There are a ton of different financial websites and blogs on the web. Each with their own strategy or mix of ideas. Reading through these blogs makes you realize that some ideas mix as well as oil and water. Enter financial extremism.
The vast majority of personal finance blogs are middle of the road. Pay off your credit card debt, invest in your 401k, wait 40 years, retire, die. It seems to be the pattern of the majority. Personally I’m not a fan of the idea of retirement or working somewhere for 40 years that I don’t enjoy… I suppose I’m not really a big fan of dying either…
Don’t get me wrong, I think a solid financial base with the personal finance 101 stuff is important, but it’s a bit like common sense and there isn’t much upside. Like J.D. so eloquently put it, you’re going to Get Rich Slowly. Is this a bad thing? One thing’s for sure, it’s fool proof and not too risky.
Of course like any group there are outliers. In the world of finance this means the rich, or the poor. Everything is relative of course as most anyone living in the US is richer than many of their global counterparts. Even so, the woman who can’t afford her Coach purse feels like she’s poor (life is rough, tear).
There are two blogs in the personal finance arena that are obviously outliers.
Adrian at 7 Million 7 Years… How many people do you know that are worth 7 million? Adrian did it in 7 years and writes about his strategies that are, of course, not common sense and not mainstream. He advocates starting businesses and investing in commercial real estate.
Jacob at Early Retirement Extreme… He retired in 5 years via traditional work, lots of traditional work, and cutting his living expenses to the bare minimum. This allowed him to retire with a nest egg much smaller than what your average financial planner would recommend. He currently resides in his RV and only works a few hours a month.
So are these guys financial extremists? A standard definition of extremism is:
“One who advocates or resorts to measures beyond the norm”
Yup, they’re financial extremists. Heck Jacob even put the word in his blog name! I see completely where both of these guys are coming from and both strategies (or a mix) seem tempting. The question though, that I ask you is, is it worth it to be a financial extremist?
Am I an extremist?
I would say that I am more so than the average American. I live considerably below my means, don’t believe in the traditional career path (personal choice), ride a bike around town, and have fairly lofty financial goals which will require businesses and real estate to accomplish.
So to wrap this up I’m curious about your opinion and if you find value in the idea of being an extremist. Is it worth it and is the idea attractive to you?
What do you think? Are you a financial extremist?
Where do you think financial extremism starts?
What strategy do you like best? Get Rich Slowly, 7 Million 7 Years, or Early Retirement Extreme?