Our fellow dukes – top of the morning to ya!
It’s been quite while since I’ve had the itch to sit down and write to you all, but it isn’t because I haven’t thought about it :).
Like we mentioned in The Future of Duke of Dollars– the blog hasn’t been the highest priority for us, but we love the fact we have it still! It just hasn’t been priority based on other things going on in our lives. For me specifically, it has been a wonderful and exciting move to the Big Apple. The move wasn’t just for a new job, but finally being able to live with my girlfriend after 2 tough years of long distance.
I feel it’s important to note that Jack and I still have text conversations like we used to about personal finance, and the topic comes up regularly in my life as I attempt to persuade people in my life to be more responsible in their own finances. It doesn’t work much, but my goodness all we can do is try!
Berkshire Hathaway Meeting 2019
Typically on the weekends, we line up our house chores like a quick apartment cleaning, clothes washing, and enjoying each other’s company a bit after a long week when you factor in commuting. During the chores I find myself listening to a podcast, music, or replaying speeches I enjoy. The last two weekends though was one of my favorite times of the year – Berkshire Hathaway QA time!
I absolutely enjoy listening to Warren’s long winded answers to questions from shareholders followed up by the hilarious quips from Mr. Munger. The 6 hours of audio isn’t just advice on business and stocks, but on life as well!
One of my favorite answers this year came from Warren and Charlie on delayed gratification. I’ve embedded it below right before the question begins ~2:18:22 starting point.
Extreme Frugality & Living Your Life
At the Duke of Dollars castle we truly believe in being healthy in your finances and your life. New life experiences are in the life bucket. It’s quite difficult to find a replacement for finding things you love to do, or places you want to go, saving money and doing them!
I’ve written about extreme frugality in the past, mostly from the vantage point of Mr. Money Mustache who at this point makes more money than ever before in his life. Do you truly think that he’s still living a life of extreme frugality? I just don’t buy it. Am I saying he’s living luxury with private planes? No. But do you think when your blog brings in 500K+ a year you avoid eating out 100% of the time? I just really have a hard time believing it. If he does, great for him to continue the methodology he at one time did need to live for the goals he had in his life – but when things change in your life, most people change with them!
I’m not trying to put Mr. MMM down, far from it – he’s transformed both Jack and I’s perception of money and frugality – heck both of us even lived that extreme life at the beginning of our FI journey.
What I am trying to say is that money isn’t everything, it is a tool. Nothing more. Nothing less. Once you have enough of it in your coffers for security, you’re able to hit the goals you have, dictating where your mula goes with a budget, you saved for retirement, you’ve invested some in your brokerage account – IT IS OK TO ENJOY LIFE!
I really felt that the advice given from that question was priceless, although Warren Buffet is known to be cheap at times – he still owns a private plane, multiple houses, and wears a rolex. For others it might mean taking a year off from work after saving up so you can travel the US. Some may want to join a boxing gym that is a bit expensive. Everyone is different, but saving money isn’t the key to happiness – security, experiences, and control of your time are! The key is living within your means to accomplish the goals and enjoy the things that bring you happiness, all while constantly filling your coffers with more income each and every month you can :).
Have a great week everyone and would love to know how your opinion of money has changed the more you’ve learned about frugality, investing, etc.