The Difference LBYM means

[marko]

I think we also can make the mistake of assuming that everybody wants the same thing.

Many (most?) of us want to work hard, pay our taxes, have a decent home, save some money, send our kids to a nice school and retire well with no debt.

There seems to be another entirely different group of people who are willing to accept whatever lifestyle they can get as long as it doesn't require breaking a sweat. Extra effort is frowned upon.

They can have bills piling up to the ceiling, nachos for dinner and a car that only starts half the time as long as it doesn't interfere with their time watching game shows, sitting around drinking all day and getting up whenever they feel like it (yes, I know this sounds like RE for many of us). Having that new motorcycle is much more important than having to actually PAY for it; worry about that tomorrow.

Fact is, I'm not sure this group would be willing to live any other way. They've done the work/leisure calculation and decided that as long as the TV works, life is good and there's no need for getting up off the barcalounger for anything other than getting another beer. With a gov't safety net under them to provide a certain level of security, "what? me worry?".

So: should we consider them 'early retirees'? As noted, their lifestyle sounds a lot like how many of us ERs live; they just got there a different way, and arguably, a lot faster. Or do you have to retire from something to be retired?

I'm not advocating it; I couldn't live like that for 30 minutes.

But.....I wonder.

 

[Walt34]

Fact is, I'm not sure this group would be willing to live any other way. They've done the work/leisure calculation and decided that as long as the TV works, life is good and there's no need for getting up off the barcalounger for anything other than getting another beer. With a gov't safety net under them to provide a certain level of security, "what? me worry?".

I've wondered about that group myself. Is it that they just don't see the opportunity and can't envision a better lifestyle, or they just decided that although they could do it, it's just more work than it's worth to them?

Any psychiatrists on the board?

 

[Letj]

I've wondered about that group myself. Is it that they just don't see the opportunity and can't envision a better lifestyle, or they just decided that although they could do it, it's just more work than it's worth to them?

Any psychiatrists on the board?

Not a Psychiatrist but I suspect it's the former and throw in the fact that most if not all of them had a really bad start in life and a bad upbringing.

 

[rodi]

I have discovered that there are a lot of people who live very nice retirement lifestyles with little money and no stress about money . I was out with a friend on Monday . This friend travels a lot , routinely dines out , just remodeled her kitchen , has a pool guy & a cleaning lady . So when I mentioned I recently lost $100,000 in the market she remarked I wish I had a $100,000 to lose . I was shocked but it made me reevaluate . I do not have a cleaning lady or a pool guy & my kitchen could use an update so who is the smart one ? Someone who lives a devil may care life or someone who lives a LBYM life so they will not end up a bag lady ?

But she may have a good steady income from pension/SS/etc... In other words - she may not have the savings to support her lifestyle, but she's got the income.

And I hear you on the 100k+ loss. It's painful.

 

[NW-Bound]

You made me look.

Compared to the value back in May 18 2015 when the S&P was at 2129, I am out more than 2x that.

Now, I spent some of that money by withdrawal, so did not "lose" all of it. Yep, my stock picks hurt me, but that's what one gets for playing with fire. Some years you win big, not some other years.

Oh well, it's only money.