A Growing Cult of Millennials Is Obsessed With Early Retirement.

[marko]

And I know lots of people with the opposite perspective who stop reading when an article goes down a philosophical path opposed to theirs. Is anything well-served by folks keeping themselves so insulated from the opposite perspective?

I have an open mind to new perspectives. I don't have the time to waste reading the same perspective over and over again.

I 'got' the message on "privilege" a long time ago. I got it. I've been reminded of it regularly since I was about 10 years old. Don't need any more articles to remind me.

 

[2lhasas]

Millennials should respect their elders...by funding social security instead of retiring early

There was an article recently about a couple that was putting away the majority of their income and planning ER, and one of the comments accused them of being the reason the poor remain poor. Dont buy Starbucks? How will the barista survive?

 

[harley]

I can't help but think that you have misunderstood the article. The 'west coast gal' was referring to the thoughts of 'Many FIRE followers' - as a life-long mid-westerner, I found absolutely nothing offensive in that paragraph.

Plus, you have to remember that to Millennials "minions" is not a dirty word.

 

[USGrant1962]

I have an open mind to new perspectives. I don't have the time to waste reading the same perspective over and over again.

+1

 

[Andre1969]

There was an article recently about a couple that was putting away the majority of their income and planning ER, and one of the comments accused them of being the reason the poor remain poor. Dont buy Starbucks? How will the barista survive?

What's that old Cary Grant line? Something like "I've got a job, a secretary, a mother, two ex-wives and several bartenders that depend upon me..."

 

[JoeWras]

Plus, you have to remember that to Millennials "minions" is not a dirty word.

Minions wasn't the problem. The problem was the code words after.

The alternative equivalent would be something like "Coastal tree huggers."

It just isn't necessary to inject "us/them" culture. Some people are vegan, some like trucks. And I think there are some that like both! That's great! Why the undercurrent of disdain about others' preferences?

 

[harley]

Minions wasn't the problem. The problem was the code words after.

The alternative equivalent would be something like "Coastal tree huggers."

It just isn't necessary to inject "us/them" culture. Some people are vegan, some like trucks. And I think there are some that like both! That's great! Why the undercurrent of disdain about others' preferences?

I guess I've got a previous generation secret decoder ring. I haven't got a clue about whatever's got you so worked up. I've read that part of the article over and over and don't see anything offensive. Are you upset that she's implying that Midwesterners have loans for pickup trucks? If so, that's pretty uber-sensitive, IMO. Of course, I wouldn't get upset at coastal tree huggers either. Or Eastern intellectual elites, or whatever. They're just words. Words only hurt if you respect the opinion of the person uttering them. Just put her on ignore.

 

[Maenad]

Interesting - I read the "midwest minions" comment as a criticism by Emma Pattee of the coastal people who would use that term. Whole quote in context:

The FIRE movement, to a large extent, remains a culture of “very entitled white men who are very proud of themselves when it wasn’t much of a stretch for them anyway,” says Emma Pattee, 27, a writer based in Portland, Ore., who retired last year at 26 after making successful real estate investments. Many FIRE followers, she says, are already high earners who “disdain all the Midwest minions who can’t get out in front of their truck loan.”

Now, personally I think she's paying too much attention to a subset of the FIRE community (at least, that's how the article is spinning her words). I think she may need to open her eyes to the wide variety of ERs from around the US and around the world.

Maybe she's reading a specific kind of social media rather than the message boards I'm seeing. I could see there being some kind of self-selection depending on what platform they're using, and it skewing perception. Regardless, I think she may be happier leaving the "FIRE bros" behind and hanging out with the rest of us.

 

[JoeWras]

Interesting - I read the "midwest minions" comment as a criticism by Emma Pattee of the coastal people who would use that term. Whole quote in context:

Indeed! I'm more of a visual person. My reading comprehension is just OK. I'm a bad writer.

Upon reading again, and your analysis, she is indeed making a critique of people who are doing exactly what I was bitching about: putting people into groups and writing them off because they "don't get it," even though those making the critique come from an entitled space.

Interesting! I'll try to read slower next time. Sorry for creating a dust-up. Carry on.

 

[WestUniversity]

Too much of our culture today wants all of the privileges and none of the responsibilities. Sorry but privilege and responsibility always go hand in hand. If some one wants the privilege of retiring early they have the responsibility of working to earn that privilege...

 

[bUU]

If some one wants the privilege of retiring early they have the responsibility of working to earn that privilege...

However, that really doesn't hold water with many people because it doesn't work both ways. As long as hard work doesn't invariably lead to financial security due to factors that people are effectively born into*, the contention that financial security is earned by hard work is, by definition, a privileged perspective.

_____
* In our day, those factors were mostly gender and race, and the socioeconomic class that you were born into. Today, those factors also include generation, since Millennials that follow the exact same path that you and I did are extremely unlikely to be as financially successful as we have been due to the effect of globalization and automation.

 

[razztazz]

Too much of our culture today wants all of the privileges and none of the responsibilities.

That's because they are wise to the fact that it has always been that way for a certain segment of the culture.

 

[marko]

Today, those factors also include generation, since Millennials that follow the exact same path that you and I did are extremely unlikely to be as financially successful as we have been

I seem to remember someone saying that my generation (or the one following) would not be as successful as their parents. "Too many boomers would dilute opportunities" I think was the reason; but somehow there always seems to be a way ahead. "The more things change....etc"

The Millennials I know (nieces/nephews) are already way, way ahead financially of where I was at that age as far as savings, investment, home ownership and job position.

