I started sharing my real-life monthly expenses way back in early 2011.
I would (and still do) track every penny of spending, compile that information for an article, and then share it for the world to see.
Although it’s perhaps a bit more of a common occurrence these days to run across someone online sharing their spending, it was actually incredibly rare back when I first started doing it.
And that’s partly what motivated me to start doing it in the first place: I couldn’t find what I was looking to read (a real-time journey from $0 to FIRE, including the budgets and investments along the way), so I decided to start a blog and share that information myself.
While this is slightly more accepted and common nowadays in the FIRE circle, sharing one’s spending (or money in general) is still a bit taboo for the masses. It’s not something most people are comfortable with.
Since I’ve shared so many monthly expense reports over the years, it’d be easy for me to hang it up and say that I’ve done all I can to show what it’s like to stay disciplined with spending for years on end so that one can achieve FIRE.
I do feel like I accomplished that goal (showing that spending discipline over many years), which is why I actually took a break for a little while from sharing the spending. I just started to feel like I’ve “been there, done that”. It started to feel repetitive.
However, I felt that motivation to share expenses completely rejuvenated earlier this year, and I’ve been back to sharing my real-life numbers since March. I plan to continue doing so for the foreseeable future, getting back to that multi-year stretch I started way back in 2011.
And I want to reveal three key reasons why I’m still so excited to share these numbers more than seven years later.
Achieving FIRE Versus Maintaining FIRE
As I was just mentioning, I felt like maybe there wasn’t too much value to be had with sharing budgets any longer because I already showed what it took and what it looked like to live frugally, save aggressively, and attain a high savings rate for years on end so that you could achieve FIRE.
However, it dawned on me that there’s still value to be had. It’s just in a different way these days.
That shift in value is in seeing what the spending looks like post-FIRE.
After all, achieving FIRE is fantastic. It’s a hell of accomplishment that’s worth everything it takes.
But maintaining FIRE is quite another thing altogether.
You can’t just achieve FIRE, then slack on everything you did to get there.
The last thing you’d want to do is quit your job, get a taste of the FIRE lifestyle, then see that you’ve totally slid down the slippery slope of letting the finances go a little bit.
It’d be like spending years of your life to get in amazing shape, then feel like you can slack a little bit now that you’ve made it to that mountaintop. Well, the moment you slack, is the moment when you start to fall down that mountain. You have to maintain that vigilance on an ongoing basis. It’s a lifestyle, not a finish line.
Once your passive income exceeds expenses, which means you’ve hit the FIRE jackpot, you have to keep in mind that you have to more or less keep to that spending level.
Now, there’s some wiggle room.
Intelligently investing your capital means your purchasing power should increase over the long run. You should see your passive income increase at a rate that exceeds the rate at which your expenses increase (due to inflation).
But that wiggle room isn’t huge, especially at the beginning of your post-FIRE life.
And so the lifestyle you entered FIRE with, is more or less the lifestyle you’ll have to continue living.
While this should be fairly obvious, it occurred to me that not too many people are sharing the real-life spending in a post-FIRE life.
First, as aforementioned, most people aren’t comfortable with sharing certain (or any) elements of their finances (even people blogging or vlogging).
Second, and more to the point, there aren’t that many people out there who have actually achieved FIRE. Most people are still grinding it out. This FIRE stuff, while exciting and growing, is still relatively new. There was almost nobody talking about it back when I first started. It takes time for people to turn the corner and achieve their goals.
Thus, I felt an opportunity to share rare numbers, just like I felt a similar opportunity in 2011.
It excites me to be able to share post-FIRE spending because it’s just not something too many other people are doing. Blazing trails is super interesting to me, so I felt like I’d be remiss to not share what maintaining FIRE looks like on the spending side of things (just like I worked so hard to show what achieving FIRE looked like).
Keeping Myself Honest
I have a confession.
The idea behind sharing my real-life spending wasn’t totally altruistic; it wasn’t solely in the vein of motivating others.
That was most of it, but I also wanted to keep myself honest.
Even a person as disciplined as myself with spending can sometimes be led astray.
Publicly reporting on my real-life spending means I have to explain every expense. And the last thing I’d want to do is spend a bunch of money on something if I can’t rationally explain it.
