“Extreme Early Retirement” by Jacob Lund Fisker is a deep look at financial independence. I mean a truly in-depth look at society, economics, education, and training.
This book is a tough read because the author orients it toward very sophisticated people. The author is a renaissance man, and he writes as such. I find this refreshing, if not challenging because the information is complex.
The book describes how to retire early by reducing your lifestyle costs by doing things such as repairing, fixing, maintaining, reducing, eliminating, and duplicating various tasks.
It then describes the different aspects of being an investor and having your money make money. In short, you reduce your living costs and increase your income through investing. You can retire extremely early if you can do both of these things.
1) There is a parable titled Plato’s cave, where civilization is chained and living in the shadows. One person frees himself and goes back to grab the others. The chained people cannot believe the story or are happy living the lie. This is an analogy of financially free people talking to the working class.
2) To become free, one must accept much more responsibility than working a job. You must understand how much money you make and take steps to increase your pay and lower expenses.
3) A solid foundation of life is not borrowing a ton of money for college, a wedding, and a house. You need education, knowledge, and teamwork to get ahead in life.
4) The four classes of people are salaried, working, business, and renaissance. You can identify with all categories, but one will dominate the others in your personality. Becoming a renaissance person requires you never to stop learning.
5) Financial independence is not something you have; instead, it defines you. It is a mindset that keeps you learning and acting in things such as investing, thinking, and building.
Becoming a renaissance person is challenging because you are a leader and thinker. You are far ahead of the pack, and no one is leading you.
The author describes renaissance people as having social, technical, artistic, and physical skills. They are not the master at each, but they seek to keep learning toward mastery.
The main takeaway from this book is that financial independence is not truly just about money. You need to understand so much more than index funds and withdrawal rates.
You must comprehend investing, markets, repair, maintenance, physical fitness, social science, and politics. It all comes together by allowing you to think ahead of the crowd.
Suppose you need to add $400/month to your budget. In that case, you have multiple ways to reduce spending, repair, maintenance, and transportation while increasing royalties, dividends, options trading, and leveraging your talents for trade.
This book is not for the faint of heart. It may be the most demanding book I have read thus far. However, I am glad I powered through it. I have a completely new take on financial independence. I want to become a renaissance man.
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