, it is difficult to explain the widespread “F*** you, I got mine” attitude within that context. But perhaps, for humans, only a small number of considerate people, people with sufficient emotional intelligence, are sufficient as well; to essentially sacrifice themselves whenever the inconsiderate (oblivious?) majority goes too far.
Originally posted 2009-12-11 23:07:45.