Page 31 - Kiplinger's Personal Finance - November 2018
P. 31

MONEY




       A Visit With Mr. Money Mustache



       Pete Adeney “retired” at age 30 and has been working hard ever since to inspire his FIRE followers.
       BY LISA GERSTNER




       ON A SUNNY SEPTEMBER      discourages such unannounced   Now 43, he left behind his   although he intends to switch
       morning in downtown Long-  visits).                 career as a software engineer   to a plan with premiums that are
       mont, Colo., 80 or so people   Despite his celebrity status in   13 years ago with $600,000 in   half the price for next year). His
       are packed into the Mr. Money   the world of FIRE and his blog’s   savings and investments and a   blog generated about $400,000
       Mustache headquarters. Pete   brazen tone, Adeney is modest   paid-off house worth $200,000.   last year, thanks to commissions
       Adeney, the man behind the   and mellow when we talk later.   At this point, his family—he’s   collected from banks, investment
       blog that helped ignite the FIRE   He believes that his blog reso-  married with a 12-year-old son—  services and other financial prod-
       movement, owns the venue,   nates because he peppers it with   could comfortably spend more   ucts he recommends, and his
       and today, students are cram-  personal, relatable stories about   than their current rate of about   investment returns exceed per-
       ming in for the “PopUp Business   his own journey. “It appeals to   $34,000 yearly on living ex-  sonal spending, too. But “I get
       School,” a free, 10-day course   people’s sense of aspiration   penses (more than one-third   an emotional satisfaction out of
       on how to start a business   and the life they want,” he says.  of that is for health insurance,   being efficient,” he says. “Waste
       with minimal costs and de-                                                       hurts my soul.”
       velop the skills necessary for                                                     The extra money isn’t
       success. The vibe is Colorado                               ■ PETE ADENEY’S BLOG   sitting idle. Adeney puts a
                                                                  ADVOCATES “FINANCIAL
       casual—T-shirts, shorts and                                                      chunk of his earnings toward
                                                                     FREEDOM THROUGH
       sneakers—but energy crackles                                       BADASSITY.”   philanthropy—he has given
       among the attendees, many                                                        about $100,000 to charity
       of them FIRE devotees with                                                       each year for the past couple
       dreams of launching their                                                        of years—and business un-
       own ventures.                                                                    dertakings. He recently pur-
         Adeney makes introduc-                                                         chased a house in Longmont
       tory remarks. He has full-                                                       to rent out on Airbnb, and he
       coverage stubble rather                                                          expects that the challenges
       than a mustache, although                                                        and financials behind the
       he sported a handlebar in                                                        venture will provide good
       the blog’s earlier days. But                                                     fodder for his blog. He and
       true to the bold persona                                                         his wife split the $225,000
       he’s developed for Mr. Money                                                     price for the headquarters
       Mustache, he uses the word                                                       with another couple, and
       badass a couple of times.                                                        the other half of the building
       (The blog’s logo bears the                                                       is a soap and ceramics shop.
       slogan “Financial Freedom                                                        Adeney says the decision to
       Through Badassity.”) The                                                         buy was easy financially
       edge that he injects into                                                        because of his high income,
       his musings about frugal                                                         and “it doesn’t matter if it
       living and financial indepen-                                                    makes money. It’s good for
       dence is one ingredient in                                                       furthering the cause, and it’s
       the secret sauce that draws                                                      fun,” he says.
       a cultlike following to the
       blog. Dedicated readers                                                          The lure of entrepreneur-
       form meet-up groups all                                                          ship. The ability to chase
       over the country, and road-                                                      a business idea without
       tripping fans stop by the                                                        worrying much about the
       headquarters daily (Adeney                                                       financial side is a strong

       40  KIPLINGER’S PERSONAL FINANCE    11/2018                                      PHOTOGRAPHY BY JASON INNES



   K11M-EARLY RETIREES.a.indd   40                                                                      9/21/18   3:24 PM
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