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re: Soft Saving Trend for Millennials and Gen Z?
Posted on 10/26/23 at 9:39 am to Brosef Stalin
Posted on 10/26/23 at 9:39 am to Brosef Stalin
quote:
Why are so many kids and women, especially women, obsessed with traveling today? Is it just to get likes on Instagram? Save your money and spend it on something useful.
I've gotten more out of traveling than any material possession I've ever owned.
1
Posted on 10/26/23 at 9:46 am to GetCocky11
Also, it's not a one or the other choice, which so many seem to think it is.
A lot of us (I'm mid 40s) busted our asses for low wages, long hours, and crappy apartments in our 20s but still had an absolute blast. We were also setting ourselves up to be successful at this point in our career where we have just as much fun with way more disposable income, and will have a very nice retirement as well.
Meanwhile the Walmart greeter crowd will 70 yrs old living in their one bedroom apt. It's easy to not worry about the future when it feels impossibly far away. And I 100% guarantee those people will blame "the system" for their position, and not their choices.
A lot of us (I'm mid 40s) busted our asses for low wages, long hours, and crappy apartments in our 20s but still had an absolute blast. We were also setting ourselves up to be successful at this point in our career where we have just as much fun with way more disposable income, and will have a very nice retirement as well.
Meanwhile the Walmart greeter crowd will 70 yrs old living in their one bedroom apt. It's easy to not worry about the future when it feels impossibly far away. And I 100% guarantee those people will blame "the system" for their position, and not their choices.
This post was edited on 10/26/23 at 9:48 am
Posted on 10/26/23 at 9:51 am to Chucktown_Badger
quote:
A lot of us (I'm mid 40s) busted our asses for low wages, long hours, and crappy apartments in our 20s but still had an absolute blast. We were also setting ourselves up to be successful at this point in our career where we have just as much fun with way more disposable income, and will have a very nice retirement as well.
Yeah but even with the higher disposable income, I don't mind living in the crappy apartment driving the 10 year old car. The big house simply doesn't make me happy or fulfilled. I just work hard for different things.
Posted on 10/26/23 at 9:53 am to GetCocky11
The higher income and assets don't preclude us from living in that crappy apt or driving that crappy car. We just have the option for much more/better if we want it. The YOLO crowd will have no other option.
Posted on 10/26/23 at 9:55 am to TrouserTrout
quote:
I brought my kids into this world and it’s my responsibility to not only raise them to be great people but also give them every opportunity to be successful in their own lives and when they choose to raise my grandkids.
I agree 100000% with the first part about raising your kids to be great people. And its right to save for retirement so you will never be a burden on them no matter how long you live or what happens to you. And I understand wanting your kids to be successful, but I told my parents they have done enough for me (and lord knows I put them through a lot too), and if they don't leave me a dime I will be happy. Outside of a solid retirement and having a clear will, I want them to spend every dollar they have if it means they get to enjoy the later years of their life.
I would bet some of the people you are calling selfish have a lot of family fiscal support and they don't need to save because they know they will be taken care of no matter what. I don't think that is what you mean by "giving them the opportunity to be successful", but lets not pretend that many people don't save because their parents and grandparents have told them they will be provided for. I don't think that is good for society as a whole, and more of a problem than people taking too many vacations.
Posted on 10/26/23 at 10:00 am to NOLALGD
quote:
Outside of a solid retirement and having a clear will, I want them to spend every dollar they have if it means they get to enjoy the later years of their life.
What if it requires you spending much of whatever wealth you have because they YOLO'd for 6 decades? And if you too have lived the YOLO lifestyle then you're all screwed and that's where the need will for massive increases in government funded social services will come. Progressives everywhere creaming themselves at a populace that doesn't want to work and requires the govt to take care of them.
This post was edited on 10/26/23 at 10:04 am
Posted on 10/26/23 at 10:03 am to GetCocky11
quote:
Yeah but even with the higher disposable income, I don't mind living in the crappy apartment driving the 10 year old car. The big house simply doesn't make me happy or fulfilled. I just work hard for different things.
Well said. I'm blessed to have a nice house and decent car. But everytime I see a nicer house with a bigger yard I pause and think that just means more stuff to accumulate and more space we will occasionally/rarely use. We are focused on saving and investing, collecting less stuff, and spending money on social, educational and fun experiences for the family. For us, that means frequent traveling when we have the opportunity.
Posted on 10/26/23 at 10:07 am to Chucktown_Badger
quote:
What if it requires you spending much of whatever wealth you have because they YOLO'd for 6 decades?
Not quite sure I follow, but my parents have done their job by supporting and raising me in a God and family centered house. I'm successful because of that. If I'm broke at 60 or 70 because I didn't do things right as an adult that's on me, not them.
