Today is the 58th edition of our periodic guest post series called 10 Questions. We have a list of 17 questions we pose to fellow financial bloggers, and they are free to pick and choose 10 or answer all of them. Let us know if you would like to be featured in a future edition of 10 Questions.
This week, we hear from Fritz from The Retirement Manifesto. Fritz will be exiting corporate life in just a couple short years at the ripe young age of 55! Pretty neat! Also, anyone who’s a fan of Warren Buffett scores points with me. Take it Fritz!
Why Is Your Blog Awesome?
I loving writing and sharing lessons learned from 31 years of preparing for early retirement (which I’ll achieve in a couple years at Age 55). My goal is Helping Others Achieve A Great Retirement! In addition to focusing on the financial side of early retirement, I focus on broader life factors required for a successful life (Purpose, anyone?). After all, Retirement Is Hard, we only get one crack at it, so let’s get it right! My wife and I just sold our house in 7 days, completed a major downsizing move, and paid off our cabin to become entirely debt free!! I’ve been interviewed on the Radical Personal Finance podcast if you, like me, are a Podcast fan and would rather listen to a conversation about what I’m all about. Here are the 5 Most Popular articles at The Retirement Manifesto:
- The Ten Commandments of Personal Finance
- No One Has Ever Become Poor By Giving
- 5 Steps To Take Within 5 Years of Retirement
- Semi-Retirement: A True Story, From A Respected Friend
- Top 5 Regrets People Have On Their Deathbeds (& How To Avoid Them)
Tell us about you
- I’ve been a passionate “Personal Finance Hobbyist” since my early 20’s (yes, we took advantage of compounding!)
- My wife and I dream of traveling 6 months per year in a 5th wheel. We’re on track for a launch in the next 12-24 months, after our daughter graduates from college.
- I’ve been blogging for a year, and LOVE it! I’m transparent, and share personal experiences as we plan for retirement.
- I’m a 3rd generation writer (Grandad, Dad, and me), but first blogger in the family (the old guys wrote books!)
Did you grow up with money? Did your parents teach you about money?
My parents were both teachers, and we lived a very average middle class lifestyle. My parents taught me a lot of lessons about managing money, including the foolish reality of materialism and the importance of spending less than you earn. I’ve been saving since my first job at Age 12 (mowing lawns & shoveling snow in Michigan), through my teens (delivering newspapers, working for a landscaper, restaurant work), college summer jobs (in Alaska & Yellowstone!), and into my “corporate career” after graduating from college at Age 22.
I’ve had a successful 31 year career in Corporate America, and look forward to the next phase of life!What is the best money money management or investment tool you have come across?It’s tough to beat a spreadsheet, and I’ve been using them for over 30 years to track our financial progress. I did my first Net Worth statement when I was 26 years old, and have tracked it annually ever since. I also love Personal Capital, and now use it for my Asset Allocation tracking. I’m also a fan of having a “fun money” account where you can blow off steam with stupid trades, and trade options frequently in my TDAmeritrade account.
How do you handle people with different views on money, ie spendy people
I’ve come to realize that the only person you can control is yourself. I don’t criticize others, and realize they’re making their personal choices on how to live their life. I suspect all of the folks driving Porches and living in $1M+ mansions will come to regret it, but it’s their life, their call. For me, I chose to live differently. As Dave Ramsey says, I chose to live like no one else, so later I can live like no one else.
What do you do for exercise?
I’ve been a runner for 20+ years, and wrote about how running inspires me in one of my favorite articles I’ve written: Inspiration. I’ve also started mountain biking now that I’m living a few nights a week in my “City Apartment”. My favorite exercise is swimming, spurred by a childhood in Michigan lakes. I once swam across Lake Zurich (yes, Switzerland), and back!
We notice a lot of frugal people are into board games – what is your favorite?
I’ve always liked card games, one of the best ways to stimulate your mind! Is there anything better than a game of Rook with friends?! My favorite part is talking through the strategy with your partner after a round has been played (man, that drives my wife CRAZY!)
What do you wish people would learn?
We’re responsible for managing our finances, and we must live with the result. Take it seriously. Start early. Read. Learn. Do.
What’s your favorite animal?
As the proud owner of 4 dogs, is there even a question? I love walking the dogs every day at our cabin in the woods. We’ve always been an “animal family”, and had to get rid of our Pygmy Goats as part of our early retirement strategy. Sometimes, life’s about priorities….
Where can we find you?
In addition to my website at The Retirement Manifesto (my main hub), you can find me on Facebook, Twitter,Instagram, and Medium. I’d be honored if you’d have a look at my site, or sign up for emails to get my new articles (1 per week, no spam). Thanks!
Join the 10s who have signed up already!
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If you’re a fan of Warren Buffet, then why do you prefer index funds over picking individual stocks like Warren does?
Alfred, good question re: Warren Buffet and mutual funds. Warren advised his estate to invest his legacy for his wife as follows:
90% in a low cost S&P 500 mutual fund
10% in a low cost bond mutual fund
So…in his heart, Warren’s a low cost mutual fund guy. He has Billions, and can afford individual stock picking since he had the funds to be widely diversified. I take the advice he gave to his wife, but add some spice with Emergin Market, International funds, commodities, and REITS for maximum diversification.
