Cool FIRE article in MSN Money

[Major Tom]

I think they are foolish for giving up high paying careers too early in the game in this weak economy for millennials.

The real carrot of early retirement for them was at about age 40 if they continued their hardcore savings rate. A 20 to 25 year career making real income.

Not this trendy sense of entitlement and instant gratification millennial fantasy of working 10 years and BOOM! "look mommy I am retired."

Seriously! You went to college and earned a degree in chemical engineering and computer science to do what. Work just 10 years and quit a great paying career to blog like millions of other millennials who live in their parents basement . Suck it up millennial generation because working can suck sometimes.

My millennial son and his friends can see right through this whole lottery ticket,house flipper,buy gold,high flying 90s .com, get rich quick retire early mentality for a 30 year old.

Why don't you tell us what you really think? No holding back this time

 

[FUEGO]

I think they are foolish for giving up high paying careers too early in the game in this weak economy for millennials.

The real carrot of early retirement for them was at about age 40 if they continued their hardcore savings rate. A 20 to 25 year career making real income.

Not this trendy sense of entitlement and instant gratification millennial fantasy of working 10 years and BOOM! "look mommy I am retired."

Seriously! You went to college and earned a degree in chemical engineering and computer science to do what. Work just 10 years and quit a great paying career to blog like millions of other millennials who live in their parents basement . Suck it up millennial generation because working can suck sometimes.

My millennial son and his friends can see right through this whole lottery ticket,house flipper,buy gold,high flying 90s .com, get rich quick retire early mentality for a 30 year old.

Soooooo, work an extra 15 years so they can have 4 million more than they think they need? So they can live on a 0.8% SWR? And they are the crazy ones...

I don't think this has anything to do with them being millennials or the fact that they are 30. They have enough to live a rewarding (for them) life and get by just fine for the next 20+ years (and probably much longer).

 

[papadad111]

I can't respond for purplesky, but I have a problem with it because I believe it's deceitful.



Retirement in most people's mind has a meaning -- that meaning normally doesn't include having to curate your life online and sell advertising and affiliate links to support your "retirement."



Essentially it's about honesty. I would have no problem if it was promoted as we've become professional bloggers and travel the world. But they sell a story called "retirement" not "save your money for 15 years and semi-retire while you supplement your income through a blog and live frugally."



Those really are two different things.

+1. Well said, aim high

 

[Fedup]

I'm waiting for the next blog from a high schooler to tell me he is retired. But seriously, it's important to find what you love to do then it's not work. Why do something you don't like that you want to retire in your 30s?

 

[papadad111]

Soooooo, work an extra 15 years so they can have 4 million more than they think they need? So they can live on a 0.8% SWR? And they are the crazy ones...



I don't think this has anything to do with them being millennials or the fact that they are 30. They have enough to live a rewarding (for them) life and get by just fine for the next 20+ years (and probably much longer).

That's the catch. They need to get by for 50 years. Not just 20 years ... At 20 years on, it will put them at age 50. Which everyone knows is too young for societies safety nets and too old for megacorp to go hire them.
It's a real quandary and disingenuous to publish this in a mainstream financial rag without the full picture.
Talk about fiduciary responsibility laws - These money rags are a big part of the problem.

 

[nokkieny]

So I am 28, I could retire in MMM fashion today, but plan on working a few more years so I don't have to barely skimp by.
I do think most of the opinions that this is millennial fantasy is well founded. I am pretty active on the FIRE subreddit, a much younger crowd then this forum, and these people are obsessed with super saving, I can retire even earlier if I don't go to starbucks. I think it is well founded, given the lack of opportunity and happiness in the American workforce.. But, it is not well thought out IMO, there are too many risks involved given 50 years of retirement.

I always want to ask these people, what happens when your duplex is vacant for a few months? I guess start splitting sheets of toilet paper?

