dunkelblau
Recycles dryer sheets
Three decades and counting. Enjoyed some nice gains in the late 90s but I remembered that line from the movie "Wall Street" which goes "enjoy it while it lasts kid, because it never does". It sure didn't last for me. Still made it to FI reasonably early, and what got me here was my persistent low spending rate. It began around 25% of AGI when I started working full time and has since dropped to less than 10% for everything except income taxes.
I don't think living this way for years on end would suit many college grads, especially those who have to dig out from under onerous student loan debt first. Today's students don't seem unhappy now because they will soon taste the freedom that comes from earning a full time wage. Those who see it as freedom to live well now won't look at saving 50% the same way as those who prefer freedom to control their time later. It gets harder to resist the splurge during the honeymoon first years on the job after the first few raises when they start thinking they'll be happy to work there forever. That and the fear of getting too old to enjoy it later.
I think Prof Shiller has a good idea but very few will choose to do it. Still I wouldn't offer this advice to anyone except close family (heirs) because it could be construed as a pessimistic view of a young graduate's future prospects.
I don't think living this way for years on end would suit many college grads, especially those who have to dig out from under onerous student loan debt first. Today's students don't seem unhappy now because they will soon taste the freedom that comes from earning a full time wage. Those who see it as freedom to live well now won't look at saving 50% the same way as those who prefer freedom to control their time later. It gets harder to resist the splurge during the honeymoon first years on the job after the first few raises when they start thinking they'll be happy to work there forever. That and the fear of getting too old to enjoy it later.
I think Prof Shiller has a good idea but very few will choose to do it. Still I wouldn't offer this advice to anyone except close family (heirs) because it could be construed as a pessimistic view of a young graduate's future prospects.