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Millennial living the life of a millionaire retireee
Old 11-07-2013, 01:02 PM   #1
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Millennial living the life of a millionaire retireee

Essay in today's NYT...."I Want to be a Millennial When I Retire":

"... the answer I give when people ask me if Max’s career is a success. I say: “It’s off the charts. He’s living the life of a millionaire retiree.” "

http://www.nytimes.com/2013/11/05/bo...-i-retire.html

I wonder how prevalent this type of lifestyle is among the Millenial group?

omni
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Old 11-07-2013, 01:26 PM   #2
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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.
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Old 11-07-2013, 04:58 PM   #3
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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."

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Old 11-07-2013, 05:56 PM   #4
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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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Old 11-07-2013, 06:04 PM   #5
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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.
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Old 11-07-2013, 06:28 PM   #6
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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....
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Old 11-07-2013, 09:05 PM   #7
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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.
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Old 11-07-2013, 09:22 PM   #8
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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 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.
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Old 11-07-2013, 09:33 PM   #9
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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.
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Old 11-07-2013, 09:37 PM   #10
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He is lucky to have a father who sounds proud and supportive of him.
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Old 11-07-2013, 10:36 PM   #11
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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.
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Old 11-08-2013, 12:34 AM   #12
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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.
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.
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Old 11-08-2013, 09:04 AM   #13
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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.
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....
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Old 11-08-2013, 10:06 AM   #14
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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....
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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Old 11-08-2013, 11:26 AM   #15
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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.
No worries. Reality and debt will catch up to them soon enough and they will be miserable wage slaves like everyone else.
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Old 11-08-2013, 11:36 AM   #16
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No worries. Reality and debt will catch up to them soon enough and they will be miserable wage slaves like everyone else.
And there's that cheery dose of optimism from Gen X.
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Old 11-08-2013, 11:47 AM   #17
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And there's that cheery dose of optimism reality from Gen X.
FTFY.
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Old 11-08-2013, 01:16 PM   #18
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FTFY.


Having a good day today, eh?
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Old 11-08-2013, 01:32 PM   #19
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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.
Well said.
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Old 11-08-2013, 01:46 PM   #20
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He is lucky to have a father who sounds proud and supportive of him.
I agree...the article made me smile.
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