Author Topic: Mr. Money Mustache on PBS news hour tonight Oct 25.  (Read 3178 times)

clifp

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Mr. Money Mustache on PBS news hour tonight Oct 25.
« on: October 25, 2018, 01:58:47 PM »
Just saw this tweet from PBS Economic reporter

https://twitter.com/paulsolman/status/1055542867270270976

Quote
@MrMoneyMustache is finally running on tonight's PBS NewsHour. Learn how the FIRE people live, as in Financial Independence Retire Early. And by early they mean in their 30s.

If you haven't watched the PBS Newshour, it is IMO the most comprehensive least biased source of news period.


clifp

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #1 on: October 25, 2018, 04:21:52 PM »

HAPPYINAZ

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #2 on: October 25, 2018, 04:38:32 PM »
Thanks for the headsup!!  I usually watch it, but will try extra hard to see it tonight.

calimom

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #3 on: October 25, 2018, 04:56:04 PM »
I just listened to it on NPR and logged on to alert others. Nothing really new to those of us here but always good to get the word out!

Calvin

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #4 on: October 25, 2018, 05:58:45 PM »
Good segment! I enjoy the NewsHour and it was neat to see the MMM homepage and the man himself pop up.

thunderball

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #5 on: October 25, 2018, 06:57:17 PM »

Dammit.  No cable...  missed it.

ixtap

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #6 on: October 25, 2018, 07:01:19 PM »
DISCLAIMER: I may have been logged in with my Passport ID. Become a member to get your own:

https://www.pbs.org/video/how-these-penny-pinchers-retired-in-their-30s-1540508225/

Calvin

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #7 on: October 26, 2018, 09:06:24 AM »
There was also a short article with some quotes/advice from some of the different mustachians they interviewed:

https://www.pbs.org/newshour/economy/making-sense/want-to-retire-by-40-heres-advice-from-people-who-did-it

charis

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #8 on: October 26, 2018, 09:31:01 AM »

Dammit.  No cable...  missed it.

I wasn't aware of this issue.  Never had cable, always had PBS.

tralfamadorian

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #9 on: October 26, 2018, 11:32:02 AM »

Dammit.  No cable...  missed it.

I wasn't aware of this issue.  Never had cable, always had PBS.

Not everyone has great bunny ear reception.

Thanks for the youtube link @Fidoh !

I also was surprised that they pulled out credit card hacking as a common denominator. While common, it's certainly not a cornerstone of mustachianism. A better inclusion IMO would be the importance of minimizing the big 3 expenses (housing, transportation, food costs). They already did transportation, touched on housing with Pete and food costs with another lady so they were more than halfway there.

However, they did include 25x/4% and what people do post-FIRE with what I thought was an unbiased representation.

clifp

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #10 on: October 26, 2018, 11:46:59 AM »
One part I don't like is...

"One common feature of the FIRE movement: credit cards used strategically..."

I feel like the cc stuff is such a trivial part of what makes this whole equation work.  Plus it makes people think of extreme couponing, which again, is not really necessary.

I don't know every FIRE forum I've ever been on includes several threads on the best credit cards to use, and generally a thread or two on credit card hacking by taking advantage of zero interest transfers.  While you're correct it is not a central part of FIRE, the fact that I don't see these threads on other types forums does point out the mindset of the typical FIRE person.

One thing, I didn't know was the MMM had made Longmont, CO a hub of the FIRE movement with his co-working space.

Askel

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #11 on: October 30, 2018, 09:53:25 AM »
One part I don't like is...

"One common feature of the FIRE movement: credit cards used strategically..."

I feel like the cc stuff is such a trivial part of what makes this whole equation work.  Plus it makes people think of extreme couponing, which again, is not really necessary.

Yep, thank credit card referral dollars. Anybody with a moderately successful FIRE blog probably makes a few bucks of them and as such, gives them perhaps more air time than they might otherwise deserve. 

I'll take advantage of big sign up bonuses on purchases I've been planning for a while, but I don't play the rewards game. Too much danger of walking into a bike shop and pitting my self discipline against The Most Fabulous Bicycle In The World.  I know who will win that battle: the credit card companies. 

I feel bad for those who lack the self awareness or discipline and up digging a deeper hole instead of making progress towards FIRE by all this credit card promotion. 

lhamo

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #12 on: October 30, 2018, 10:56:36 AM »
Did anybody else notice how Pete blasted through that stop sign?  Now he's going to have the Longmont police on his tail, along with the Internet Retirement Police!

MMM headquarters sure looks chill.   Wish real estate wasn't so expensive in Seattle -- would be fun to set something like that up here but would need a substantially larger stash...

ysette9

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #13 on: October 30, 2018, 11:51:32 AM »
He doesn’t wear a helmet!! Come on, dude, set a better example!

Overall nice piece. It is interesting to see how popular this idea seems to be getting as of late.

