2940: Get Rich With: Profitable Leisure Time by Mr. Money Mustache on Financial Freedom & F.I.R.E

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[00:00:30] [SPEAKER_01]: This is Optimal Finance Daily. Get Rich With Profitable Leisure Time by Mr. Money Mustache of MrMoneyMustache.com.

[00:00:40] [SPEAKER_01]: Here at Mr. Money Mustache, the word leisure seems to come up quite a bit. This is not only because it's a classic and amusing old-fashioned word, much like fancy, but also because it's at the core of what we're promoting.

[00:00:56] [SPEAKER_01]: It represents the freedom to do things that make you happy. But in our rich society, leisure time has become confusingly mixed with massive spending.

[00:01:07] [SPEAKER_01]: Partly because it's a natural human instinct to show off one's power and wealth. And partly because millions of clever companies are advertising to us every day that we need to buy their products in order to enjoy leisure time.

[00:01:22] [SPEAKER_01]: So let's break it down logically. When you're not at work, you need to do something with your time. The possibilities are endless.

[00:01:32] [SPEAKER_01]: You can eat and sleep and watch TV, which are very low-cost activities, but they can be depressing in large doses.

[00:01:40] [SPEAKER_01]: So many higher-achieving people take it up a notch and actually get off the couch.

[00:01:45] [SPEAKER_01]: They hop into their cars and head out to the shopping mall, the restaurant, the golf course, or the ski resort.

[00:01:53] [SPEAKER_01]: Some hitch the powerboat or the trailer full of ATVs to the back of their full-size pickup and head for the lake or the mountains.

[00:02:02] [SPEAKER_01]: The added challenge of any of these activities over watching TV is invigorating, and it helps to make these people happy.

[00:02:10] [SPEAKER_01]: Leisure.

[00:02:12] [SPEAKER_01]: The only problem is that expensive leisure activities like these will burn off your money mustache, not to mention the polar ice caps, faster than you can say Louis Vuitton.

[00:02:24] [SPEAKER_01]: What if there were a way to get the same happiness out of different activities?

[00:02:29] [SPEAKER_01]: What if we thought about our leisure time as a blank slate on which to paint a picture of happiness, instead of just a clean lake through which we drive our motorboat?

[00:02:39] [SPEAKER_01]: It's easier than it sounds.

[00:02:42] [SPEAKER_01]: The key is to make a list of all the things you think you might enjoy doing.

[00:02:46] [SPEAKER_01]: I'll try it out right now on myself.

[00:02:49] [SPEAKER_01]: Learning to fly an airplane.

[00:02:51] [SPEAKER_01]: Playing in the sparkling glacier-fed local creek with my son.

[00:02:56] [SPEAKER_01]: Surfing on Kauau's North Shore.

[00:02:59] [SPEAKER_01]: Carving through canyons on a silent bicycle.

[00:03:02] [SPEAKER_01]: Downhill mountain bike riding at a ski resort.

[00:03:06] [SPEAKER_01]: Renovating my own kitchen.

[00:03:08] [SPEAKER_01]: Picking out a new outfit at a high-end men's store.

[00:03:12] [SPEAKER_01]: Planting a garden.

[00:03:14] [SPEAKER_01]: Carving through canyons on a sporty motorcycle.

[00:03:17] [SPEAKER_01]: Canoeing in the local lakes.

[00:03:19] [SPEAKER_01]: Mountain bike riding in the mountains at the edge of town.

[00:03:23] [SPEAKER_01]: All of these things sound fun to me.

[00:03:26] [SPEAKER_01]: But now I can sort the list based on how expensive they are.

[00:03:30] [SPEAKER_01]: Cheapest ones first.

[00:03:32] [SPEAKER_01]: Playing in the sparkling glacier-fed local creek with my son.

[00:03:36] [SPEAKER_01]: Zero dollars.

[00:03:37] [SPEAKER_01]: Carving through canyons on a silent bicycle.

[00:03:40] [SPEAKER_01]: Zero to ten dollars.

[00:03:42] [SPEAKER_01]: If you break up the cost of bike ownership across many rides.

[00:03:47] [SPEAKER_01]: Canoeing in the local lakes.

[00:03:48] [SPEAKER_01]: Zero to ten dollars.

[00:03:51] [SPEAKER_01]: Mountain bike riding in the mountains at the edge of town.

[00:03:54] [SPEAKER_01]: Five dollars to cover round-trip car mileage.

[00:03:57] [SPEAKER_01]: Planting a garden.

[00:03:59] [SPEAKER_01]: A hundred dollars a year of plants and materials.

[00:04:02] [SPEAKER_01]: Averaging to two dollars per hour of gardening.

[00:04:05] [SPEAKER_01]: Renovating my own kitchen.

[00:04:07] [SPEAKER_01]: Four thousand dollars of materials, but actually a negative cost if you do a good job and eventually sell your house.

[00:04:14] [SPEAKER_01]: Carving through canyons on a sporty motorcycle.

[00:04:18] [SPEAKER_01]: A hundred dollars if you average out motorcycle ownership costs and gas.

[00:04:23] [SPEAKER_01]: Downhill mountain bike riding at a ski resort.

[00:04:26] [SPEAKER_01]: A hundred dollars for transportation and lift tickets.

[00:04:29] [SPEAKER_01]: Picking out a new outfit at a high-end men's store.

[00:04:32] [SPEAKER_01]: Four hundred dollars.

[00:04:34] [SPEAKER_01]: Surfing on Koao's North Shore.

[00:04:37] [SPEAKER_01]: Two hundred dollars a day.

[00:04:39] [SPEAKER_01]: And learning to fly an airplane.

[00:04:41] [SPEAKER_01]: Three hundred dollars a day.

[00:04:43] [SPEAKER_01]: Wow!

