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.
I see it this way. I need something to get me from A to B. Why own a crappy $1500 car that needs to be replaced in a few years, when I can own a pretty smooth $1500 bicycle that could potentially outlast me. Why the obsession with size and power over quality and longevity?
If you live in a small house, you can pave the floors with gold. If you live in a large home, this is not an option. If you drive a bicycle you can afford to drive the best. Few car drivers can afford to drive the best cars.
Now it may be that finely crafted bikes do nothing for you. In that case, just get a free bike on freecycle or get a cheap used bike on craigslist. If you want to indulge yourself, though, these are some very classy looking bikes.
I’m sure I forgot some here. Any others?
Originally posted 2008-12-19 17:09:12.