As it's been for millennia (pun intended), there are the fortunate and the not-so. "The poor you will always have with you"

Regardless, I've long ago stopped being concerned.

 

[Music Lover]

And I know lots of people with the opposite perspective who stop reading when an article goes down a philosophical path opposed to theirs. Is anything well-served by folks keeping themselves so insulated from the opposite perspective?

To be fair...most of the media these days has one perspective, and one perspective only. They are the one who are truly insulated, and it's a rare shock when one of them dares to stray from the agenda.

 

[Out of Steam]

This did not start with millennials. I've been pretty sure since my mid-30s that I wouldn't be able to (or want to) sustain my current career much past 55.

Living in a high-cost area and college tuition has delayed that a few years, but retiring within a few months of 60 is looking pretty certain.

 

[bUU]

I seem to remember someone saying that my generation (or the one following) would not be as successful as their parents.

We Baby Boomers were told that the world was our oyster. We could be whatever we wanted to be; we could have whatever we could grab. "If you can dream it you can do it." "The women are strong, all the men are good looking, and all the children are above average."

I don't know what generation you are.

To be fair...most of the media these days has one perspective, and one perspective only. They are the one who are truly insulated, and it's a rare shock when one of them dares to stray from the agenda.

Much of the media has one perspective, but different media sources have different perspectives. Regardless, that doesn't preclude how much many Americans climb into an echo chamber and insulate themselves from perspectives they don't like.

 

[Zorwarrior]

Early Retirement is great, if you have a vision and purpose. Mine was to spend more time with family & work more on several charity projects.

if the view of early Retirement is sitting around in underwear playing computer games for the rest of your life, it would be detrimental to the individual and society in general.

When you retire early, you still pay taxes and can still be a contributing member of society.

 

[Amethyst]

Same here, for those I work with. Then again, my age mates were way ahead of me at first, too, because their parents helped them. That can make such a difference in the early adult years.

The Millennials I know (nieces/nephews) are already way, way ahead financially of where I was at that age as far as savings, investment, home ownership and job position.

.

 

[Amethyst]

Maybe you were. I recall a lot of discouraging words during the 1970s. Really a downer period.

We Baby Boomers were told that the world was our oyster. We could be whatever we wanted to be; we could have whatever we could grab.

 

[bclover]

Millennials should respect their elders...by funding social security instead of retiring early

 

[bclover]

A couple of thoughts.
1) Did I miss the section on how to pay for healthcare? you retire at 30, start having babies what do you do?
2) also, as the article did acknowledge, most fire-ees seem to be high wage earners, computer nerds, engineers, etc. folks who can do side gigs if necessary. well wheres the manual for the fireman, art teacher, truck driver not every kid can go to school to be an engineer.

I'll have to get her book, I'm just not a fan of extremes. I'm not encouraging mykids to live in a commune nor start making hooch out of flowers.

 

[JoeWras]

if the view of early Retirement is sitting around in underwear playing computer games for the rest of your life, it would be detrimental to the individual and society in general. .

From my experience, this phase is life is now routinely handled right out of school. While living in mom and dad's basement using their health care.

Call it a gap year.

 

[JoeWras]

Maybe you were. I recall a lot of discouraging words during the 1970s. Really a downer period.

Oh my gosh this is so true. And it was very difficult (at least where I grew up) to get a part time job that seemingly are trivial to get today (McDonalds, Kroger, etc.). Be presentable, come to work on time and test drug free, and you pretty much have a job.

From the late 70s to early 80s, the economic conditions were such that many breadwinners were taking those positions. Additionally, it was very common that the boomer moms were expressing their newfound freedom to explore the workplace with these jobs now that the boomer kids had grown.

It was extremely depressing. I finally was offered a 1 hour per day job at a local small office to clean trash cans. I was extremely fortunate!

Despite the meager wage, Mom and Dad made sure I saved a portion. Thanks Mom and Dad.

 

[bUU]

Most Baby Boomers were beyond school age by the late 1970s. More importantly, what small period of doom and gloom may have occurred, the reality is that the United States economy has treated Baby Boomers better than the Greatest Generation and the Silent Generation. The jury is still out for Gen X, but it seems clear that the Millennials are facing a markedly lower prospects than previous generations. Even the cautious IMF is expressing concern:

Over the longer term and despite the ongoing expansion, the United States faces a confluence of forces that may weigh on the prospects for continued gains in economic wellbeing. Secular structural shifts are occurring on multiple fronts including technological change that is reshaping the labor market, low productivity growth, rising skills premia, and an aging population. If left unchecked, these forces will continue to drag down both potential and actual growth, diminish gains in living standards, and worsen poverty.

United States : 2017 Article IV Consultation-Press Release; Staff Report

 

[daylatedollarshort]

A couple of thoughts.
1) Did I miss the section on how to pay for healthcare? you retire at 30, start having babies what do you do?
2) also, as the article did acknowledge, most fire-ees seem to be high wage earners, computer nerds, engineers, etc. folks who can do side gigs if necessary. well wheres the manual for the fireman, art teacher, truck driver not every kid can go to school to be an engineer.

I'll have to get her book, I'm just not a fan of extremes. I'm not encouraging mykids to live in a commune nor start making hooch out of flowers.

The book was written when health care was less expensive and interest rates were higher. The original version isn't really a book that applies today on the details of how to retire early. It is more helpful on the mindset of why you might want to FIRE and how to be more mindful of your spending to help get you there.