Posted on 10/26/23 at 10:10 am to TheMT83
That article is as annoying as most like it are. They are asking 25 year olds if they are planning to retire and then making a big deal about many saying they don't think they'll ever retire. Comparing the financial habits of 4 generations at one point in time misses a lot of age adjusted considerations. Not to mention comparing savings 10 years ago to right now in the middle of a lot of economic turmoil doesn't seem valuable.
Plus seeing the people and organizations referenced, cited, and quoted is a red flag. Blackrock, Fidelity, etc. setting the tone that young people aren't putting more of their money in the hands of Balckrock and Fidelity doesn't inspire me to lambast young people about their financial decisions just yet.
Plus seeing the people and organizations referenced, cited, and quoted is a red flag. Blackrock, Fidelity, etc. setting the tone that young people aren't putting more of their money in the hands of Balckrock and Fidelity doesn't inspire me to lambast young people about their financial decisions just yet.
Posted on 10/26/23 at 10:27 am to el Gaucho
quote:
We’ve all been reduced to peasants again except this time we’re miserable. At least back in the day we were happy
You work for a multinational corporation (feudal lord), you eat gruel (processed slop), you live in a hovel (subdivision)
And you save up for these adventures where you go see fake things set up for tourists (pieces of the true cross, the shroud of Turin)
Tbh at least back then we had each other instead of fighting on the internet. Hopefully we get another crusade soon
What in the world
This conversation has taken a turn. Is that from some book or something? I'm honestly confused how the Shroud of Turin can be brought into this
You have such a weird outlook on something so simple as traveling. Who has been reduced to peasants and work for a feudal lord and live in a hovel? I mean maybe you do and others, I sure haven't. I worked hard to own my own business and even though I work a good bit, I'm not miserable. I live in kind of a nice house, could be larger, have a moderate savings, and live relatively simple, definitely not a flashy lifestyle. I'm happy. My wife is happy. Part of that is because of the things we do together.
Your idea of life is so weird I hardly even know ow to respond to it. If I go to Yosemite and see the beauty or a golf course in Scotland where golf originated, I'm not thinking "Wow, this is so fake. This is the Shroud of Turin!!!"
Posted on 10/26/23 at 10:34 am to NOLALGD
quote:
Not quite sure I follow, but my parents have done their job by supporting and raising me in a God and family centered house. I'm successful because of that. If I'm broke at 60 or 70 because I didn't do things right as an adult that's on me, not them.
It sounded like you were advocating for the "don't worry about saving" approach, in which case I was curious where the money to take care of your parents or any old people who were broke would come from. I think it's probably incredibly rare that someone leaves this world the day their bank account hits zero.
If that was not your position I likely misread the post.
I also find it interesting when people say that when they're old they won't be able to enjoy retirement. My question would be, "if you won't be able to fully enjoy retirement, how much will you enjoy having to roll out of bed every day at 75 to work a menial job so you can eat?"
This post was edited on 10/26/23 at 10:36 am
Posted on 10/26/23 at 10:40 am to lsucoonass
quote:
Yet when I try to take time off it’s an act of Congress to get it approved
You need a new boss or employer. When I'm planning to taking time off all I do is go put it on my calendar and put my boss on the "optional" field so he can see I'll be out. If it's <2 weeks away I'll notify my boss "hey, I'll be out X date to X date" so he knows. As long as we work independently enough to make sure there's coverage, bossman gives no shits.
Posted on 10/26/23 at 10:52 am to Chucktown_Badger
I think we are actually on the same page, that people in the 30s and 40s can do both, save and plan for the future while spending money on travel our parents did not do at the same age. And to do that many younger people are making different decisions on how they spend their money, for instance, traveling more instead of buying more expensive cars or bigger houses.
Posted on 10/26/23 at 11:09 am to LemmyLives
quote:
t's about not buying shite from Restoration Hardware for 4x the cost you can get the same stuff from elsewhere. Stop taking cruises around the Caribbean and just fly to Europe.
This was more or less our approach. We still do our normal contributions for the kids and our retirement, but agreed to skip buying dumb shite and instead do more. We aren't getting any younger.
Posted on 10/26/23 at 11:10 am to iwyLSUiwy
As a stoic I long for the 15 years or so that we were free as Americans before the debt spiral and vacationing as a man meant loading up the 8 kids into the studebaker and driving all day while simultaneously threatening to pull over every 15 minutes if they didn’t stop cutting up
Posted on 10/26/23 at 11:15 am to TheMT83
Dead serious if I were a young person today, say 18-25, I think I would live as cheaply as possible, work as little as possible, live as much as possible and when I got too old to crash on couches and live that life I would turn to crime and when I went to jail I would have lived as much as possible. There will be 18 year olds who are successful and manage to live the dream but It is not going to be the same numbers as it has been for previous generations.
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