Author Topic: How much ($$$) has MMM helped you?  (Read 8201 times)

SwordGuy

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How much ($$$) has MMM helped you?
« on: February 28, 2016, 07:15:33 PM »

I really owe a debt to MMM.  He shared life-changing information with me and in a way that both made sense and motivated me to take action.

So, thank you, MMM, and MrsMMM!   

I've made a spreadsheet that lets people record how much MMM and the advice on this forum have helped me.  I thought it might be useful for others.

Here's an example of the first entry:

MMM Learn About Date
MMM Take Action Date
Number of Months of MMM Action
Planned Increase in Net Worth without MMM
Increase in Net Worth due to MMM
Total Increase in Net Worth
Planned Annual Increase in Income pre-MMM
Increased Annual Income due to MMM
Total Increase in Annual Income   Notes   
11/21/2012   
12/31/2013   
24
100000
222000
322000
0
11000
11000
Took action a year after finding MMM after doing more research and double-checking.   
   Avg
Ttl
Ttl
Ttl
Ttl
Ttl
Ttl
Summary
24
100000
222000
322000
0
11000
11000
Percentages
31.1
68.9
0.0
100.0

                           
                           
  • MMM Learn About Date  -- The date (approx) that I learned about MMM.  I got it from the date I joined the site.
  • MMM Take Action Date -- The date (approx) that I actually started making changes in how I did things based on MMM info.
  • Number of Months of MMM Action -- The numbers are for this number of months, which happens to be less than the number of months since I started making changes, because I only have numbers for 24 of the 26 months since.
  • Planned Increase in Net Worth without MMM -- Had I not known about MMM, this is what we would have been saving.
  • Increase in Net Worth due to MMM -- This is what we did in addition to our original plans based on what we learned.
  • Total Increase in Net Worth -- The sum of the last two columns.
  • Planned Annual Increase in Income pre-MMM -- The amount we planned on increasing our annual income before we learned about MMM.
  • Increased Annual Income due to MMM -- The amount we increased our annual income based on MMM info.
  • Total Increase in Annual Income -- The total of the previous two columns.
  • Notes -- Some (hopefully) useful and brief notes.

Now, in my own case, I had a windfall in net worth due to my mother dying.  I did not included that in the above figures, nor would I have included winning the lottery, etc.

Here's the link to the spreadsheeet:

https://docs.google.com/spreadsheets/d/1ajQrIEQCGMQt0aJ3fzuF7Kf88i35sMBnfG72CgiW8zA/edit?usp=sharing


SwordGuy

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Re: How much ($$$) has MMM helped you?
« Reply #1 on: February 29, 2016, 03:32:00 PM »
Surely to Gawd I'm not the only one MMM has helped in a very measurable way!

I think this would be a great way to show MMM and family the impact they've had on people's livelihoods in such a short time.

mxt0133

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Re: How much ($$$) has MMM helped you?
« Reply #2 on: February 29, 2016, 03:52:49 PM »
No you are definitely not the only MMM has helped in a significant way.

I guess it just takes time to review and take stock on where we are now vs before discovering MMM.

For me it's not such a simple calculation as I was well on my journey before finding MMM, but I do know a lot of specifics on how he has influenced my spending, biking more, taking on DIY projects, ect.  So the quantification on how much he has impacted my change in net worth is a complicated computation.

I will say that the change in mindset for me far out weighs the value in any changes in networth thanks to MMM.  Because if I suddenly loose everything I have I am in a better position now than I would have been, ability wise and psychologically, if I had not been following/participating in the MMM community.

We should also recognize that it's not just MMM that shared life changing information.  The forum members here have contributed a lot of great information, thought provoking discussion, and shared life experiences that have also significantly improved my net worth and attitude about life in general.

SwordGuy

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Re: How much ($$$) has MMM helped you?
« Reply #3 on: February 29, 2016, 03:59:56 PM »
No you are definitely not the only MMM has helped in a significant way.

I guess it just takes time to review and take stock on where we are now vs before discovering MMM.

For me it's not such a simple calculation as I was well on my journey before finding MMM, but I do know a lot of specifics on how he has influenced my spending, biking more, taking on DIY projects, ect.  So the quantification on how much he has impacted my change in net worth is a complicated computation.

I will say that the change in mindset for me far out weighs the value in any changes in networth thanks to MMM.  Because if I suddenly loose everything I have I am in a better position now than I would have been, ability wise and psychologically, if I had not been following/participating in the MMM community.

We should also recognize that it's not just MMM that shared life changing information.  The forum members here have contributed a lot of great information, thought provoking discussion, and shared life experiences that have also significantly improved my net worth and attitude about life in general.