LifeHappens

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #14 on: October 30, 2018, 12:00:05 PM »
He doesn’t wear a helmet!! Come on, dude, set a better example!
Yeah. That's one part of MMM I don't like. Pete even wrote a blog post defending his lack of a helmet, but I think it's pretty irresponsible to promote bike riding with no helmet.

I'm a red panda

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #15 on: October 30, 2018, 12:04:49 PM »
One part I don't like is...

"One common feature of the FIRE movement: credit cards used strategically..."

I feel like the cc stuff is such a trivial part of what makes this whole equation work.  Plus it makes people think of extreme couponing, which again, is not really necessary.

Is it strategy to pay them off every month?  I don't credit card hack, but I spend near 0 in cash. EVERYTHING goes on a credit card.

bacchi

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #16 on: October 30, 2018, 01:30:35 PM »
One part I don't like is...

"One common feature of the FIRE movement: credit cards used strategically..."

I feel like the cc stuff is such a trivial part of what makes this whole equation work.  Plus it makes people think of extreme couponing, which again, is not really necessary.

Is it strategy to pay them off every month?  I don't credit card hack, but I spend near 0 in cash. EVERYTHING goes on a credit card.

I'm guessing they meant that and to use the right credit card for the right purchases. For example, use the AmEx Blue Cash for 6% back on groceries; use the Freedom for 5% back on gas during its quarter. One of the couples labelled the cards, which is a great idea.

FiveSigmas

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #17 on: October 30, 2018, 02:38:20 PM »
MMM headquarters sure looks chill.   Wish real estate wasn't so expensive in Seattle -- would be fun to set something like that up here but would need a substantially larger stash...

You're not the only one to have yenned for this. Yolfer made a recent post:

https://forum.mrmoneymustache.com/continue-the-blog-conversation/mmmhq-seattle/

(For those not aware, Yolfer's one of the founders/coordinators of Camp Mustache NW. Where there's a will, maybe there's a way?)

lhamo

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #18 on: October 30, 2018, 03:25:23 PM »
Oh -- I missed that!

Really hard to see how the economics of real estate around here would make it workable, unless somebody already owns a space.  Not something I can take on for various reasons.  But nice idea....

calimom

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #19 on: October 30, 2018, 10:35:38 PM »
He doesn’t wear a helmet!! Come on, dude, set a better example!
Yeah. That's one part of MMM I don't like. Pete even wrote a blog post defending his lack of a helmet, but I think it's pretty irresponsible to promote bike riding with no helmet.

It was hard to miss. But remember Pete lives in a bubble where Nothing Bad Ever Happens. May he continue to do so.

Dicey

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #20 on: October 31, 2018, 08:09:22 AM »
Here's the entire segment:

https://www.youtube.com/watch?v=Rz8IQGv2HLU
Got the "This video is unavailable." message. Boo.

haflander

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #21 on: October 31, 2018, 08:20:02 AM »
Dicey, I think it's the link. I tried the link and it didn't work after refreshing a few times. Then I just searched on YouTube for "mr money mustache pbs news hour" and the 10ish minute video was the first result.

Solid fair summary of the FIRE lifestyle as others have mentioned.

Just wear a helmet, dude...common sense. The "nothing bad ever happens" mindset is the same one that leads people to buying crap vs saving...it doesn't seem logical to pick and choose in what areas of your life you want to practice caution while being reckless in others. "Hey, index funds are safe and logical, but I don't wanna wear a helmet because math and annoying and fear is stupid."

Dicey

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #22 on: October 31, 2018, 08:29:55 AM »
Lol, Google is my friend and I just watched it. I thought it was good and reasonably well balanced. He did infllate his $24k/year budget a bit, which I thought was funny.

Not only do I share the concern about his lack of headgear (because his kid always wears a helmet, right?), but the fit of his bike seems sub-optimal. The curve of his spine while riding seems a bit much. A few tweaks of his gear should help with that significantly.

I'm a red panda

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #23 on: October 31, 2018, 08:34:22 AM »
He doesn’t wear a helmet!! Come on, dude, set a better example!
Yeah. That's one part of MMM I don't like. Pete even wrote a blog post defending his lack of a helmet, but I think it's pretty irresponsible to promote bike riding with no helmet.

It was hard to miss. But remember Pete lives in a bubble where Nothing Bad Ever Happens. May he continue to do so.

Yeah his "just workout and you won't need much healthcare" approach to not worrying about insurance is kind of crazy.  I didn't know he doesn't bike in a helmet.

That's just silly.

Unreasonable fear is riding a bicycle in full motorcycle leathers. Common sense is wearing a helmet.

GuitarStv

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #24 on: October 31, 2018, 08:55:45 AM »
He doesn’t wear a helmet!! Come on, dude, set a better example!
Yeah. That's one part of MMM I don't like. Pete even wrote a blog post defending his lack of a helmet, but I think it's pretty irresponsible to promote bike riding with no helmet.

