Author Topic: Millenial kicks ass, complainypants butcher him  (Read 14501 times)

ducky19

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Millenial kicks ass, complainypants butcher him
« on: October 25, 2016, 08:18:41 AM »
http://www.msn.com/en-us/money/savings-rates/how-this-26-year-old-built-up-dollar150000-in-savings-and-plans-to-retire-by-37/ar-AAjkVeF?li=BBnbfcN

The article itself is actually fairly well written (for MSN standards), but the comments are filled with complainypants who swear that he's dellusional. Smh.

MgoSam

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Re: Millenial kicks ass, complainypants butcher him
« Reply #1 on: October 25, 2016, 08:33:52 AM »
People love to complain about things, in this case "millennials," but lose their shit when they see something that's got their head on right. For as long as I've been paying attention these same people have complained about professional athletes blowing their money, they aren't going to be happy with the current crop of athletes that are learning to invest their money properly and are now going to become power players in their industry (MJ and Lebron come to mind, but also players like Marshawn Lynch who live frugally and retire early to avoid getting hurt).

Metric Mouse

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Re: Millenial kicks ass, complainypants butcher him
« Reply #2 on: October 25, 2016, 08:52:27 AM »
Shiiiittttt son - that boy got it goin' on!  Couldn't find the comments, but the article was nicely balanced, and "Sean" sounds like he has a great plan.  Good for him!

mm1970

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Re: Millenial kicks ass, complainypants butcher him
« Reply #3 on: October 25, 2016, 09:21:12 AM »
Shiiiittttt son - that boy got it goin' on!  Couldn't find the comments, but the article was nicely balanced, and "Sean" sounds like he has a great plan.  Good for him!
There's a "join the conversation" at the bottom, but my guess is that they are Facebook comments.  I can't see them either.

meghan88

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Re: Millenial kicks ass, complainypants butcher him
« Reply #4 on: October 25, 2016, 12:01:08 PM »
You just have to click on the arrow at the "join the conversation line".  I saw the comments just fine.  And then I was sorry I'd bothered.

Rubic

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Re: Millenial kicks ass, complainypants butcher him
« Reply #5 on: October 25, 2016, 12:26:13 PM »
Nice blog, but one of his comments makes me uncomfortable:

"Margin interest paid to brokerages is tax deductible, and while this sort of investment
strategy isnít for everyone ..."


http://mymoneywizard.com/hidden-costs-of-owning-a-home/#comment-437

I don't see any evidence that he's advocating margin leverage for his readers, but
he'd probably be better served by avoiding this strategy altogether in his own
investments.


Roboturner

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Re: Millenial kicks ass, complainypants butcher him
« Reply #6 on: October 25, 2016, 12:54:03 PM »
I get a big kick out of the comment section on articles like this, however this one is especially hilarious - I've never seen such a large contingent of people who have NO basic understanding of finance.

One Noisy Cat

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Re: Millenial kicks ass, complainypants butcher him
« Reply #7 on: October 25, 2016, 02:33:52 PM »
He may not be able to retire at age 37 but he is off to a great start (assuming the facts given are correct). Hopefully his girlfriend is the same. When I was his age I was a year from even getting started, and that was with a $2,000 IRA every year. Quite a few millienals are pretty smart.

Making Cookies

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Re: Millenial kicks ass, complainypants butcher him
« Reply #8 on: October 25, 2016, 02:52:10 PM »
People love to complain about things, in this case "millennials," but lose their shit when they see something that's got their head on right. For as long as I've been paying attention these same people have complained about professional athletes blowing their money, they aren't going to be happy with the current crop of athletes that are learning to invest their money properly and are now going to become power players in their industry (MJ and Lebron come to mind, but also players like Marshawn Lynch who live frugally and retire early to avoid getting hurt).

People trying to ensure he doesn't show them up (which he already has).

Metric Mouse

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Re: Millenial kicks ass, complainypants butcher him
« Reply #9 on: October 27, 2016, 12:47:32 AM »
You just have to click on the arrow at the "join the conversation line".  I saw the comments just fine.  And then I was sorry I'd bothered.

Ha! First reply to the first comment links MMM. Way to go Heather!

