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My name is Joshua. I'm your host. And on today's podcast, we're going to continue our series on intelligent financial goals that you should set. Goal number one was very simple. It was get a job. If you don't have a job, that's probably a good indication that you're not doing well financially.

So your first goal and ambition should be to get a job. Now today, we continue with the basic stuff that makes a huge difference, which is spend less than you make. The unique thing about today's episode, though, is I'm going to give you a specific amount of money that I think you should spend.

And that is this. Set a goal to live on half your income. I want to persuade you to set a personal goal to live on half your income. Now, I need to back up before I defend this fully and give you a little bit of background discussion and background illumination on this topic.

I quickly concede that my advice to set a goal of living on half your income is not all that common in the world of personal financial advice. I also quickly concede that it may not be achievable by all people. But I think it's achievable by most people, especially those who are listening to radical personal finance.

And I think the reason more people haven't set and achieved this goal is because they've never thought to. They've never been encouraged to. That was my story. And to this day, if I could go back to my youth and change any one thing in my financial life, it would have been to always have this goal at the top of my list and to structure all of my life around this practice.

I could have done it. I just didn't do it because no one suggested it to me. If you go out in the world today and you ask most people whether you should spend less than you make, most people will agree that you should. And certainly anyone who has any experience with money or wealth will say that you absolutely should.

You must always spend less than you make if you're going to have money. If you're going to spend more than you make, then you will always have debt and all of the slavery that ensues with being in debt. So you should have a focus and a target and a requirement that you're always going to spend less than you make.

But if you ask people how much you should save, the most common answer you will hear will be something like 10 or 15%. Now, there are other complicated formulas, but I think this is fairly common. What I find interesting about this, though, is I consider this a piece of advice that simply has not kept up with the times.

Why do I say that? Well, if we go back in history, 50 years, 100 years, then you and I would have been living in a society in which money was not nearly as available as it is today. You and I would have been living in a world in which food cost us a lot more than it does today.

Housing cost us a lot more than it does today. You can still find the reality of this all around the world if you go to poorer countries and poorer economies. It would be very normal today to go and look at a low-income household in many regions of the world and find that in a low-income household, a worker may spend 50 or 60% of his total income on food.

Just to survive every day, a worker may have to spend 50% of his income on food. But in the countries where you and I are from, it would be almost inconceivable for really anybody who's paying any kind of attention to spend more than 20% of income on food. If somebody is even spending 20% or more of his income on food, it's exclusively because he's hiring servants to cook for him rather than cooking for himself, i.e.

going out to eat. The actual bare cost of groceries, the raw ingredients to eat, it's very difficult to imagine, even at the lowest income levels, somebody spending more than 20% on food. So go back to the math of how much of your income you should be spending versus saving.

If you're in a living situation in which you're just buying groceries, you're never paying servants to cook for you and to clean up your dishes for you, you're just buying groceries, and it's still taking 50 or more percent of your income, and you still have to pay for a roof over your head and everything else needed on a daily basis, then if you could save 10% of your income, you'd be doing really, really well, which is why historically this has been a basic targeted goal for most people, save 10% of your income.

If you can save 10% of your income, things can work. Here at Radical Personal Finance, months ago, I released the whole recording of my favorite finance book, which is Richest Man in Babylon, and the cornerstone habit to build in Richest Man in Babylon is to save 10% of your income for yourself, and that works, and that's fine.

But that advice is not even trying if you're saving 10%. And so what happens is people will generally achieve the goals that you give them. That's what this whole series is based around. So when I was 18 years old and I decided I would start saving money, then I thought I should save 10% of my income.

So I started saving 10% of my income, but then I wasted the rest of my money. And if somebody had pointed out to me how if I'd saved 50% of my income, I could have been so much better off, I would have done that. Now, there is no specific number that I can say is the absolute number.

Some people set a goal of saving 10% of their income, great. Some people set a goal of saving 90% of their income and living on 10%, great. You can choose the goal that you think makes sense. But I think living on half and saving half is a really good round goal, spend half, save half, clicks in the brain.

