Money Mustache Fires Back at Suze Orman ($500K to retire vs $5 Million)

[Seagirt]

No one has mentioned the most important factor here: Suze Orman is old, MMM is young.

There's a new generation out there. Whatever they do, they're not going to follow in the footsteps of 70 year old Suze Orman. They're also not following in the footsteps of pioneers of 3 generations ago.

They occupy a different world, technologically, demographically (majority of the population, for the first time in history, are moving into old age), socially, financially. They have different values than the older generation. They're going to do it their own way, as every generation does. They're the ones who will be in charge when we're doddering in our nursing homes.

 

[Seagirt]

While it’s nice to find something you love to do, but the majority of people have to work at things that they don’t necssary aspire too. Tell that to the people who work at Waste Management and the trash will pile up. It’s not practical.

Waste management is in the process of being automated. My closest city already has eliminated the workers who pick up the waste by supplying bins that the truck empties itself, they just need one driver. Of course, the plan with automated cars is to eliminate that job too.

Most similar jobs we take for granted will be gradually automated or outsourced. https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health

So financial indepence doesn't mean retirement, it means detaching from the old fashioned idea you can get a company job for life.

 

[Teacher Terry]

We have had that type of garbage pick up for years.

 

[Perryinva]

I have to disagree with what you think his audience is. Virtually everyone here is a millionaire or multi millionaire. How many are readers of FS? Not many, I’d wager. The 2 comma club members aren’t looking for a FS, that’s not his target audience. His is the many that want to get there, not the ones already there. And I don’t see where most of his advice will get them there, in numbers. There is no need for a mutual admiration society.

 

[indiajust]

Latest post from A Wealth of Common Sense (ben carlson) mentions that sequence of return risk is biggest issue with extremely long term retirements that assume smooth average returns. 10 years retired not so risky. 40-50 years, oh my, sequence of returns serious factor. Suspect most folks would pick up some form of gainful employment again to right the financial ship.

 

[purplesky]

No one has mentioned the most important factor here: Suze Orman is old, MMM is young.

There's a new generation out there. Whatever they do, they're not going to follow in the footsteps of 70 year old Suze Orman. They're also not following in the footsteps of pioneers of 3 generations ago.

They occupy a different world, technologically, demographically (majority of the population, for the first time in history, are moving into old age), socially, financially. They have different values than the older generation. They're going to do it their own way, as every generation does. They're the ones who will be in charge when we're doddering in our nursing homes.

Suze Orman and MMM are kind of the same. They are both financial entertainers making millions with a message of pay yourself first and live below your means and spend less than you make. Invest in mutual funds.

Suze Orman with books and TV shows and MMM with his multi million dollar blog.

Suze Orman is much more successful as a financial entertainer and overall brand.

It's all about money. Suze owns an island. MMM has millions in the bank but is kind of stuck pretending to live poor.

I remember mailing in a check to buy stock years ago and now on my IPhone I buy shares at schwab and Vanguard and Fidelity.

The funny thing is 70 year old Suze Orman is the generation that helped bring in the new technology we have today.

I am thinking of Windows 95 and AOL dial up.

Investing in the SP 500 is nothing new and my millennial kid is well aware.

 

[Milton]

To the point, I think his target market is pretty clear: the 10+ million millionaires in North America alone, plus the many more who earn top 1% incomes and aren't yet rich. A large number of people trying to grapple with what Enough means.

Thank you for the explanation.

I have to disagree with what you think his audience is. Virtually everyone here is a millionaire or multi millionaire. How many are readers of FS? Not many, I’d wager. The 2 comma club members aren’t looking for a FS, that’s not his target audience. His is the many that want to get there, not the ones already there.

Very plausible.