Edmund Moore, PhD, 62, just retired in September. The former senior materials engineer is set to enjoy the golden years. He’s learned a thing or two about managing money. “I was fortunate to be in a position to misuse resources at an early age before coming to my senses and shepherding those resources as I matured,” he says.
Moore says that by default, his first year in college he got serious about budgeting. “I wanted to move out of a dorm room (required to live in for the first year of college at Florida A&M University) to a rental house or apartment. I produced a budget that revealed that it was cheaper to live off campus than on campus.”
Since then, it’s been all about a budget. He’s never used a budgeting app, relying on pen, paper, or an Excel spreadsheet. He credits his father for being an example, “His philosophy was to be happy, do not want so much, set goals, live within your budget, and do not owe anyone any debt,” says Moore, author of Financial Freedom.
He offers three pieces of advice: