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.
A scary thought just occurred to me. With stores being cleared out in the DC area for toast bread, milk, and eggs, presumably because the residents otherwise feed themselves with take-out food; and combined with the observation that one would actually be hard pressed to cook anything out of the ingredients found in a regular walmart (not a super walmart) and the fact that walmart are ubiquitous and thus representative of profit maximizing consumer patterns: Could it be that people—at least those partaking in this frenzy and it’s quite a lot—frankly have no idea how to cook and feed themselves beyond being able to fry an egg, toast a piece of bread, drink milk, and order out?
Apparently I am out of touch with your every day consumer. It leaves me wondering… what else should not surprise me?
What would they do if they were snowed in? Rained in? Flooded? Heated? Not heated? What if the power went out? Unemployed?
I kinda think of myself as a common sense guy in that I know to drive carefully if the roads are slippery; I know how to dig a trench to divert the water if it is rising; I have clothes for the wet and cold; and we have food for at least a week without even planning for it. Yet maybe compared to the average french toast hoarder, I must be some kind of an extreme survivalist.
This could easily lead to the conclusion, that maybe nobody knows anything?
Have we really as a society been so thoroughly insectisized that we can not do anything if we can not go out and pay someone else to do it for us? Is this an optimal situation for a society?