And it feels like a good balance. So let's assume that you set this as a goal. What would happen for you? Well, first and foremost, you will always have money. You will always have money. You'll never be broke. If you're living on half your income, you're spending half your income, and you're saving half your income, you're always going to have money.

You're always going to have freedom. For every week you work and have a paycheck, you bought yourself a week off. For every month you work, you bought yourself a month off. For every year you work, you bought yourself a year off. Because the ratio is significant, your savings will accumulate very quickly.

In addition, you'll be enormously flexible. You'll have so much room in your budget that you're never going to be stressed about money. I'm trying to create this series to be widely applicable. I'm going to talk and make some comments that are most applicable to the very young or to people who are just getting started.

But many things are going to be very applicable to those who are older and more established. Even if you are older, have a much higher income, and are much more established, I think you should still set a goal to spend half, save half. And this flexibility is enormously important.

When somebody comes to me for financial planning, and he lives on half of his income, then we have so much flexibility around his life decisions that it's not hard to find a plan forward. It's not that hard to say, "Hey, why don't you cut your hours back at work so you can go and get the degree to move into the career that you really want." It's not that hard to say, "Yeah, let's go ahead and plan in a sabbatical." It's not that hard to say, "Hey, you're going to be so on track for retirement.

Why don't you do this for another three or four years and then take five or ten years off?" Or, "Yes, you'll be on track for early retirement at age 50." It's all based upon the flexibility that we get by spend half, save half. However, when somebody comes who is middle-aged, has a normal middle-aged income, and is spending 90% of his income, one little disruption can make the difference.

One little pay decrease due to a pandemic. One little job loss. Everything is too close to the edge. And so that flexibility is really, really important. You want to make sure that you maintain flexibility. And living on half your income will always keep your flexibility. You'll always have money to make the big investments that will get you quickly to where you want to go.

So in this series, I'll rehash for the umpteenth time some of those big decisions. But in life, what usually happens is on an annual basis, there are kind of basic marginal increases that are available. So for example, "Yeah, okay, I got a cost of living raise. I got a small increase at work.

I got a slight promotion." And those things are important and you should take advantage of them. However, the big wins usually come from noticing an opportunity when it comes your way, and then taking it. You notice that there's an industry that's growing. And if you just go and become trained as a geology engineer or whatever the current thing is, then you'll be on track for a great new opportunity.

And so you go and you take it. And three years from now, you've doubled your income. But in order to do that, you needed to be able to go and be a professional student again, and cover yourself while going through class. You needed to go and be able to put yourself in a situation to pay tuition payments.

Or you find out about a new industry and a new opportunity, but it's on the other side of the country. So you need to quickly move to the other side of the country to take the job. Or so-and-so says, "You should start this great new franchise that I heard about it.

But the franchise fee is $100,000. So you have to come up with $100,000 to pay the franchise fee to start the new business." If you say yes to those opportunities when they come along, then very commonly a few years later, everything is working beautifully for you. But you have to have a little flexibility and a little bit of money to say yes.

And the guy who saves 10% of his income usually never gets that breakout velocity. He never has enough money to say yes to those opportunities. He's already committed 90% of his pay towards living, towards his expenses. Another big benefit of doing this is you're going to develop frugality muscles.

I think frugal muscles are worth developing. Whether or not you exercise them at every occasion is up to you and your long-term ambitions and goals. But knowing that you have those frugal muscles and that you can exercise them is enormously empowering. People who don't have frugality muscles are weak and flabby and not worthy of your admiration.

Anybody can make $200,000 a year and spend $200,000 a year. It's not hard to live that way. But the guy who knows he can live on $25,000 a year and still make it is a much stronger, more resilient person. In tradition, there have been many cultures that have appreciated this.

By the way, I have to correct myself. Not anybody can make $200,000. What I'm saying is that people who constantly search for ease and comfort, these are not attributes that you should look for. There are many historical cultures in which people who were fat and flabby and just always needed to sleep on something that was soft and sit in a comfortable, soft chair, they were scorned because of their lack of resilience, their lack of hardness.

