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Interesting Little Nugget from MMM

Discussion in 'General Mindset, Motivation, Beliefs' started by OldFaithful, Aug 2, 2017.

  1. OldFaithful
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    OldFaithful Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Greetings!

    I know it's pretty popular here to trash the blog MrMoneyMustache from time to time, but I recently found this little nugget in a blog post from March 22, 2012.

    "But the Rich people know that the thing money is most useful for is making more money for you automatically. A rich person never wants to spend money that they actually earned through work. They prefer to wait until their money starts printing more of itself – and that is the cash they spend."

    Sounds familiar...like planting a money tree.
     
    André G., Scot, cmor16 and 3 others like this.
  2. BrooklynHustle
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    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Kiyosaki talks about the same. Using the cash generated by your assets to fund any purchases.

    Fastlane would agree :)
     
    OldFaithful and T Khan like this.
  3. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    MMM is great, and is what started me on the fastlane path that I'm on now.

    What he preaches is very different from most sh*tty mainstream financial advice.


    Step 1. Get high paying 6-figure job.
    Step 2. Save 70%+ of the income for 7-10 years until investment income covers expenses.
    Step 3. Retire and have the time and freedom to create a lifestyle that isn't poor, just efficient and not wasteful. (i.e. you aren't working, so you can afford to do that re-hab project yourself for less than half the cost of paying someone else to do it).
    Step 4 - optional: You're no longer working, so your hobbies or side projects might end up making money anyways, thereby improving your lifestyle further.


    In a perfect world, a business would get you to financial freedom faster than 7-10 years. But in reality, I think the path is a lot more zig zag for most of us, and that when you take into account the failed business ideas, and the ups and downs, it probably takes about the same amount of time.

    Of course, a business will give you more wealth and more upside to your lifestyle.

    But for some, having complete freedom of time, and living simply, is enough for a completely happy life.


    I'm somewhere in between.
     
  4. OldFaithful
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    OldFaithful Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Interesting observation! I'd imagine it's quite close, the biggest variable being the execution of the individual...in either method.

    I am too. I like living conservatively...and look forward to earning more with my business.

    There are as many paths to financial independence as their opinions on it.
     

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