Editor’s Note: In today’s Diary, Bill continues to share his enduring advice on how you can live simply and build long-term wealth. If you missed yesterday’s “How to Live on $500 a Month,” you can read it here.
ON THE WINE-DARK IONIAN SEA – We drove from Palermo to Agrigento, thence to Syracuse, and finally Catania. This was a quick visit to Sicily. Not enough to learn very much.
Sicily is complex. It deserves time. If we had more, we would rent an apartment and get to know it better.
But now we are on a ship, headed to the Greek island of Santorini.
We’re backtracking the route perhaps used 2,800 years ago by the Greek settlers who colonized Sicily in the eighth century B.C.
They set up shop in Syracuse and spread all over the island. A few decades later, they were fighting for their lives against the Carthaginians. Then, in 264 B.C., it was the Romans who aimed to take over.
It was the nearly 50-year-long battle against the Romans that displayed the full range of the classical era’s greatest genius – Archimedes.
A stone fortress sits at the edge of the Isola di Ortigia, guarding the entrance to Syracuse’s harbor.
To take the town, the Romans had to dislodge the Syracusans, including Archimedes, from the fort. It wasn’t easy because Archimedes invented novel machines – such as “the claw” and the “heat ray.”
“The claw” was mounted on a giant crane. It reached over the walls of the fortress and lifted Roman ships up out of the water, dropping them so they broke up on the rocks.
The “heat ray” consisted of a series of mirrors that focused the sun’s rays on the Roman ships’ sails, causing them to burst into flames.
Recent tests have found it difficult to reproduce Archimedes’ results, making us wonder if the reports of his genius were exaggerated.
And despite Archimedes’ innovations, the Syracusans lost the battle after a two-year siege. According to legend, Archimedes was so lost in his thoughts, pondering the significance of circles, that he didn’t even notice the Roman soldier who advanced to kill him.
Sicily is chockablock with history. And prehistory. If we were in the mood for it, we would take the time to dig deeper into it.
Houses are cheap in Sicily’s forgotten mountain towns. Food and wine are cheap, too – and plentiful.
We’ve been wondering about how we could live better on just $500 a month. And our brief périple in Sicily reminded us of how taste and style figure so largely in what is “better.”
An apartment in the town of Piazza Armerina, where you could dine on the plaza… hear the bells of Sant’Anna… and discover Sicilian culture, history, and the unique Lombard dialect – would that be better than living in a motor home in a Walmart lot?
Our aim is to live better. An obvious way to live better is to live in a better place and eat better.
Of course, “better place” can mean a lot of different things to different people. Some will want to live near the sea; others will want to live in the mountains. Some will favor the suburbs; others will prefer city life.
De gustibus non est disputandum, as the Romans said. You can’t argue about tastes.
But one idea seems simple and easy. At least to us.
In theory, it must be possible to buy small farms in many parts of the U.S. for just $30,000.
But when we looked to see what we could find for that price in West Virginia, we found almost nothing of interest. Most everything that was interesting (to us) was about $150,000 or more. At 4%, nothing down, and interest only, that would be about $500 a month. Or, with the $30,000 we saved from yesterday’s Diary message, as a down payment, we would be left with a $120,000 mortgage and monthly payments of about $450.
If you can swing the purchase, then you have an environment that you can control.
Many of the small farms you will find are isolated. Many are surrounded by natural beauty. Many have old farmhouses that can be fixed up to match your tastes. (It helps if you are handy!)
Put in a wood stove and fireplaces for heat. Build a greenhouse onto the main house for heat and food. Plant a garden. Create an orchard. Make sure you have an internet connection, and learn to preserve food by canning, drying, and freezing. Raise a pig. Keep a cow. Bees. Rabbits. Chickens. Buy an old pickup truck.
You will develop calluses. But they may be happy calluses – the kind you get from doing things that you like doing.
Property taxes on the little farms we looked at were only $300 to $500 a year. Some come with free natural gas. Almost all have substantial timber. Your food and utility costs could go down to almost zero.
Would your quality of life go up? Or down?
In our imagination, it could take a big leap upward. No more planes to catch. No more Terminus Nord in Paris. And say goodbye to the Charlotte Street Hotel in London.
Oh, and cruise ships in the Mediterranean?
In exchange, we get a life of quiet labor and calm routine. Like Emperor Diocletian, who gave up power in Rome to grow cabbages in Split, we think we might be trading up.
Further Reading: Did you get the chance to see the recent video featuring Bill and Will Bonner? It’s a quick rundown of a limited-time holiday season invitation to our highest level of service at Bonner & Partners. You can watch it right here…
Currencies expert Jim Rickards released a new video, but it isn’t another warning about the dollar.
Jim says we’re about to see a complete rewrite of the global financial rules… and the ultimate end of the American Empire.