Do you like Ramen noodles?
Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
Do you like Ramen noodles?
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Kristopher HanksPro Member
Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes@Lesley Resnick I ate some Ramen Noodles yesterday. They were delicious. I recommend the chicken flavor.
31 Replies
- Investor · Lancaster, PA · Member since 2016 · 68 posts · 12 votes9y
@Lesley Resnick i hear you loud and clear and agree with this same mentality. We must have been reading the same articles! i remember a booked called " a million bucks by 30" i bought this book when i was 24 or 25 but when i read it i thought, this book, while inspirational, just isn't going to work for me. the author had no significant and would eat dumpster food that bakers would throw out. I am not going to subject myself or my family that type of lifestyle - will it slow down our real estate investing , perhaps a little bit but like you mentioned its not like we're wasteful with money. We could all die tomorrow (technically) and not knowing what the future holds it seems foolish to me to say no no no no to everything and anything that doesn't revolve around saving, only to kick the bucket!
- Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes9y
Yes. Unfortunately, "saving" (read: not spending) money is often advocated to wealth seekers. The fault in that logic, of course, is that you can not keep money you haven't made yet.
One of my earliest adopted mentors, Robert Allen of "Nothing Down" fame, expressed it using a model he described as "bathtub economics". He drew an analogy between your finances and a bathtub. Expenses and cash out-go he described as "drains" and sources of income he described as "faucets". The goal, then, is to "open" enough "faucets" to overwhelm the "drains" and have cash "fill the tub" that way: more "water coming in" than going out. "Close drains" when you can, but there will always be "drains".
In short, focus on investing for income while controlling unnecessary expenses.
- Investor · San Jose, CA · Member since 2015 · 76 posts · 64 votes9y
I think your level of frugality will depend on how fast you want to achieve your goals. You don't need to eat Ramen Noodles every night, but it is reasonable to set a grocery budget and stick to it. Depending on where you are in life, you can only increase your wealth by making more money and/or by saving more money. So at some point, you need to buckle down and save, even if the frugality is temporary. I'm not sure if you read any of the Mr. Money Mustache blog articles, but here are a few good ones that seem relevant to this discussion:
Also, the new Set For Life book does a fantastic job at explaining the need for tight budgeting at the beginning phases of REI, as well as the mindset that goes along with it.
http://www.mrmoneymustache.com/2014/11/23/not-extr...
- Visalia, CA · Member since 2015 · 97 posts · 44 votes9y
I agree with you completely!!! Wendy and I have things we want to do. Being stuck in the 9 to 5 interferes with our ability to do those things.
We are both focused on doing good things for people which explains our involvement in Rotary International. We devote our lives to blessing others with our time, talent, and money. It is the lifestyle we want and the reason we began exploring passive income in general.
We set some money aside 30% of our income for savings, trips we want to take, and blessing others in ways we see fit. The do the best we can to make the other 70% stretch which includes some entertainment along the way. It is not easy every month. However, we know that developing the passive income stream(s) is the key to enabling Wendy to quit her job when she wants to.
@David Goossens perspectives are on the mark too. We have a budget and are pretty good at staying within the numbers.
- Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes9yIt's up to you. I remember government cheese and powdered milk. When I got into investing I only spent on things that would net me a return. All else seemed a waste. So yeah. I didn't live a baller lifestyle early on. But guess what? Because of that I can now buy whatever I want and liie however I want.
- Franklin, WI · Member since 2015 · 56 posts · 27 votes9y
@Lesley Resnick I definitely agree with your philosophy. It's important to enjoy the journey while setting yourself up for early financial freedom.
I believe the majority of "extreme" frugal lifestyles you might be referring to are more geared to those just starting their careers or who are on a fixed income. Because they don't have the opportunity to earn more money through their current job (aside from getting a promotion or starting a side hustle), it can make a huge difference on their bottom line if they are frugal.
Because you're an agent, you have an opportunity to work harder and increase your income to make up the difference for living a reasonable lifestyle while still setting yourself up for success long-term.
@David Goossens has a great point about Set for Life, and my current plan is eerily similar to what's outlined in that book.
- Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes9y
Happily achieve, don't try to achieve to be happy
- Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes9y
I've been in the situation where I had so much debt in the form of student loans, credit cards, car loans, mortgage, boat loan, etc. that at one point I had to stop and say "I know I like nice things, but all these nice things are costing me big opportunities."