Agreed!

acroy

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Re: How much ($$$) has MMM helped you?
« Reply #4 on: February 29, 2016, 04:06:51 PM »
Nice info!
I have not compared before/after.
But MMM certainly helped solidify what I was already thinking, and made it cool by calling it badassity :)

Heckler

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Re: How much ($$$) has MMM helped you?
« Reply #5 on: February 29, 2016, 10:11:54 PM »
+180K Networth in 1-3/4 years, mortgage free now and I couldn't give a toot if I got laid off.  Thanks Pete!


(sorry, but your spreadsheet clashes with mine)
« Last Edit: February 29, 2016, 10:26:26 PM by Heckler »

Heckler

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Re: How much ($$$) has MMM helped you?
« Reply #6 on: February 29, 2016, 10:15:45 PM »
Still have one of three cars, 4 of 8 bicycles and two dirtbikes to sell though.  I just can't bear giving them away for dirt cheap though.  :(

MasterStache

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Re: How much ($$$) has MMM helped you?
« Reply #7 on: March 01, 2016, 10:17:47 AM »
I don't really have a monetary figure. But I will say it got me examining my own finances. Then I convinced the wife to sell the house and downsize. Keep our current old paid for cars. Start biking more. Cancel cable. Etc. etc. This was about 1.5 years ago. In terms of planned retirement age originally I was thinking 55-58 (which I thought was really good). Now planned FIRE is around 45 (roughly 5 years away). Keep in mind I didn't graduate college and start my career until just shy of 31 years young.

Travis

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Re: How much ($$$) has MMM helped you?
« Reply #8 on: March 01, 2016, 01:39:45 PM »
I've been on here a little over 2 years.  I got started with YNAB fall 2013 to shore up my budget. After getting that under control I found MMM and jumped in.  My net worth was a little over $260k, but I was saving barely 25% and at the time I was deficit spending down my checking account further each month.  $150k of my net worth was sitting in a savings account and I was losing anywhere from .5% to 1.3% on 20 different mutual funds on $50k of my net worth.

Fast forward to today and my net worth is about $520k with a 55% savings rate, a Vanguard three-fund portfolio, no cable television, cell phone bill cut by 2/3s, no more gas guzzling truck, and at least 1000 pounds of personal property sold off.  I travel hacked a Southwest Companion Pass and earned a few hundred dollars in credit card cash back.

My FIRE date is a moving target right now whether or not I make it to the pension point, but I'm confident I'll have enough saved that if I have to start a second career it won't have to be for too long.  Back when I used to talk about retirement it was "I don't know what career I'll pursue after I hit 20 and retire."  Now, if I make it to 20, I'm done.
« Last Edit: March 01, 2016, 06:49:09 PM by Travis »

BarkyardBQ

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Re: How much ($$$) has MMM helped you?
« Reply #9 on: March 01, 2016, 01:59:19 PM »
Before getting married, DW and I were evaluating what to do with the reserve in our new combined income, decided we could save it. At 60, we'd have some ridiculous number like 13 million. She said, we don't need that much. Cue the retire early search results (WA POST etc). The following six months went like so:

Invest for 10 years and have $x, to invest in tax deferred accounts for 6 years and have $x, to our ultimate choice to the retire in 10 years with $2x.

MMM and this forum, showed us how to optimize expenses and where to put it, which shaved 20 years off our careers and doubled the projected amount of what we could save and accumulate in 10 years.

At our current savings rate we don't even need growth to FI in 5 years or FIRE in (now) 9 years.
« Last Edit: March 01, 2016, 02:08:25 PM by BackyarBQ »

ketchup

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Re: How much ($$$) has MMM helped you?
« Reply #10 on: March 01, 2016, 02:26:03 PM »
He probably hasn't saved me too much money in the grand scheme of things (I was never a spendypants), but he'll save me plenty of years off my working career.

thd7t

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Re: How much ($$$) has MMM helped you?
« Reply #11 on: March 01, 2016, 02:32:49 PM »
I would have trouble exactly quantifying the difference between how I was doing before I started with MMM (late September 2013) and afterward, because I didn't track expenses, assets, or liabilites.  I got started because I thought that my cell phone and internet bills were too high (they were more than gas, water, sewer and electric combined).  Reading MMM meant that optimization became a habit, instead of a reaction.  However, I would estimate that my savings rate has approximately doubled since I started.  However, I would estimate that I'm about to punch that up again!

