Why I Hate Mr Money Mustache

Why I'm Jealous of Mr Money Mustache and Hate Him at the Same Time Part I of Many. 



Let's keep it simple I think retiring at 30 is amazing and I'm jealous.  Now here's why I think many of the concepts used don't work for the majority. 

Riding a bike to save $10,000 just doesn't happen.  Here's how this scenario works for someone who lives in Chicago.  I like 8 miles from work, I jump on my bike and ride to work sweating like a mad man in the 20 degree weather.  I get to work after my hour long trip, take of my coat and drenched shirt, well I don't want to spend any money so I go to work and smell like I haven't showered in days.  This doesn't work!  What do you expect people to shower in the sink?  Move closer to my place of work.....Great idea I just raised my 
rent/mortgage by about $1000, new article would how I spent $12,000 year but Bike to Work.  I'm not even going to mention people who live in the Suburbs or Rural Area. 

Here's a better article title and one that appeals to the every day person.  How I Saved 1 Million Dollars Riding the Train, Walking to Work, Driving a Beater!!! 


Here's the 3 options you will run into and here's how we can save some money doing it. 

1.  You live far enough away from work and public transportation that you have to drive, not peddle 30 miles to save $10,000 and die of frost bite on your way to work, your not Lance Armstrong, this ain't happening.  


So in my eyes having a car payment is just about one of the worst things you can do to get stuck in a rut for probably the rest of your life, check out my decision and pros and cons of selling my Benzo de Lorenzo).  So I had the luxury of living in the city and selling my vehicle, most people don't.  So if this is you we need to downsize, sell your car and get a beater, like a 1997 Mercury Tracer perhaps, a fine vehicle if you ask me.  In my Blog(http://financeandfitnessdreams.blogspot.com/2013/05/money-mindset-owning-nice-car.html)  which says that if you have a car loan that it should be only 10% of your income, so if you have 1 car and make 50K(average American Income), you are allowed to have a $5000 loan, the rest must be paid for in cash.  If there are 2 members and 2 cars are needed this would still be the same since there are 2 vehicles, assuming the house hold income is 100K, the total car loan allowed would be 10K.  But that's my criteria if you were to buy today.  If you want to really WIN, you can't have a car payment, I don't care if it's 0%, you owe some rich guy at the bank money, period.  Sell your car and get a cheaper one, that's it 1 sentence.(Side note I'm not including Van or Car Pooling but also great ways to save money)

2.  You live in the City, but you can't or won't Ride your Bike or Walk to Work.  That's cool, you are going to save money and be almost as cool as Captain Planet. 



So you are most likely taking Public Transportation, train or bus or fairy for those really cool people you are saving money and the environment.  Using Chicago as an example it costs $100/month for  a pass to ride every in the entire city of Chicago, which is amazing in itself.  But get this my work says we like the environment and want to save you a couple extra dollars we will give you $30 month to get to work.  That's crazy I'm now down to $70 month to get to work, but wait there's more(Insert Realllly Cool Infomercial Here), any money that is taken out is taken out pre-tax which is not only reducing my overall taxed income but lowering the cost of the monthly pass.  Based off the criteria I filled out on rideshare.com( I have no idea what tax bracket I'm in, 25% just felt correct.  So I'm paying $52.50 month to travel in the city and if you live in Chicago this covers pretty much everything.  So what you spend on a tank of gas I spend on getting to work, it's worth hanging out with strangers for 45 minutes while I listen to a podcast or read my book. 

 

3.  You Do Live Close Enough to Work to Bike or Walk, and apparently save $10,000 a year, spend this on Twinkies and Malt Liquor please. 

Being able to walk or ride your bike is pretty exciting, it doesn't work for everyone, but if you have the option to make that choice consider yourself in a good place.  It can certainly save you a few dollars in expenses and get you a little exercise which is what FFD(Finance and Fitness Dreams people, getting the FFD tattoo tomorrow?) is all about.  I would not however pick up where you are living now and move closer to work, but if it's an option to consider in your purchase or rental decision.  For example when I first moved to Chicago I had 2 options, both similar places in nice neighborhoods, 1 was a 10 minute walk and the other was a 20 minute bus ride, made my decision so much easier, but remember that every one's work can change from year to year, which it did for me, less than a year later.   