A good comparison would be preppers, who basically build their lives around living an extra few months when the world comes to an end.. When you accept a low income super long retirement you are buying into a lifestyle that is probably not comfortable for most people, but you enjoy the quirkiness

 

[imoldernu]

Gee...! If we had retired @ 30, we would now be retired for 50 years.
I wonder if my four sons ever realize how much they delayed our golden retirement anniversary?

Ain't no justice.

 

[RobbieB]

There is a little problem for them "going back to work" too. High pay high tech jobs require high tech "up to date" skills, not stuff from 20 years ago.

I can imaging the interview;

So what was you last job?
Chemical engineer.
When was that?
20 years ago.
Next.

 

[purplesky]

Soooooo, work an extra 15 years so they can have 4 million more than they think they need? So they can live on a 0.8% SWR? And they are the crazy ones...

I don't think this has anything to do with them being millennials or the fact that they are 30. They have enough to live a rewarding (for them) life and get by just fine for the next 20+ years (and probably much longer).

It has everything to do with them being millennials because they are.

They put themselves at the mercy of the stock market by not saving enough cash when they could have easily worked longer(about 10 years) in their high paying careers.

So now a bear market withdrawal means big time stress for theses millennials instead of buying low and accumulating more wealth with the real earned income they gave up too early in the game.

Millennials need to understand there is no magic unicorn shortcut to retire at age 30.

I am not talking about investment bankers who hit a financial home run and can do it by age 30.

Now everyday they wake up and look at their portfolio balance. Because they have to invest very aggressively for this 1 million to last a lifetime.

Working 10 more years at their income level would have given them total piece of mind to truly produce a comfortable income stream and the ability to ignore the daily markets.

Yes working until age 40 is rough. Give me a break.

 

[FUEGO]

Purplesky, why does it bother you so much if they enjoy several years off work, maybe do a little something part time here and there, maybe go back to full time work at some point?

Jealous that they can afford to have the time of their lives and maybe do this forever?

 

[purplesky]

Purplesky, why does it bother you so much if they enjoy several years off work, maybe do a little something part time here and there, maybe go back to full time work at some point?

Jealous that they can afford to have the time of their lives and maybe do this forever?

So they are not really retired at age 30? So it is a millennial fantasy claiming that they are retired. A trick to get web traffic.

I have been to Costa Rica several times. Been there done that. I didn't sleep in the back of a 4 runner to get there.

 

[FUEGO]

So they are not really retired at age 30? So it is a millennial fantasy claiming that they are retired. A trick to get web traffic.

I have been to Costa Rica several times. Been there done that. I didn't sleep in the back of a 4 runner to get there.

I guess we'll find out in the next several decades.

Why does it bother you so much if they enjoy several years off work, maybe do a little something part time here and there, maybe go back to full time work at some point?

I actually liked reading about their overlanding / camping in the back of the 4 runner. It made me think "hey, we could do this with a minivan and have EVEN MORE luxury than they did". Not with our 3 kids of course, but some day.

 

[FI by 2024]

Soooooo, work an extra 15 years so they can have 4 million more than they think they need? So they can live on a 0.8% SWR? And they are the crazy ones...



I don't think this has anything to do with them being millennials or the fact that they are 30. They have enough to live a rewarding (for them) life and get by just fine for the next 20+ years (and probably much longer).

+1

Man, this place sure has seemed like a downer lately. Not sure when we decided that retiring early was a bad thing. It seems to me that a year ago everybody here would have been applauding them for knowing what they wanted then working (and saving) hard to get it, and wishing them well on their journey. If they have enough money to live on, why is anybody here complaining? They are living their dream! If it doesn't work out and they have to go back to work, they are still better off than most of America drudging off to a job they hate for 40+ years without a break. No different than any other person here who decides to go back to work and when that person creates a thread about it the response is usually pretty positive. Maybe everybody could lay off the incredibly innovative and hardworking millennials in the article. It seems to me they are doing just fine.