Yeah, they're pretty bad at math "But in 30 years, his $750K will be worth less than it is today."  Sad...

financialfreedomsloth

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Re: Millenial kicks ass, complainypants butcher him
« Reply #10 on: October 27, 2016, 07:59:00 AM »
Very good article! The comments just confirm something I have been thinking for quite some time now: most people canít read or calculate. If you show them a piece of paper with words and numbers on it they will recognize the words and numbers, they will be able to repeat those words or numbers but they do not UNDERSTAND those words or numbers Ö

Warlord1986

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Re: Millenial kicks ass, complainypants butcher him
« Reply #11 on: October 27, 2016, 08:05:46 AM »
Very good article! The comments just confirm something I have been thinking for quite some time now: most people canít read or calculate. If you show them a piece of paper with words and numbers on it they will recognize the words and numbers, they will be able to repeat those words or numbers but they do not UNDERSTAND those words or numbers Ö

School teachers have known that for decades.

zephyr911

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Re: Millenial kicks ass, complainypants butcher him
« Reply #12 on: October 27, 2016, 12:56:53 PM »
Oh my god, I shouldn't have read the comments section. Never read the comments section.

Goldielocks

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Re: Millenial kicks ass, complainypants butcher him
« Reply #13 on: October 27, 2016, 04:42:06 PM »
Very good article! The comments just confirm something I have been thinking for quite some time now: most people canít read or calculate. If you show them a piece of paper with words and numbers on it they will recognize the words and numbers, they will be able to repeat those words or numbers but they do not UNDERSTAND those words or numbers Ö

I attended a 'post secondary and scholarship info night' last night with DD.   They had two students speak, who had been successful in getting scholarships, about the process and what they are do in their first year out of high school.   One was terrific.  The second was talking about the large-ish scholarship she had won.   it was $1700 per term, 2 terms/yr, for 4 years.  '...So that's about $5000/year and basically covers my tuition each year'.     

Um, nope,  it is $3400 per year and your tuition is $5000.   

This from the scholarship winner who should know exactly how far her money is going.   I whispered to DD --'I hope she is not taking math.'

jinga nation

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Re: Millenial kicks ass, complainypants butcher him
« Reply #14 on: October 28, 2016, 07:03:47 AM »
Oh my god, I shouldn't have read the comments section. Never read the comments section.
I'm going to read them, just because you said not to.
(Goes to webpage)
WTF are the comments? Huh?
(Scrolls up and down the page several times, eyeballs scan left to right and right to left)
Oh damn, Ghostery blocking the Comments.
Shit, back to work.

Making Cookies

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Re: Millenial kicks ass, complainypants butcher him
« Reply #15 on: October 28, 2016, 07:11:53 AM »
How bad could they be?

Turning off EFF Badger.

(pretty bad)

Badger ON!

The comments even had unrelated commentary on the election! 

ducky19

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Re: Millenial kicks ass, complainypants butcher him
« Reply #16 on: October 28, 2016, 07:27:39 AM »
How bad could they be?

Turning off EFF Badger.

(pretty bad)

Badger ON!

The comments even had unrelated commentary on the election!

They always do...

TravelJunkyQC

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Re: Millenial kicks ass, complainypants butcher him
« Reply #17 on: October 28, 2016, 07:29:36 AM »
Oh my god, I shouldn't have read the comments section. Never read the comments section.

*Reads article*: awesome, people are cool, I like people.

*Reads comments*: I have no faith in humanity, people suck, get me away from everyone.

ducky19

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Re: Millenial kicks ass, complainypants butcher him
« Reply #18 on: October 28, 2016, 08:15:50 AM »
A couple of favorites:

"The average life span of US males is around 76 years old. Assuming he reaches that age, that means he will need enough money to live for another 39 years. $750,000 divided by 39 years is $19,230/year. Far short of his goal of $30k/year. And as others have mentioned, this doesn't factor in inflation or health care costs. Doesn't seem like enough to me but good luck to him just the same."

and this gem...

"its not going to mater the banks are going to fall apart the stock market with it.
he probilt lose every peny of it wen it happens . the he be doomed to work rest of his life like the rest of us.those i sed will happen cuase the usa cant pay its bills and hasnet for 75 years .
has no plans on it . that leads curancy deahposhtion its that simple don t count worth of your maoney untill you have spent it."

and finally this one, which just makes me sad...

"This is just stupid. I am 58 with 2 million net worth and I still struggle with if I have enough to retire and still be able to do all I want to do for the next 20 years. This guy will be back to work in 3 years."

zephyr911

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Re: Millenial kicks ass, complainypants butcher him
« Reply #19 on: October 28, 2016, 01:36:34 PM »
The comments even had unrelated commentary on the election!