It really hit hard, after flying a "date" out from Ohio to Denver (I paid for the flight) on Martin Luther King weekend in 2001 so we could ski together (we met New Year's 2000 while vacationing at Heavenly Ski Resort in Tahoe). We were driving home in my 1998 Ford pickup (so yeah, the truck was three years old), she told me as well that she liked nice things and asked why I wouldn't trade the truck in for a newer vehicle. I liked my truck. Three years old on a vehicle is not an old car and I take care of my vehicles. Yeah, I realized then, it wouldn't work out...I wouldn't be able to support that lifestyle. She flew back and that's the last time I saw her. Last I heard, she was dating a commercial airline pilot that had multiple rentals in Florida.
I spent some time doing some finish contract work. The tradition on the crew I worked for (my buddy's business) is they took a sack lunch to work Monday through Thursday. Friday was a special day - we would go to a restaurant for lunch. That helped me to realize that oftentimes, delaying gratification leads to more satisfaction of the simple things.
No, you don't need Top Ramen noodles for lunch everyday. But grilling up some chicken thighs on Sunday and pairing them with a little sweet potato and broccoli and eating that for lunch (my lunch for today) is going to be much healthier and much less expensive than eating out at your local Panera Bread or Pho Noodle place every day. You get to kill two birds with one stone in that situation - first, you eat healthier. Eating healthier leads to less medical bills. Less medical bills save you money long term. Second, you save money. Having money in the bank gives you peace in your mind. It leads to better opportunities.
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes9y
It's about balance and not living above your means.
If you spend 100k a year but make 1 million then you are at 10% ratio.
The problem is many people make 50k and spend like they make 50k or use credit cards to appear they make 60k or 70k to keep up with the Jones! lol Problem is the credit card cost them future money in a negative way with interest rates and the assets they buy expensive car and other clothes and furniture etc. are depreciating at a fast pace.
I looked over at some of my neighbors pouring tons of money into their house and thinking this superficial stuff they are never getting back dollar for dollar. I live in a very nice development so it's common for people to put lot's of time and resources into their houses. I appreciate it but some go way and beyond.
I live comfortably but compared to others in my range some would say frugally. I came from nothing not even 2 pennies to my name. I always remember where I came from and where I am going. The 9/11 event that happened way back none of us ever saw coming so now I never get too comfortable and I am prepared financially for an economic down turn when it happens.
Right now too many brokers,agents, and investors are comfortable. Brokers and agents are taking trips,buying new cars, bigger houses, bragging about market is hot,hot,hot etc.
I saw it all back in 2006,2007 on last downturn. They will be in trouble when economy goes down and they do not have investments for cash flow if transaction volume drops for them. Brokerage and investing are both cyclical businesses. There is usually always some kind of business to do but ebbs and flows of cycles have times of more opportunity and less opportunity based on pricing and debt that can be obtained.
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes9y
Originally posted by @Lesley Resnick:
I keep running into articles about people who live an extreme austere life styles and do not work full time. (I call dibs on idea for the reality show featuring that life style).
I do not want to eat ramen noodles 6 days a week and drive a 25 year old beater. I like to eat in restaurants and buying something if I want it. The notion that I (we) are just puppets to media and the american team and should live under a rock so we do not have to work seems over the top.
My goal as with many people on this site is to develop enough passive income to that on Jan 1, I know all my fixed expenses are covered. In the mean time I do not want to live a life of self imposed impoverishment, then someday to live the same life with out a regular job.
I am not advocating being frivolous and wasting money, but to spend all my time finding ways to save a few pennies, seems counterproductive to enjoying ones life.
Am I missing something?
How do others see this?
What is your plan?
You can't save your way to millions. People should be financially responsible but saving every penny in order to avoid working the majority of ones life is ridiculous. It's bad for the economy and sounds rather lazy.
- Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes9y
Originally posted by @James Wise:
Originally posted by @Lesley Resnick:
I keep running into articles about people who live an extreme austere life styles and do not work full time. (I call dibs on idea for the reality show featuring that life style).
I do not want to eat ramen noodles 6 days a week and drive a 25 year old beater. I like to eat in restaurants and buying something if I want it. The notion that I (we) are just puppets to media and the american team and should live under a rock so we do not have to work seems over the top.
My goal as with many people on this site is to develop enough passive income to that on Jan 1, I know all my fixed expenses are covered. In the mean time I do not want to live a life of self imposed impoverishment, then someday to live the same life with out a regular job.
I am not advocating being frivolous and wasting money, but to spend all my time finding ways to save a few pennies, seems counterproductive to enjoying ones life.
Am I missing something?
How do others see this?
What is your plan?
You can't save your way to millions. People should be financially responsible but saving every penny in order to avoid working the majority of ones life is ridiculous. It's bad for the economy and sounds rather lazy.
