Author Topic: Article: I Tested the Saving Technique That Promises Retirement at 40  (Read 2197 times)

Fig

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This chap may have missed some of the finer points of mustachianism. And when a man is tired of the free things to do in London, he's tired of life... or at least rather lacking in imagination.

www.vice.com/amp/en_uk/article/gya8bx/i-tested-the-saving-technique-that-promises-retirement-at-40

ysette9

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Re: Article: I Tested the Saving Technique That Promises Retirement at 40
« Reply #1 on: February 26, 2019, 03:04:59 PM »
I stumbled upon that in my news app earlier today. I was pleased that the guy was able to save half of his income in his experiment. It seems like he got some good out of it but then sort of threw the baby out with the bath water by declaring it no good in the end. Maybe another month or a slightly less extreme version of frugality? I think he focused too much on missing out on pub nights with friends today and didn’t realize how much security and freedom money saved gives you, especially in an uncertain industry like journalism.

El Jacinto

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Re: Article: I Tested the Saving Technique That Promises Retirement at 40
« Reply #2 on: February 26, 2019, 03:21:36 PM »
Obviously, it is easier to save more if you make more. Making less than six figures doesnít mean you canít retire early. The average retirement age in the US is 65 (I assume that it is similar in UK). I make about the same as what he makes and will be retiring by 50, despite not even starting until 30.

People seem to decide that if they canít do the exact system, then they will just not bother at all. There are more than two options.

Bloop Bloop

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Re: Article: I Tested the Saving Technique That Promises Retirement at 40
« Reply #3 on: February 26, 2019, 06:28:32 PM »
A lot of frugality has to do with structural changes like getting a lower home loan rate, challenging your electricity provider to give you a better plan, knowing where to go for discounts, knowing how to structure your affairs to minimise tax, knowing how to use free alternatives (e.g. doing pull-ups and chin-ups as a compound exercise can be just as useful as using machines at the gym), etc

Or making lifestyle changes - e.g. having friends over instead of buying drinks at the pub

Or investing in yourself to earn more.

All of the above things require effort and know-how, though. Band-aid solutions like those in the article are really just a red herring.