Mr. Money Mustache- DC version
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Anonymous
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Is anyone here a fan of MMM and trying to adapt that way of living in DC- or any other high COL? While there are drawbacks, expensive housing etc, there must also be benefits- lots of jobs, free entertainment etc. that could help achieve this lifestyle.
I am trying to sort this out as we live in DC to be near extended family so there are reasons to stay besides job options- but we are still very interested in pursuing MMM-like goals. We have decent jobs- 2 income family, mid-30's, total HHI around 100K, so we aren't struggling- but with daycare, housing etc, we need to get creative to save significant portions of our income. Please share how you are adapting the Mr. Money Mustache principles here - without having to leave the area for a lower COL. Thanks for sharing your ideas. |
Anonymous
| We decided to rent a cheap apartment and not have kids. No debt, maxed out 401k. It's amazing. We want for nothing and feel rich and free. |
Anonymous
| Find your minimum acceptable housing. I think that's the key. We could afford a much more expensive house and neighborhood than we have, but we are able to save a lot of money because we don't have that expense. We are also trying to reign in our food spending. |
Anonymous
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We work really hard on cutting back our food spending. We hardly ever eat out.
Instead we spend that $100 and have friends over for dinner often and parties on our back patio. |
Anonymous
| PP, you had me til the "and not have kids" part. |
Anonymous
| I'm with you OP. My husband and I are trying to be mustachian. We have one car, kid goes to a charter, and DC has lots of free entertainment. That being said, there is still lots that is hard. Our mortgage is BIG (bought house before MMM). We've just started maxing out 529 and 401K but we still have a long way to go. I am happy to hear any other DC tips folks have. |
Anonymous
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I love reading his blog! Our family has begun biking and walking more places, which is easy to do since we live in the city with easy access to commercial areas. We visit the library, zoo and museums more often - all free! I pack our snacks and lunches for a lot of these outings. I got a freezer for free off of craigslist and started cooking meals in batches so I am less tempted to get carry out during the week. I also buy grocery items in bulk when they are on sale for a good price. I take breakfast and lunch to work.
As a result of a lot of these life style changes, I am now able to save more and started making monthly deposits into a Vanguard Index fund, as well as maxing out my TSP. |
Anonymous
+1 - really.. |
Anonymous
| Web site? |
Anonymous
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I bought a home I could pay off in <10 years... assuming I don't get fired any time soon. I try to drive as little as possible, although I'd rather walk than bike. I save as much as I can and max out my retirement accounts. I hope to retire by 45.
I really liked the early MMM posts. Not so much anymore. I think he has covered all the important things by now. |
Anonymous
http://www.mrmoneymustache.com/ |
Anonymous
| I hate MMM. His whole premise is horseshit. The website alone brings in $50k a year. He's hardly "retired". |
Anonymous
Well that's silly. Real estate can be a great investment and by renting you are just throwing money away. |
Anonymous
If you can afford to just throw money away... that's definitely feeling rich. |
Anonymous
He's retired in the sense that he doesn't HAVE to work any more, he just does what he likes. He lives well below his income. |