[00:04:44] [SPEAKER_01]: Reviewing the list, I see that there are already more than enough activities in the first half of that list to use up all of my free time.

[00:04:53] [SPEAKER_01]: But they are just as much fun to me as the expensive ones at the end of the list.

[00:04:57] [SPEAKER_01]: Especially since I like things that are peaceful and give my mind a rest.

[00:05:02] [SPEAKER_01]: And if you care at all about the earth, there are obvious advantages too.

[00:05:07] [SPEAKER_01]: Many people where I live in Colorado have mountain activities as their default or only leisure activity.

[00:05:13] [SPEAKER_01]: They typically visit sites that are a hundred miles into the mountains.

[00:05:17] [SPEAKER_01]: Away from the cities at the base of the mountains where we live.

[00:05:21] [SPEAKER_01]: At the IRS standard rate of 50 cents per mile.

[00:05:24] [SPEAKER_01]: They are spending a hundred dollars per weekend on transportation.

[00:05:29] [SPEAKER_01]: On top of a restaurant meal or two.

[00:05:31] [SPEAKER_01]: Various outdoor gear purchases.

[00:05:33] [SPEAKER_01]: Ski passes in the winter.

[00:05:35] [SPEAKER_01]: Etc.

[00:05:36] [SPEAKER_01]: The average mountainist probably spends $250 a month on the mountain habit.

[00:05:42] [SPEAKER_01]: Let's compare a mountainist to a money mustachian.

[00:05:46] [SPEAKER_01]: The money mustachian goes deep into the mountains only four times per year.

[00:05:51] [SPEAKER_01]: But really makes the most of those four times.

[00:05:54] [SPEAKER_01]: For the rest of her outdoor leisure, she enjoys the closer locations that require minimal driving and no overnight condo rentals.

[00:06:03] [SPEAKER_01]: Her average mountain costs are $50 a month.

[00:06:07] [SPEAKER_01]: This $200 a month savings becomes $35,400 after 10 years with compounding.

[00:06:14] [SPEAKER_01]: Yet both of these people get outdoors every weekend.

[00:06:19] [SPEAKER_01]: Enjoying amazing scenery and fresh air that would make most of the world's population jealous.

[00:06:25] [SPEAKER_01]: As an expansion of this idea, consider hobbies that actually earn you money.

[00:06:30] [SPEAKER_01]: If you like renovating or gardening, blogging to a big audience, or selling stuff on eBay,

[00:06:36] [SPEAKER_01]: you can actually reverse the treadmill of leisure spending.

[00:06:39] [SPEAKER_01]: For example, over a five-year period in the early 2000s, I spent about a third of my weekends remodeling my first home.

[00:06:49] [SPEAKER_01]: It was incredibly fun, and it got me started on the path to more serious house building work.

[00:06:55] [SPEAKER_01]: But it also helped increase the value of this house, after subtracting materials costs, by about $50,000.

[00:07:03] [SPEAKER_01]: I also moved out of this house and rented it out for five additional years, which brought some appreciation.

[00:07:10] [SPEAKER_01]: All told, this hobby brought in about $120,000 over 10 years.

[00:07:16] [SPEAKER_01]: And it provided countless hours of entertainment, which could have been spent in more costly ways, like shopping or airplane flying.

[00:07:23] [SPEAKER_01]: The mountains are amazingly beautiful, but so are so many other things, including the feeling of waking up on a Monday morning and realizing you don't have to go to work unless you want to, today or any other day.

[00:07:36] [SPEAKER_01]: So make your own leisure list.

[00:07:43] [SPEAKER_01]: You just listened to the post titled, Get Rich with Profitable Leisure Time, by Mr. Money Mustache of MrMoneyMustache.com.

[00:07:52] [SPEAKER_01]: And I'll be right back with my commentary.

[00:07:55] [SPEAKER_01]: I wholeheartedly agree with this article.

[00:07:57] [SPEAKER_01]: Many people assume that spending extravagantly on material possessions and leisure activities will surely make them happy.

[00:08:05] [SPEAKER_01]: And so they erroneously believe that any reduction in spending in these areas will lead to feelings of deprivation.

[00:08:13] [SPEAKER_01]: The key for me has been to learn to enjoy more simple ways of spending my time.

[00:08:18] [SPEAKER_01]: Part of our consumerist conditioning is rooted in seeking out cheap dopamine hits.

[00:08:24] [SPEAKER_01]: For many of us, it's thrilling to buy something new or to splurge on the expensive vacation or experience.

[00:08:31] [SPEAKER_01]: Our attention spans have been butchered through so much scrolling on social media,

[00:08:36] [SPEAKER_01]: and our modern world experience has become so overstimulating that we've innocently damaged our ability to experience more subtle forms of joy.

[00:08:47] [SPEAKER_01]: Like a lingering calm morning of reading a book while listening to some classical music.

[00:08:53] [SPEAKER_01]: Or a slow, mindful walk through a wooded trail.

[00:08:57] [SPEAKER_01]: Or the creative endeavor of trying a new recipe for dinner, which could take an hour or two.

[00:09:03] [SPEAKER_01]: Many of these less stimulating activities take more time and they cost less money.

[00:09:09] [SPEAKER_01]: But we have to relearn how to enjoy them when we've become accustomed to cheap dopamine.

[00:09:16] [SPEAKER_01]: But that should do it for today.

[00:09:18] [SPEAKER_01]: Have a happy rest of your day.

[00:09:19] [SPEAKER_01]: And I'll see you on the Tuesday show tomorrow, where optimal life awaits.

[00:09:23] [SPEAKER_01]: Have a happy rest of your day.

[00:09:23] [SPEAKER_01]: Have a happy rest of your friends.

[00:09:24] Have a happy rest to be able to find that new days.