And so I think we can take that over metaphorically into the world of frugality and say that this should be a common thing. I enjoy staying at five-star hotels. I really do. Luxury is fun. Luxury is great. It's really nice. But I don't ever want to lose my ability to sleep on the ground and not complain the next day.

That's a really important feature to have. It's my ambition to be perfectly comfortable in a tuxedo at a five-star hotel and a fancy soiree. I also want to be perfectly comfortable in a roach-filled motel room on the bad side of town because that makes me a more capable human being.

I myself don't admire people. "Oh, life has to be in this perfectly comfortable space for me. I just can't do it." Now, when you have money, it's fine to spend it, obviously. Most of us don't want to go through life living the same way we used to. But you should have the confidence and the satisfaction of knowing, "I can do that." So if you begin this habit when you're young, let's say you're earning just a very little amount of money and you are building the frugal muscles of living on 50%, that's going to put within you an enormous level of confidence because I know how to spend absolutely nothing if I have to.

And now, when you think about risk in the future, it won't bother you very much. One of the things that I've observed in coaching people is sometimes people will hire me and they'll say, "Joshua, listen, I booked a consultation with you because I'm thinking about starting a business." Or, "I have this big risk in my life and do you think I should do it?

What do you think I should do?" And in many cases, a guy might be sitting on tons of money, but the reason he doesn't have the—and by tons of money, I mean tens of thousands of dollars in savings, sometimes six figures or multi-six figures in savings. But what happens is he's scared of, "What if this doesn't work?

And what if I have to live on less than $100,000 a year?" And so he waits, and he waits, and he waits, and he waits, and he's not sure. So if you have frugal muscles and you know, "Hey, I don't want to live on $30,000 a year. That's not my idea of a good time.

I really prefer my $90,000 a year lifestyle. But I've been there before. I've done it before. I know I could do it and it wouldn't be the end of the world. And in fact, I can do it and be just fine." Then you have a level of confidence and you can move through life more aggressively.

You can say yes to more options more aggressively. It's difficult to earn lots of money and to earn lots of money quickly. It takes a lot of work and a little bit of luck. It's difficult to accumulate lots and lots of money. But you can develop frugal muscles really quickly.

And in six months, 12 months, 24 months, be really good at living inexpensively. People do this all the time when they have to. Guy goes through a divorce and he finds out, "You know what? If I move into this box truck that I bought that was an old U-Haul truck, and I set up my house in there, and I shop where I can get the day-old bread, and I figure out a source of cheap meat and eggs and milk and pig butts to live on, then I'm in a better place where I can live pretty inexpensively and I can put my life back together." Happens all the time.

Then all of a sudden, he discovers he's free. He discovers he doesn't have to do the job that he hates. And if he discovered that 20 years ago, maybe his life would be in a much better situation today. So frugal muscles are worth developing and they're worth exercising, even if you don't always choose to live like a total cheapskate.

In addition, one powerful benefit of save half, spend half is you'll keep your focus on increasing your income. Basically, my goal for you is to be a few years behind your friends in consumption and decades ahead of them in wealth building. And when you impose deprivation on yourself, you impose limits on yourself that are artificial and arbitrary, such as, "I'm only going to spend 50% of my income." You build your self-discipline, which is a very important skill for long-term success.

And you recognize, "Hey, if I want out of this, I got a way out of this. I just got to increase my income." And so instead of sitting back and luxuriating in kind of the soft, flabby fatness of high consumption on a low income, you still have a little fire in your belly because you say, "You know what?

I'd like to have some nicer things. And I can have them as soon as possible when I increase my income." And I see this not infrequently. Usually, it's a guy who gets out of college, first job out of college. Maybe he's making 50 grand a year. And previously, he was living like a broke college student.

And now he can buy all of his little toys and trinkets and things that he wants to do. So he loosens his belt and he just starts spending money without worrying too much about it. And now he's satisfied all of his desires. But what he often doesn't see is what his desires are going to be 10 or 15 years from now.

