Top 10 Facts about Mr. Money Mustache Peter Adeney
Frugal living isn’t a new concept. In fact, many have tried to blog and provide information on this subject in the past. Unfortunately, many of these individuals failed, and it was often due to the same reason – rehashing the same old, tired tips, and information. For modern savers and those who truly want to learn to live a life of leisure while having everything they want and need, Mr. Money Mustache is a breath of fresh air. He offers a unique, new perspective on money, savings, and living a financially secure life.
Mr. Money Mustache began his blogging career as a thirtysomething retiree who wanted to share his knowledge regarding living a frugal life of leisure. With a huge gathering of loyal fans and supporters, as well as those who utilize his money tips and put them into action, the Mr. Money Mustache blog has grown in epic proportions.
However, there are still some who want to know more about the man behind the ‘stache. For example, does he have a name other than Mr. Money Mustache? How did he learn all these amazing and effective tips he shares? Why does he choose to impart this knowledge to the masses through his blog? Does he gain anything from doing this?
If you have asked some of the same questions, yet never found the answer, today is your lucky day. Here are 10 facts about Mr. Money Mustache that helps you get to know his frugal personality, what makes him tick, and why this is a blog you need to follow.
10. He Lived and Saved Many Years Prior to Retirement
Peter Adeney is the Canadian expatriate, now 41 years old, who goes by the alias Mr. Money Mustache. Both he and his wife earned a college degree and then lived a life that involved them both working average, nine to five jobs. He saved enough money during his 20s, working as a software engineer, to retire by the time he reached the age of 30. This doesn’t mean he’s a millionaire. In fact, he earned tens of thousands, and then hundreds of thousands of dollars, which he and his wife saved diligently.
This was done during a point in history when others were piling on more and more debt, and living beyond their means. He worked out an effective way to make these earliest paychecks last, which consisted of a strategy of frugality and investment.
During this time, over-indulgence came easily. However, Mr. and Mrs. Money Mustache and their one child (a son) opted to live a more frugal life then – and now – allowing them to free themselves from the constraints of the typical work week and offering them a financially stress-free existence. With this lifestyle, Mr. Money Mustache, his wife, and son, have more time to spend together, travel, and do the things they want to do, rather than remain a “slave” to a traditional job.
9. He Only Spends $24,000 Per Year
When a person finds out they have the ability to retire by the age of 30, others may believe this is due to them having excessive amounts of money at their disposal. Also, most agree this is money that wasn’t earned, but either won in some type of lottery or inherited from a rich, dead relative. While in most cases, this is true, it is not always the situation, as is seen with Mr. Money Mustache. In fact, according to several interviews and reports, he, his wife, and son, spend only $24,000 each year. For many, this is a number that is inconceivable, considering the luxurious and frivolous lifestyles most people follow.
Now, the big question most people have is, how in the world has he achieved the ability to not only retire, but also live on just $24,000? This is something that most modern people and families can’t even imagine, simply due to the high cost of living today, regardless of where in the world you reside.
He originally retired from “real work” in 2005 to begin a family. This was not achieved through luck, a superior skill set that others just don’t have, the lottery, or generosity of a dead relative. The key to this mystery was living a lifestyle that was approximately 50 percent less expensive than the majority of other people. He and his wife invested their surplus income into an extremely conservative and boring Vanguard index fund and a few rental houses.
8. He Kept His Identity “Under Wraps” for Years
According to Adeney, when he first began his blog he kept his true identity “under wraps.” He misled people regarding his biographical particulars and whereabouts, even performing a so-called striptease of his expenses and earnings. In an interview, he stated that he found it embarrassing to “walk around in his monetary underwear” in front of everyone.
Over the years he began to divulge more and more about his personal life, as he warmed up to the Mr. Money Mustache persona and the admiration he gained from the masses. Today, anyone who takes the time to look, easily finds he lives in Longmont, Colorado, which is about 30 minutes to the northeast of Boulder. This area is touted as being his own Mustachian paradise and has attracted others who wish to live a similar, frugal lifestyle.
This town, originally founded in 1871 by Chicagoans, was developed as a utopia for agriculture and later the area thrived on the growth of sugar beets. Thanks to the tech-based boom in Boulder spreading to surrounding areas, including this town, the area has been revived. Now, it is a craft-brew town that is full of fixer-uppers that Mr. Money Mustache often works on himself. This is for fulfillment purposes, of course, since he doesn’t need any money. He gets around on his bike or by foot, only using the car when he must haul loads over 100 pounds. As a result, he and his wife together only burn through two and a half tanks of gas each year.
7. He Was Raised in Canada By Average, Working Parents
Mr. Money Mustache was born and raised in Caledonia, Ontario. This town had a population of about 10,000 and was approximately 30 minutes away from Hamilton. There were a few unique aspects about this town, including the fact that it had no foreign automobiles, and his family chose not to have access to cable television at home. His mother, whose name was Jane, worked as a schoolteacher and artist, and eventually became a stay-at-home mom. David, his father, worked at an advertising firm that would not make advertisements for tobacco products or alcohol. David had a “no excess” policy when Peter was growing up, which was the beginning of his need to lead a frugal lifestyle. His parents divorced when he was 15.
When Adeney was a child, he earned five dollars each time he mowed the half-acre property his home sat on. When he received the money, he soaked the bills in soap and water, ironed each one, and then placed them in a photo album. This is part of the inspiration to his saying, “a millionaire is made ten bucks at a time.”
In 1997, Peter earned a computer-engineering degree, but decided to miss the graduation ceremony to start working at a company just outside of Ottawa. This company was called Newbridge Networks. This was part of the early up-slope of the dot-com boom.
6. He Began Working in Colorado in 1999
In 1999, Peter moved to Colorado. At this time he was 24 years old. After going to interviews at several tech firms all around the country, he decided to begin working at Carrier Access. The company was headquarter in Boulder. In his position, Peter earned $27,000 per year. When Cisco moved to Boulder and opened a branch, he moved there to begin writing encryption code, which provided him with a slight bump in salary.
During his time working, Peter often lectured his colleagues regarding how to save, rather than spend all their money. In most cases, these tips and advice were met with statements such as, “I have kids,” or “I like four wheelers.” As a result, these individuals kept spending and borrowing money from the bank, all while Peter saved and made smart investments. At one point, he even created a PowerPoint presentation to help teach others about smart investments and saving money; however, only 10 people showed up.
While Peter told co-workers he planned to retire soon, which was when he was still in his late twenties, many brushed it off. However, in the latter part of 2005, with $600,000 in investments and a house that was completely paid for, worth $200,000, Peter did, indeed, retire. He figured out that this was the amount he needed by determining he could rely on a conservative return of about four percent a year. He also determined his family could comfortably live on just $24,000 per year.