 

[rodi]

I worked longer than the bloggers in the OP - but they figured out something early on that I didn't. Perhaps I could have retired sooner if I'd figured out that:
a) reducing spending means more savings going in while working.
b) reduced spending (see a) means you need less per year in retirement.

I had a decent income, and was saving - but didn't get serious about ER till my brother died at age 48... That was a big eye opener that Time > Money. At that point I kicked it into overdrive and 6 years later retired. (I was 52.)

Some consider ER in your thirties a mythical unicorn... If I'd figured out the math (above) I could have retired mid-30's. And I'm no unicorn. Instead I did it in a way the skeptics approve, at age 52.

 

[purplesky]

I guess we'll find out in the next several decades.

Why does it bother you so much if they enjoy several years off work, maybe do a little something part time here and there, maybe go back to full time work at some point?

I actually liked reading about their overlanding / camping in the back of the 4 runner. It made me think "hey, we could do this with a minivan and have EVEN MORE luxury than they did". Not with our 3 kids of course, but some day.

I just bought a 2016 Jeep Rubicon 2 months ago and overlanding/camping would be a blast.
There is a couple with kids on youtube who do the overlanding thing in a Rubicon Wrangler unlimited.

I don't have a problem with this couple specifically as I said earlier. I need to look at their blog. They sound cool.

My concern is that this early retirement in 10 years thing is being portrayed now in the financial media to millennials as somehow realistic.

I get 7 weeks of vacation and people are always bothered by my vacation time.

I snowboard for 4 to 5 weeks in a row every season and I am usually ready to get back to work.
If I took a 2 year break from working it would be hard to go back I am sure.

 

[daylatedollarshort]

At least the couple in this article seemed fairly honest about their lifestyle and expenses, like the 15 year old van. They aren't writing about a bunch of expensive adventures and expenditures that are conveniently left off their annual budget, or giving the impression they have retired early to sell the blogs and books when really they work full time at high paying careers, the do what I say not what I do kind of blogs.

I would call what they described as downshifting, not retiring. Retiring is a misused for click bait word these days.

Personally, I find the best retirement info on forums not blogs, as there is better information with collective wisdom and usually forum posters do not have any compelling financial incentives to embellish their situations.

 

[purplesky]

+1

Man, this place sure has seemed like a downer lately. Not sure when we decided that retiring early was a bad thing. It seems to me that a year ago everybody here would have been applauding them for knowing what they wanted then working (and saving) hard to get it, and wishing them well on their journey. If they have enough money to live on, why is anybody here complaining? They are living their dream! If it doesn't work out and they have to go back to work, they are still better off than most of America drudging off to a job they hate for 40+ years without a break. No different than any other person here who decides to go back to work and when that person creates a thread about it the response is usually pretty positive. Maybe everybody could lay off the incredibly innovative and hardworking millennials in the article. It seems to me they are doing just fine.

They only worked a decade. They are not retired.

They are probably super cool people and yes they are living their dream to not work. More power to them

So is not working now the new American dream.

So people work 10 years and play. Now thats some real sense of entitlement and instant gratification.

 

[Sarah in SC]

So is not working now the new American dream.



So people work 10 years and play. Now thats some real sense of entitlement and instant gratification.

Sounds fantastic to me! What's not to love? I count myself among those who were profoundly influenced by YMOYL, and Joe Dominguez's belief that we could do far more good in the world by putting aside working for money as soon as possible.

I'm wary of attributing entitlement and instant gratification on others, far better to think positively of them, and be happy that they've achieved their goals. And hopefully stave off my own inevitable "kids these days" grumbles.

 

[Mulligan]

Unless you have health issue or stressful job, I'm not sure what's the big deal of retiring in your 30s. My millennial kids enjoy working. This is when you have the most energy. I'm sure my husband would not have wanted to retire when he was in his early 50s even. His dad retired in his early 60s and had 30 years of playing cricket, dancing, bird watching, etc..he died in his early 90s. That's almost half of his life basically doing nothing.

