YouSaid · the spoken record

Pete Adeney

lines on the record: 103
first: 2020-10-23
most recent: 2020-10-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“A big fan of old fashioned websites, so there's always Mr. MoneyMustache.com and you'll see a start here button on there that takes you kind of to an introductory article. And then the design of the website to the limited extent that it has a design is just to poke around and follow links to other links, or you can start at the beginning and read all the 400 plus articles dating back to 2012 or 2011. And yeah, that's how most people do it. And then you can read it if you get really into the rabbit hole, then there's a forum where like all these users discuss their intimate problems with each other and it's got like tens of thousands of members that spend all day on there. Or you can just for keeping it really light you can just go to Twitter and look up Mr. Money Mustache and say, hey, I enjoyed the podcast.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Just if the other people are not doing it, then that's probably a sign that it's something that you should do and then just record your results, see how much better it makes you feel, and then just keep pushing yourself a bit further.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Right. Well, if you are new to this stuff that I talk about, then I would suggest, and if anything that I am advocating sounds crazy, like for example, not using a car to get your groceries or not using a car to get to work, then try it and think of the idea of voluntary hardship. Like put this phrase into your mind and then see where you can apply it through the day. And then you're like, hey, that looks hard. I think I'm going to do it instead of that looks hard. I'm going to try to avoid it. And the voluntary hardship is the gateway drug to the rest of mustachianism and thus being able to save 75% of your Silicon Valley income while everyone else is still broke. So, yeah, find some things that are hard, even if it's just skipping the elevator and taking the stairs up to the 15th floor or whatever.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“From maximum achievement and maximum wealth. And as I got into experimenting with those things, sounds too much like my other answer, but I learned much more about the balance that's required for happiness. So it's changed my goals for the rest of my life is that there's a lot more to happiness than just being maxed out in one dimension.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“There have been a few little things like what type of eating is healthy. I kind of switched to the high fat, low carb eating on a whim after reading some books. And I'm really, really happy with that. Whereas before, when I was a teenager, I was the ultimate low-fat because I read all these bodybuilding magazines back then. And they were always telling you, Oh, yeah, 10 grams of fat would be way too much to have and all this stuff. So that was a change in a little way. The biggest change I've had, though, is more in my understanding of happiness. I thought that happiness came from.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“When you look at news headlines about yourself, you're like, that's successful. Or you look at page views or money, you go, yeah, that's success. But it's actually kind of the least happy thing that I do. It's the least satisfaction bringing. So I have to balance that with these much more village type of activities. But if I totally neglect the internet world, then I'll feel like I'm letting the world down because you can actually create good positive change that way that you could never do just in your own village.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Or barbecue or whatever. So I need this village life. If you imagine a primitive man living in a village where he spends half the time hunting, some of the time building stuff and some of the time reveling around the fire, that's kind of my core of happiness. And when I get too much into lifestyle guru activities, like, oh, I'm going to publish more articles or get this book done quickly or say yes to all these interviews so I can have more and more fans and page views. Those things sound, actually they sound dumb when I say it like that.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, it's a continuing series of experiments, and it's always changing. Like, I've been at this for a long time. It's been 11 years since I had a real job, and I've done a lot of hard stuff and then a medium amount of laziness in this time. So I keep trying stuff to see if I enjoy it. So like last August, for example, I wanted to see if I enjoyed the TED Talk kind of public speaking. And I did a whole bunch of traveling around that as well. And I found it was a bit too much. I enjoyed the actual stuff that I did, but I was craving being at home. And then that's made me realize that most of my joy comes when I'm actually creating something. And this is why I'm less travel-oriented than other people, because I can't really create while I'm traveling. So I need to do a certain amount of like nitty gritty construction and design and just hanging out and having unplanned spontaneous people coming over for a park.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Subtracts a lot of the other stuff I could do. Like, why am I not running my own kind of Tesla type company or whatever? So that's my challenge is trying to walk the line and have the, at the end of each day, be satisfied that I've created the right balance of like stress and accomplishment versus lazy decadence, which is part of the fun of really being early retired is that you generally can like just smoke a bowl and have some fun with your friends on a Wednesday and like sleep in and it does not matter and you still are going to have all the money that you need no matter what. And that's still, yeah, I still have trouble. I've been a little bit on the lazy side in the last couple weeks because of family conditions here at home. And so I'm craving to get back to work on something hard.