And the fact that he's now kind of fat and flabby and satiated with, "I've got all the fun stuff. Look, I got this cool new TV and I go out to eat all the time and party with my buddies in Spain and ain't this great." Then he's missing out on where he can be a decade or two from now when all of a sudden, the numbers start to increase and everything becomes more important.

If you can just insert a little bit of forced privation on yourself and you say, "No, I'm just going to spend 50%." And now you have other motivation to increase your income. Again, you'll just be a few years behind your friends in consumption, but you'll be decades ahead of them in wealth building.

I'm not laboring on the topic of wealth building in this particular episode, but I do want you to know how big of a difference this makes in the long term. The chart that changed my entire mindset around financial planning, I've done various podcasts on this, was when I read an early retirement extreme by Jacob Lund Fisker, when I read the chart showing how quickly you can become financially independent based upon different savings rates.

I'll link to a podcast episode I did exclusively on this in today's show notes. But the idea is, where does that 10 or 15% number, that advice that you get usually come from? Well, interestingly, if you are investing your money in stocks at about the historical rate of return of the stock market, and you're saving 10% of your income, then it'll take you about 45 years for you to be financially independent, able to retire, about 40, 45 years, which is conveniently enough the number of years between about age 20-something and about age 60, 65-something, when you get out of college, you get a job, and you start working.

And then you retire at 65. And so the idea of saving 10% makes a lot of sense. But if you could save 50% of your income, you can be financially independent in fewer than 20 years, which conveniently enough puts you well on track for a pretty cool early retirement scenario.

Start working at 22, 25, something like that, with a big job, living on 50% of your income, by 45 or 50, you are financially independent, just by living on half your income. Ford Pro FinSimple offers flexible financing solutions for all kinds of businesses, whether you're an electrician, or run an organic farm, because we know that your business demands financing that works when you need it, like when your landscaping company lands a new account.

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Well, the first thing is just do it. So if you are, again, 16 years old, and you get your first paycheck, what you do, cash the first paycheck, first paycheck is $300, put $150 in one pocket, put $150 in the other pocket, put $150 in the other pocket, and you only spend out of the one pocket.

Divide that out, put it in a separate bank account, just make a habit that from now on, whenever I get a paycheck, I split it in half. If you're signing up for a job, on day one, if you have the option to put multiple accounts, figure out what 50% of your income is, and on day one, just sign up for 50% split, and put 50% in a savings account, 15% in a spending account.

It's that simple. You'll forget about it in just a few weeks or months. You just won't ever think about it again. It's an automatic habit that you'll set in place. If you have a dual income household, then set a goal to live on one income. Whenever possible, when people are getting married, I always encourage them, "Listen, you got two incomes, you've been living fine individual, separate, just set a goal just to live on one income and save an entire income." It's a really simple and straightforward way to do it.

If you set it as a goal, you can work towards it systematically, and there are various ways that you can kind of make a change in this direction. The first thing to do is whenever you get an increase, save half, spend half. Let's say this year, you get a pay increase.

Well, take half of your pay increase and put it to savings using some form of automatic contribution to an account, and then put half into your spending budget. So at least save half, spend half of your increases. I always am a big fan of the pie methodology, the idea being you just got to start going in the other direction.

Let's say right now you're saving 0% of your income. Well, all you're going to do is start by going from 0% to 1%, and then set yourself a schedule where every three months or every two months, whatever you think you can do, you're going to go and increase by 1%.

So you go from 1% to 2%, 2% to 3%, 3%, 4%, on and on. If you just do that but you stick to your schedule, within a few years, you're at 30%, 40%, getting your way up to 50%, and set a goal to get there systematically over time. A lot of this automatic stuff will help you to get there just based upon your basic spending.

What I mean is you'll get there little by little just by restraining the excess spending that you don't need to make. This doesn't cover all circumstances. If you are more established, you have your financial life and everything is set up and structured around a current level of lifestyle, then you have two choices.

You can't get there with just little bits of eating out one time less per month. Well, then you need to change something structural. You should look at where you live and ask yourself, "Can I change something structural about where I live in order to reduce my housing expenses significantly?" Look at your taxes.

