kaudrey
Thinks s/he gets paid by the post
I believe the baby boomers (most of our FIRE on these forums) watched and heard from their parents about the depression, they learned to save, invest and live frugally; this is why many now have FIRE.
Unfortunately, my generation X, didn’t get all of this great advice and many are simply trying to keep up with the Jones. With all the latest gadgets and new technology, new cars in stead of 2-3 year old cars, a new cell phone every 6 months, etc.
My parents are pre-boomers, they are 69 now. They remember growing up poor in the late 30s and 40s. I grew up in a middle class house with parents who never had any debt, kept cars for 10-12 years, didn't buy us designer clothes or expensive toys we didn't need. They lived in my childhood house for 25 years and never thought about moving to a more expensive one. I saw them buy land on the lake in NH where we vacationed every summer for their retirement - 20 years before they retired.
They retired 12 years ago at the age of 57, built a nice house on their NH land, and have been loving life ever since.
Because of their lifelong examples, I save about 30% of my income, have only a mortgage, am only on my 3rd car at 37 (would have still been on my second if I didn't have an accident 2 years ago and totalled one), and plan to retire at 52. I travel and spend money on things, but I live way LBYM. My sister and her husband are what I consider frugal and also don't spend anything near what they earn (I think I'm more "sensible", than "frugal).
I am an "older" Gen X-er, and having a lot of older Gen X-er friends, I know that this is not typical of this generation. I thank my parents very often for teaching us financial responsiblity.
Unfortunately, my generation X, didn’t get all of this great advice and many are simply trying to keep up with the Jones. With all the latest gadgets and new technology, new cars in stead of 2-3 year old cars, a new cell phone every 6 months, etc.
My parents are pre-boomers, they are 69 now. They remember growing up poor in the late 30s and 40s. I grew up in a middle class house with parents who never had any debt, kept cars for 10-12 years, didn't buy us designer clothes or expensive toys we didn't need. They lived in my childhood house for 25 years and never thought about moving to a more expensive one. I saw them buy land on the lake in NH where we vacationed every summer for their retirement - 20 years before they retired.
They retired 12 years ago at the age of 57, built a nice house on their NH land, and have been loving life ever since.
Because of their lifelong examples, I save about 30% of my income, have only a mortgage, am only on my 3rd car at 37 (would have still been on my second if I didn't have an accident 2 years ago and totalled one), and plan to retire at 52. I travel and spend money on things, but I live way LBYM. My sister and her husband are what I consider frugal and also don't spend anything near what they earn (I think I'm more "sensible", than "frugal).
I am an "older" Gen X-er, and having a lot of older Gen X-er friends, I know that this is not typical of this generation. I thank my parents very often for teaching us financial responsiblity.