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I think my biggest challenge is the over satisfied Rat in a cage syndrome where It's a fine line between being too satisfied with your life and not doing enough so that you feel like a bit of a weenie at the end of the day for squandering one of the few days of your life versus overdriving yourself to be like, well, I got to accomplish more. You know, I have all these gifts and great situations and I have to make the most of it. And taking either of those two extremes can lead to a pretty unsatisfying life. And this often I often compare myself actually because this is a little bit weird, but to you as Tim Ferris, because I've read some of your books and I see some of your self-reflection in there where you have some of these battles. You're like, well, should I be perfectionist or should I relax? And I have a lot of these same questions to myself. And one of the differences is that I chose to have a kid and I focus a lot of energy on that, which by definition.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I'm picturing this in a US metropolis because that's kind of where I'm focusing my efforts right now. So I think I would say walk or maybe it would say just walk. Something that people can really understand quickly. Yeah, back to our original thoughts. It's the under, it's the best prescription medication in the world, and yet it's so under done so far. So that's my billboard.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Kind of advanced stuff that they don't get in the normal school. So I could have like Professor Mustach's School of Science in my downtown building. So that would be kind of a fun use of money.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Well, the thing is, this might actually be somewhat realistic because I still consider every day, is there something I could spend money on that would be worth it? It's still an open question. You don't want to be ideological about this stuff. So one thing I've been interested in maybe buying, and if I was forced to, I would do it quickly is a building. I kind of want to own a commercial building on our town's little historic main street. This town I live in Longmont, Colorado is kind of one of these over a hundred year old things where it's all historic with big trees and the narrow main street with a tall brick buildings on it. So I could buy one of those and then set up, you know, some kind of fun community space in there where we play music and we have parties and we rent it out and do some teaching too because I like to do a bit of volunteer math and science teaching to kids.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“That could pay off somebody's mortgage. There's still one family member in my close family that has a mortgage. But yeah, we want to consume here. Can I have more than 100,000? Sure, sure.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Less than two years ago, the market in our area here in Colorado started to boom again. So I just sold it for a nice high price. And then now I've been super relaxed. And then that's kind of like another wave. And it really taught me a lot about happiness because this negativity in my life, or at least I was choosing to perceive it negatively, it was washed away. And then suddenly I was happier than I could have ever imagined being because I'd gone through this somewhat hellish situation.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I'd say it was shut down. One of the biggest problems with this is that the relationship between me and my friend who started in business partner. It just soured and it became pretty bad by the end. And we had totally different views about work and money and dividing stuff up. So we finally got him out of there by, I basically had to buy the company. I had to put like, I'd lost all this money and I had to put like a final $460,000 into the company to pay off this mortgage that was on the house just to kick him off the deed, the property deed, so that I could have control of it. So that day was kind of like, you know, we're like frowning at each other over the lawyer's table or whatever. And then since then, that lifted the weight off of me. And then everything was so much better. And then for a while, I rented out the house to great tenants and I had it in that situation. I was just using the rent for kind of our grocery money because that house was a fairly big portion of our retirement savings income at the time. And then more recently, I think just”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“These people were just really messed up and I happened to get tangled in their web for a while. And we had to use the full-on eviction with sheriff coming to the door to get him out of my place. And so yeah, there was some education in there.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, let's just get these things done and then be done with it. So then I got the first one done and then like, whoo, that was great. You know, big success. It sold for more than we were even asking for it. And then the second one got more and more stressful. And I already knew before I even started that second one that I wanted to shut down the business afterwards. It just got drawn out longer. And then we got into like renting it out. But then the tenants turned out to be horrible and I had these like scam artists move in that we didn't realize we're scam artists and they were like, oh yeah, we just sent you the rent. Yeah, it's in your mailbox. Check your mailbox. Click and they hang up and all these like little tricks. And the guy had like this, you know, fancy like brand new corvette that he had bought and he had to hide it in the garage because the repo man would take it back if he ever saw it outside. So all he could do is like pull it out, polish it and rev it and then put it back in the garage.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Well, it was pretty quick because I bought these two vacant lots in kind of a premium new urbanist neighborhood with my business partner and the company. And then we started building the first one and it was the aforementioned stress was high. And I was like, oh, shit, what have I got myself into?”