Comments on: How much do you need for a day of *Freedom*? https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/ Money | Minimalism | Mohawks Mon, 18 Nov 2019 11:00:33 +0000 hourly 1 https://wordpress.org/?v=7.0 By: The Crusher https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286150 Wed, 13 Nov 2019 12:29:32 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286150 Seeing how low some of these folk have gotten there costs is inspirational. I know we could do better on a number of things. We have been slowly ratcheting down some expenses the past few years and spending more mindfully. I guess if I am honest with myself there are only two things holding us back from being more aggressive:

I do not want to freak out my dear wife who is not so sure she completely gets this “FIRE thing”. That is, I would like to be allowed to sleep inside at night!

I, myself, kinda don’t want to reduce some of the big areas like travel. I know I should but ugh…

My best suggestion for anyone who really wants to get at their spending is to measure it. Measure every single transaction, every day, every month. We use Personal Capital to do so but there are others as well or you can go old school and do it yourself. Measuring your detailed spending is a VERY worthwhile activity.

]]> By: Liz https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286099 Wed, 13 Nov 2019 03:24:18 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286099 We are already at $138 a day including the mortgage. We don’t make a lot but we save a good percentage of what we do make :-)

]]> By: J. Money https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286034 Tue, 12 Nov 2019 12:11:20 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286034 In reply to The Crusher.

Thanks for the inspiration, sir! And I agree w/ the peace of mind there heading into retirement… One less thing to manage, too :)

]]> By: J. Money https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286032 Tue, 12 Nov 2019 12:08:03 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286032 In reply to BC | FrugalWheels.

Killin’ it!!

Never heard of that 300 rule but going to marinate on that…. Not sure how much $1/mo will motivate me though, lol…

]]> By: J. Money https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286030 Tue, 12 Nov 2019 12:04:30 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286030 In reply to debrak.

Awesome :)

]]> By: J. Money https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286029 Tue, 12 Nov 2019 12:04:13 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286029 In reply to Caroline.

Hot. Damn.

]]> By: J. Money https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-286028 Tue, 12 Nov 2019 12:03:55 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-286028 In reply to Adam.

Never sucks whipping out another spreadsheet! ;)

]]> By: Caroline https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-285959 Mon, 11 Nov 2019 20:01:32 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-285959 In reply to J. Money.

I get a daily of $102.00! I’ve run the #’s twice so, definitely interesting to know:)

]]> By: The Crusher https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-285954 Mon, 11 Nov 2019 19:03:19 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-285954 I am highly honored that J. Money chose my comment to highlight.

In my mind my calculation is really a bit of an extension from the real hourly wage concept that is so beautifully discussed in Your Money or Your Life. So I will share credit to those brilliant authors. I am just looking at how many days I am buying back of my freedom. We probably will be under $240 figure but I prefer to plan with some “fat” in the figure so that any surprises will hopefully be happy ones (we spend less than planned). It is a margin of error that we hope provides some safety.

And FYI – we too plan on escaping our mortgage just before making our FIRE move. We are actually paying it down at an increasingly accelerated rate. There is a peace of mind aspect to doing so but it is also like paying ourselves a risk-free 3.125% rate of return. Can you find that elsewhere? We are also investing in the market monthly so we do have a balanced approach.

Great discussions!

]]> By: BC | FrugalWheels https://eliteedgemoney.com/how-much-do-you-need-for-a-day-of-freedom/#comment-285947 Mon, 11 Nov 2019 18:17:48 +0000 https://staging.eliteedgemoney.com/?p=62106#comment-285947 OK, going to sound super braggy, but my dollar per day amount is $57.50. (This includes my mortgage, with about 10 years left.) That $1,000 would be about 17 days!

But, one thing missing from the calculations is compound interest. Depends on how long it will be invested, of course, but it’s at least worth a few more days, so I’m going to say 20 days.

But then THAT assumes that you’re going to spend it down, earning no interest in retirement, so I’m not sure this calculation has a lot of meaning.

A number I liked a lot better (by someone a lot better at math than I): every $300 invested is $1 per month in retirement (pretty sure using the 4% rule). So, that $1,000 is a little more than $3 extra bucks every month!

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