It’s not about justification; it’s about holding myself accountable to my own ideal.
I’m probably harder on myself than anyone else. I hold myself to a very high standard. But I’m human. If I come to myself needing money for something, I understand the guy I’m asking for money has plenty of it. And so, from that perspective, it’s easy to go and spend $500 or whatever on Item or Experience X or Y when I know that it basically won’t dent my finances at all.
I operate my life with a high degree of awareness of value, and I tend to strictly buy things only when they meet a certain personal value threshold. Thus, spending that $500 is already pretty unlikely just based on who I am.
But knowing that I’d have to actually explain Item or Experience X or Y to the public at large means there’s an extra layer of difficulty that comes with spending money on my part. It’s basically a margin of safety on the spending side of my life. And I appreciate that. I love that I’m being held accountable to my values and writing.
Now, this particular point was far more valuable to me personally when I first started. Back then, I was still finding my legs as it pertained to living frugally, highly recognizing value, and building out my personal ethos in life.
I was, shall we say, still somewhat tethered to old consumer habits that I was just starting to break free from. I had already “awoken”, but I was still a bit groggy. That vision wasn’t completely clear yet.
However, I think sharing still keeps me honest. It keeps me from losing my way.
For example, I’m rocking a used iPhone 4S I bought years ago. It’s barely holding on. The home button doesn’t work. It’s very slow. And the battery doesn’t last very long.
But it works. It still gets the job done.
And I lament the idea of throwing it away and buying a new phone when I know that a new phone is only going to add incremental value to my life (since the basic tasks it can perform will be similar).
Moreover, every month I delay that purchase (by holding on to this thing and squeezing out every last minute of usage), is one more month in which I don’t have to explain away a sizable purchase that won’t suddenly radically improve my quality of life.
Showing Expenses As An Expat In Thailand
This is what excites me the most about sharing my expenses after all of these years.
The boat I’m in is a pretty small boat. Not many people share real-life expenses down to the last dollar. Not too many people have been doing it for years. And certainly not many people are showing post-FIRE expenses.
But you add in yet another degree of rarity when you consider that I’ve moved abroad to live out my early retirement dreams in Thailand.
That makes things so thrilling for me.
To be able to show the financial mechanics behind post-FIRE is one thing, but to show those mechanics in terms of living abroad as an early retiree and going about life without a care in the world is quite another.
FIRE is scary for a lot of people.
Moving abroad is probably even scarier.
So combining these two “scary” lifestyle changes and lining everything up on the spending keeps things fresh for me.
Expense reports are perhaps boring at their core, but looking at what the spending looks like for an early retiree expat adds a very compelling angle that I’m happy to explore for you readers.
Conclusion
I encourage the idea of publicly sharing expenses. Everyone should do it. If you have to keep yourself anonymous in order to do so, that’s fine. But I think the benefits of inspiring others and keeping yourself honest are worth the stretch.
Truth be told, I became a bit bored with these reports after so many years of reporting on expenses. Talking about what I spending on groceries or electricity was starting to wear on me. It lost its luster as I started to get pretty close to FIRE. And I felt like I already accomplished what I had set out for.
But I feel totally rejuvenated about sharing these numbers once more, which is why I’ve been back at it for quite a while now (and why I plan to keep at it for the foreseeable future).
It’s my hope that these reports are more inspiring and insightful than ever when you consider the post-FIRE and expat standpoints that definitely add something different and new to the discussion.
What do you think? Do you publicly share your spending? Are you excited to read about these spending reports when considering the situations under which the spending is occurring?
Thanks for reading.
Image courtesy of: Sira Anamwong at FreeDigitalPhotos.net.
P.S. If you’re interested in achieving FIRE, check out some fantastic resources that I personally used on my to becoming financially free at 33!
I’m glad you’re sharing your numbers again. It’s very interesting to see the cost of living in Chiang Mai. I’m surprised that there is very little inflation. That’s really good news to me.
When I started blogging, I was hesitant to share my expenses too. I thought it’d be boring, but my readers convinced me to continue. These posts has been really useful. Sharing my expense makes me think more about spending. That’s why I like using the spreadsheet to track everything. You think about it more. Automating everything will make spending too easy.
