Nyioves wrote:And makes the case that 7000 bucks / year is very difficult to pull off....
... Theoretically it is possible but why bother?
You want itemized, take a look at my journal, its detailed. Not counting our temporary renovation expenses my wife and I average ~14K per year in expenses, or 7K per year each. It's not that hard to do, I haven't even thought about it. I really don't think anyone should try to achieve 7K per year just for the hell of it. It should be something you achieve as a side affect of optimizing your life so as to just not spend money. That's how we do it.
You should also note that this doesn't mean jacob (or I for that matter) actually have outflows of 7K per year. If you have inflows of 5K (hobby, selling stuff, etc.) and outflows of 12K........it's still living on 7K per year. Just different accounting but the end result is the same - 7K in expenses annually.