Cool FIRE article in MSN Money

[purplesky]

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.

The millennials I work with do not earn my income or have my same vacation time because they have not earned it yet.

But if they work really hard they too can buy a Jeep Rubicon and snowboard for a month.

The millennials I work with seem to understand the concept.

 

[FUEGO]

The millennials I work with do not earn my income or have my same vacation time because they have not earned it yet.

But if they work really hard they too can buy a Jeep Rubicon and snowboard for a month.

The millennials I work with seem to understand the concept.

Maybe you should share Freedom with Bruno with the millennials you work with so they won't still be working in another couple of decades. Then they can snowboard 52 weeks/yr if they are so inclined. Personally I'd get bored of it after 4-5 weeks and go back to regular early retirement.

 

[Mulligan]

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.

If days were only 18 hours long in my 20's I still would have had time to work hard, play hard, keep the homestead clean and still get enough sleep to do the first 3 over again the next day. Now I don't even work and can barely get the homestead clean in a day. I do squeeze "the play" in around my chronic slothfulness, but the hard part has long since been deleted from the "play".


Sent from my iPad using Tapatalk

 

[purplesky]

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!).

Yes lets give all millennials with blogs a pension check at age 30 so they can go 4 wheeling in costa rica and ride horses on the beach. A perfect Facebook profile.

I am all for this. Because working more than 10 years sucks. Its just so realistic to retire at age 30.

Why should a millennial have to work when they are so young and energetic.

Let the baby boomers and Gen Y and X carry the load.

Millennials should be able to not work and just explore the world. Do good things.

 

[aim-high]

Maybe you should share Freedom with Bruno with the millennials you work with so they won't still be working in another couple of decades. Then they can snowboard 52 weeks/yr if they are so inclined. Personally I'd get bored of it after 4-5 weeks and go back to regular early retirement.

Do they have the means to snowboard 52 weeks / year and remain retired?

 

[purplesky]

Maybe you should share Freedom with Bruno with the millennials you work with so they won't still be working in another couple of decades. Then they can snowboard 52 weeks/yr if they are so inclined. Personally I'd get bored of it after 4-5 weeks and go back to regular early retirement.

Many millennials I work with are ex military and have a hardcore work ethic.
Yes most will be 401k millionaires by age 50 if the markets cooperate and they max out their 401ks. Its worked out for me.

Snowboarding for 5 weeks straight is not for everyone. Its a workout.

Most people don't have the option to do it. I am fortunate to have the choice.

 

[RobbieB]

Well now we know. Purplesky is envious. And he's still working with millennials which really pisses him off because he thinks they'll be retiring before he does.

Who cares?

 

[aja8888]

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

Seems like you are a bit out of touch with the millennials as some companies give unlimited vacation time these days.

https://www.themuse.com/advice/10-awesome-companies-that-give-you-unlimited-vacation

These 6 brands have great vacation policies - Fortune

Even steel companies were giving 5 weeks not too long ago. Of course, our steel companies are history now that they lost out to the hard working Asians and Chinese. But that's OK, we can just buy their steel.

 

[papadad111]

Well now we know. Purplesky is envious. And he's still working with millennials which really pisses him off because he thinks they'll be retiring before he does.

Who cares?

I don't think purplesky is envious.

Rather, just pointing out the fallacy of the article and all that goes with it.

Eventually these kids will wake up and begin to "adult" and will either 1) get back to work or 2) have to go on the dole when the money runs out.

Legally it may be "OK", but morally, subsidies for these supposed- millionaire millennials is egregious in my opinion.

 

[papadad111]

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/

Uhoh. The Atlantic. Again.

 

[aim-high]

I don't think purplesky is envious.

Rather, just pointing out the fallacy of the article and all that goes with it.

Eventually these kids will wake up and begin to "adult" and will either 1) get back to work or 2) have to go on the dole when the money runs out.

Legally it may be "OK", but morally, subsidies for these supposed- millionaire millennials is egregious in my opinion.

