![]() Or like standing in an enormous cloud of killer bees, which are stinging every inch of your body. To combat this tendency, I encourage people to consider it a huge emergency, like running around with your hair on fire. Q: What are the different ways you think about debt?Ī: People have become too complacent about debt, making piddly monthly payments on a high-interest credit card while they continue to go out and buy more luxury products for themselves, ensuring the debt is never retired. We invested this surplus as we went, and eventually the passive income from stock dividends and a rental house was more than enough to pay for our needs (about $25,000 per year for our family of three, with a paid-off house and no other debt). ![]() Then my future wife and I moved in together and DIY-renovated a junky house into a nice one, kept old cars while our friends drove fancy ones, biked to work instead of driving, cooked at home and went out to restaurants less, and it all just added up to saving more than half of what we earned. So I got through my engineering degree debt-free - by working a lot and not owning a car - and worked pretty hard early on to move up a bit in the career, relocating from Canada to the United States, attracted by the higher salaries and lower cost of living. But I didn't start saving and investing particularly early, I just maintained this desire not to waste anything. How did that happen?Ī: I was probably born with a desire for efficiency - the desire to get the most fun out of any possible situation, with no resources being wasted. Plus, the convenience of how Mustache rhymes with Cash - as in "You Must Stash Your Cash." So there's that, and the fact that all those M's just sound great together. "Invest it wisely, children, and you too will grow to be Mustachians!" He takes time to dish out a wise lesson or two to the local children, occasionally, and with a sparkle in his eye, he flips them each a golden coin with the tip of his thumb. He runs his old western town with quiet wisdom: The business leaders from Wall Street seek his advice, and the mayor checks with him on issues of town policy. Money Mustache character as this old-fashioned financial sage from days gone by.
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