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1/ If I woke up broke (thread)
Interesting thought experiment -- what would you do if you woke up with $0 net worth (or negative)?
Here& #39;s what I would do
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Interesting thought experiment -- what would you do if you woke up with $0 net worth (or negative)?
Here& #39;s what I would do
2/ I& #39;d start by slashing all of my costs TO THE BONE
Restaurants - gone
Subscriptions - gone
Vacations - gone
ALL costs -- fixed and variable -- would be reduced as much as possible
All food would be made at home
All fun would come from free sources only (dark green)
Restaurants - gone
Subscriptions - gone
Vacations - gone
ALL costs -- fixed and variable -- would be reduced as much as possible
All food would be made at home
All fun would come from free sources only (dark green)
3/ I& #39;d focus INTENSELY on boosting my income
All waking hours would be used towards increasing income, especially overtime/bonuses
Free time would be spent on side hustles
Great list by @BudgetsAreSexy:
https://www.budgetsaresexy.com/ways-to-make-money/
Taking">https://www.budgetsaresexy.com/ways-to-m... care of animals sounds good to me!
All waking hours would be used towards increasing income, especially overtime/bonuses
Free time would be spent on side hustles
Great list by @BudgetsAreSexy:
https://www.budgetsaresexy.com/ways-to-make-money/
Taking">https://www.budgetsaresexy.com/ways-to-m... care of animals sounds good to me!
4/ I& #39;d boost my savings rate to 50%
SUPER hard to do, but not impossible
As money came in, it would be deployed in the following manner to get me to step 13
All retirement funds would be indexed for simplicity (what I do now)
SUPER hard to do, but not impossible
As money came in, it would be deployed in the following manner to get me to step 13
All retirement funds would be indexed for simplicity (what I do now)
5/ As my net worth grew, I& #39;d set up a schedule to reward myself based on net worth achievements
I& #39;d use my "low-cost favorite things" to reward every small victory
And reward bigger net worth milestones w/ something like this:
I& #39;d use my "low-cost favorite things" to reward every small victory
And reward bigger net worth milestones w/ something like this:
6/ Basically, I& #39;d HUSTLE LIKE CRAZY to get the snowball rolling as quickly as possible
As Charlie Munger said, "The first $100,000 is the hardest, but you gotta do it.”
Then I& #39;d gradually decrease my intensity in certain categories as net worth milestones were reached
As Charlie Munger said, "The first $100,000 is the hardest, but you gotta do it.”
Then I& #39;d gradually decrease my intensity in certain categories as net worth milestones were reached
7/ Life would be pretty stressful in the beginning,
Working like crazy and spending no money isn& #39;t much fun
but you only have to be super intense for a few years, and then you can gradually ease off
Working like crazy and spending no money isn& #39;t much fun
but you only have to be super intense for a few years, and then you can gradually ease off
8/ To me, the short-term pain would be worth it
Not so that I could afford nicer things...
but so that I could greatly reduce my long-term financial stress
and eventually, reach financial independence
Not so that I could afford nicer things...
but so that I could greatly reduce my long-term financial stress
and eventually, reach financial independence
9/ What would you do differently?
