Posted by Dave on October 11, 2011
This is a guest post by Dave, who is also looking to retire no later than 45, but unlike Tim has no kids and doesn’t want any. Dave is from Ontario and is working towards his CGA certification.
Around the house, I like to do things myself, where possible. Since my wife and I moved into our home, we have laid laminate flooring on all 3 floors, painted the whole house, installed baseboard everywhere as well as a bunch of more minor projects.
What we have found in completing these jobs is that our finished product is good, but probably about 10% ”good” than a professional would have done (assuming they did a good job). There are minor gaps in the between the floor and the wall due to measurement errors (or in some cases the house being out of square) – in essence, the completed job is just not perfect.
Prior to installing carpet on the stairs, my wife and I had a discussion about whether we should hire someone to do the job, or if I was up for doing it myself. She would have preferred to have it professionally done, while I wanted to do it myself. Here were my arguments:
Cost:
Before I installed carpet on the stairs, we asked around for quotes to do the job – the average cost was somewhere around $200-$250. I was able to rent tools and do the job myself for around $60. I don’t really factor in my time because if I wasn’t doing the job, I would probably just be playing video games or reading a book. The money saved on this job is enough to pay for materials on the other set of stairs we are going to carpet in the future, so we are basically doing 2 sets of stairs for the price of 1 (done professionally).
I like to do the work:
I sit at a desk all day and analyze numbers. The odd time there is something to do around the house, I look forward to it as I can learn something new and get to use a different part of my brain (it seems anyways). I like the feeling at the end of the job that I have actually done something tangible, as much of my work done during the week is definitely not.
I will not do electrical work – due to my lack of any training and the fact that once the wiring is complete, it’s closed up in a wall, waiting to set my house on fire (if I have done it improperly). I will attempt to do any other project though, even if it is only 90% as good as a professional would do.
Are you a Do-It-Yourselfer? If so, why do you do it? If you’re not, why not?
Bonus content #1: I had to pass on this terrific post written by Mr. Money Moustache last week – are you a complainypants? Terrific post that I wish I could have thought up.
Bonus Content #2: I had the best turkey ever for Thanksgiving – I would highly encourage everyone to try smoking a turkey on a barbeque, it makes a roasted bird pale in comparison. Smoking can be done on a gas or charcoal barbeque, with the added benefit of freeing up your oven at Thanksgiving / Christmas for other tasty foods, as well as reducing the need to open up windows in the kitchen because it’s 500 degrees in the house.
Posted by Robert on October 10, 2011
Not everyone who has enough money to never need to work actually wants to retire. For these people, money means freedom. Ricky Gervais, creator of The Office, recently wrote a column for the Wall Street Journal. He is not concerned about what people think of him. He explains that he doesn’t have to be, because he writes all his own material, directs and produces his own stuff and isn’t controlled by “big wigs.” He doesn’t depend on anyone for work or for income.
In investment houses, this freedom has the impolite name of “F— you money.” It’s the ability to say “F— you” before, instead of after, hanging up the phone. Traders have the opportunity to earn large amounts, but just because they have the money, doesn’t mean they want to stop exercising their abilities. They simply want the freedom to work independently, without being answerable to anyone.
That’s what I like about Tim’s byline “Free at 45.” It’s not necessarily about never working for income. Even if I never work for income again, I’ll certainly continue working. My mother phoned and asked how I’ve been lately. I said “busy,” and she wondered what I’ve been up to. Between reading, writing, serving on school council and advocating for public education, serving on a political action committee and attending a lecture, I have been busy. Not all of it counts as work, but I feel that I’m being productive.
Really, it all comes down to what I want. I set my own schedule (in conjunction with my family’s needs). I choose my own projects. And I decide where my time is best spent. Only I will judge if I’m making good use of my time. But the drawback is that I have no one else to be accountable to. No one is going to give me structure or motivate me. I could waste hours or days or years, and no one would have a problem with it, except my future self (and my wife).
Money provides freedom. People who don’t have to work for money can choose how to use their time in ways that are meaningful to them, without being able to blame others for ineffective decisions. But you don’t have to have money to make good decisions. Before I stopped working, I decided not to waste my time, but to spend it on projects that are make my life meaningful to me. Even if I return to work, I still expect to continue doing the things that I feel make a difference.
What do you do now, that you will do more of when you don’t have to work (as often) for money? What would you like to start doing, when you have the freedom to do it?
Posted by Canadian Dream on October 7, 2011
So it’s been a busy week for me. My latest article went up on Moneyville on Monday which lead to two radio interviews on Tues. One was with a local CBC station while the other one was on NewsTalk 1010 in Toronto. What stuck me about the conversation that I was having with CBC host was the fact she really was trying to wrap her head about how I can live on so little money and still be happy about it.
The answer is somewhat easy to explain: I’m unapologetically me. I know I’m slightly nuts and very eccentric at times…but I’m completely ok with that. I’m very comfortable in my own life and that is why I’m happy living on less.
I won’t lie to you. At times I’m a bit brutally cheap about some things like my power bill by unplugging my coffee pot after it is done to save 2W. Yet on other things I’ll happily fork out money without a second thought. For example, we recently realized something important about ourselves: we hate cleaning. It’s always the last thing to get done and we have tried method after method to do it on a regular basis, but they never work. So we gave up and recently hired someone else to clean my home. It costs a fair amount of money, but the first time I came home to clean house without lifting a finger I was in heaven.
Finding out what works for you personally is the key to living on less without feeling deprived. Because when you do it right, your not deprived at all. In fact, you are getting more of what you really want, but giving up on stuff you don’t care about that much. What’s the point of having big house if you never spend any time there? Perhaps a apartment condo would better for you.
So if you really want to save money, forgot what you are ‘suppose’ to do and find out what works for you and your family. Hey, maybe you will realize you don’t even like turkey for Thanksgiving. Have a good weekend everyone.
