The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: mpvmd on November 04, 2018, 01:42:01 AM

Title: First Post, starting at 50
Post by: mpvmd on November 04, 2018, 01:42:01 AM
Hi all - I am a reasonably frugal person with what I think of as 'almost enough' in the bank -though it seems to have been 'almost' for a long time. At 50, I have just discovered MMM and the idea of maximizing happiness rather than spend really appeals! Would love to quit my job, now re-evaluating expenses (again). Any tips particular to those of us starting the journey a bit later in life?
Title: Re: First Post, starting at 50
Post by: Freedomin5 on November 04, 2018, 03:49:28 AM
Id suggest posting a full case study if you want tips specific to your situation.
Title: Re: First Post, starting at 50
Post by: igetit on November 04, 2018, 04:48:54 AM

It's never too late and it sounds like you already have a good habits to build on.

We don't know about your expenses vs income but paying attention to everything and squirreling away even the smallest amounts really does help. 

Generally the big three controllable expenses are housing, transportation and food.  I don't know anything about your home - are you paying a mortgage?  Or do you rent?  If the costs are high is there any chance you can move?
Keeping housing costs low is a major focus as well as your transportation costs. Driving an older used car has helped many mustachians build their stache.  Focusing on cooking at home instead of eating out all the time can make a difference of 100's of dollars a month.   There's nothing new here but strengthening behaviors can achieve amazing things over time.

Then there is the behavior of not buying new crap all the time.  That's an especially good trait to perfect.  In many many ways this can set you on a path of freedom. Developing an approach to life that isn't always full of a desire to have and obtain what you currently don't can be life changing.

Honestly, contentment with the life you've created gives someone an ability to sort of self-sooth that often is just not available in a consumer led society that is always searching out a new fix.
Achieving that perspective will return more than just a growing stache.
Title: Re: First Post, starting at 50
Post by: MDM on November 04, 2018, 10:49:24 AM
Id suggest posting a full case study if you want tips specific to your situation.

See How To: Write a "Case Study" Topic ('case-study'-topic/).  Gathering the information to post an accurate picture has value, whether posted or not - good luck!
Title: Re: First Post, starting at 50
Post by: mpvmd on November 08, 2018, 11:02:07 AM
Thanks for the tips and apologies for not posting a full case study  -it feels a bit awkward to share my entire financial situation with people I don't know. I'll be back once it's completed...
Title: Re: First Post, starting at 50
Post by: katscratch on November 08, 2018, 11:57:48 AM
No need to apologize - the case study format, because of the detail, is just the most commonly used tool around here to give advice specific to your situation, but by no means is a requirement to participation.

If you don't want to post that level of detail yet, and a lot of us haven't, it still does help to go through the info for yourself, as MDM said. Gives you a thorough picture of where you really are right now.

In terms of advice - you could browse through the case study sub-forum and look for situations similar to yours to see what common advice is, and common areas that people get 'stuck' in. I've learned a ton that is relevant to my situation just through lurking for a couple years :)

All that said: Welcome!

Title: Re: First Post, starting at 50
Post by: Moustachienne on November 08, 2018, 12:35:16 PM
Seconding the advice that doing a case study, even if you don't post it, is really helpful.

I discovered MMM in my mid-fifties.  I had vague plans to retire at 60 but had NO IDEA whether this was feasible or not because although DH and I were saving 60-70% of our income, driving old cars, biking, taking transit, cooking at home, taking modest vacations, had a paid off house, we didn't really know what our actual expenses were and therefore what level of income we needed to be happy/secure in retirement.  We didn't feel we were particularly frugal and were certainly living comfortably.  The media hype that "you can never retire" or "you need 80% of your pre-retirement income" didn't help either.

Well, once we started some expense tracking, understood the 4% rule, and discovered a community whose values felt by and large in line with our own - we were golden, I mean absolutely covered in gilt.  There was absolutely no problem retiring at 60 and in fact, we could have retired earlier if we'd wanted to.  For a variety of reasons, 60 felt right.   We've continued the expense level that we always felt comfortable at and we have a SURPLUS in retirement.  Now we get to have fun and give to charity, which is really fun.

Knowledge is power.  Do the case study and find out where you really stand.  Then you can build from there.  Fingers crossed that you will be a pleasantly surprised as we were but even if the surprise is unpleasant, you'll be on the right path.
Title: Re: First Post, starting at 50
Post by: Brother Esau on November 08, 2018, 02:26:57 PM
Welcome! I as well discovered MMM at 50. Almost 2 years later now and the DW and i have made a number of quality of life changes thanks to this place. Couldn't imagine being happier.