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“It really trained me a lot and I enjoy those skills now. So the combination of shittiness and skills and then we shut this company down. And since then I've been truly retired and had so much more fun looking back and like, wow, I'm sure glad I'm not doing that anymore. So it lost a bunch of money. You know, some of my retirement savings went up in smoke initially. And then I was started to be a bit more worried about money. That was a big part of it because I was like, oh, all my hard-earned savings. And if I could go back and change that, I would probably still do it, but I would train myself to be just so much more relaxed about and be like, dude, don't worry. You're going to have so much fun after this and you're not going to run out of money. So just have a good time with your business, even if it fails.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“time for the housing crisis so like we sold our first house into the 2006 boom market for housing but then by the time the second one was done as 2007 and everything was slowing down and then starting to drop like a rock and then i was stuck with this beautiful ready to sell house and nobody wanted to buy it for any kind of reasonable sum so that was kind of soiled the fun spoiled the fun of my first three years of retirement running this company At the same time though, going through hardship was really good for me. I had to do a lot of hard stuff that I wouldn't have done. And that's how I learned a lot of my best carpentry stuff, you know, the skills that I'm most skilled, most proud of is like I've always messed around with woodworking since I was a little kid, but by being forced into production on these expensive modernist houses where everything has to be perfect.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I have a pretty serious one that I call, I have an article called Mr. Money Mustache is Big Mistake. And it's right after I retired in 2005, I kind of faded in to my first dream retirement job, which was to start a custom house building company where I was going to make these beautiful eco-friendly houses or did actually. We started making these houses. And the problem was it was way, way more stressful than what I wanted for a retirement job. And I just had this new baby boy at the same time. And suddenly I had all these obligations and like a construction loan to build this thing. And I was doing marketing and working late and wrangling all these cats together like the contractors to help out building the places. And it wasn't really retirement at all. And on top of that, we did it right.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I encourage people to radically reshape their entire lifestyle to be optimized in all these dimensions. And sure, you happen to save 50 to 75% of your income as a byproduct, but the only reason that's a win is because your life is better as well. And normal financial advice doesn't really address the life stuff. And, you know, you see a lot of these totally out of shape. Business guru people trying to sell life insurance at the same time as they're giving you financial advice and they're not really in it for making people's lives better. I think that's where it falls flat.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I think the biggest issue that I have with a lot of this mainstream financial advice is that they make you think of saving as a negative, like kind of a negative obligation. They're like, yeah, we know it feels a lot better to buy yourself treats, but come on. If you can just squeeze out 5% or even 10%, then you're doing okay. Just do that every week and make a budget and all this stuff. So you're training people to think that saving is bad and you want to minimize it. Whereas I think it's a win-win. And most of our spending is a sign of weakness and it's a bunch of stuff that we do to compensate for our weaknesses because we couldn't solve the problem in a smarter way. Like as we talked about earlier, it's possible to walk or bike to work, which is a physical and mental win. And it just happens to cost a lot less.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's so short and thus memorable. You don't have to be all flowery and poetic to appreciate use it or lose it. But I think it's because in the current stage of my life, being over 40 and then having some family members with, you know, some people have died in my family and had serious health problems like in the extended family. And it's really made me more aware of mortality and how stuff doesn't automatically stay in perfect condition. And even if it does stay in perfect condition, you're unlikely to live forever unless some really, really big medical stuff changes before I turn 100. So anyway, use it or lose it is the philosophy. Like brain, body, skills, friendships, relationships. Just do everything that you want to be good at as often as you can. And don't fool yourself that you're going to keep being able to do this stuff.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I don't really think in quotes too often, maybe with the exception of use it or lose it, seems to come up at least a couple times a day.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Generally, using weights that I can just barely lift five times. And the total expenditure per week is only in the order of like an hour or two. So I'm not like a gym rat. So that right now I'm pretty happy with the way my body is working, especially for a 41 year old or whatever I am. The strong, I was slightly stronger when I was in my 20s and it was basically the same stuff, but just going to the gym for a longer period and training it was really just more hours put in and that's when I probably had my record weightlifting in certain exercises.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I might be in some ways in some of the best shape I'm in my life right now. And that is just a pretty casual program, but with really efficient barbell exercises combined with just a whole bunch of walking and biking construction. So the barbell stuff is just squats, deadlifts, clean and press, a little bit of benching and stuff with kettlebells and dumbbells.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Economically unfeasible, even without regulations and stuff. And I think that can make a good TED talk because a lot of people are, you need to popularize the ideas. And right now they're kind of dry and numbers-based, like you're talking about terajoules and kilograms CO2 and all this stuff. And there's a lot more fun and emotion in that topic if you package it right. So I think that'd be a good talk.