I will also estimate 10-20 years shaved off my working years.

tct

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Re: How much ($$$) has MMM helped you?
« Reply #12 on: March 01, 2016, 04:24:54 PM »
increased savings from 25% to 48% and shortened FI date by 12 years.

ptgearguy

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Re: How much ($$$) has MMM helped you?
« Reply #13 on: March 01, 2016, 06:20:17 PM »
I have only really got into MMM for a few months now (November I guess) and I will say it has helped change my perspective on living and money. I actually came across paths with MMM when I was working on simplifying my life and becoming more minimalist. In that journey, I wanted to get my finances in order as well. I did not have any credit card debt but had about 62 thousand in student loans that I had worked down from about 80k. Currently I am a tad over 36 grand in debt and will be debt free by 2017 (my goal). After my debt is payed I will work on maximizing my RRSP and tax free savings accounts. I have learned a ton about investing and have a goal to be retired fully around 52 years young and will likely work part time around 45 yo or so. I am currently 33. I feel really excited about my future and my life and I have MMM to thank for part of it. I do not know how much money I have saved to date but it would likely be in the 10's of thousands to hundreds by the time im all done and dandy :)

SwordGuy

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Re: How much ($$$) has MMM helped you?
« Reply #14 on: March 01, 2016, 06:35:44 PM »
MMM shaved 10 years off my retirement age in just 2 years.

AmandaS1989

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Re: How much ($$$) has MMM helped you?
« Reply #15 on: March 02, 2016, 08:07:06 AM »
Finding MMM helped me realize I was being an idiot. I took a good look at things I was doing and have made some changes. I quit stopping at the Sheetz near work every day and buying snacks. I bring my own water bottle and snacks from home.

I used to carry a balance of over $1k on two credit cards. I now have only $140 on one and $230 on another. Plus a little over $1200 on an interest-free card. I will be paying off the first two in the next week or so and the other by the July payoff date.

MMM also helped me realize that I don't need to spend money on things to be happy.

Dicey

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Re: How much ($$$) has MMM helped you?
« Reply #16 on: March 05, 2016, 05:16:45 PM »
I can't really answer this question with any hard numbers. What Pete did was give what I was already doing a great name. He also gave me a community of like-minded individuals to "hang out" with. All this gave me the courage to pull the trigger. So, so happy with my new life.

Faramir

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Re: How much ($$$) has MMM helped you?
« Reply #17 on: March 06, 2016, 01:11:43 AM »
3 years of reading website has had a huge effect on my life even though I thought I was reasonably frugal beforehand.

Our expenses have dropped 40%. 

Expected retirement age has gone from 57 down to 47 (currently 35).  7 of those remaining 12 work years will be working part-time (20hrs/wk) so really I could get retirement age down to about 43 if working fulltime until then.

Stress due to finances has gone down to almost zero, we have no fear of losing one of our jobs, we know we'll be fine.

It has increased my investing knowledge massively as I knew very little before reading MMM which makes me more confident our early retirement plans will be successful.

Thanks to MMM and all those who post here to keep my motivation up.

JAYSLOL

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Re: How much ($$$) has MMM helped you?
« Reply #18 on: March 06, 2016, 08:36:33 AM »
Easily $20k so far between the increased savings rate, selling crap and investing the difference.

Oslo_gal

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Re: How much ($$$) has MMM helped you?
« Reply #19 on: March 07, 2016, 04:26:38 AM »
We should also recognize that it's not just MMM that shared life changing information.  The forum members here have contributed a lot of great information, thought provoking discussion, and shared life experiences that have also significantly improved my net worth and attitude about life in general.

The forum has definitely been a great help to me. Just before Christmas last year, some stranger on this forum helped caution me about a tax trap I was about to step into. I don't know exactly how much it saved me, but we're talking around several thousand dollars. Thank you! I guess you could argue that MMM enabled this forum, but either way it is a real gold mine :)

HappierAtHome

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Re: How much ($$$) has MMM helped you?
« Reply #20 on: March 07, 2016, 05:26:19 AM »
Couple of hundred thousand so far for my household, easily.

Over the course of our lifetimes, I imagine it'll be a cool few mill we haven't spent that we otherwise would have, plus several decades of work.

BBub

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Re: How much ($$$) has MMM helped you?
« Reply #21 on: March 07, 2016, 12:00:34 PM »
In the 3 years since MMM I've realized over a 1,000% increase in net worth for a $335k gain.

Spring 2013: $30k
$53k liquid assets
-23k debt (car loan & SL's)

Spring 2016: $365k
$285k liquid assets
$175k home
-$95k mortgage

Some of that certainly would have occurred naturally, but I am very confident that the bulk of my progress is attributable directly to this site.  I am extremely grateful for MMM's ideas & this community.
« Last Edit: March 07, 2016, 12:03:18 PM by BBub »

aperture

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Re: How much ($$$) has MMM helped you?
« Reply #22 on: March 07, 2016, 12:21:07 PM »
--Rate of turning income into net worth at least doubled after encountering MMM
--Cut my retirement date by 10 years (best gift EVER)
--Lost 20 lbs (still working on losing fat, adding muscle)
--Psychologically, I am moving my life TOWARDS where I want it to be, instead of AWAY from where I do not want it to be.  In the process, I have gone from being Eeyore to Winnie!  Loving life a lot more than before.

