3206: PS: The Less You Spend, The Less You Need To Earn by J. Money on Simple Living
Description
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Episode 3206:
J. Money shares a personal finance breakthrough sparked by a powerful insight from Mr. Money Mustache: reducing expenses not only boosts your savings, but also lowers the amount you’ll need to live on, forever. Through his “Challenge Everything” experiment, he slashed $223 in monthly costs without sacrificing lifestyle, proving that simple, one-time changes can create lasting financial freedom.
Read along with the original article(s) here: https://www.budgetsaresexy.com/the-less-you-spend-the-less-you-need-to-earn/
Quotes to ponder:
"Every permanent drop in your spending has a double effect: it increases the amount of money you have left over to save each month, and it permanently decreases the amount you’ll need every month for the rest of your life."
"Put in the money (time), and then watch the dividends (savings) roll in!"
"Those who live off $2,000/mo can retire a lot earlier than those who need $10,000/mo to survive."
Episode references:
The Shockingly Simple Math Behind Early Retirement: https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
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