Can I change something structural about what I'm doing so that I can reduce my tax bill? I'm fine with your 50% going into a retirement account, as we'll talk about in a future option. And now, hey, getting there, I saved a bunch of money on taxes. Can we go from a three-car family to a one-car family?

Is that possible? Can we make it on one car and now we can get rid of a car payment? Can we change something structural with our situation? And in most cases, if you want to, you can. Related to this, if you can't do it, set it as an ambition to do it when you can.

So the biggest lock-in for most people has to do with children. So I'm a good example of this. I'm at a point in my life where the structural expenses of my life are very high and they're difficult to change. I have a household for seven people. I have five children.

There's a certain kind of house that works best for a family with five children. I'm not nearly as flexible as I was 10 years ago when it was just my wife and me. That was simple. It was pretty easy. We could fit in anywhere. So children are the biggest impact here.

So if you're at a point in your life where you're kind of where I'm at, where you're kind of locked in and it's difficult to make big structural changes and there's nothing that's obvious, then create a plan for how I'm going to do this in the future. So today, I might need this big house, but 10 years from now, I might be able to go ahead and move back into the studio apartment.

Many people don't do this. Why? Well, because we get used to living in a big house and, okay, that's fine. And so they stretch it for an extra 20 years until finally they decide to downsize. Well, why not be more flexible than that? Why not make a plan to downsize a little bit earlier?

So much of the time, and to be clear, like, listen, I don't judge you for the decisions you make. My job is to help you figure out what's going to work for you based upon your restrictions. But the higher your requirements are, the harder it is to get where you want to go.

And so when someone comes to me and say, "Listen, Joshua, I've got this big house. I don't need it anymore. My children are grown and gone, but I really have this big house and this fancy lifestyle and all this stuff. But I also want to retire early and also want to have financial security." Buddy, something's got to change.

You got to be the one to change it. And so if you can't get there with just little small habit changes, you got to change it with something structural. So plan ahead for that. Make a plan and say, "All right. At this point in my life, I need the big house, and I'm going to keep it for right now.

And however, I'm going to have a plan where in eight years when two of the children are off at college, then the two other children and I, we're going to move into a smaller place so that we can get back and get to this 50% number." Then finally, you have the option of changing your income.

And so if you go through and we can't make any changes or we choose not to make any changes on expenses, then go back to income and set a goal that as my income increases, we're going to get to the 50% number. Why is it so common that people 5X their income and don't make much progress on their finances?

Well, it's because we can happily spend just about any level of income. Your income today is almost certainly 5X what it was when you were 20 years old. When you were 25 years old, that's just how life goes. But you don't notice it and it just goes up. So if you have your expenses, just naturally follow along.

We can do a little bit more, have a little bit nicer things. The goofy example but real example that I observed in my family growing up was our morning orange juice changed. When I was a young child, we had orange juice every morning and it was always orange juice from concentrate.

So you got the little tube from the frozen department at Publix and you put it in your pitcher and you mix it up with water and that was what we drank as orange juice. It was orange juice from concentrate. And then as my older sibling started to move out of the house, then we started to have real orange juice, fresh squeezed orange juice, not from concentrate.

And that was the sign of our increasing wealth. Or another funny one that I certainly remember was maple syrup. When I was a boy, my mom always made maple syrup. She used some corn syrup and maple extract flavoring to make maple syrup to go on pancakes and waffles. Then we reached a certain point in time where all of a sudden the real maple syrup started showing up on our table and we knew that we were rich now because we changed our orange juice and our maple syrup.

So it just kind of naturally happens is that you spend more and more as the money is available if you don't have a goal. So once again, if you right now are saving 15% of your income and you set as a goal to get to 50% of your income, as your income increases, just lag your expense growth.

You may indeed have those high structural expenses. You may have a high mortgage. You may have high other things. You may have high car payments. When the cars get paid off, just keep them an extra five years. Don't trade them in at six years old. Keep them until 11 years old and then trade them in.

And then by that time, you can probably go ahead and get a new car and still keep it 50% of your expenses. Cover your needs, don't spend all your money. There's going to be a base level of needs that everyone has to cover. And so if you're there, cover your needs, but don't spend all your money.