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I think I do have an answer. Yeah, so if you define the thing that I'm known for as the early retirement Mr. Moni Mustache stuff, Then the other topic that I'm super passionate about is energy and like the world energy balance and solar power and how the humans consume it and how we can basically fix our energy consumption related to climate change and all this stuff. So I'd probably write one up about that and explain how we're at this insanely close tipping point.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I love Neil deGrasse Tyson and I love his awkward but scientific way and the topics he covered in those episodes were like so stunning and it was a great education for my son who was very, very into science himself. So that's kind of like that's the documentary that stands out in my mind.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“My favorite, I've actually got a huge, huge list of documentaries that I've been meaning to watch, many of them collected from the guests on your tools of Titan's book. But the one that I did watch and enjoy is actually a series rather than a documentary. But the cosmos, the remake.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Main house rather than the studio, I was feeling pretty rich at the time. I went a bit high end on some of the stuff. Like I have this really gorgeous high efficiency wood burning wood stove fireplace thing that brings me pleasure every day, even though it was more expensive than just a basic fireplace. And the windows in my house, for example, are very kind of these fancy windows that cost about five times more than it would have cost if I'd gone bare bones. So it's usually stuff related to home, vacation, and food. We've been known to go out for sushi a bit more than a person in debt should go into sushi. So we take advantage of our non-debt status. It's really not too much though, yeah”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“One example of indulgences that I still have a lot of warm memories from. And I really like knowing that I can do that at any time. So even when I'm not on vacation right now in January and sometimes if the cold weather blows in, I think, man, I could just press a few buttons on this computer and just fly right out to anybody's VRBO and be there within like a day or two and just having that freedom is a form of luxury in itself. And then I can go out and shovel some snow and be happy about it. And yeah, the other purchases, nothing's really expensive, but when I built out the current house.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Well, some of it is vacations. So since retiring from real jobs, my wife and I have had a nice tradition of going somewhere semi-tropical every winter for a good long period. Most winters at least, sometimes the school schedule messes it up a bit. But yeah, for a month or more, we'll often go. And so we spend some money on these vacations and we'll rent a nice house on a beach like in Florida or Hawaii or Costa Rica or whatever. So vacations, most of the money goes to rent, basically, like VRBO type stuff, Airbnb.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“And the other thing is it's the same for people who don't know my real life, they often assume that it's pretty Spartan and that I'm always penny-pinching. And this goes back to the same answer with the New Yorker article too. But I'm really in favor of celebrating and decadence and feeling like stuff is luxurious. So I'm really not as minimalist as people think I am. I'm really maximalist in the fun department.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Pretty rare. I find it's pretty, I write a lot of stuff, right? So anybody who reads a lot, they'll see all the little nuances. bits in what I try to express as a philosophy. But for those of those readers who don't have all the details, a lot of people assume that I'm very, you know, like I would be mad at them if I ever found out that they bought something luxurious like, oh, don't tell Mr. Money Mustache I bought this $2,000 mountain bike because I really love bikes. But, you know, everything else is good. And I don't judge people to nearly the standards that they think I judge them.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“The weekends. So both these friends work pretty minimal, like 10 to 20 hours a week, and yet somehow their businesses keep doing better because of this hands-off approach. So they're making even more money, but yet they have a fairly mustache and lifestyle. And this is probably because I met these guys through the blog. And then they both have kids and they have really, really good relationships with their children, their semi-adult children, their wife. basically just really good shape physical shape. They do a lot of adventures. They always say yes if I invite them to do something. They're like, oh yeah, sure. We'll fly over and meet you in that random spot for some mountain biking or whatever. So they've managed to combine all of these dimensions of what most people want in a kind of a carefree way. And they're not overly focused on any one of them, which allows them to be extremely fun people to be around. So that's my definition of success. And that's what I kind of hope for.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I racked my brain over this question because I know it's a standard Ferris podcast question and I don't have an answer than anybody would recognize because I can't judge the success of any celebrities or well-known people because success is such a balanced thing and it depends on how happy you are at home and how nice you are to the people who are close to you. So to me, the people in my life that I've seen seem to be very high in success range are a couple of friends. These are male friends that run their own business. They basically both fit into the same description. So they run their own business. They're a little bit older than me. Their business is extremely successful, but they've scaled it right, right back in order to be a lifestyle business and handed off a lot of responsibility to their employees and they kind of pay them more because there's so much surplus anyway. And they're like, okay, you deal with all the junk in exchange for you never calling me.