It was hard to miss. But remember Pete lives in a bubble where Nothing Bad Ever Happens. May he continue to do so.

Let me preface this by saying that I wear a helmet every time I ride my bike.  My son wears a helmet every time he rides his bike too.

I've made my peace with people who don't want to wear a helmet and ride.  There's a sizable chunk of the population who does this, and who wouldn't ride a bike at all if required to wear a helmet.  More bikes on the road have proven by several studies (here's one:  https://www.standard.co.uk/news/transport/roads-with-most-cyclists-are-13-safer-for-riders-new-survey-says-a3826931.html) to make cycling safer for everyone . . . so as long as they're riding I benefit.

I'm also a helmet realist.  A bike helmet is designed to protect from a low speed collision.  I regularly exceed 60 kph on my bike.  It likely won't do much to help if I crash while moving at a good clip.

As mentioned earlier, more cyclists on the road means that things are safer for all cyclists.  One way to increase the number of cyclists on the road is to reduce the false idea that cycling is an incredibly dangerous activity.  If everyone you see on a bike is dressed as a pylon with a helmet and 600 flashing lights all over their bike, that's going to scare some people away from riding their bike.  I'm going to keep dressing as a pylon, but can respect people who feel that it's unnecessary.  There's even evidence that wearing a helmet makes cycling on the road more dangerous (http://news.bbc.co.uk/2/hi/uk_news/england/somerset/5334208.stm) because drivers will be more dangerous to you . . . and motorists are the number one danger you run into on the road.

So yeah, TLDR - there are valid reasons to choose not to wear a helmet while cycling.  It's not what I'm personally going to do, but I get it.

jeninco

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #25 on: October 31, 2018, 02:22:38 PM »
Haha, Pete blowing through the stop sign in the video bothers me a lot more then the presence/absence of a helmet. Because I live in his general area, and bikers who think the rules don't apply to them irritate all the car drivers, who then are more hostile to the next biker. It's a horrible spiral.

I wear a helmet 90+ % of the time, but not when my very long hair is wet and drying. At those infrequent moments, I figure it's better to do whatever errand it is on a bike then to hyper-optimize. I've also observed that there are enough bikers around here that drivers behave fairly reasonably around them. (Unless they're college students who just came into town, or otherwise not familiar with being here. Alas.) Stv, I always, always wear a helmet when I'm "going for a ride" that will involve a speedy descent. Anything between my head and the road can't but be helpful at 50 kph!

tralfamadorian

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #26 on: October 31, 2018, 06:07:26 PM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.

LorettaLynn

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #27 on: October 31, 2018, 06:09:29 PM »
My favorite part was the DIY surgery joke!

ysette9

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #28 on: October 31, 2018, 09:59:30 PM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
That is fascinating! What a good idea. My only question would be can you only wear it on a bare head? What if you need some kind of hat for sun protection? Would that interfere?

Dicey

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #29 on: October 31, 2018, 11:50:20 PM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

tralfamadorian

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #30 on: November 01, 2018, 09:16:25 AM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

I think it was around 300 euros with shipping when I bought mine so definitely more than a regular helmet.

tralfamadorian

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #31 on: November 01, 2018, 09:19:27 AM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
That is fascinating! What a good idea. My only question would be can you only wear it on a bare head? What if you need some kind of hat for sun protection? Would that interfere?

I don't know. It's a good question though! I'm more of a sunglasses person but I bet you could shoot the company an email.

I'm a red panda

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #32 on: November 01, 2018, 09:26:41 AM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

One good crash, that it works on, would make it pretty darn mustachian though...

Dicey

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #33 on: November 02, 2018, 12:20:37 AM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

One good crash, that it works on, would make it pretty darn mustachian though...
Yup.

elysianfields

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #34 on: November 04, 2018, 11:14:48 AM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

One good crash, that it works on, would make it pretty darn mustachian though...
Yup.
I don't know... what are the relative values of €300 invested for 20 years versus not having a functional brain?

bacchi

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #35 on: November 04, 2018, 06:41:56 PM »
Not mustachian of me, but I use this guy for cycling. Supposedly better protection than a helmet and no helmet hair.
Wow! That looks fun. How not mustachian is it?

One good crash, that it works on, would make it pretty darn mustachian though...
Yup.
I don't know... what are the relative values of €300 invested for 20 years versus not having a functional brain?

At that price, why not a motorcycle helmet? That would save a head at 60kmh. And you'd get bluetooth.

Askel

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #36 on: November 05, 2018, 06:18:56 AM »
Better yet, how about a two ton steel cocoon that you strap your whole body into! 

Think of how safe *that* would be! 

sol

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Re: Mr. Money Mustache on PBS news hour tonight Oct 25.
« Reply #37 on: November 08, 2018, 03:15:52 PM »
Working youtube version of the pbs story, for those who have cut the cord:  https://www.youtube.com/watch?v=RyF40JydVNU
« Last Edit: November 08, 2018, 03:26:42 PM by sol »