Every comments section does, these days. :(

Dezrah

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Re: Millenial kicks ass, complainypants butcher him
« Reply #20 on: October 28, 2016, 01:46:26 PM »
I was glad to see someone linked to MMM in the early comments (probably one of you guys).  Back in the day I would click through random financial articles.  I thought I was hot stuff getting the full company match and maxing out my Roth IRA. 

Then I saw someone in one of these comments sections humble brag about their 30% current savings rate and that they were hoping to get to 50% by next year.  They described "Jacob" as their personal hero even if they could never achieve his level of savings.  30% seemed amazing and 50% seemed impossible, so I followed the links and it's been a whole new world for me ever since. 

shelivesthedream

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Re: Millenial kicks ass, complainypants butcher him
« Reply #21 on: October 29, 2016, 07:08:55 AM »
Good on this guy, but I hope he doesn't feel too down reading the horrendous comments. I always wonder with these people whether if someone sat down with them REALLY patiently and spent a few hours perfectly executing a Socratic dialogue with them, working up to the idea of the 4% rule and low expenses from a complete first principles basis from whatever financial facts they were willing to admit, if they would eventually get it.

Debts_of_Despair

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Re: Millenial kicks ass, complainypants butcher him
« Reply #22 on: October 29, 2016, 08:01:14 AM »
Sounds like a bunch of disgruntled baby boomers who will never be able to retire.  Kind of ironic how the boomers came of age in one of the most prosperous times in US history and the millennials in one of the worst yet there are still many millennials kicking ass.  Way too many people got fat, dumb and happy in the 90s.

Greenway52

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Re: Millenial kicks ass, complainypants butcher him
« Reply #23 on: October 30, 2016, 01:48:56 PM »
I was glad to see someone linked to MMM in the early comments

I know. I was so happy to see that too! I wonder if any readers looked into what she was saying and visited the site.

Greenway52

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Re: Millenial kicks ass, complainypants butcher him
« Reply #24 on: October 30, 2016, 01:52:31 PM »
My personal favourite comment was this one:

"If he only earns an average salary and he is socking away $33K a year, then I conclude that he lives with his parents and they are supporting him. Well, DUH... Hey, article writer, you should tell us this.

He doesn't understand that even if he plans to live with his parents until they die, or live in a tent, chop his own firewood and raise some his own food, plus pay for medical and car insurance, he will need several thousand dollars a month to live on. He will need to pay someone rent and utilities.

If he plans to stay connected, add several hundred dollars more per month."


I have no words for this. This is just sad.

SwordGuy

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Re: Millenial kicks ass, complainypants butcher him
« Reply #25 on: October 30, 2016, 02:45:45 PM »
I get a big kick out of the comment section on articles like this, however this one is especially hilarious - I've never seen such a large contingent of people who have NO basic understanding of finance.

You don't get out much in crowds? 

Next time you're in a crowd, just do a slow 360 degree turn.   Then you'll never be able to make that statement truthfully again. :)

Metric Mouse

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Re: Millenial kicks ass, complainypants butcher him
« Reply #26 on: October 30, 2016, 03:10:00 PM »
Good on this guy, but I hope he doesn't feel too down reading the horrendous comments. I always wonder with these people whether if someone sat down with them REALLY patiently and spent a few hours perfectly executing a Socratic dialogue with them, working up to the idea of the 4% rule and low expenses from a complete first principles basis from whatever financial facts they were willing to admit, if they would eventually get it.

I would imagine anyone self aware and intelligent enough to manage their finances as well as the gentleman in the article does would not be bothered much by internet commenters who can't even do basic math.

ender

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Re: Millenial kicks ass, complainypants butcher him
« Reply #27 on: October 30, 2016, 03:42:57 PM »
One thing the commenters do get right is that most often having kids slows your time to FIRE down meaningfully.

Psychstache

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Re: Millenial kicks ass, complainypants butcher him
« Reply #28 on: October 30, 2016, 05:08:18 PM »
Oh my god, I shouldn't have read the comments section. Never read the comments section.

*Reads article*: awesome, people are cool, I like people.

*Reads comments*: I have no faith in humanity, people suck, get me away from everyone.

This is a good summary of every article written on the internet ever.

