2074: Get Rich With: the "ChaCHING!" Instinct by Mr. Money Mustache

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🗓️ 23 October 2022

⏱️ 11 minutes

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Summary

Mr. Money Mustache shares how to get rich with the chaCHING instinct. Episode 2074: Get Rich With: the "ChaCHING!" Instinct by Mr. Money Mustache Mr. Money Mustache is a thirty-something retiree who now writes about how we can all live a frugal, yet awesome, life of leisure. He and his wife studied engineering and computer science in Canada, then worked in standard tech-industry cubicle jobs in various locations throughout the late ’90s and early 2000s. Then they retired from real work way back in 2005 in order to start a family. This was achieved not through luck or amazing skill, but simply by living a lifestyle about 50% less expensive than most of their peers and investing the surplus in very boring conservative Vanguard index funds and a rental house or two. The original post is located here: https://www.mrmoneymustache.com/2013/06/04/get-rich-with-the-chaching-instinct/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Caution, the ultimate spicy meatball from Domino's is hot. Just not stupid hot. It won't
0:05.2	earn you mythical status or get you a nickname like Mad Dog or Dragon's Breath. It's hot,
0:10.2	good hot. The kind of hot that boosts taste nothing else. The ultimate spicy meatball with
0:14.8	Siracha Drizzle from Domino's. It will get you fired up. Subject to availability.
0:45.6	This is Optimal Finance Daily Episode 2074. Get Rich with the Chuching Instinct by Mr.
0:58.1	Money Mustache of MrMoneyMustache.com. And I'm your host and personal finance enthusiast,
1:04.0	Diana Mariam. Now let's get to today's post as we optimize your life.
1:08.6	Get Rich with the Chuching Instinct by Mr. Money Mustache of MrMoneyMustache.com.
1:21.0	Ah, delayed gratification. It's one of the defining advantages of humanity itself,
1:26.7	the ability to put off immediate pleasure for the purpose of getting even better results in
1:32.2	the future. Compared to lower animals or insects, we've got this ability locked down.
1:38.4	We have a dog in a room with a piece of tasty meat and a chart showing that dogs earn a 20,000
1:44.3	percent annual return for any meat left uneaten, and the dog will still choose not to invest.
1:51.2	But while most of us can out-strategize our pets, we humans still vary wildly in our ability
1:57.2	to set aside resources for the future. This difference in abilities starts to show itself very
2:03.2	early in life. My favorite example of this is a famous old psychological study that looked at young
2:09.0	children, offering them one cookie now or several cookies in a few minutes. When left unsupervised,
2:15.6	some kids immediately grabbed and ate the initial bait, while others exercised their willpower
2:20.8	and emerged from the trial with a bigger bounty in exchange for waiting. The results were noted,
2:26.5	but the researchers then kept in touch with these children, following through on their lives as
2:31.3	young adults. As it turned out, the pleasure delayers did better in school, graduated to get
2:37.3	better jobs, and ended up with higher paying careers as adults with fewer debt problems.
	...

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