Picky Flamingo – Weekend Reads (23/06/2018) – includes a new feature: Your Weekly Dose of Mustachian Wisdom!

Picky Flamingo – Weekend Reads (23/06/2018)

Welcome to the latest edition of Picky Flamingo – Money Flamingo’s Weekly Roundup.
Scroll down for our new feature – Your Weekly Dose of Mustachian Wisdom! ?

Picky Flamingo is a collection of the best financial independence and personal finance articles I’ve come across during the past week. Expect most of the articles to be from Australian contributors, but you will also find some great international content. The articles cover the themes we talk about here at Money Flamingo – investing, financial independence, early retirement, personal finance, frugality, lifestyle, and happiness. Picky Flamingo is published every Saturday morning. If you would like my weekly picks to be delivered to your inbox, make sure to sign up for the newsletter!

Presenting… This week’s edition of Picky Flamingo:

  • Let’s start our weekend reading with something everyone on the path to FI will have to think about sooner or later – how much we can withdraw from our portfolios each year (aka the Save Withdrawal Rate). In Eric Kong’s 5% Rule to Retirement Planning – Some Strengths and Challenges, Kyith from Investment Moats analyses an article in which Kong suggests that we should actively invest in a portfolio of value stocks. Kong argues that if we invest in a basket of value stocks, we can step up the initial withdrawal rate from 4% to 5%. Interesting!
  • In What If You Can’t Retire Yet?, Chris from caniretireyet.com offers some practical advice to anyone who is currently stuck in the rat race and nowhere near FI. He wants us to stop our black-and-white thinking about retirement that tells us that we are either retired or working. Instead, he wants us to focus on our options and pursue “progressive freedom”. Favourite quote: “Figure out what you really want, start working towards those ends immediately, then try to look at the problem from different viewpoints. You may find that what you really want is closer than you first thought.”
  • Time for a little history lesson! The next article is already a year old, but I only just found it last week. So I thought I’d share it anyway in case you don’t know it yet. In The History of the FI/ER Movement (2.0), Early Retirement Dude tells us the story of how the FIRE community we are all part of came about. The roots of the movement actually go back all the way to the 17th century. A fascinating read!
  • Get your headphones out – it’s time for another podcast! The Mad Fientist’s Interview with Scott Trench is a great listen, especially for anyone who is just starting out on the journey to FI. Scott’s approach to FI has three clearly defined stages that allow you to focus on just one goal at a time. His “house hacking” approach might be a little difficult to pull off in most parts of Australia, but it is a great concept. I read Scott’s book Set For Life when it first came out and really liked it. So if you enjoy this podcast, you would probably also enjoy the book. Note: Pay attention to Brandon’s voice when you listen. He sounds so much more relaxed than in his earlier episodes. Early retirement must be treating him well! 🙂

New: Your Weekly Dose of Mustachian Wisdom!

Who doesn’t love Mr. Money Mustache? I am currently re-reading all posts he has ever written (I use the MMM app – it’s awesome!). Since I first started following MMM in 2012, I’ve read most of his posts at least a couple of times, but I am surprised how many I many I had forgotten about when. There are a dozen or so MMM articles that are regularly quoted and shared on blogs and forums, but there are so many great ones that are not as well known.

I will include one MMM article in the weekly Picky Flamingo column so that everyone can enjoy a healthy dose of Mustachianism to start the weekend! ?

This week’s pick is an underrated classic: Unleash your Inner Hasselhoff for Greater Riches

Here is a little excerpt:

“Whenever I hear people explaining some of the biggest expenses of their lives, they are usually expressed in terms of emotions, hassle, and fear of the unknown. They are afraid of making changes in their lives because they are imagining a great tsunami of pain and inconvenience washing over them as soon as they try to change the status quo.

Oh no! I can’t deal with the hassle! My life is already hard enough!

But guess what? You’re already IN the tsunami, Sukka! How much hassle is it to get up uncomfortably early every morning, rush through breakfast, drive on a crowded and/or slushy road, stare out the office window as day after beautiful day slips by, and maybe miss out on bringing up your own children because you and your spouse both work full-time jobs?

So you’re already an expert at dealing with hassle. You do it every day, and the reason you do it is for MONEY. If you have a job that you keep mostly because you need the money, you are a professional hassle-manager. Let’s invent a slick new word for it – you are a Hasselhoff.”

MMM tells us to stop complaining about how hard our lives are. He wants us to stop being afraid of inconvenience and hassle when it comes to cutting costs and optimising our lives. Instead, we  should maximise our income and make the most of our situation while we are stuck in the rat race.

Head over to the Mr. Money Mustache website to read the full article!


I hope you enjoyed this week’s selection! See you back here next Saturday! ?


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1 thought on “Picky Flamingo – Weekend Reads (23/06/2018) – includes a new feature: Your Weekly Dose of Mustachian Wisdom!”

  1. Thanks for the mention! its good to have another FI blog based on Australia context. Its an area close to my heart since i have some friends based there. Will add your blog to the reading list!


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