Rural

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Re: Millenial kicks ass, complainypants butcher him
« Reply #29 on: October 30, 2016, 07:17:35 PM »
Oh my god, I shouldn't have read the comments section. Never read the comments section.

*Reads article*: awesome, people are cool, I like people.

*Reads comments*: I have no faith in humanity, people suck, get me away from everyone.

This is a good summary of every article written on the internet ever.


Nah, sometimes the article sucks, too. :)

financialfreedomsloth

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Re: Millenial kicks ass, complainypants butcher him
« Reply #30 on: October 31, 2016, 01:43:50 AM »
Good on this guy, but I hope he doesn't feel too down reading the horrendous comments. I always wonder with these people whether if someone sat down with them REALLY patiently and spent a few hours perfectly executing a Socratic dialogue with them, working up to the idea of the 4% rule and low expenses from a complete first principles basis from whatever financial facts they were willing to admit, if they would eventually get it.
Nope. Either the low expenses or the 4% rule (and the implied market returns in it) trip them.

I have been investing my own money for about 15 years now, and a small part of my parents money for about 10 years. My dad knows my stash, he has gotten an update on his investments every year. I have done fine. It is still a totally alien world for him, he is still saying Iíll probably lose it all because the markets cannot be trusted.

I have a good friend, she knows what I am going for, she understands it. She believes I will make it work because I am smart with investing and do not need to spend much to be happy. But for her being able to do as one wants = being able to buy whatever one wants. Have tried to convince here that doing fun stuff does not imply spending much money. Even asked her if the cheap plastic garden chairs we have bother her when she visits me. And she admits that she has a great time at my place because she enjoys spending time with me and that good company is more important than the furniture one sits on or the location where one does the sitting or if the clothes are designer stuff or not. But still she is convinced I am the exception and she could not do it Ö

MgoSam

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Re: Millenial kicks ass, complainypants butcher him
« Reply #31 on: October 31, 2016, 01:48:59 AM »

I have been investing my own money for about 15 years now, and a small part of my parents money for about 10 years. My dad knows my stash, he has gotten an update on his investments every year. I have done fine. It is still a totally alien world for him, he is still saying Iíll probably lose it all because the markets cannot be trusted.


WOW, you nailed my dad perfectly. I don't have a 15 year track record, nor do I invest my dad's money, but otherwise your situation describes me. My dad asks every so often as to how my investments are doing and seems surprised (though thankfully always very happy). He blew through a lot of money on stupid speculation (day-trading, buying stock in companies he knew nothing about nor researched, ect), and so doesn't trust the market, but does understand at some level that I'm doing the right thing in not trying to beat the market but instead buying low-cost index funds. That said, he keeps his money in the bank and won't let me help him set up a Vanguard account...I don't try to convince him, he'll ask for help when he wants it. It's just my role to be there for when he's willing to do so.

ender

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Re: Millenial kicks ass, complainypants butcher him
« Reply #32 on: October 31, 2016, 06:51:13 AM »
I have been investing my own money for about 15 years now, and a small part of my parents money for about 10 years. My dad knows my stash, he has gotten an update on his investments every year. I have done fine. It is still a totally alien world for him, he is still saying Iíll probably lose it all because the markets cannot be trusted.

I think a common reason for this is a lack of trust or concern about the government interfering in interest rates.

clarkfan1979

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Re: Millenial kicks ass, complainypants butcher him
« Reply #33 on: October 31, 2016, 10:04:51 AM »
Most of the comments do not seem to attack the math of him saving $150,000. They seem to attack the method. The argument seems to be that his parents paid for college and his girlfriend covers 50% of his expenses. I think the girlfriend argument is pretty weak. If you don't have a girlfriend, you get a roommate.

shelivesthedream

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Re: Millenial kicks ass, complainypants butcher him
« Reply #34 on: October 31, 2016, 11:25:28 AM »
Most of the comments do not seem to attack the math of him saving $150,000. They seem to attack the method. The argument seems to be that his parents paid for college and his girlfriend covers 50% of his expenses. I think the girlfriend argument is pretty weak. If you don't have a girlfriend, you get a roommate.

My reading was that the biggest objection was that he would not be able to live on his stash indefinitely (arguing that either inflation will erode the real value of his money, or that $750k/$30k=25 so obviously he has only saved enough cash for 25 years) or that getting married and having children will doom his plans forever (because obviously all women are materialistic spendthrifts and having children literally removes from reality the option of making any kind of choices about your spending).

