“I’ve been poor, and I’ve been rich. Rich is better”.
—Beatrice Kaufman
The purpose of these posts is to help you become wealthy.
MY TRACK RECORD
I have had some economic success, but retiring at 50 is my best achievement.
We are in the top 1-2% of net worth nationwide, own several investment properties, and have a significant stock portfolio. We now travel overseas for three weeks at a time twice a year and go on several domestic trips each year, too. And my net worth has been increasing. So, life is good, and I am grateful.
SOME REASONS TO FOLLOW MMH
The first reason I hope you follow this blog is because I try to be objective. I will tell you about all my mistakes, not just the successes. I want you to learn from my mistakes and profit from them.
The second reason is that I am not much different than you. Many blogs deal with couples who have gotten high-paying jobs early, lived on tiny amounts of money, and retired at impossibly young ages: 30, 35, or 40. So that you know, none of those things apply to me. And my spouse did not work more than part-time and not in a high paying profession.
While living on a shoestring or using other strategies that require extraordinary sacrifice will get you there, I did not. You will not, for example, hear about me living on pennies a day, then moving to the country, growing my food, and knitting my clothes. I do not expect you to do that either (unless you want to).
Third, I will be talking about tried and true approaches. That requires me to talk a bit about Warren Buffett, one of the richest men in the world whose approach to money works regardless of your specific financial goals. There will be quotes and advice from him and his sidekick, Charlie Munger (RIP). Both are the best investors in history. And besides, anyone who makes a lot of money and then gives it all away to charity is ok in my book.
I will be taking a “new school” approach, too. Technology makes managing your money a lot easier.
Amassing money is mostly a strategic process. Most people do not get rich by accidents of fate or by an extraordinary talent. These sorts of things happen, too, but they are rare. No, these strategies can work for those fortunate and talented people too, but this blog is for those with more ordinary circumstances and talents. In other words, if you have an extraordinary talent, these strategies will work for you, but if you don’t, they work anyway.
Fourth, I rely on objective research as much as possible. When I use information, I urge readers to research further. When possible, I will provide links to specific sources of information.
Fifth, a healthy sense of caution is never a bad idea. You will be under intense financial pressure at some point in your career and life. During the Great Recession, my salary and income were cut in half. And we had to take care of ailing parents, pay for massive health care increases, deal with major health issues ourselves, kid’s college, and major health expenses. These issues all occurred at once.
We will talk about how to deal with financial pressures. Many of those who write about this subject have never dealt with a major economic downturn, so I will try to fill in the gap. If it happens to you, you have to know what to do.
NO CONFLICTS OF INTEREST
Finally, I don’t make anything from this site. It is purely educational. So, you never have to wonder whether I will craft an opinion to sell you something.
CONCLUDING REMARKS
Being disciplined about your money is not like going to prison or even as bad as dieting. It is about taking the resources you have and getting what you want with the fewest tradeoffs possible.
Disclaimer: consult with a financial professional before taking any steps outlined here. Not all advice may be suitable for your circumstances or investment style.