Many thanks to MMM and the forum community - AP

samburger

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Re: How much ($$$) has MMM helped you?
« Reply #23 on: March 07, 2016, 10:02:22 PM »
I found MMM just as I started working after college. I'd been listening to Brian Preston's Money Guy podcast at the time, and I was planning to follow his advice to save 25%. He actually discourages saving more than 25%, arguing that you're probably not having enough fun if you're saving so much.

I agreed with that, right up until I read "The Shockingly Simple Math." From then on I became incredibly unfun, according to Preston.

You could probably credit MMM and this forum with everything I save over 25%.

Taran Wanderer

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Re: How much ($$$) has MMM helped you?
« Reply #24 on: March 07, 2016, 10:17:45 PM »
This year, having found MMM has helped us refocus our savings efforts and max out several retirement savings vehicles that we would not otherwise have pursued.  Before, we would have felt good about getting the company match on my 401k and funding at least DW's Roth IRA.  Instead, we're maxing my 401k, fully funding both of our Roth IRAs for this year and last year, and should be able to fully fund my DW's 403b.  Add in taxable savings and equity portions of home and rental payments, and we will probably "save" $100k+.  Before, I would have been happy to save $50k.  So MMM helped me save $50k extra this year.  Not bad.


tyort1

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Re: How much ($$$) has MMM helped you?
« Reply #25 on: March 09, 2016, 01:40:36 PM »
Savings per Month
Pre MMM:
401k - $500
Roth - $0
Taxable - $0
Mortgage - $550

After MMM:
401k - $1800
Roth - $500
Taxable - $1500
Mortgage - $800

Monthly totals
Pre MMM savings/month - $1050
Post MMM savings/month - $4300

I discovered MMM about 9 months ago.  So if we just add up the last 9 months, we get:

Total Savings (9 Months)
Pre MMM total savings - $9450
Post MMM total savings - $38,700

Wow, I had never done the math quite like that before.  All I can say is THANK YOU MMM!!
« Last Edit: March 09, 2016, 01:44:42 PM by tyort1 »

TheOldestYoungMan

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Re: How much ($$$) has MMM helped you?
« Reply #26 on: March 09, 2016, 01:51:52 PM »
It would take me a ton of effort to put it into dollar terms.

But:

PreMMM Retirement Date (estimated): January 2038

PostMMM Retirement Date(estimated): January 2018

Quality of Life at Retirement is likely to be unbelievably higher.  Quality of Life right now is unbelievably higher (the 20 more years of working was like a crushing weight killing my soul).

RetiredAt63

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Re: How much ($$$) has MMM helped you?
« Reply #27 on: March 13, 2016, 02:49:29 PM »
I'm not sure how much it has saved me, since I was already frugal.  The one thing I can point to definitely is: No more Bell.  I dropped Expressvu and home phone service, added a second cell phone SIM card to have home phone, and the difference is about $120/month saved, with better service.

What has been wonderful is the community here, and the support, and he suggestions, and the willingness to analyze what is worth spending money on, and what is not, and that knowledge that it differs for everyone.  So nice not feeling like a weirdo out of step with society.

Erica

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Re: How much ($$$) has MMM helped you?
« Reply #28 on: March 23, 2016, 03:56:10 AM »
I have less anxiety now

$50 more per month wages than when I joined this website 3 months ago. I asked for extra $ for the extras I do all the time for them.

We've pushed the goal up on moving much sooner to a nearby off grid town to save 20% on housing costs


« Last Edit: March 23, 2016, 04:06:05 AM by Outdoorsygal »

Knapptyme

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Re: How much ($$$) has MMM helped you?
« Reply #29 on: March 23, 2016, 04:35:49 AM »
I began my MMM journey almost 2 years ago. Most of the frugal habits were already in place, yet there was so much more to learn. While I biked to work and for recreation, I used to drive to run errands. (Face punch!) Really, it was a psychological change to really consider RE. Then, pouring everything we could to do so because we have kids. Plus, it was a bunch of little changes like:

LED bulbs everywhere (already saving $60/year)
Niagara low flow shower-head ($40/year)
Biking to do errands (>$100/year)
Monetizing side-hustles better (>$500/year)
Cloth diapering ($1000/year) (In truth, we were already doing this, but validation from other sources calculating its value did help.)
Growing more of my own food, no more CSA ($700/year)
Increased badassity to take on DIY projects (priceless)

So, I'd day somewhere north of $2400/year thanks to MMM.