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Like many of you, I’ve long had the desire for financial independence.
Over the years, I have devoured financial podcasts, blogs, books, articles, and anything else written about how to achieve financial independence. Much of the advice made sense, but I struggled to apply it to my own messy life. I could not forgo my daily latte, couldn’t cook every night at home using Costco’s finest… also, some of these gurus even suggested I should give up my treasured Porsche!
Then I realized that many of the rules touted by the pundits were either unrealistic, or underestimated the intelligence of the audience. For example, many are based on the assumption that most people are too unsophisticated to distinguish between “good” debt and bad (hence the debt free movement), or don’t recognize basic tenets of human behavior (like the inability to delay gratification), or even the inevitabilities of life (job changes, job losses, the need for debt every now and then).
So I decided to achieve FI a different way: through a path that allows me to spend on the luxuries that add a little “extra” to life; accepts risk; and plays a long game, without sacrificing life in the present.
In my blog, I re-evaluate some of the so-called rules for achieving financial independence:
- Save early to take advantage of compounding
- Save enough to live on 5% for the rest of your life
- Don’t overspend on homes, cars, education
- Avoid credit card debt (or all debt)
- Always have a six month cash cushion
I take apart all of these rules, showing how they don’t always work for everybody (sometimes work for nobody).
My “Contrarian Saver” philosophy is absolutely NOT for everyone. But if you fall into one of the following camps, you may find it interesting:
- Entrepreneurs, or those who want to explore being an entrepreneur
- People who seek financial independence, not retirement
- Those unafraid to take (calculated) risks
- Those who find the traditional rules make for a very boring life
If any of these describe you, I think you’ll find a lot of interest in Contrarian Saver. And I hope you’ll share your perspective and suggestions to make this philosophy interesting, relevant, and accessible to as many people as possible.
One final point: Contrarian Saver is for you, the readers. Please feel free to comment liberally, with your own stories, feedback, or just to tell me that I’m dead wrong. This is my first blog and I want it to be a valuable, and enjoyable, resource to all of you!