The following is an excerpt from the book Set for Life. I asked to run this piece because saving is the least glamorous step in the ESI scale but is also arguably the most important. I think this excerpt does a good job of detailing why it's so vital. Reason #1: Frugality Enables You to Seek Opportunity Many finance experts and motivational speakers say things like, … [Read more...]
Why $3 Million is Not Enough to Retire On
One of the questions I get emailed quite often goes something like this: I read online that you have $3 million and retired at 52. How did you do it? I am in about the same situation and I'm afraid I don't have enough. That's paraphrasing, but those are the general thoughts. There are actually two questions here that I'll address: 1) How did I manage retirement on $3 … [Read more...]
The 52 Best Ways to Save Money, Part 2
Today we continue my list of the best 52 ways to save money. If you missed the first post or want to see my philosophy behind picking these tips, you can visit The 52 Best Ways to Save Money, Part 1. As for now, we'll continue the countdown by sharing the best tips from #34 to #16. Here they are: #34: Cook from Scratch to Avoid Convenience Foods You might be … [Read more...]
How to Save on Food Costs
Today's post is written by Mrs. ESI Money, an expert on saving money. :) There are certainties in life we all experience: death, taxes, and shopping for food. One of these doesn’t have to be painful. In the decades that I’ve been the family food provider, I’ve learned a few things that have eased the burden of the experience and actually made food shopping fun. Well, … [Read more...]
We Spent 17% of Our Income
The other day I was listening to a podcast where the person being interviewed was talking about living on 25% of her family's income. The implication was they saved 75% of what they made. But I don't think that's the entire story. She said her percentages were based on "take home pay". Immediately I started doing the numbers in my head -- what did that really mean? I … [Read more...]
The 52 Best Ways to Save Money, Part 1
The often unloved step in the E-S-I family is saving. I get it. It's not flashy or glamorous and if anything it makes us think of suffering and denying ourselves. But the truth is that saving is as important as earning. In fact, you could say it's more important. You can become wealthy with a moderate income and high savings rate but it's difficult to become wealthy at any … [Read more...]
How to Save on College
A friend and I were talking the other day. His daughter is one year younger than mine but both will be off to the college campuses of their choice this fall. He was sharing that his daughter had the choice between two great schools in her state which would leave her with ONLY "tens of thousands of dollars in debt" upon graduation and another, highly rated school just … [Read more...]
An Example of Stacking Discounts
I recently had an experience that perfectly illustrates the concept of stacking multiple discounts so I had to share it with you. I'll first detail the transaction itself and then list the savings methods used in this purchase. Of course this process can be used on a variety of purchases (and I often stack multiple discounts), but this one is especially good. Nike … [Read more...]
Do You Outsource Tasks?
When I gave my one year blog update, I asked if there were any topics readers wanted me to cover in year two. One reader commented and asked: During your professional career, what tasks did you outsource? Which did you DIY? Income tax returns, lawn care, window washing, haircuts, oil changes, Christmas shopping, shoe polishing, car washes — what did you do yourself? What … [Read more...]
Living Like No One Else
When I gave my one year blog update, I asked if there were any topics readers wanted me to cover in year two. One reader commented as follows: You must have done a fair amount of "living like no one else" to reach financial independence at your age, especially in relation to your socio-economic peers. What were some of the specific lifestyle choices you and your family made … [Read more...]
- 1
- 2
- 3
- 4
- Next Page »