I want my 30 years of doing nothing also. But I wasnt risking having to live into my 90s to get it though. I love golfing and even more golfing for free. I am involved in the area "50 and over senior scramble tour". Its a misnomer because out of the 100 or so that show up 2-3 times a week, maybe one other person besides me is under 65-70. I got to get the free money while I can because I will give it back when Im 80 thinking I can beat the 50 year olds.


Sent from my iPad using Tapatalk

 

[bclover]

Gee...! If we had retired @ 30, we would now be retired for 50 years.
I wonder if my four sons ever realize how much they delayed our golden retirement anniversary?

Ain't no justice.

Lol, yes there is, do like me and tell your kids you have every intentions of being a burden in your old age.

 

[FUEGO]

I just bought a 2016 Jeep Rubicon 2 months ago and overlanding/camping would be a blast.
There is a couple with kids on youtube who do the overlanding thing in a Rubicon Wrangler unlimited.

I don't have a problem with this couple specifically as I said earlier. I need to look at their blog. They sound cool.

My concern is that this early retirement in 10 years thing is being portrayed now in the financial media to millennials as somehow realistic.

I get 7 weeks of vacation and people are always bothered by my vacation time.

I snowboard for 4 to 5 weeks in a row every season and I am usually ready to get back to work.
If I took a 2 year break from working it would be hard to go back I am sure.

I don't think this is credible information. I've never known anyone that owned a 2016 jeep rubicon.

And 7 weeks vacation? Impossible since companies only give four weeks maximum to even their best employees.

I don't like how some people portray brand new Jeep Rubicon ownership as realistic. I also don't appreciate telling people, especially young people, that it's possible to receive seven weeks of vacation. It just sets up an unrealistic expectation that it's even possible and risks misleading others into pursuing an unattainable goal.

 

[purplesky]

Sounds fantastic to me! What's not to love? I count myself among those who were profoundly influenced by YMOYL, and Joe Dominguez's belief that we could do far more good in the world by putting aside working for money as soon as possible.

I'm wary of attributing entitlement and instant gratification on others, far better to think positively of them, and be happy that they've achieved their goals. And hopefully stave off my own inevitable "kids these days" grumbles.

Maybe we should just start giving 30 year olds a pension check for life so they can go out in the world and do good things instead of actually working.

Because working the 10 years through your 20s is such a big waste of time and it's so damn exhausting.

We can hand out retirement trophies that say " congratulations millennial you have just worked 10 years and now its time to go play!" Good job!

I find this so funny. We now have more millennials living at home with their parents than millennials getting married.

And we are suggesting the work ethic of "not working" on this generation is a good thing. Not cool.

 

[Sarah in SC]

Hey, get off my lawn!!

Oh, and about those lazy millennials living off their parents...
http://www.theatlantic.com/business/archive/2016/05/millennials-who-live-at-home/484712/

 

[aim-high]

Purplesky, why does it bother you so much if they enjoy several years off work, maybe do a little something part time here and there, maybe go back to full time work at some point?

Jealous that they can afford to have the time of their lives and maybe do this forever?

It's a little something called intellectual honesty and integrity. Something that seems lost in America since people starting hearing things like "it depends what the definition of is, is."

 

[FUEGO]

Maybe we should just start giving 30 year olds a pension check for life so they can go out in the world and do good things instead of actually working.

We can hand out retirement trophies that say " congratulations millennial you have just worked 10 years and now its time to go play!" Good job!

Clearly there is no alternative. We can't allow smart, successful young people to develop the skills to earn six figures in their 20's plus the brains to save more than half of it and then retire in their 30's with a seven figure portfolio. We need to give them pensions instead.

And trophies, because obviously they need one since they haven't managed to do anything awesome yet (like overland for six months through Mexico and Central America - a trophy-worthy endeavor in my book!).