Actually, they won't have to. An article like that is gold for them. The blog traffic and regular readers it will get them just supplemented their income another $500 per month!

Fuego, what's Personal Capital paying these days? Bruno and wife have links to it as well. Does PC pay per trial conversion? Do they give anything on the back-end if someone signs up as a paying customer?

With a link like MSN and more back links from places like here he's probably got a real nice bump.

It wouldn't shock me if these network of "retiree bloggers" all click on each other's links and give a boost to their incomes. You've got the "I can teach you to retire" bloggers. You've got the "mommy bloggers". You've got the "I can teach you to make a fortune blogging bloggers".

It's a new economy. It will last until it doesn't. Bank what you can.

 

[FUEGO]

Seems like you are a bit out of touch with the millennials as some companies give unlimited vacation time these days.

https://www.themuse.com/advice/10-awesome-companies-that-give-you-unlimited-vacation

These 6 brands have great vacation policies - Fortune

Even steel companies were giving 5 weeks not too long ago. Of course, our steel companies are history now that they lost out to the hard working Asians and Chinese. But that's OK, we can just buy their steel.

In spite of your evidence to the contrary, I will stick to my initial assertion (unsupported by any facts) that four weeks is the most that anyone receives for vacation time and purplesky doesn't really get 7 weeks because it's impossible.

 

[Sarah in SC]

"Hey kids get off my lawn".
Again.

 

[FUEGO]

Actually, they won't have to. An article like that is gold for them. The blog traffic and regular readers it will get them just supplemented their income another $500 per month!

Fuego, what's Personal Capital paying these days? Bruno and wife have links to it as well. Does PC pay per trial conversion? Do they give anything on the back-end if someone signs up as a paying customer?

If you want to discuss monetizing strategies I'm available for consulting. $100/hr.

(mods: I'm obviously kidding so please don't take this as a solicitation of business in these hallowed forums of ours )

 

[aim-high]

(mods: I'm obviously kidding so please don't take this as a solicitation of business in these hallowed forums of ours )

Good one.

 

[Sarah in SC]

None take , lol!
But I like that "workaholic" attitude you are sporting...surely you can't be one of those lazy millennials we keep hearing about at bingo?

 

[papadad111]

+1

For example, if they had a little more than 1M when they quit their jobs, say 1.2M, their financial picture might look something like this

investible assets: $900k
income from portfolio @ 3% = $27k/year
income from airbnb = $12k/year
healthcare costs will be close to $0 with ACA subsidy

Their total income will be ~39k/year. Low budget but not extreme in my view. Wife and I spent $42k last year (actual expenses) and didn't feel like we were depriving ourselves in any way. There's still plenty of slack before eating cat food to weather bad outcomes and/or make future capital purchases.

They also have the following backups:

SS income at 70 = I'm guessing maybe $24k/year (combined)
An option for free healthcare in Canada
A house worth $270k (downsizing is still possible)

Overall, I'd say they are at much greater risk than my wife and I (and probably many on this board), but I wouldn't say they're batshit crazy.

You forgot that they likely have to pay 15% taxes on their dividend income and that yield is more like 2.5%... So more like $20k net of federal and state investment income tax

Air BnB income is also taxable. So figure 20 % tax on that income between 15% federal and some state taxes. So that falls to 9k

Then there's that pesky thing called inflation which runs 2% per year, which could run more than that and squish their income and portfolio to smithereens.

So looks to me like it's either blog income or portfolio draw down to cover their gap plus inflation.

Market has been flat for the last couple years. Sequence of return risk to contend with.

 

[Bestwifeever]

In spite of your evidence to the contrary, I will stick to my initial assertion (unsupported by any facts) that four weeks is the most that anyone receives for vacation time and purplesky doesn't really get 7 weeks because it's impossible.

My two adult kids both have pretty unlimited vacation/time off. In writing, two different companies. They wouldn't take it but it's there.

I can't tell if you're being sarcastic--a lot of hackles being raised here methinks.