The first is silly, but the second really upsets me because it furthers this narrative that people don't actually have control over their own actions. Like having children means you are compelled by some mysterious cosmic force to buy two SUVs or whatever.

Roboturner

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Re: Millenial kicks ass, complainypants butcher him
« Reply #35 on: October 31, 2016, 11:57:57 AM »
it furthers this narrative that people don't actually have control over their own actions. Like having children means you are compelled by some mysterious cosmic force to buy two SUVs or whatever.

haha this has always been my thought.

Goldielocks

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Re: Millenial kicks ass, complainypants butcher him
« Reply #36 on: October 31, 2016, 07:05:33 PM »

.... it furthers this narrative that people don't actually have control over their own actions. Like having children means you are compelled by some mysterious cosmic force to buy two SUVs or whatever.
LOL,
If we base our ideas about how people work on correlation, and not causation, I think that there is reasonable "proof" that having kids induces (forces) people to buy SUVs...

MMM's being the exception that proves the rule, of course.

One Noisy Cat

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Re: Millenial kicks ass, complainypants butcher him
« Reply #37 on: November 01, 2016, 03:20:05 AM »
I suppose the most surprising thing about the comments is the argument about his internet bill. He may be a little low but c'mon...no one pays anything exhorbitant like $500 a month. But so many people jump on him for that.

Monkey stache

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Re: Millenial kicks ass, complainypants butcher him
« Reply #38 on: November 01, 2016, 10:03:29 AM »
I suppose the most surprising thing about the comments is the argument about his internet bill. He may be a little low but c'mon...no one pays anything exhorbitant like $500 a month. But so many people jump on him for that.

I actually live in the same city as him and I've paid less than $20 for internet. USI is less than $20 when you pre-pay for a year. http://usiwireless.com/service/pricing.htm It's not the fastest but it works.

arebelspy

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Re: Millenial kicks ass, complainypants butcher him
« Reply #39 on: November 05, 2016, 09:39:12 PM »
This guy again, huh?

The comment I made last time he promoted himself in a news article (was Business Insider article that time):

Quote
Yet another early retirement blogger looking to make money from a site so he can retire early.  Looked at his articles, seemed mostly devoid of quality content.

That's why when you find the amazing ones--LivingaFI, GCC, MadFIentist, MMM, Brave New Life, etc.--they're all the more rare, cause for every one of them, there's dozens of Money Wizards and Millenial Revolutions and 1500 Days and FI Fighter and such (many of which I've forgotten the names of, those are just a few that stick out)--where they maybe (maybe) have a single good article, or two, and the rest is... bland, to put it kindly.  :)

Hope the publicity at least makes a few people out there realize FIRE is possible, and look into it.

Churning out meh content and marketing yourself like crazy works, no doubt, but it sure doesn't add value.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Metric Mouse

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Re: Millenial kicks ass, complainypants butcher him
« Reply #40 on: November 06, 2016, 12:32:42 AM »
I suppose the most surprising thing about the comments is the argument about his internet bill. He may be a little low but c'mon...no one pays anything exhorbitant like $500 a month. But so many people jump on him for that.

I actually live in the same city as him and I've paid less than $20 for internet. USI is less than $20 when you pre-pay for a year. http://usiwireless.com/service/pricing.htm It's not the fastest but it works.

Nice.  I haven't looked at switching service up lately; probably should see if I can get a better rate.

mm1970

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Re: Millenial kicks ass, complainypants butcher him
« Reply #41 on: November 07, 2016, 10:36:24 AM »
This guy again, huh?

The comment I made last time he promoted himself in a news article (was Business Insider article that time):

Quote
Yet another early retirement blogger looking to make money from a site so he can retire early.  Looked at his articles, seemed mostly devoid of quality content.

That's why when you find the amazing ones--LivingaFI, GCC, MadFIentist, MMM, Brave New Life, etc.--they're all the more rare, cause for every one of them, there's dozens of Money Wizards and Millenial Revolutions and 1500 Days and FI Fighter and such (many of which I've forgotten the names of, those are just a few that stick out)--where they maybe (maybe) have a single good article, or two, and the rest is... bland, to put it kindly.  :)

Hope the publicity at least makes a few people out there realize FIRE is possible, and look into it.