It's also not even possible. In order to "save" (read: not spend) $1 Million over a given time period your after-tax income has to exceed your monthly expenses by that amount, AND you MUST put every penny of the overage into something like a Roth IRA or some similar investment, preferably self-directed so you can keep it safe from the whims and foibles of Wall Street.
You'll do far better to invest for income.
- 9yKristopher HanksPro MemberRental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
@Lesley Resnick I ate some Ramen Noodles yesterday. They were delicious. I recommend the chicken flavor.
- CPA · New York, NY · Member since 2016 · 203 posts · 132 votes9y
@Lesley Resnick I think it's all about balance. Spend money on things that make you happy, and try not to spend too much on things that don't. We dine out frequently and I don't feel bad about that one bit. I also love watches but would be content driving a used Hyundai the rest of my life..it's just about prioritizing.
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes9y
Hey - I'm offended! Calling my car out like that. She's only 22!
Also - my teenager supplements a lot of his feedings with Ramen. That and PB&J. Stop growing already, bubba. LOL
A lot of these extreme frugality and minimalist platforms suggest wasting a lot of time to save pennies I agree. Melting slivers of soap together, going to double coupon Tuesday or whatever. Cancelling newspapers and magazines or streaming services you like to save $10 a year or $9 a month. Whatever. I didn't even do that.
Extreme anything is out of balance. If you own no assets and spend beyond your means on things that drop in value (like a rock) or things that just turn in to a bathroom visit later, stop it already. No fancy cars, coffees, clubs, malls, restaurants for you. For a period of time while your why is bigger than your immediate little wants.
I decided I would rather drive a beater to my apt buildings than have a nice car in my driveway and nothing but a payment. We may picnic at the park and play frisbee or ride bikes rather than go to a restaurant, but still have good (or better even) experiences. We may get clothes at yard sales, but vacation every summer. Like @Taylor Brugna states - it's about priorities and balance.
When starting out, sacrifice the big expensives to obtain assets that work for you. Don't bother with the pennies, but consider larger purchases against how it will look in 5 yrs. That car will be worth about 50% then. What will a property do in that same time? Take a minute to consider your tomorrow when the 'fever' for something sets in.
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes9y
Nothing wrong with noodles. The Asian markets have much better products though. My 1999 Dodge Ram 2500 cost me $522 at auction. Use it all the time.
- Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes9y
When they ask people from other countries what do they think of Americans...common responses are they are optimistic, confident, louder, friendly and shop/consume more than any other cultures. The uber frugal are a very small minority maybe. Let's face it, our culture really encourages consuming like no other.
- 9yMindy JensenPro MemberBiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
I am one of those frugal wierdos - but like others say, I save on things that don't matter so I can spend on things that do.
I'm early 40s, work because I love what I do - not because I have to - and my early frugality is 100% of the reason why I am able to do so. My husband just retired from his 9-5 at age 43 and will never work a traditional job again.Is it for everyone? No. But it works great for us.
If you like to drive nice cars, then drive nice cars. I just bought a sports car two weeks ago. Used, but new to me and I love it. I loved it when it came out in 1991, but if I had bought one then, I wouldn't be where I am now. Timing is everything and a little sacrifice in the beginning can yield huge benefits later on.
I eat ramen when I get nostalgic for college days. I, too recommend the chicken flavor.
- Real Estate Investor · San Antonio, TX · Member since 2016 · 143 posts · 167 votes9y
I get where you're coming from and like others have stated, I think its about balance. With regards to extreme frugality, if you've ever read any of Grant Cardone's books, he addresses this issue from a unique perspective. His position is, instead of trying to find ways to save pennies, focus your energy toward building additional income streams (such as owning cash-flowing real estate). In his opinion, a cup of Starbucks shouldn't be what makes or breaks you.
- Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes9y
Originally posted by @Mindy Jensen:
I am one of those frugal wierdos - but like others say, I save on things that don't matter so I can spend on things that do.
I'm early 40s, work because I love what I do - not because I have to - and my early frugality is 100% of the reason why I am able to do so. My husband just retired from his 9-5 at age 43 and will never work a traditional job again.Is it for everyone? No. But it works great for us.
If you like to drive nice cars, then drive nice cars. I just bought a sports car two weeks ago. Used, but new to me and I love it. I loved it when it came out in 1991, but if I had bought one then, I wouldn't be where I am now. Timing is everything and a little sacrifice in the beginning can yield huge benefits later on.
I eat ramen when I get nostalgic for college days. I, too recommend the chicken flavor.
Is that car a Miata?
- Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes9y
I would like to chime in that there is a big difference between being frugal and cheap. To be frugal is to maximize value, or assessing each and every purchase to optimize the long term benefit you get from it vs. the long term cost you pay for it. This means considering quality vs price and considering the costs and benefits over the long term, not just the minute you purchase something. On the other hand, being cheap is minimizing the short term cost at any cost, without consideration of the long term benefit or cost.
Lets take the example of Ramen noodles ... are they cheap? Most certainly. Do they take a lot of time to prepare? Most certainly not ... so if you are cheap they are great. If you are frugal, however, the long term health costs of eating a instant Ramen rich diet, which includes both long term medical costs and quality of life considerations, make them potentially very expensive. IMO, the frugal would likely much prefer to grow their own fruits and vegetables, shop for raw quality ingredients, and invest a bit more time and money in their food in the short term to cook their own meals with quality ingredients in order to achieve the long term benefits of eating more healthy, while still saving money over going out to eat. This is an illustration of how cheap vs. frugal works IMO.
So, am I frugal? Heck yeah! Am I cheap? I try not to be, but must confess it is something I have been in the past, much to my downfall, and consciously struggle to avoid going forward. This applies to so much more than Ramen noodles too ... it applies to investment property and every other investment/purchase you make with your time and/or money. The take home lesson I think is consider both the costs and the benefits over the lifetime of the product, not just the short term and not just focused on price to the exclusion of everything else. As usual, Warren Buffett sums it up much more succinctly than I could with sayings like "Price is what you pay, value is what you get. Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down." and "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
- Investor · Los Angeles, CA · Member since 2017 · 95 posts · 52 votes9y
I love ramen noodles. That being said, I haven't eaten any in several months mainly because they're terrible for you.
I'm in agreement with how @David Faulkner put it.
I was quite frugal (at least compared to my peers) pre-kids. After kids, a lot of that frugality has gone out the window in exchange for convenience. For me, it's a matter of the value of my time. Before kids I had a bunch of time and could take the time to search for the best deal on a $5 item, or jump through hoops to stack coupons, etc. Now I just don't consider it worth my time unless it's on much larger purchase items or if the effort is very minimal and straight forward.
Some people are extreme "coupon savers" for the thrill. I get absolutely no thrill in it. It was a means to an end for me. I was cheap because I felt I didn't have enough money.
I still drive my 12yr old Honda with 200k+ miles that I love and refuse to get a new car until it dies, but I'm willing to stay at (and pay for) nicer hotels for the amenities, service, etc.
- Property Manager · Saint Petersburg, FL · Member since 2016 · 113 posts · 87 votes9ythis post speaks to me. I like shrimp ramen with extra vegetables and my most expensive toy is my 99 miata.
- Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes9y
It's all trade-offs and finding balance. Make decisions and budget cuts in areas that didn't add happiness to your life. We drove old, high mileage cars until we hit our goals. We were conscious of spending in many areas like that, but wouldn't second guess spending in areas that did provide additional life satisfaction and happiness.
We loved to travel and would do major trips. I also love cigars and my wife likes to try out restaurants. We spent money on those things even though we could have moved a little bit quicker along our investment journey had we not.
In 2013, I was in a car wreck going 65 mph and was lucky enough to walk away. I know that anything can happen at any time and know that tomorrow isn't a guarantee. Make the tradeoffs that don't add to your happiness. Work towards your goals, but don't trade away all your life satisfaction now for the promise of having it all in 8 years, because you may never see that day. I would rather take 10 years to reach our goals and enjoy ourselves along the way than get to our goals in 8 years.
Here's how serious the wreck was that could have easily been the end of me...
- Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes9y
Originally posted by @Lesley Resnick:
I keep running into articles about people who live an extreme austere life styles and do not work full time. (I call dibs on idea for the reality show featuring that life style).
I do not want to eat ramen noodles 6 days a week and drive a 25 year old beater. I like to eat in restaurants and buying something if I want it. The notion that I (we) are just puppets to media and the american team and should live under a rock so we do not have to work seems over the top.
My goal as with many people on this site is to develop enough passive income to that on Jan 1, I know all my fixed expenses are covered. In the mean time I do not want to live a life of self imposed impoverishment, then someday to live the same life with out a regular job.
I am not advocating being frivolous and wasting money, but to spend all my time finding ways to save a few pennies, seems counterproductive to enjoying ones life.
Am I missing something?
How do others see this?
What is your plan?
It seems like every other week I am stating some variation of what you just said on a thread. Unfortunately, most of the folks on here disagree with us. I think it is MUCH easier to earn $2000 more in income than to save $2000.
- Investor · San Diego, CA · Member since 2017 · 190 posts · 117 votes9y
I use the envelope system that Dave Ramsey recommends. It allows me to be a baller on a budget!
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