Author Topic: Brand New to the triple M lifestyle  (Read 2018 times)

jchik

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Brand New to the triple M lifestyle
« on: March 21, 2017, 01:12:57 AM »
Hey everyone!

So I'm a complete noobie to all of this. I started awhile back working to reduce my spending on pointless stuff and being more minimalistic. But after hearing MMM on the Tim Ferris show it expanded my ideas on what I wanted to do with my money. So as a younger gentlemen that has unfortunately fallen into the many financial traps out there. I am all ears for advice from those who are more experienced then me in mustachiasm. I'm currently working hard to clean up the debt I have accrued over the past few years. On any of this would be great! Thanks a lot in advance!

Heroes821

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Re: Brand New to the triple M lifestyle
« Reply #1 on: March 21, 2017, 08:47:00 AM »
Start at the beginning and read most of the MMM articles.  The mindset is the hardest part of changing your life.  The forum is here to help once you get there.  Also maybe check out the casestudy forum.

caracarn

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Re: Brand New to the triple M lifestyle
« Reply #2 on: March 21, 2017, 09:00:47 AM »
Yes, I would suggest start at the beginning and read the articles.  I considered myself pretty sound financially having saved several hundred thousand into my 30s, even after a few setbacks life threw at me, but even with that background I learned some things from the articles.  Mindset change is the biggest benefit you can get from it.  I'd couple that with a good budgeting plan or program to keep yourself on track.  There are several out there for reasonable cost and I feel they are worth the minimal expense versus trying to use a spreadsheet or something that most people just do not have discipline for. 

Once you list our your expenses in excruciating detail you can better figure out what to target.  MMM's 10 year view of everything helps make even the "little" $5/week items stand out as they should and show you that this stuff adds up to real money in a hurry. 

You have the benefit of getting pulled into this understanding at an early age.  Some do not get there until we're in our 40s and then even with a full blown desire to go mustache the time period left gets us to the finish line no earlier (put much better off) than we would have been had we begun in our 20s.  When the going gets tough (and it will), keep that idea foremost in your mind to keep you motivated not to throw in the towel and revert to what all your friends are doing, wasting their hard earned money.

mudstache

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Re: Brand New to the triple M lifestyle
« Reply #3 on: March 21, 2017, 10:36:45 AM »
I found MMM almost 3 months ago, and spent an entire weekend reading the articles from the beginning.  I couldn't get enough, and loved the idea, but still caught myself reading certain articles and saying, "Well, I couldn't actually do XYZ, so I'll go to the next article."  After a few dozen articles, I stopped myself and realized I was a super complainypants.  It's not that I *couldn't* cancel cable, it was that I didn't *want* to.  But then I did, and I haven't missed it at all.  I didn't know anything about the lower cost cell phone plans, but then I did the research and switched.  And I've kept a list of what I've done and the annual savings, and now it's a game to add to it and un-complainypants myself. 

I think we all have things that just don't appeal to us (I still use my clothes dryer, for example), but we haven't eaten out since the first week of January, I've taken my son in the stroller to grocery shop 2 miles away, and I ran commuted to work yesterday for the first time (6 miles!).  Every couple of weeks, I scroll back through the article list to see if there's something I missed in my first passes due to dismissing it without really challenging my "can't do it" thinking.  The consumer sukka mentality is strong, so even when you're 100% committed, it creeps back in.  I had a rough day at work yesterday, and my first instinct was to do take out (for the first time in almost 3 months).  But then I stopped myself and thought, "The way to REALLY stick it to my boss is to save that $40 toward early retirement."  And that felt way more powerful than paying too much for dinner.

Anyway, there's a ton of info on the blog, and so much here on the forums.  If you can get your mind in the right place about it, it's pretty fun to play the MMM game! 

nouveauRiche

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Re: Brand New to the triple M lifestyle
« Reply #4 on: March 21, 2017, 11:51:28 AM »
Welcome jchik!  You have a huge advantage in finding this site while you are young.  Time is on your side.

