2020-03-01 Early Retirement Extrememe

Question 1

What approach to early retirement is explained in this book?

Answer 1

Rather than looking to boost income, you should strive to cut costs drastically.

Question 2

When it comes to cooking, how do you decide what to make?

Answer 2

Start with what you have, then look at what is on sale, and finally decide on a recipe from there.

Question 3

What analogy does the author uses to explain the reason most people can’t wrap their head around the possibility on living on 6000$ to 10,000$ a year?

Answer 3

Plato’s cave.
People, which have always lived the way they did, comprehensibly have difficulty accepting that there are other ways to live. But the fact that they can’t understand, does not mean that these other ways of living don’t exist.

Question 4

How can someone reduce their spending on transportation?

Answer 4

Walk, jog, or bike to and from places

Question 5

How can someone reduce their spending in general?

Answer 5

Develop life skills (cooking, mending, basic mechanics, home maintenance, gardening)

Question 6

How can someone reduce their spendings on food?

Answer 6

Grow a garden / buy items on sale

Question 7

What defines the thing that you should own?

Answer 7

The things you should buy should:
Have "appropriate quality" and low lifetime cost.
Be durable.
Be easy to dispose of.
Be small and lightweight.
Be easy to make.
Be easy to service