Millennial living the life of a millionaire retireee

I liked this line -"Maybe we need a word for “never having to sit in a meeting where someone reads long power point slides out loud." I laughed out loud at that.
 
and this..."he doesn’t want for much, largely because he’s smart enough to know that the only way to be rich is to want little. He takes no money from his parents."

Amethyst
 
Well Max seems to have picked up many of the lessons of Kimo's Hawaiian rules, "the best things in life aren't things", and "two ways to be rich earn more or desire less"

I hate to be humbug in otherwise nice story, but it is easier to get 20 year old to get a tat of your name, and buy your music when you are 25 year old guy then when you are 55 year old guy.
 
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Well, while it is nice to be a carefree person who works if and when he likes it, somebody else has to be working full-time to pay taxes to support all the subsidies that the former person enjoys.
 
I am sure that at some time he will change.... wanting to have a family takes a big bite out of a budget...


Sure, many years ago when I was much younger I could live off less than $24K... even had two cars and a house... traveled and enjoyed life... but getting married to someone with 2 kids.... that changed a lot of things...

Also, getting older is more costly... when I was young I did not go to docs at all... now go a few times a year... DW has had a few operations that cost us big time... her teeth are in bad shape and is costing me over $20K... so yes, you can live life like a retired millionaire up until the time you actually NEED some money and then you cannot....
 
I loved the article and the sentiment. My millennial friends are very clear on their expectations for work life balance and how much life energy they'll trade for stuff. I'm jealous as hell, frankly.
 
NW-Bound said:
Well, while it is nice to be a carefree person who works if and when he likes it, somebody else has to be working full-time to pay taxes to support all the subsidies that the former person enjoys.
Click to expand...

I must have missed the part about all the subsidies the taxpayers are providing this guy. I thought he was supporting himself, picking up work when he chooses, and building the life he wants. I guess I skipped the part about him living on welfare.
 
No, I did not mean that he was on welfare.

Sorry that I jumped to conclusion that his low income by choice would get him tax income credit and healthcare subsidy. In fact, I do not know what his income is.
 
Some friends of one of our kids have a band with a contract with a music label, have albums on iTunes, and travel the world on tours. I think it is pretty cool.

They can always go to college when they are older if they aren't FI by then, but their friends who went to college aren't likely to ever get signed to record deals.

I think you have to seize opportunities like that when you can.
 
NW-Bound said:
No, I did not mean that he was on welfare.

Sorry that I jumped to conclusion that his low income by choice would get him tax income credit and healthcare subsidy. In fact, I do not know what his income is.
Click to expand...

I don't know for sure but I suspect it is the case. It is fine that a large group of young people have become antimaterialistic. Plenty of folks on the forum have been doing the same thing for decades. I also only partly begrudge the youth the freedom to be young and irresponsible. Just because I was a good boy with my nose to the grindstone at 22 doesn't mean everybody has to be.

Still a big part of me worries about in a global economy is really ok for 25 year olds to be acting like millionaire retirees?. I don't think this is something 25 year old's in China, India, or South Korea get to do with their father blessing.

Like or not us old fogey are depending the Millennial to fund our social security and medicare. We can't buy any Alzheimer's drugs with the tat on 20 year old girls arm.
 
clifp said:
I don't know for sure but I suspect it is the case. It is fine that a large group of young people have become antimaterialistic.
Click to expand...

Not a new concept. I seem to recall this being the call of many-a-baby boomer back in the Summer of Love era.

Now we hear about the how this same group of folks has to continue working forever in order to survive "retirement."

I'm not begrudging this young fellow. However, if all of society does this, then I guess we'll starve to death. Somebody has to get out in the fields (wake up early, what a concept!), somebody has to smelt the iron which goes into the plows, etc....
 
JoeWras said:
Not a new concept. I seem to recall this being the call of many-a-baby boomer back in the Summer of Love era.

Now we hear about the how this same group of folks has to continue working forever in order to survive "retirement."

I'm not begrudging this young fellow. However, if all of society does this, then I guess we'll starve to death. Somebody has to get out in the fields (wake up early, what a concept!), somebody has to smelt the iron which goes into the plows, etc....
Click to expand...

The average OECD household income is $23K a year, and most of the those countries aren't filled with starving people. The U.S. is highest in household income so we have a ways we could drop and not starve -

http://www.oecdbetterlifeindex.org/topics/income/


However, more of the population would have to live a life more like middle class families in many of the other OECD countries - smaller houses, cars and appliances, not buy on average 65 pounds of new clothes each year and overall not spend 1/3 of a billion dollars on pet costumes every year.

If you look at the cost of attendance at colleges and subtract out tuition, to live a life like a college kid doesn't cost a whole lot, but it does provide the basics like food and shelter -

http://www.admissions.ucla.edu/prospect/budget.htm

The cost of attendance at UCLA for 9 months of off campus living expenses, not including books and tuition, is 15K.
 
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clifp said:
I don't know for sure but I suspect it is the case. It is fine that a large group of young people have become antimaterialistic. Plenty of folks on the forum have been doing the same thing for decades. I also only partly begrudge the youth the freedom to be young and irresponsible. Just because I was a good boy with my nose to the grindstone at 22 doesn't mean everybody has to be.

Still a big part of me worries about in a global economy is really ok for 25 year olds to be acting like millionaire retirees?. I don't think this is something 25 year old's in China, India, or South Korea get to do with their father blessing.

Like or not us old fogey are depending the Millennial to fund our social security and medicare. We can't buy any Alzheimer's drugs with the tat on 20 year old girls arm.
Click to expand...

No worries. Reality and debt will catch up to them soon enough and they will be miserable wage slaves like everyone else.
 
NW-Bound said:
Well, while it is nice to be a carefree person who works if and when he likes it, somebody else has to be working full-time to pay taxes to support all the subsidies that the former person enjoys.
Click to expand...

Well said.
 
Of course, there's a very good chance that this young man's band won't be the project that supports him into a comfortable retirement - I'd put some money on it even! However - perhaps by doing what he loves, if he ever gets to the point where he wants to make a bit more, support a family etc etc, he'll find something in a closely related field that does pay a bit more.

I don't think we should be too fast to assume that he's wasting his younger years in a dead-end pursuit. Heck, I followed my heart in an entertainment-related industry and found a way to make money from it.

Agree with those who have said he is lucky to have such a supportive and understanding father.
 
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