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's good advice. It is because there's so much more to work on in your life. Like if you're going to become a really good investor, you're probably going to compromise in the areas of being a good parent or being a good, maintaining good physical fitness and life, like you're not really optimizing. You're not supposed to optimize for money. You're supposed to optimize for happiness, which has a lot of dimensions. So you should really take the sort of the four-hour investor approach and be like, everyone says this is good. I'm just going to do it and I'm going to work on all the other stuff in my life that also needs to be addressed.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I'm going to check that one out for sure since I like Joel Greenblatt's writing a lot. And I still follow, you know, I read an investment in finance books all the time. I just try not to recommend them too much on my blog because it's supposed to be about Lifestyle and making your life good, and I don't want it to be all esoteric, but you read like the Timothy Geithner book stress test. I read that 800-page.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's right. It was really interesting and it was a little book, which is perfect for my short book, Attention Span.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, okay. Yeah, that's, and since I don't do active stuff anymore, then that's, I'm totally with you on that in agreement.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“And it's really a lesson on investing value investing fundamentals, how to understand if a company actually is a good deal to buy. And that helps put a regular like a sober shell around investing instead of the ridiculous speculation like technical chart investing, I think is kind of universally proved to be bunk, but people are still doing it like, oh, yeah, the Bollinger bands are wild this week. I'm going to, you know, I see a support level at 53.5 unless something happens, like all that stuff is statistically, it keeps being proven wrong and people keep doing it. So don't do that. If you're going to be an active investor, then get really good at understanding companies rather than technical fluctuations. And that's why Warren Buffett makes a lot of money above the rocket returns, is because he's a savant in understanding business. And some people genuinely are that. Maybe it would probably be less than one in a thousand people.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, if you want to get deeper, like for example, more into the Warren Buffett side of things where you're an active investor, one really interesting book that I read a few years ago is called The Little Book that Beats the Market.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Important than how to invest as long as you don't screw up your investing, like leave your money in a checking account or buy a shifty life insurance whole life program or whatever, you know, the things that swindle people out of their money, you're going to be fine on the investing side. So the other side of that equation is a book. And I really want to write a book myself so that I can just recommend my own. But for now, it's a really great one. It's called Your Money or Your Life that everybody's heard of. And if you just get whatever the latest edition of that book is, it really teaches you a philosophy that's pretty similar to mine, which is that consumption is not really what's making you happy buying yourself treats. And it's quite easy to become financially independent as soon as you modify your spending in that way. So a huge surplus of money is on a weekly or monthly basis is the real solution to your financial problem.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“I think it depends on how interested in investing you are. One of the key nice things about the world, especially the U.S. financial system, is you don't have to know much to be a very good investor. Like you can be a top 10% investor by just buying one Vanguard fund and leaving your money, just putting all your extra money in there forever. So if that's your idea of good enough, which it should be for most people, then you can just read any book by Jack Bogle, John Bogle, the founder of Vanguard, is one good example. A friend of mine who's a blogger named Jim Collins wrote this book called The Simple Path to Wealth, which is just sort of like an even simpler, more story-based, like enjoyable old man's tales explanation of how why you should invest in index funds. And so that's another idea. But much more.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, you never know he might be hooking it up to a cordless drill and spinning that front wheel. No, I don't think he's not, that's not in his personality. He's not into really cheating on anything. Plus, it's kind of an abundance. Like, he has more money than he can spend. The little dude has like a thousand bucks. In his spreadsheet now. And the only thing he really wants to buy is the odd video game, which might be like 20 or $30 once every few months. So he's pretty much retired already because the passive income that he's earning is close to funding his video game needs.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“And then that interest bearing piece of my little green employees are gone forever. So he still spends his money, of course, but he just knows everything's a trade-off, which makes it more thoughtful.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT
“Right. Every parent, many of them like to find excuses to give their kids money in order for them to figure out how to manage it at a young age. So I didn't want to just hand over money like here. Money comes from nowhere. So I thought that bicycling would be kind of little income system for him. So he has an odometer on his bike. So it automatically tracks the miles. And then just give them 10 cents a mile, which adds up pretty fast if you're an all bicycle family. So then just give them a little payouts. And then we've got a spreadsheet where we keep track of his money. He's 11 years old, by the way. And that earns interest. So he has a comparison of like, if I keep my money in the Bank of Dad, then I'm going to earn interest. Whereas if I spend it, my capital decreases.”
2020-10-23 · The Tim Ferriss Show · #475: Mr. Money Mustache — Living Beautifully on $25-27K Per Year (Repost) · IDENTIFIED FROM THE TRANSCRIPT