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.
Determination has many names. Some call it heart. Fighters call it hunger. Grit is another name for it.
Aside from very few pursuits whether other talents such as excessive brains, beauty, or physical stature wins the day, determination is in my opinion the most important variable that determines whether someone succeeds.
It seems, however, that determination is “undetermined”.
We test for intelligence on SATs to determine college placements. And we test for intelligence on GPAs to determine job placement (don’t deny it π ). But where and when do we test for determination?
Furthermore, is determination genetic or is it cultural? Can it be trained?
In particular, can I say or write something that makes people more determined? The answer to that is probably yes: It is called inspiration.
However, I think determination is different from being inspired. Determination may be thought of as “self-inspiration”. Do you do things because you are inspired by others or can you inspire yourself? (And the third one: Can you inspire others?). It is the same dynamics as leading and following. We say some are natural leaders — and many are natural followers. However, leadership can also be taught and presumably followership(*)can be taught (like in the military?).
(*) Interestingly that word is not in the dictionary.
Can self-inspiring determination be taught though?
In other news, check out the dark side of early retirement.
Originally posted 2010-04-30 09:11:41.