Set as a goal to get to 50% of your income in terms of savings and spending. And even if it takes you 10 years to get there, you'll be grateful for it and you'll start to reap the benefits quickly along the way. Remember, we live in a world in which many people spend more than they make.

So if you're spending less than you make, you're doing well. We live in a world in which some people save 10% of their income. So celebrate when you get to 22% of your income. That's going to be amazing. Think how quickly your wealth is growing. And when you get to 40% of your income, you're in a very rarefied area, a very rarefied company.

And your wealth is growing really, really quickly. And so you'll have motivation to get there. What if you're in an extreme situation? Your income is extremely low or your income is extremely high. Remember, I'm setting goals. They may not be achievable by you or they may not be relevant for you.

If your income is extremely low, you're working as a minimum wage worker and you're supporting a household with children, you're not going to be able to make it to 50% of your income. And that's perfectly fine. But you still got to live on less than you make and you still got to save something.

So work towards it and be patient. I have watched a lot of people make a lot of mistakes because they didn't notice when things changed. In 2024, you may be earning minimum wage, supporting a big family, and things aren't going so well. But in 2034, you could be in a completely different situation.

So don't turn around and just start spending all your money. Keep this goal in the back of your mind. Keep this goal in the back of your head for when you get there and focus on your income. If your income is very high, there are many people who spending 50% of their income would be pointless extravagance.

Recognize that there's nothing magic about any of these numbers. If you can live on 20% of your income, great. Live on 20% of your income. Now we got to figure out what to do with the other 80%. There's no magic about the number. My goal is to say, "Hey, this is a really good round number.

This is really doable for many, many people. And this dramatically accelerates the wealth-building process and dramatically accelerates the options that are available to you as compared to 10%. So basically, I'm saying we shouldn't make 10% the default. If we're going to make any number the default, let's make it 50%, not 10%.

Let's train our children to expect to spend half their income rather than 90% of their income. And they'll be really grateful for that 15 or 20 years from now. Final comment. This is a concept, not a rule. So be smart about how you implement it. Let's say that you're a young man and you're saving 50% of your income and spending 50% of your income.

And all of a sudden, a chance comes along for you to buy a house. Don't get bent out of shape because a house is a consumption expense. And after all, is this going to be spending my money? No, buy the house. That's why you're saving the money. So take 50 grand or whatever you've got in savings by that point in time and buy the house.

What we're basically trying to avoid is getting used to just consuming 90% of your income. But along the way, you're going to make big purchases, you're going to make big investments, you're going to make big gambles, take big bets on something. And not everything is going to go great.

Once you experience having some money saved up, you're going to see the options that are available to you. So the goal is just keeping your expenses, your standard expenses down so that you can make those big things. So don't get all bent out of shape and say, "Well, if I take all this money, I'm going to get out of shape," and say, "Well, if I take all this money from my savings and I put it all into this house that's available, then everything's going to fall apart." No, just buy the house.

It's going to be fine. And then final, final comment is if you can't do this, it's okay. But you can still teach other people to do it. I think there are a lot of us who will probably never accomplish all of the things that we wish we had accomplished when we were younger.

I've reached that point in my own age in which I feel that very keenly. There are many life paths and life decisions that are now out of my ability because the years keep going along. So one of the things that I can do is learn from that and then turn around and just try to help other people.

So you may never be able to get your income high enough and your expenses low enough to be able to live on 50% of your income. That's okay. That's fine. Teach your children differently and help them just to look at things differently. At the end of the day, most of us are going to hit the goals that are given to us.

So let's give other people a really life-changing goal like spend half, save half, live on 50% of your income as compared to just modest good advice like save 10%. Not everybody is going to achieve any goal. Not everybody's going to achieve 10%. Not everybody's going to achieve 50%. But if we just install the standard goal being to spend half, save half, a decade or two from now, you're going to get a whole bunch of big thank yous from those who were inspired to go after that goal because they were capable of it rather than achieving a less impactful goal.

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