Thanks for sharing!
Joe,
Thanks, man. I’m glad you find it interesting to see what the spending is like here in CM. Sharing the expenses has become exciting for me again after moving abroad. I guess I just felt like “here’s my electric bill again” got boring after doing it for so many years in the US.
But I’m sure you know what I mean. Not many people were doing it back in the day. And not many people are willing to share that information at all, let alone for years on end. It’s great to track it. Like you said, automation makes it easy to be led astray.
Thanks for dropping by!
Best regards.
Here’s a vote in favor of your continued sharing. Your expense and passive income reports are some of the most motivating reads of my month. I love hearing your thoughts all month long and then seeing the objective numbers laid out–no way to argue with your theory when the facts are all there!
Charles,
Thanks a lot. Your vote definitely counts. If readers like you continue to want to see this stuff, I’m happy to share. I’m now more enthusiastic about it than I’ve been in a long time. 🙂
Cheers!
I love reading about expenses. It is more motivating to read about costs, because it is easier to reduce costs than increase income a first. 🙂
Deckres,
I’m glad to hear that. If there’s demand for it, I’m more than happy to supply the information. 🙂
I agree with you on reducing expenses first. It’s important to structure your life right first. Otherwise, extra income might be wasted due to lifestyle inflation.
You might find this worth a read:
https://www.mrfreeat33.com/the-scarcity-mindset-versus-the-abundance-mindset/
Cheers.
You are filling a market need. People want to hear what you have to say. To me you are one of few who are definitely at the tip of the spear in this whole FIRE thing. You are an inspiration but far more importantly, you are showing the nuts and bolts of how to make this work. For this I say thank you. I think as time goes by and FIRE gains more exposure you will gain more brand new followers who are excited about your story and journey. Thanks, and much love from the great state of Texas.
Anonymous,
Thanks for that. Much appreciated!
I’m really proud of what this whole FIRE movement has become. I’d like to think I had something to do with it, via what I turned Dividend Mantra into, but it’s ultimately up to individuals to put in the hard work and make it all happen for themselves. A lot of awesome people out there doing radical things with their lives. It’s thrilling. 🙂
I was proud of everything I did with DM, but that whole episode at the end turned into a real blessing in disguise. And I’m once more excited about showing the more practical side of things because of the limited number of people on the post-FIRE side of life. It’s super interesting. I’ve been here in Chiang Mai for a year, yet I haven’t met anyone here in my situation. So I just don’t think it’s very common at all. I can only hope it’s as interesting for readers to read about as it is for me to write about.
Best wishes!
Hi Jason,
I like reading about the expenses. It is intresting to see how cheap living in asia is compared to a western country. You go out for dinner everyday and your expenses are still low. If I would go out for dinner everyday I think I might start living paycheck to paycheck…
Keep up the great work. I love reading your articles.
Cheers,
TLTI
TLTI,
Thanks for the feedback!
Yeah, it’s totally different over here. I like it because I hate cooking, food shopping, cleaning, etc. But I can see how others might not find it as advantageous (if they like those activities). It partly comes down to lifestyle preference, but I’d say a good average to look at is that it’s 1/3 the cost over here on an apples-to-apples basis. Personally, I think it’s actually even better for my situation. Maybe as much as five times. But the cheaper COL is only one part of the puzzle. I think the non-financial stuff about living in Asia is even more desirable.
Best regards.
I appreciate your sharing your numbers.. Always have since the early days of your previous website. You are the only blogger that I know of who made similar income to what I make nowadays, who also succeeded in such a short time frame (you did it in what, 6 years? Making under $50K/year? Yeah. You are the only person I know of.). I strongly feel that I don’t fit with in with other big-name bloggers (I earn under $50K/year and most of them seem to have been pulling in >$100K/person/year for years to retire early at 32 or whatever) and therefore “I am doing something wrong.”
