There is probably no one more quotable when it comes to personal finance and lifestyle advice than Ben Franklin. A prolific quipster, his proverbs on money and our relationship with it are short, snappy, and typically spot-on. Much of our cultural ethos on work and money come from Ben’s writings in his Poor Richard’s Almanac. It is a book I think I will add to my … Continue reading FIRE Station Fun – Cleaning Stuff Up
Ben Franklin wrote, “A penny saved is a penny earned”. Quite true, but another perspective might be that “A dollar saved, takes you three steps toward financial independence”.
Why is that? Here’s how I count the three ways: First, a dollar saved is a dollar you can spend tomorrow; second, it is a dollar that will grow and give you more dollars in the future; and third, by not spending on things you don’t really need, you keep your lifestyle cost one dollar less in the future. That’s it – three dollars for every one saved.
The last point assumes that our future lifestyle has some relationship with what we spend today. Retirement experts suggest that we plan for 70-80% of our pre-retirement expenses in retirement. More if you want to splurge on Continue reading “Triple Play Formula For Inflating Your Nest Egg”
I wrote recently about our family’s plan to save my final year’s salary in a bank account and donate it to charity in the first few years of our retirement. Here’s a link to that post. It’s generated a lot of discussion, but no one I’ve talked to has any examples of anyone else who had done anything similar. Until recently … It turns out … Continue reading Working One More Year For Charity – Ben Franklin Style
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