So in Summary I think Mr Money Mustache is correct that you can save some money by riding your bike to work or wherever, but that's just not a reality for 99% of the population.  Henry Ford and George Stephenson invented cars and trains, whatever mode of transport you are using let's make sure it's paid off or is a low number on the budget.  Comments are appreciated even if you think I'm crazy or agree with me completely.  Thanks for reading. 

Triathlon

So I really want to do a triathlon. I have had friends do them, all a little less than 6’0” and probably in between 140-175 would be my guess. Needless to say they are in very good shape and all 3 are good athletes. So I have began to think about training for a triathlon.

What I am really worried about is the time commitment. Training for a tri, the usual training is 12 weeks long and 6 days a week. I currently lift weights 3 times a week, run once or twice, bike ride once or twice, and play another sport once. So to go from what I do, to really focusing on only swimming, running, and biking. I’m not sure if I am ready for it.

My main concern is the swimming. The gym that I currently use does not have a pool and the closest gym with this takes some time to get to. This is probably all excuses to not train for a tri. I have considered at least running a half marathon so I can establish myself in a race setting.

I currently run right around 5 miles a week so I don’t believe the running for the tri would be very difficult. I want train for the sprint which the running is usually around 3 miles, the biking is about 12-15, and the swimming I believe is ½ mile(I can’t even comprehend what that actually means in terms of what I can do).

So I guess at this point I believe I need to add something to my workouts and go from there. I think the best thing I can do is add to my workouts and see what happens. The gym with the swimming pool is close to where I work so the best thing to do would be after every time I close to go to the gym and swim(rhyming at not charge).

So it has been decided I am going to start upping my workout regimen.

• I will be lifting 3 days a week(riding my bike to and from whenever possible)
• I will be swimming after work(2 days during the week)
• I will be running 2 times(where as before it was 1 and the start of 2 times)
• I will be playing basketball or cardio after I lift for 20-30 min(whenever time permits)

Ok my version of tri training has begun and my workouts will intensify. Signed, sealed , and delivered, Steven Donovan

Sell My Car and Ride a Bike? Mercedes or GMC Denali Bicycle

So I own a nice car and make payments on it. I bought a used car through my work because my other car was ready to die( I miss you Tracer you Can’t Replaca). So i found a used Benz( Now Benzo De Lorenzo) for 2K under Blue Book. If I would have stayed with my current job I probably wouldn’t be saying anything, but life is full of surprisesso I have to at the very least bring up this topic.

Pros of Selling the Benzo de Lorenzo

· I save over $300/month not including the $100/month insurance and $100/month maintenance. OMG when I say it like that this, $500/month that is a lot of money

· I will get great exercise, I mean it is about 10 miles on a bike to work each way, plus any other trips I would make to the library, grocery, etc....

· I would have a great tan and be in the best shape of my life, think Lance Armstrong with 2 testicles, sexy isn’t it.

· Never pay for parking, not that I spend a lot on parking, but I’m sure it amounts to at least $10/month and I rarely park in the paid areas, I will walk a mile before I pay $5.

· Vehicle registration, speeding tickets(I’m fighting one right now), tags, car washes, lots of extra hidden costs.

· Pay off my debt that much faster, I mean basically an extra $500/month or more

Cons of Selling the Benzo de Lorenzo

· I drive a really nice car, it makes me feel good about myself, I own something nice.

· I would have to take the bus/train/bike/walk everywhere, everywhere

· It costs money to take the train and bus, it’s not a lot but it would certainly prevent me from going a lot of places.

· I would need to wake up much earlier to go anyplace. I figure a 15 or 20 minute trip could take take an hour or two just to get there.

· I truly believe in keeping cars for a long period of time after you have paid the vehicle off. I had my first car since high school and drove it for at least 3-5 years after it was paid off.

· I put a lot of miles on when I first got it, so like all cars the value has decreased and for me a little faster than I expected. So currently I owe about 2K more than the car is worth. So I would need to sell the car for a higher price than it is worth, which would be unlikely.

· It could affect my job/future job. I plan on getting into financial advising/education whether it be now or in the future

I’m sure there is more things to consider and please comment if any come to your mind. I’m sure many of you are saying trade it in and get a less expensive car where I would still be saving $200/month and yes I have considered that also, but life is full of choices make sure you weigh all the pros and cons!!!