 

[aim-high]

Wow just looked at PC affiliate program! $100 per signup with 100k in assets. Not bad. I may need to unretire.

 

[bclover]

In spite of your evidence to the contrary, I will stick to my initial assertion (unsupported by any facts) that four weeks is the most that anyone receives for vacation time and purplesky doesn't really get 7 weeks because it's impossible.

wish I could side with you dude, when I retire I was entitled to 5 weeks earned vacation, plus you were allowed to purchase a week and I got unlimited sick days.
6 weeks was the max for my megacorp but you had to be there 35 years to get that.
you could also bank vacation.
I had 6 weeks vacation my last year.

my first supervisor was from New Zealand and took off every Dec and Jan. used to royally cheese me off because annual reviews were always done in Dec and for years I had no direct supervisor advocating for me in person.

 

[daylatedollarshort]

To share another perspective I'll jump in with my story. I'm working towards the FIRE in less than 10 years story. I'm also not new to the building of wealth stage as I have 93% of the wealth I think I'll need and unless Mr Market throws a curve ball I'll be done in 6 months. So I know what it takes to build wealth quickly.

Some disclosure first: I was late to the FIRE party so I'll be 44 when I give it a go so have a few years on FreedowWithBruno.

For the life I want to lead I believe I need more than FWB's $1M but not a lot more, circa $1.5M.

I'm planning on moving to a Mediterranean country (Cyprus, Spain, Malta/Gozo...) and will spend about $390,000 (EUR350,000) on a home, which I will consider a palace compared to my current South East of England home and which is a lot more than FWB's $270,000.

I then expect to spend about $27,000 per annum, including healthcare which I admit costs nothing like that of the US, to live the life I desire. My current costs, net of w*rk and rent costs, run to about $11,000 per annum in comparison. I do acknowledge I will have home maintenance costs but that still includes plenty of 'fun' money.

That is a withdrawal rate of <2.5% which my research suggests is reasonably conservative. Would really like to know why the FIRE in 10 years it's not going to work, provided of course the future is no worse than the past, without a side hustle or high paying blog as I have neither.

Edit: Also why can't I call myself retired if I never have to work to eat again.

At first blush your numbers appear to work out better: lower medical costs, it sounds like one person instead of two and no future kids (no college, braces, sports, prom, student driver car insurance rates, ER visits especially for boys)?, less years of retirement to fund, retirement in lower cost of living country with more safety nets, more years paying into UK SS and not as far off to collect. All those differences add up.

In the U.S. medical costs from age 65+ can be $10K a year or more alone for a married couple. Long term care costs per year in the UK are around half of the U.S. cost (can be $80K or more a year here per person X 2 for a married couple). I'm guessing LTC costs are even lower in Spain than the UK.

 

[purplesky]

Well now we know. Purplesky is envious. And he's still working with millennials which really pisses him off because he thinks they'll be retiring before he does.

Who cares?

I could retire now. Not sure why I would be envious of any fellow worker.

 

[RobbieB]

What's keeping you then? Want a few more bucks? Whatever works.

 

[purplesky]

Seems like you are a bit out of touch with the millennials as some companies give unlimited vacation time these days.

https://www.themuse.com/advice/10-awesome-companies-that-give-you-unlimited-vacation

These 6 brands have great vacation policies - Fortune

Even steel companies were giving 5 weeks not too long ago. Of course, our steel companies are history now that they lost out to the hard working Asians and Chinese. But that's OK, we can just buy their steel.

Big picture not that many people get 7 weeks paid vacation these days so I am very lucky.

 

[purplesky]

What's keeping you then? Want a few more bucks? Whatever works.

Right now I am finding enough time off from work to do what I want to do.

So for me its worth maxing my 401k and Roth out and also getting company stock to continue working.

I have a pension also and I am close to my next years of service milestone.

So for me working a few years longer will hopefully equal substantial pension money.

My job involves travel and I am not stuck in a office.

The carrot is too large at this point.