Have you read "The Joy of Less" by Francine Jay?  It's on living more simply.  (From the library, not Amazon.)

Others have already given some good advice. 

MMM says "Start Here":

http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/

Best of luck & keep us posted!


farmecologist

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Re: Brand New to the triple M lifestyle
« Reply #5 on: March 21, 2017, 12:31:37 PM »

My philosophy, even before discovering this site, has been "spend far less than you make and save the difference".   Basically, this is what is all comes down to. 

Most of the 'MMM lifestyle" ideas come down to common sense.  However, it is common sense that most people rationalize their way out of due to the 'consumer lifestyle', etc...



Nickels Dimes Quarters

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Re: Brand New to the triple M lifestyle
« Reply #6 on: March 21, 2017, 05:27:03 PM »
I started by reading all the articles here and also reading any book on money I could find at the library. You pick out the parts you like and that can work for you. At some point, you will see all the options you have for how you can live your life better. The money you save and invest will provide you with options. Having options is truly powerful.

For myself, I have adopted the philosophy of saving to invest in income-producing assets. Everything I can save gets deposited in a holding account until I have enough to invest. I have a government day job and I have all the usual tax advantaged accounts, the HSA, IRA, and so on. Last year, I purchased my first multi-family property and moved into one of the units. It's been a great investment. Now I am saving to buy another similar property. It'll take another year or so but I'm on track. In about five years, I'll have the option of continuing to work my day job, if I choose. That will be a great feeling. Fortunately, I enjoy my work.

Once you get free of the debt, you can roll all that extra cash into investments. It does become a game and I enjoy the challenge of figuring out new ways to cut bills or save on the things we need/want.

Good luck! This is the journey worth taking.

NDQ

stoaX

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Re: Brand New to the triple M lifestyle
« Reply #7 on: March 21, 2017, 05:44:32 PM »
I found MMM almost 3 months ago, and spent an entire weekend reading the articles from the beginning.  I couldn't get enough, and loved the idea, but still caught myself reading certain articles and saying, "Well, I couldn't actually do XYZ, so I'll go to the next article."  After a few dozen articles, I stopped myself and realized I was a super complainypants.  It's not that I *couldn't* cancel cable, it was that I didn't *want* to.  But then I did, and I haven't missed it at all.  I didn't know anything about the lower cost cell phone plans, but then I did the research and switched.  And I've kept a list of what I've done and the annual savings, and now it's a game to add to it and un-complainypants myself. 

I think we all have things that just don't appeal to us (I still use my clothes dryer, for example), but we haven't eaten out since the first week of January, I've taken my son in the stroller to grocery shop 2 miles away, and I ran commuted to work yesterday for the first time (6 miles!).  Every couple of weeks, I scroll back through the article list to see if there's something I missed in my first passes due to dismissing it without really challenging my "can't do it" thinking.  The consumer sukka mentality is strong, so even when you're 100% committed, it creeps back in.  I had a rough day at work yesterday, and my first instinct was to do take out (for the first time in almost 3 months).  But then I stopped myself and thought, "The way to REALLY stick it to my boss is to save that $40 toward early retirement."  And that felt way more powerful than paying too much for dinner.

Anyway, there's a ton of info on the blog, and so much here on the forums.  If you can get your mind in the right place about it, it's pretty fun to play the MMM game!

Amen - your first few sentences were my experience, only starting many years ago when it was easy to read all the articles in a short time. 

jchik:  Welcome and best of luck!

jchik

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Re: Brand New to the triple M lifestyle
« Reply #8 on: March 22, 2017, 12:08:25 AM »
Awesome! Thank you all for the encouragement and advice. I'll be sure to post and engage in the forum throughout my journey. I'm making it a daily ritual right now to read a few article from the blog everyday to see everything he's put out. It's been great so far. Budget wise I saw reference to the PENNIES app for IOS so I'm trying that currently will see how I like it. Ill take any book suggestions that you all have found helpful? Besides the one mentioned above ill be looking it up, and dust off my old library card lol.