Cool FIRE article in MSN Money

[2017ish]

Quote:

Originally Posted by purplesky I guess balance is key. If a single guy has 1 million and he meets a girl. It's over.

Or... It is just beginning!

[Focus]

Quote:

Originally Posted by 2017ish Re millennial earnings. No different than our generation(s). Wide range.

Let's talk numbers:

Wealth gap calculator: Are you in the millennial one percent? | Fusion

From the article:

Quote:

It takes an income of about $106,500 a year to be in the millennial one percent, according to data from the U.S. Census Bureau’s Current Population Survey. That’s a group of about 720,000 young adults, and they control about double the income of the 14 million millennials in the bottom 20 percent. In fact, a huge portion of millennials—some 28 million out 70 million in total—aren’t enrolled in school and make less than $10,000 a year, the Census shows. So a salary of about $60,000, the typical starting rate for a computer science or engineering major, would put a recent undergrad in the top 10% of potential earners between the ages of 18 and 34.

[bclover]

Quote:

Originally Posted by daylatedollarshort I think that was the point of the article. Many people succumb to lifestyle creep.

but don't you think it's kinda sad that people have to choose between sleeping in their car as this young couple did and being able to retire??

I mean folks here think wanting a car when you're a 25 year old dude is "wasteful". I grew up in Harlem, I mean an average (not mcmansion) townhome is going to set someone back a mil. how is that 'lifestyle" creep??
Don't even get me started with Brooklyn!!

Isn't very normal for kids to want to move out of mom and dads's. I know when I graduated from college I most certainly did not want to live with my parents. My sister and I got our first 1 bedroom apt and it was 1000/month AND this was 1983 AND it was the size of a postage stamp over a topless bar called the Kitkat club.


so my kids are in philly and they are looking for their first apartment. i don't think it's abnormal for them to want that and I personally don't want them choosing a neighborhood where their dodging bullets

My kids aren't engineers, in fact my oldest is an Asperger kid so do I try and FORCE them to be stem kids just to be able to dream of the normal things young adults used to be able to experience/

"no hon, don't go the Phillies game with your buddies, you'll never be able to retire if you keep being so irresponsible?"

[daylatedollarshort]

Quote:

Originally Posted by bclover but don't you think it's kinda sad that people have to choose between sleeping in their car as this young couple did and being able to retire??

It seems like these articles need to get more and more extreme to get attention these days, but there is probably a happy medium between sleeping in your car and losing your exotic cars and $2M house when the next tech bust hits because you were living paycheck to paycheck on your $200K+ household income.

I try not to focus too much on my Judgemental part of my INTJ attributes, but the money some tech people here made and then lost is kind of astounding. It has been a boom and bust kind of industry here.

[Fedup]

Quote:

Originally Posted by bclover wow where do you guys live? I have phd scientist that only reach that salary after 10 years on the job. My two sons (25 and 22) do not have one friend making 50K. My neighbors kid just graduated law school. He got his first gig in February, working for the city of Philadelphia I think he's at 57K with a law degree and passed the bar. I was a scientist with megacorp in delaware, after 25 years my ending salary was 82K

My kid had an internship after sophomore year paid almost $80k annualized. She got paid more this year for the same job in SIllicon Valley and she refused to take it. She is doing a startup for experience, less pay but it's ok because skill sets are more important. I wouldn't doubt that when she graduates she can make $100k, possibly more with bonus and stock options. It's all about location.

[Fedup]

Quote:

Originally Posted by photoguy That's true. I'd expect them to be at the top of their class (not necessarily in grades but experience/skill) at the better/best universities. Some recruiter told me that getting hired at google by just submitting a resume to a posting was one in a million chance. Even if you remove all the candidates with bogus/junk resumes who have no real shot, that's still pretty steep odds. On the other hand, if these companies are pushing salaries higher at the top end, I imagine everyone benefits as they push incomes up for the field as a whole.

My kid was approached by Google recruiters every year and offered the interview. The problem was she didn't ace the interview. But you can only interview once a year. But there are lots of other companies out there.

[daylatedollarshort]

Quote:

Originally Posted by purplesky I guess balance is key. If a single guy has 1 million and he meets a girl. It's over.

Not if the girl is frugal, has a high income herself or both.

[Fedup]

Quote:

Originally Posted by purplesky I guess balance is key. If a single guy has 1 million and he meets a girl. It's over.

Unless the girl is another engineer, then it's not over. It's doubling the networth or more. 1+1=3

[purplesky]

Quote:

Originally Posted by daylatedollarshort Not if the girl is frugal, has a high income herself or both.

Hopefully my son will marry this type of girl.

[purplesky]

Quote:

Originally Posted by Fedup Unless the girl is another engineer, then it's not over. It's doubling the networth or more. 1+1=3

Yes double income is huge.

[rodi]

I keep reading all the outcry here and keep wondering if I read the same article and blogs.

In the article linked in the OP, and on MMM, and our own Fuego's blog - they all push a singular message: If you cut your expenses, save money, and keep investing your savings... you can reach retirement at a younger age than is traditionally considered "normal". No one is saying you can live a more typical, consumer oriented lifestyle - (new homes, latest car either leased or purchased on credit, designer clothes and handbags, eating out every day at lunch, drinks every night with friends after work) that you'll be able to retire younger than FRA.

