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How to retire early, even with 2 kids! Blah blah blah...

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by MJ DeMarco, Aug 20, 2018.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    For the love of God, I'm growing tired of these stories.

    Another compound interest scam story with the survivor bias front and center..

    How to retire in your 30s or 40s—even if you have kids

    On a closer look, they aren't even retired. The wife is working for health insurance and I'm not even sure how the numbers add up. Without the wife's job, a health insurance plan for 2 adults and 2 kids on the ACA.gov website would be in the THOUSANDS!

    upload_2018-8-20_9-15-57.png
    Almost feels like there is an unmentioned inheritance somewhere and that the wife HAD to go back to work because the insurance cost was so ridiculous.

    Even the commenters are skeptical... which to me, is even a bigger red flag.

    ADDED:

     
  2. lludwig
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    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Unfortunately, there are many of these PF bloggers at the financial conference I go to FINCON. While overall a great conference I have to weed through these types of posers.

    A big one is Mr. Money Mustashe and his ilk.
     
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  3. lludwig
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    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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  4. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Triple M is a trap indeed
     
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  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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  6. lludwig
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    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Oh sh*t forgot about that part in the book :) I just knew about it personally as well and rocked a few people in the PF space.
     
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  7. MTEE1985
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    MTEE1985 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Reminds me too of the “frugalwoods” who’s book I saw at the store the other day. “Retired” early to live and preach a life of Craigslist purchases and dumpster diving. And as with most of these and others that Unscripted points out, they make a great living by NOT practicing what they preach.
     
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  8. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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  9. MTEE1985
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    MTEE1985 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Funny how probably 99% of these stories one if not both are still working but they hide behind platitudes like “loving their job” or “because it’s making a difference” or as mentioned above “healthcare”
     
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  10. socaldude
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    socaldude Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    It seem like these days they will publish anything without verifying anything.

    The couple was making a little over $100k combined and yet they had $1.3 million already saved up? And he was 33? Thats like working since you are 23 years old and both not having any expenses.

    Usually when things don't add up it's probably not true or something intentionally left out.
     
  11. Michael1359
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    Michael1359 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Dumpster diving is not a retirement plan I want!


    Sent from my iPhone using Tapatalk
     
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  12. MJ DeMarco
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    Ha Ha...

    PF Blogger: "Get rich quick is BS! If you save $100/mo for 50 years, you'll get rich slow and retire rich!"
    PF Blogger sells blog for $10,000,000 and doesn't see the irony.
     
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  13. socaldude
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    socaldude Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    "McCurry used a 3.5% rule. That is, he focused on building up enough savings such that withdrawing 3.5% each year from his nest egg would cover his family’s current annual spending of $40,000. “That’s the point where I said, ‘Yeah, the finances will work,’” he says."

    It seems like these days now they are just making sh*t up. The 3.5% rule? Rule from where? Who?

    High probability portfolio? Where do they get this stuff from?

    They put a million dollars in just all stocks?
     
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  14. Computerchest
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    "How do you invest your money?
    McCurry:
    We’re 90% in stocks. … We’ve got about five years of living expenses between cash, bonds and CDs."
    90% in stocks, brave guy. Would love to hear an initial planning meeting with a swiss banking wealth management firm and see their reaction (if his goal is to fund his family with these funds).
    Funny how these articles don't come with a warning, first time I have seen ones like this, usually sticking with Bloomberg/Zerohedge/Earnings reports don't expose you to them.
     
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  15. socaldude
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    socaldude Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    And these are the same people that would say business is "risky". :rofl:
     
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  16. lludwig
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    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Full disclosure, McCurry did write in fact for my site. We hired him for his tax articles which were pretty good IMHO.

    After writing just a few articles outside of taxes, I started looking at his background and yes it didn't add up when I started looking closer at his site.

    His returns were from either:
    1. Large returns he got (like 15%+/annually)
    2. Made much more than what he was stating (ie off the books to help decrease taxes) from odd jobs.
    3. Partially inherited money
    This is all estimates since details aren't revealed.

    This isn't even including a home purchase, or putting money in 529 accounts for three children.

    If I was a betting man I would go with 2 and/or 3.

    So something wasn't adding up. So I too would like to know how he exactly did it.
     
    Last edited: Aug 24, 2018
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  17. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Finally did a video on compound-interest...



    And if anyone wants to read that chapter (free, no email required) visit this page:

    The Compound Interest Scam: Truth VS Reality

    Just thinking about having 90% of my NW in stocks gives me indigestion.
     
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  18. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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    MJ, am still going through UNSCRIPTED. Hat's off to you on this! btw, how many words is the book!?! I'm still at 65%!
     
  19. quanttastic
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    Just out of curiosity, what do you find troubling about Mr Money Mustache? (serious question from occasional reader of his blog)
     
  20. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    He singularly focuses on frugality. He makes no mention of money systems, or serious innovation / value contribution to make more money. He is all about making the most of a pittance.
     
  21. socaldude
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    socaldude Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    it's really hard to be a fan of a personal finance philosophy or blogger that never addresses the problem of income.

    You always need an income in life cause you always have expenses.

    Most personal finance these days just revolves around cutting expenses.
     
  22. The Abundant Man
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    The Abundant Man Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    If I wanted to cut expenses I'd go live in the jungles of the Amazon Rainforest
     
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  23. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    comp-int-scam.jpg

    I can't remember, I think 170,000 words. TMF was 120,000.
     
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  24. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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    :rofl:
     
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  25. lludwig
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    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Because he himself makes at least $400k/year from his very site stating how to live off of $30k/year and how is bikes to f*cking everywhere and goes to the local library to rent his videos and books.

    Mind you he lives in Colorado. He isn't biking in the winter! I get the self-sufficient and independent but most FIRE (Financially Independent/Retire Early) individuals aren't "retired" by any sense of the word.
     
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