The FIRE (financial independence/retire early) community is a growing demographic still trying to find its way. The FI part of the equation is easier to understand than the RE part. The issues revolve around the definition of retirement and what constitutes the appropriate lifestyle once FI is reached.
Some of the wealthiest individuals of the last half century provide an example. When Sam Walton was the richest man alive on the planet he still drove a beat up old pickup truck. He saw no reason to spend money on a new truck when the one he had was comfortable, did the job and gave him pleasure (a bit of a status symbol). In a recent interview with the Wall Street Journal, Warren Buffett confessed he has been semi-retired for decades. Charlie Munger, Buffett’s right-hand man at Berkshire-Hathaway, joked Warren is good at doing nothing.
Like Walton, Buffett doesn’t go for the extravagant spending so common among the rich. Buffett’s suit is off the rack and he eats at McDonalds. He also lives in the same home he bought in 1958.Read More
The Event you have been waiting for your entire life had finally arrived! Save Thursday, October 11th (starting at 5:00 p.m.) to Sunday, October 14th (quitting time is vague as an after Camp party is planned, mountain biking and a trip to the local Hot Springs).
I don’t know about you, but I’m tingly all over. Camp Accountant is different from any camp you’ve attended in the FI community. All proceeds go to support the local Boys and Girls Club. In fact, all the registration money is collected by the Club. They pay for the cost of running the camp and put the rest to work serving the community. Everybody wins! Many of the venues are provided at low or no cost so more money ends up helping the Boys and Girls Club.Read More
Anthony Bourdain and Kate Spade were ripped from our lives in the past week in what early reports suggests are suicides. Robin Williams is another star extinguished before his time.
Kevin Spacey betrayed our trust along with a litany of actors and producers and comedians. It seems like an endless parade of successful men ran to the cliff like lemmings bent on self destruction.
Liz Taylor entertained us for decades. As a role model she left us with issues. Marriages came and went until she reached eight husbands over her lifetime. We see the same behavior today without the distraction of marriage in our modern starlets. Adored musicians race from one bed to the next until the world crashes in.
Closer to home we see bloggers and podcasters who failed us. Some crack under pressure while others lose themselves in drugs and cheap whisky. We idolize these people and want to be like them. Then, when we get a closer look, they have warts like the rest of us.Read More
From a young age I knew exactly wanted to do. Then I changed my mind.
Such is youth. My dad had different plans for me. My childhood was spent on the family farm and it was an awesome life. My dad owned an agricultural repair business and the plan was in place for me to slide right into the company. There was only one problem: I hated the work.
My children are now adults. One is in China while the youngest just graduated high school. My fondest hope was that at least one of the two would be interested in tax and accounting work. No dice.
Forcing your children into a family business is always a bad idea. The kids might love the work and they should then be welcomed with open arms if they do. But most kids don’t want to follow in their parent’s footsteps. Their dreams are different. Most often they follow their parent’s path because they don’t know where else to turn.Read More
When you think of the most powerful, motivating speeches ever given, Abraham Lincoln’s Gettysburg Address comes to mind. In less than three hundred words* Lincoln encompassed the issues facing the nation. As great as the speech was, it was backward looking (Four score and seven years ago) with hope to the future. Lincoln was able to clearly articulate his message in a few minutes. He struggled up to the moment of addressing the crowd as Gettysburg. It was the planning and preparation that lent to the quality of the message.
Closer to home we might consider the commencement address Steve Jobs gave at Stanford in 2005. At fifteen minutes, Jobs communicated a narrower message with significant reinforcement of his theme. Once again, serious planning took place prior to the presentation. Jobs was legendary in his drive toward excellence. He could speak before a crowd extemporaneously, but preferred formal presentations he could and did practice again and again until everything was choreographed to perfection. Errors were ironed out. He practiced so much that when he was live he could continue without missing a beat if technology failed while he was on stage. A Steve Jobs presentationRead More
I don’t know who first came up with the idea of a universal basic income. My earliest exposure to the concept was from Sinclair Lewis’ 1935 novel It can’t Happen Here. There is no doubt the idea was around much longer.
It’s an age old story. Mechanization and technology will destroy all the jobs. Computers and machines will do everything so people will be left with nothing to do but wander around the cities and countryside with dazed stares.
The solution is to provide a basic income to everyone so income inequality is reduced. The cause is noble; the solution fraught with problems. If you have freedom, you have inequality; if you have equality, you have no freedom. The real question is: how much inequality will society tolerate?Read More
It’s hard to see when watching at the speed of life, but there is no doubt it keeps getting easier to reach financial independence. Some in the crowd might disagree with me. The statistics are clear, however. As the hand of time ticks by the human race is finding greater and greater opportunity at every turn until now when it is laughably easy to reach virtually any financial goal.
But we need to start at the beginning.Read More
The first turning point came when Heather decided the local technical college was an okay place to start her formal education. She busted her tail working to fund her education so dad relented and provided a modest—around $2,500—of financial support. When my kid puts in the effort I’ll do my best to help them.
Choosing a local college and a career she could reasonable expect to earn enough at to calculate a return on her education investment gave dad hope. Heather likes to travel the way I like to nest on the farm. Heather wants to see Asia. She is in love with the cultures and peoples. The only thing missing was some scholarship money to grease the process.Read More