I look at some of the examples here on this board who've survived retiring younger than planned - but through frugal lifestyles - have stayed retired. Unclemick comes to mind. Major Tom comes to mind. They may not have been 30yo's... but they managed their spending and stayed retired.

It's all about choices. Some folks don't want to trim expenses as much as the Freedom with Bruno folks, or the MMM folks. That's their choice - they will need more $$$ to retire, and it will take them longer to get there. These blogs aren't saying you can have it ALL - the fancy new construction house with granite countertops and stainless appliances, lots of meals out, brand new cars PLUS retire early. They're promoting the idea that if you save every penny you can and forgo the consumer stuff in order to save and invest - you *might* be able to retire relatively young... if the market favors you. It is your choice to decide how much you want to spend/consume.

But don't cry out that it can't be done... because some folks are choosing to live uber-frugal, add a bit more risk to their portfolio than you might be comfortable with, and free themselves from the daily alarm clock and 8-5 drudgery.

If you think these blogs are saying it can happen without the effort - you'd be correct in saying it's a unicorn. But they are advocating a lifestyle that might be different than the one you are comfortable with - but is possible and might be the right choice for them. They are not saying it can happen without sacrifice.

(You is used in this post for all the critics posting in this thread.)

[photoguy]

Quote:

Originally Posted by Fedup My kid was approached by Google recruiters every year and offered the interview. The problem was she didn't ace the interview. But you can only interview once a year. But there are lots of other companies out there.

My friends at google have described the hiring process as "high precision, low recall". Basically if they hire you, you'll probably do well at the company (high precision). But they miss many well qualified people who could have done well (low recall).

I'm a little skeptical though of this claim since the company is known for having high turnover.

[aim-high]

Quote:

Originally Posted by Bestwifeever Words do matter, maybe more to some of us. I will just describe the couple in the OP as "They call themselves retired" and leave it at that.

I suppose we can call every business person doing what they love as retired.

[Totoro]

Quote:

Originally Posted by photoguy My friends at google have described the hiring process as "high precision, low recall". Basically if they hire you, you'll probably do well at the company (high precision). But they miss many well qualified people who could have done well (low recall). I'm a little skeptical though of this claim since the company is known for having high turnover.

It's part marketing, part a side effect of the Google brand and silicon valley culture.

Marketing: Most companies prefer an elite image. So skepticism well founded there
Google Brand: Having an offer or a job at Google increases your market value alot. So you may get 'bought out' pretty quickly.
Culture: Silicon Valley is the land of startups and fast moving. Temptation strikes

Management consulting operates the same way. Very few mishires, yet high turnover.

[daylatedollarshort]

Quote:

Originally Posted by photoguy My friends at google have described the hiring process as "high precision, low recall". Basically if they hire you, you'll probably do well at the company (high precision). But they miss many well qualified people who could have done well (low recall). I'm a little skeptical though of this claim since the company is known for having high turnover.

I was asked to go to a meeting once to evaluate a sales pitch by some sales women from Google. They kind of looked like a couple of bimbos, pretty, blond and low cut tops showing cleavage. I asked them some tough math questions, sat back and started doodling. I thought, well my work here is done. They got their calculators out and answered my questions. I was shocked. They were like the Bond girls who look like supermodels and have PhDs in rocket science, too.

[RobbieB]

Google employees are very sharp. Google has a lot of dough and gets the cream of the crop.

[Bestwifeever]

Quote:

Originally Posted by aim-high I suppose we can call every business person doing what they love as retired.

If "they call themselves" retired, sure, like the couple in the OP. I wouldn't call any of them retired but fortunately for them I'm not writing an article about them . BTW I'm defining myself as a Heidi Klum lookalike (we both have arms and legs, so that's my basis for it).

I wonder if the couple in the OP deducts their travel costs as a business expense (it's certainly a legitimate deduction in that they earn income through writing about it on their blog) and I sort of wonder how they define themselves on their tax returns. But sure, call yourself retired if that floats your boat.

[2017ish]

Quote:

Originally Posted by rodi I keep reading all the outcry here and keep wondering if I read the same article and blogs. ...

+1 (the elided parts included!).

[Fedup]

Regarding "Daily alarm clock and 8-5 drudgery".
Out of 33 years of working, I worked at home almost 1/3 of it. I guess I could say I've already retired 10 years. My employers offered me to work at home after maternity leave. Full salary. Only the last job was the worse of all jobs. It's the only job that I've attempted to walk out the first day of work. But they had given me a bonus and I didn't want to give back.
So there are a lot of jobs out there, especially technology jobs, where you don't have to be there in person, not daily.

[Fedup]

Quote:

Originally Posted by daylatedollarshort I was asked to go to a meeting once to evaluate a sales pitch by some sales women from Google. They kind of looked like a couple of bimbos, pretty, blond and low cut tops showing cleavage. I asked them some tough math questions, sat back and started doodling. I thought, well my work here is done. They got their calculators out and answered my questions. I was shocked. They were like the Bond girls who look like supermodels and have PhDs in rocket science, too.

Kind of like Marisa Myer at Yahoo and we know how that story goes. I think it's all hyped.