Author Topic: Good Mustachian habits  (Read 5271 times)

$_gone_amok

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Good Mustachian habits
« on: September 10, 2012, 12:16:44 PM »
I thought I'd start a new topic on what everyday habits that you utilize to better manage your life and finance. I'm hoping to see this thread to become a collection of mustachian wisdom that new mustachians will find helpful.

For me it is:

1. Always pay yourself first. Ever since I started earning a paycheck, I always pay myself first by putting money into an IRA or a savings account.

2. Track every dollar of your expenses on a monthly basis. I'm still not very good at this but I am getting better by using a combination of excel sheets and online account aggregating software.

3. Be financial literate and be update on financial news. My high school economics teacher made us to watch the Nightly Business Report for a whole semester. It made a huge difference on my view of business and how the world works.

starbuck

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Re: Good Mustachian habits
« Reply #1 on: September 10, 2012, 12:30:21 PM »
4. Use it up, wear it out, make it do or do without.

cdttmm

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Re: Good Mustachian habits
« Reply #2 on: September 10, 2012, 12:45:04 PM »
5. Kill your television. Don't read magazines. Limit your exposure to advertising.

tooqk4u22

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Re: Good Mustachian habits
« Reply #3 on: September 10, 2012, 01:40:41 PM »
Spend less than you earn. 

Nothing else matters if you can't figure this one out, and if you do you can improve from there. 

arebelspy

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Re: Good Mustachian habits
« Reply #4 on: September 10, 2012, 03:04:19 PM »
Think deliberately about each purchase you make.  Make every dollar count.
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sowantere

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Re: Good Mustachian habits
« Reply #5 on: September 10, 2012, 03:19:33 PM »
-choose a spouse that has the same life goals as you

-take responsibility for your actions in all things

-learn a bit of detachment, don't swim against the river of buying every new thing that comes out because it will just tire you out, nor let the river carry you away, you will just always feel behind everyone else.  Just let it flow around you matrix style. Detach.  Better yet watch, laugh, and point from the beach.

James

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Re: Good Mustachian habits
« Reply #6 on: September 10, 2012, 05:30:42 PM »

Bike

Russ

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Re: Good Mustachian habits
« Reply #7 on: September 10, 2012, 07:25:56 PM »
Think deliberately about each purchase you make.

I like to expand this to "think deliberately about every choice you make". A purchase, of course, is a choice and therefore fits within the habit. But so does something like watching a movie (free from the library of course), where you have a choice of being a slug for two hours or going and doing something productive. Same with driving vs. biking. Many people don't even think about that kind of stuff anymore, it's become so ingrained in our habits. Make every choice deliberately and it opens your mind to possibilities you may not have thought of before.

kisserofsinners

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Re: Good Mustachian habits
« Reply #8 on: September 10, 2012, 08:41:59 PM »
I think of saving like a video game where the score is my net worth. I'm always looking for new ways to build my score up and it make it fn for me.

arebelspy

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Re: Good Mustachian habits
« Reply #9 on: September 10, 2012, 09:09:35 PM »
Think deliberately about each purchase you make.

I like to expand this to "think deliberately about every choice you make". A purchase, of course, is a choice and therefore fits within the habit. But so does something like watching a movie (free from the library of course), where you have a choice of being a slug for two hours or going and doing something productive. Same with driving vs. biking. Many people don't even think about that kind of stuff anymore, it's become so ingrained in our habits. Make every choice deliberately and it opens your mind to possibilities you may not have thought of before.

Absolutely.  You should read "Outwitting the Devil."  Exactly what you're saying, 100% agree.  One key part is that the only habit you should have is to deliberately think about everything.  All others should be deliberately considered constantly, lest habits lead to lazy thinking and drifting.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Nudelkopf

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Re: Good Mustachian habits
« Reply #10 on: September 11, 2012, 12:46:14 AM »

tooqk4u22

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Re: Good Mustachian habits
« Reply #11 on: September 11, 2012, 08:39:23 AM »
-choose a spouse that has the same life goals as you

Couldn't agree more, this is a biggie....and to think about it could derail all of your progress financially and emotionally if a bad choice is made.   

galaxie

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Re: Good Mustachian habits
« Reply #12 on: September 11, 2012, 08:44:25 AM »
Set clear, measurable goals, and track your progress.