You know what worked for me over the past 6 years as I tried desperately to get out of debt/feeling so alone and ‘stupid’ for my spendy ways, while feeling like I was a small girl failing while playing in the “big league” with those huge-income guys? What worked was/is your blog, where I can make $46K this year and still feel like there is light and hope at the end of my tunnel. I’m good enough, here, on this blog. I make enough, here, and it’s still possible to achieve this dream within a reasonable time frame (8.2 years to go until 40 – hope to make the lifestyle before then!). Here, I’m not doing something wrong by not jumping job-ship every 2-3 years in search of a bigger paycheck (which is what the advice usually is elsewhere). I’m okay with my job, I think I’m super lucky to have it and be where I am….And here, on your blog, that is perfectly okay and acceptable. You did it on less than $50K, so I can too. You are now making it work in the FIRE part of life; I think I may be able to as well. So thank you for your contribution. You represent a huge amount of people that feel bad or are too intimidated to speak up because we aren’t pulling in hundreds of thousands of dollars..
A quick question that you might’ve answered in another blog post: Living in Thailand, do you need to be employed to be able to live there long term? Self employed, maybe? Or anything to show that you will be a boon and not a drain on the country’s resources/you have an income and won’t live off their welfare? I have read that other countries will require you to be employed or have a job secured to live there if you are not a citizen. Is Thailand similar?
Thank you for all your efforts and your honesty.
Jamie,
Thanks for sharing that!
I totally get what you’re saying. The FIRE crowd has a lot of highly-paid professionals that are tough to relate to for the average person. That’s not something I can relate to at all. I mean, there’s nothing to applaud because you figured out a way to live below your means when you’re pulling down six figures. It’s not challenging to live on $50k/year per person. I’m not “wowed” by that.
Then again, I’ve lived a life that is very unique and perhaps difficult to relate to in some respects (no children, living abroad, etc.). In the end, you just have to blaze a path forward for yourself that you’re proud of and happy with.
I’m really glad you feel like you’re still OK when you stop by and read my stuff. There’s definitely light at the end of the tunnel. I proved it. Continue to prove it. You don’t need a super high income to get there, stay there, and enjoy it. Need a lot of great character traits and good habits, though. I hustled like crazy to get there so fast, but even getting there a few years later wouldn’t have been too bad.
I guess what initially motivated me to blog in the fist place was the fact that I couldn’t find what I wanted to read. There was nobody out there making a pretty modest salary, going after FIRE in a relatively short period of time and showing the numbers and investments all along the way. So I figured I’d do it myself. And it was a great choice. Led to some amazing opportunities, and I’ve been able to inspire people all over the world. I’m so grateful for that.
Likewise, I don’t know of anyone FIRE, in their 30s, living off growing dividend income, living abroad, and showing the financial Xs and Os. So that excites me to do that, just like it excited me back in the day. I like doing something other people aren’t doing. I’m not a big fan of following the crowd or staying in line.
As for your question at the end, that’s a big no. Most of the visas have nothing to do with employment. Some have an income requirement, but that doesn’t have anything to do with a job. Frankly, Thailand would prefer you don’t come here looking for employment, as that takes away a potential job from a local.
Cheers!
Really appreciate all your transparency with your expenses. It is important to see for others who are trying to achieve FI as it’s a real no BS type of blog. It’s good to see that it is achievable in the future for most people willing to sacrifice to make it. Cheers
BHL,
Thanks so much. I appreciate your appreciation. 🙂
I definitely don’t hold back. I’ve always aimed to show both the good and the bad on my way to FIRE, as well as the post-FIRE life. Wasn’t fun to write about losing a good chunk of my family to resentment over my financial success, but it is what it is. Likewise, it has felt awfully nice to pen posts about big, positive changes in life (like when I decided to move abroad). The dark days just end up making the sunshine feel that much warmer.
Best regards.
“It’s a lifestyle, not a finish line.” Very wise words! I might frame that quote, so I can look at it the next time I’m tempted to go to Starbucks or grab an energy drink instead of making my own coffee.
HW,
Thanks! 🙂
I’m very fortunate that I’ve been able to settle into a lifestyle that’s simultaneously highly enjoyable and low in cost. Moving abroad has certainly helped that. Part of that lifestyle includes actually being at the coffee shop seven days per week, but that’s an indulgence that would be a little bit harder to justify in the US.
Cheers!