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.
When was the last time you actually wore something out? I’m not talking about socks or underwear or things you use for work. I’m also not talking about things that could be repaired like a TV with a failed component that costs too much to replace. I’m talking about the things that usually gets “upgraded” or replaced before they have been used up. I’m talking about the things you own, where all components exhibit enough wear that it either breaks completely in an irrepairable fashion or where the parts are so worn down that they do not function anymore.
So what have you worn out recently?
Did you decide to replace it or did you already have a “backup”?
Bonus question: What is the oldest thing you own that you use daily?
Originally posted 2008-09-07 08:27:24.
