Author Topic: Low-Income Mustachian  (Read 2938 times)

mV3Orl

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Low-Income Mustachian
« on: June 08, 2017, 11:12:52 AM »
Anyone,

Please help me find MMM articles geared/targeted specifically for lower-income persons.

Lower-income M's,

What are your favorite or most-useful articles?

Thanks!

MarioMario

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Re: Low-Income Mustachian
« Reply #1 on: June 08, 2017, 11:33:03 AM »
There are a couple about earning more income, is that what you mean?

A big component to MMM is maximising earning potential

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kelvin

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Re: Low-Income Mustachian
« Reply #2 on: June 08, 2017, 12:27:57 PM »
The most helpful stuff I got wasn't from MMM. There are some great concepts here, but MMM is a married man in a stable career, and it shows in his blog posts. Trying to go it alone on an income below the poverty line isn't something he has a lot of experience with.

I spent 10 years working min wage, in and out of school, working multiple jobs per year while dealing with chronic illness. I found The Simple Dollar to be very helpful.

Careers that don't require college: http://www.thesimpledollar.com/10-hot-jobs-that-dont-require-a-college-degree/

Student Loan Forgiveness (if you're in the US): http://www.thesimpledollar.com/student-loan-forgiveness-jobs-that-pay-off-your-debt/

On getting started with a side hustle: http://www.thesimpledollar.com/50-side-businesses-you-can-start-on-your-own/

I'd also recommend books that encourage you to start your own business or start your career wherever you are right now. Read between the lines - if the author assumes that you live with your parents while you're at school, or that you're in good health, or that you don't have kids, or whatever, that particular author may not have the best advice for you.

What Color is Your Parachute is a classic for a reason. I have the 2007 edition, which was all about acing interviews and and sidestepping up the career ladder. He rewrites it every year, it'll definitely be worth checking out from your local library or stealing a pdf. https://www.amazon.ca/What-Color-Your-Parachute-2017/dp/039957820X

Land Your Dream Career in College is also really, really helpful. It's about how to nail everyday conversations and stand out from the crowd of people vying for your dream job. It helped me learn to leave a good impression with everyone I worked with, so that I was the first person who came to mind when employers were looking.  https://www.amazon.com/Land-Your-Dream-Career-College/dp/1442219467

The one piece of advice I wish someone had told me: start with the cheapest, easiest way to get the job done, and adjust later. I used to spend a lot of time wondering "should I buy meat this week with my groceries? Should I buy canned beans, or make a special trip to the store where I know they have cheap dried beans?" It's hard to decide where to spend your time and money when you never have enough of either. Also, I changed jobs seasonally, and was in and out of school, so what I needed one year was very different from what I needed the next year. I learned that if I bought dried beans I would never actually eat them, but canned beans were easy to use up. I learned to slow cook soups and prepare freezer foods. I learned that if I was working 16+ hours in a day, I'd be living on ensure and ramen noodles because I'd forget to turn on the slow cooker before I went to bed.

As long as you don't stop, you're doing it right. I promise. Best of luck.

HipGnosis

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Re: Low-Income Mustachian
« Reply #3 on: June 08, 2017, 12:50:16 PM »
The most helpful stuff I got wasn't from MMM. There are some great concepts here, but MMM is a married man in a stable career, and it shows in his blog posts. Trying to go it alone on an income below the poverty line isn't something he has a lot of experience with.
I agree, and that's a great post.

I don't have any current links - because I did fairly well for the last few years. So I'll recommend you use your favorite search engine for;
frugal living
dollar stretching
penny pinching
living within your means

Johnez

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Re: Low-Income Mustachian
« Reply #4 on: June 08, 2017, 03:57:39 PM »
Check out MMM's 50 jobs that pay 50k. It's a great start to opening the mind.

Kwill

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Re: Low-Income Mustachian
« Reply #5 on: June 08, 2017, 04:10:30 PM »
Please help me find MMM articles geared/targeted specifically for lower-income persons.


You might find some inspiration in the case studies and the journals within the forum. Some of the people here have low incomes or had low incomes in the recent past.

slugsworth

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Re: Low-Income Mustachian
« Reply #6 on: June 09, 2017, 12:34:00 PM »
I highly recommend the ERE series - I think between Jacob (ERE) who shoots for a spending of ~$7,000 (and lives in an RV paying lot rent) and Mr.MMM who is around $24k (+ paid off house).

He wrote a book which is clearly written by a scientist, but he also wrote a series of blog posts that get someone to ERE levels of spending and investment.  Here is a link to day 1.  http://earlyretirementextreme.com/day-1-finding-a-place-to-live.html

ERE is a great not just for low income mustachians, but also for high income ones that might have artificial boundaries to getting to lower cost of living.

Johnez

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Re: Low-Income Mustachian
« Reply #7 on: June 09, 2017, 02:42:56 PM »
I was and still am lower income but MMM has helped me a great deal. All the things I've learned or had emphasized by MMM:

Instead of new or newer car, find a cheap gas sipper-or better yet bike.

Netflix instead of cable.

Republic Wireless instead of Verizon.

Invest in cheap index funds instead of stock picking or actively managed funds.

Learn to fix stuff.

Physical activity instead of buying crap or going to expensive places.

There's too many to list. If low income I'd suggest simply reading from the beginning. You'll pick up nuggets in every post, even the ones you don't think you'll relate to ya might use later. Comment sections here are gold as well.

Dicey

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Re: Low-Income Mustachian
« Reply #8 on: June 09, 2017, 07:17:33 PM »
I have loved The Frugal Girl and The Non-Consumer Advocate for YEARS! Long before MMM came along. Lots of great advice there.