How to Retire by 30, According to Mr. Money Mustache
Peter Adeney, a.k.a. Mr. Money Mustache, saved enough to retire at age 30. He was an engineer whose salary quickly grew to more than $70K a year. When he retired—after eight years of work—he had $600K in investments. He now spends $24K a year and has become a frugality guru. Nick Paumgarten gathered some of his key tips: http://bit.ly/1XHnTZG
- •Ride a bike.Mr. Money Mustache only uses his car when he has to haul a load of more than a hundred pounds. He and his wife burn only two and a half tanks of gas a year.
- •Find alternative uses for tools.Especially in the kitchen: Mr. Money Mustache uses a woodworker’s vise to squeeze more juice out of limes. He stirs peanut butter with a power drill.
- •Line dry.When she visited, the Money Mustache mother-in-law didn’t want to hang her underwear outside, but she had no other option. The Adeneys don’t own a dryer.
- •Vape, don’t bake.Mr. Money Mustache lives in Colorado, where marijuana is legal. Rather than smoking, he uses a vaporizer pen that he calls “my health stick.” Thirty dollars of sativa oil lasts him half a year, so he rarely has to reload.
- •Do your own home improvement.Mr. Money Mustache has rebuilt much of his house, including the windows, siding, kitchen, and fireplace. He redid the wiring and plumbing, and even installed his own boiler.
- •Resist group consumption.The Mustache son, Simon, plays Magic: The Gathering. The card game encourages users to buy new booster packs, but Simon’s dad refuses. Instead, the family buys used ones in bulk from Amazon.
- •Train yourself to think differently.At seventeen, Mr. Money Mustache read a book called “The Magic of Thinking Big,” by David Schwartz, Ph.D. And he started, well, thinking big. “Treating yourself like a dog actually works,” he says.