Recently Elizabeth Thames, more commonly known as “Mrs. Frugalwoods” came out with a book detailing their path to financial independence and a new life on a farm in central Vermont. Most readers know the basic story, as they have been following her blog (see link to right) for years.
The book is told entirely from Mrs. Frugalwoods point of view (she does include conversations with her husband often). It tells the story from her college graduation, her first job (making $10,000 while living in Brooklyn and working for Americorp), and then on to other locals, jobs and adventures. Along the way, she manages to save a large percentage of her income by living a frugal, but not extreme, existence.
After the two of them marry and move to Boston for work (and after they have bought a house) they decide to pursue Financial Independence. The two of them are having coffee/tea at a shop, and Mr. Frugalwoods shows her a spreadsheet with reveals that, based on cutting some of their current expenses (they were already saving about 45% of their take home pay), and then renting their house in Cambridge, MA, in 3 years and 5 months. they could purchase a farm in Vermont and be financially independent.
It is at that that the Frugalwoods blog starts, and they “kick it into high gear” and start to really save. It is this part of the book where she goes into some detail on how to trim expenses even more, and some of the steps they took to move towards extreme frugality. She even gave up her haircuts and had her husband start cutting her hair! As a budding FI person, this is the part that I like, the concrete methods used, the things I could learn from and copy.
The conclusion of the book has them reach their FI number, and at the same time, give birth to their first child, and buy their farm in central Vermont. All a happy ending, though the adventure for them is really only just beginning. I’m sure as you read her blog, you will get to learn more about their new lives.
As far as a finance book, I would have to say it was lacking a lot of the math and calculations that folks in the community are used to seeing. The book is lacking in net worth calculations, expense ratios, etc. As a numbers geek, I was hoping for more concrete examples of how they reached their goals.
If you look a good story of how one woman and her family reached FI and found a life that they wanted, it’s a good yarn.
Mr. 39 Months.