I was going to mention the exact same thing, but you beat me to it!
Nice Q&A, Fritz. It seems you’ve lived an interesting life. You might not have taken the fast track to early retirement, but you’ve had no shortage of experiences along the way.
Also, thank you for reminding me to add “tidy up any spare goats or other random farm animals” to the pre-FIRE checklist.
Cheers!
-PoF
Happy to read this and see others who are still “early retiring” a little older than many of our blogging friends 🙂 We have a lot in common – loved the #myolympics story and from a former sprinter (in swimming) – very different than long distance for sure! Looking forward to more of your posts!
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Ok, I have to comment because I personally have never seen anybody driving a Porch, have you? LOL, I tease since I own a Porsche I had to chime in. I kind of have to differ with you though on your opinion that most people who live in $1M homes or drive expensive cars will regret it. I think they fall into two groups…the first is the group that are purchasing them and it is beyond their means by any metric or financial rule you can dream up, this group is the vast majority. They absolutely do not care or regret one bit having owned a fancy sports car or an expensive home, they are in the live for the moment camp and if they croak early they played the game right. They do not care about early retirement or being “responsible”. The second group being much smaller (which I happen to fall into) are the ones that paid cash for their home and got a great deal because they were in a position of strength to take advantage of opportunities. The car was purchased used from a person who got in a bind and needed cash immediately…you would be surprised at how many of these opportunities exist. So I’ll have driven a very expensive car that will have still met your 10 commandments or personal finance.
In general I agree with what you are trying to communicate and I’m glad I found your blog as I’ll peruse through it to see what’s there, but my only suggestion is in your above comment that says (all people) you may want to change it to the vast majority or something like that. There are people out there like myself who live in million dollar homes and drive nice cars that the percentage relative to their net worth is far more responsible than even the person driving the $12,000 Miata. Most of them I know got there by a lot of hard work, investing for the future at a young age, and delayed gratification.
Porsche Man,
Valid point on my use of the word “All”! As an experienced blogger, I should have realized the danger of such an “all” encompassing word!! You and I are in agreement on the “majority” of high cost lifestyle folks, and I DO suspect most of them will come to regret their decisions at some point. Most will likely realize the true cost of their lifestyle when they face the potential of having to delay retirement as a result. Even worse, many folks are simply unable to work as long as they’d prefer (health, layoffs), and the “high spenders” may have no choice but to face a radical downsizing in their approach to life. I will also concede your position, and agree that very high net worth folks can easily drive a Porsche (love the Miata analogy), but I would argue there are far few in that camp than the former. It was toward the former that my comments were directed, and I agree they may not apply to the ultra-rich. Thx for your comments, and enjoy your Porsche! (Full transparency, I have “Porsche Envy”, but won’t let myself go there!!).
I totally got your point and agree with it completely that the overwhelming majority are living beyond there means and should regret it even if they won’t anytime soon…but hey who are we to judge : ). I just sort of live by the mantra that I have found to be the case in my life where you really have no idea about who you might be sitting next to, they just might be a millionaire or billionaire. It has happened to me on more than one occasion. As far as cars go, if it is truly a passion and its not a stretch you should go for it. The reality is buying a nice used Porsche will not break the bank on maintenance or depreciation. Most super responsible people like yourself are going to have a monstrous pile of money left over when you are gone anyway, I would certainly regret not having had the experience of a few open track days or taking that winding road in the fall as the leaves are turning on your way to a fun little B&B for the weekend…but hey that’s me. Great blog so far btw, I look forward to reading more!
I totally agree on how other people spend their money. A lot of the time I don’t see eye-to-eye with what people spend money on, but I’ve learned to just accept that everyone’s different. Cool interview!
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Nice write-up. I just semi retired last week. An early retirement buyout prompted me to take the plunge about a year earlier than planned. Interestingly enough, I’m getting multiple offers to work elsewhere, either as a full-time employee or consultant. Consulting was what I wanted so I could enjoy some much needed time for R&R plus home projects.
Funny you mentioned letting the goats go. I “laid off” a horse I’d been supporting for years who was nothing but a pasture ornament. Now she’s someone else’s pet and off my payroll.
My biggest take home tips to get ready for this transition to retirement were to eliminate unnecessary expenses and to become debt free. Cash flow will make or break you.
Lynne, congrats on your early/semi retirement! It sounds like things are going to work out well – more freedom, but some work/income. Good for you! “Laid Off” a horse, great way to think of it! Sounds like we have something in common! Thanks for your input!
I loved your “Inspiration” post. Life can be drastically cut short. Live each moment as it is a gift, because it truly is.
I started running a bit later than you, but for similar reasons. My uncle who was 70 at the time joined us on a hike up to and across Angel’s Landing at Zion NB. My dad who was 75 at the time, could not complete the hike. My son commented to my wife that he hopes when I am 70, that I can be there like my uncle. That is my goal, that is why I run. I do hope to complete an Ultra Marathon next year (I’ll be 47). I have an approx. 30-mile + 70 obstacle OCR race on 10/3.
Of course great to see you are achieving your goal of retiring early. Well done.
cd :O)