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279. The Groovy Guide to Financial Independence: How to Escape the Tyranny of Mandatory Toil in Fourteen Years or Less

Rating:  ☆☆☆1/2

Recommended by:

Author:   Mr. Groovy

Genre:  Non Fiction, Personal Finance, Economics, Self Improvement, Politics, Public Policy

448 pages, published January 23, 2018

Reading Format:  e-Book on Kindle

Summary

Summary:   The Groovy Guide to Financial Independence is part memoir, part instruction manual, part freedomnista manifesto on how to retire early, indeed on how to retire in 14 years or less.  It is written by “Mr. Groovy,” a libertarian early retiree who blogs at freedomisgroovy.com.   Mr. Groovy is not a fan of the government (and explains their failings in detail) and is not a fan of having a job (and explains in straightforward terms how to retire early).  He also includes advice on how to improve parts of your life outside of finances, including your health and fitness.  The topics in his book include the following:

 

  • Financial moronity is very likely the only thing separating you from building wealth.
  • Good financial habits or GFHs are the key to curing financial moronity.
  • Honor begets tremendous financial dividends.
  • Why you don’t want to be a “teat-sucking layabout.”
  • How to become a personal responsibility warrior or PRW.
  • Why it’s damn near impossible to out-exercise an undisciplined mouth.
  • Why it’s damn near impossible to out-earn an undisciplined wallet.
  • Why Hannibal Lecter is the most unappreciated financial guru of our time.
  • How mastering the art of strategic ignorance, strategic aloofness, and strategic participation is the key to subduing your materialistic impulses.
  • Why you should get married if you aren’t already.
  • Why college is one of the biggest scams ever perpetrated against the American public.
  • How to become an opportunity monger.
  • How to track your spending with Google Sheets.
  • How anyone armed with a tracking spreadsheet and a functioning brain can reduce his or her spending.
  • Why you should strive to be half normal in the consumer arena.
  • What is a Financial HAL and why it’s indispensable to financial independence.
  • What is asset allocation and how you tweak it for bigger returns or less volatility.
  • Why a $5,000 emergency fund is sufficient for most people.
  • What is false wealth and why it should keep you up at night.
  • How medical tourism can save you from the ravenous maw of the healthcare-industrial complex.
  • How the four-percent rule begat the twenty-five times rule.
  • How the twenty-five times rule became the default understanding of financial independence.
  • How to hack your way to a 50 percent savings rate or better with geoarbitrage, spatial arbitrage, or egotrage.
  • Why creating, building, fixing, or cleaning something is key to finding happiness after your money woes have been addressed.
  • What Big Freedoms and Little Freedoms have to do with personal finance.
  • Finally, why curing your financial moronity and achieving financial independence in a country with half-assed freedom are hollow victories.

Mr. Groovy, the Author, didn’t achieve financial independence because of any special circumstances.  He was a C student in high school, a C student in college, and the most he ever made in a year was $76,000 (way back in 2005). His journey was the result of dropping bad financial habits and embracing good financial habits.  A strategy anyone can master.

Summary

After enjoying the freedomisgroovy blog for several years, I was interested in reading Mr. Groovy’s take on financial independence and other topics.  He has a light, fun writing style which allowed me to breeze through his book.  As a fellow libertarian, I found myself agreeing with him on most of the topics he addresses, especially the importance of not relying on the government to rescue you.  His financial advice is also spot on and a great guide (along with JL Collins’ The Simple Path to Wealth) for young people just starting out.  I will be recommending it to my kids.

 

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