“I have a few rules I live by. I don’t buy toys on credit. Toys are optional and credit is only for must haves. Buying a boat? Cash. Buying a house? Credit if necessary.
I don’t drink during the week. Now you know there are going to be a bunch of exceptions to this draconian rule! If we’re socializing with friends, we can drink. We can also earn a beer by mountain biking seven miles. Lately, spending the day remodeling earns a beer. . . or two.
Rules help me keep my good habits. But I can’t blindly follow some rules. One rule of thumb is that you need 70% to 80% of your pre-retirement income to retire. If I had followed this rule, I’d likely never have retired.”