The Voluntary Life: 266 Self-Sufficiency And DIY: Good For Financial Independence?

23 October 2016

266 Self-Sufficiency And DIY: Good For Financial Independence?


Many people who write about financial independence emphasise the benefits of self-sufficiency and DIY as part of their lifestyle. Will it help your journey to financial independence to try to be self-sufficient? Does it make financial sense to do your own repairs and renovations? This week's episode provides a different perspective.

Show Notes:


Listen To Episode 266


6 comments:

  1. Great podcast! Building a business was your own DIY project.

    Thank you for mentioning how tax messes up comparative advantage. A professional painter can paint my wall 10% more efficiently than I can, but taxes mean they will charge me 20% more than my time is worth. So I do my own painting. :(

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  2. Interesting thoughts! Another reason (that was not mentioned in the podcast) for doing stuff yourself is that the experience you gain also let's you outsource the same task much more effectively. It is a completely different conversation with a mechanic when he realizes I understand the basics of what we are talking about. Another point I wanted to make is that DIY is not necessarily related to engineering stuff only: cooking for example is DIY meals, same holds for making music etc. Again, knowing about food and vegetables e.g. also influences consumer decisions for the better with regard to those matters.

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  3. Great podcast. Thanks Jake!

    Personally I don't view DIY as part of financial independence, but rather both DIY and FI are part of a larger movement that we might call self empowerment. I really find myself appreciating homesteaders, people living in tiny homes, the FI movement and people into permaculture as well even if I don't personally do all of these things. I think the reason for that is that underlying each of these movements is a desire to empower the individual which I totally identify with.

    One other thing I would say is that certain areas like health and investment are so important that individuals reallly need to educate themselves in these areas, particularly given the misalignment of motives between service providers and their customers in those fields.

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    Replies
    1. Thanks Raphael, great points. I also really appreciate the self empowerment aspect.

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