Churning out meh content and marketing yourself like crazy works, no doubt, but it sure doesn't add value.
Hmm...maybe I should monetize my blog and retire early!  I've already got the "meh" content down pat!!

(For the record, it's mostly a food blog/ random musings blog...started as a way to permanently record my kitchen successes so I could find them again).

Archivist

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Re: Millenial kicks ass, complainypants butcher him
« Reply #42 on: November 07, 2016, 03:10:29 PM »
It still shocks me to see just how angry these commenters are on articles like this one.

Part of me understands, because I remember how when I was living paycheck to paycheck and didn't know how to budget my money, I would sometimes feel bitter when I read articles about someone who had a financial success. I would be hopeful at first that it would have some magical solution to my problems, but then I would look at any lucky break they had that I didn't have and discredit the possibility of myself accomplishing the same, or at least be too greatly discouraged to start trying, despite the fact that trying would still put me way ahead of where I was. It felt impossible to change my current expenses in a way that would be effective enough to make it worth it to me, and that's what I see in these comments like, "Wait 'til you have kids and a house!"... "Unless you want to live like a college student the rest of your life"... "You'd be homeless by 60!"  Those are assumptions and excuses said by those who feel their expense levels are forced upon them and cannot imagine another way to live.

Combine that jealousy and bitterness with a lack of understanding of basic finance concepts like staying within a budget, planning ahead, compound interest and living off that interest, and that puts them in utter disbelief. And anger.

To be fair, most people are given zero education about finance, and most all of us were raised with the assumption that we would work until 65 because you'd have to. It's no wonder they think some young kid who's challenging the system is an idiot. But the anger and vindictiveness still surprises me. Even my former bad-with-money self would have found a little bit of hope and inspiration through what he's been able to achieve.

Dicey

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Re: Millenial kicks ass, complainypants butcher him
« Reply #43 on: November 07, 2016, 03:15:33 PM »
The comments even had unrelated commentary on the election!

Every comments section does, these days. :(
Except this forum, lol.

arebelspy

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Re: Millenial kicks ass, complainypants butcher him
« Reply #44 on: November 07, 2016, 05:14:58 PM »
The comments even had unrelated commentary on the election!

Every comments section does, these days. :(
Except this forum, lol.

Really?  I'm not sure how you missed all the * election nonsense on here.

You must have been living under a trump the last six months.

:)
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solon

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Re: Millenial kicks ass, complainypants butcher him
« Reply #45 on: November 07, 2016, 05:47:59 PM »
The comments even had unrelated commentary on the election!

Every comments section does, these days. :(
Except this forum, lol.

Really?  I'm not sure how you missed all the * election nonsense on here.

You must have been living under a trump the last six months.

:)

Trump! Trump! Trump!

Looking forward to the Trumpslide tomorrow!
Crooked Hillary is going down!

Tjat

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Re: Millenial kicks ass, complainypants butcher him
« Reply #46 on: November 07, 2016, 07:27:23 PM »
I was always amazed by people that take a NW of today and divide it by X years to figure cost per year...assuming no investment returns. Then I realized that in talking to a number of people I associate with is that it's not uncommon for people (or a wide range of ages) to store all their money in a bank account earning 0.2% interest. It's really depressing, particularly as these people have student loan and CC debt. I've tried talking to a few but they all claim they don't trust the market and that I don't understand what it's making their salary.

ohsnap

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Re: Millenial kicks ass, complainypants butcher him
« Reply #47 on: November 08, 2016, 09:28:26 AM »
I get a big kick out of the comment section on articles like this, however this one is especially hilarious - I've never seen such a large contingent of people who have NO basic understanding of finance.

What?!  One of the commenters is in sales at a Ferrari/Maserati dealer.  He knows a ton about finance; I'm sure he can tell you exactly how much car you qualify for!

Shadow99

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Re: Millenial kicks ass, complainypants butcher him
« Reply #48 on: November 08, 2016, 10:46:11 AM »
I was glad to see someone linked to MMM in the early comments (probably one of you guys).  Back in the day I would click through random financial articles.  I thought I was hot stuff getting the full company match and maxing out my Roth IRA. 

Then I saw someone in one of these comments sections humble brag about their 30% current savings rate and that they were hoping to get to 50% by next year.  They described "Jacob" as their personal hero even if they could never achieve his level of savings.  30% seemed amazing and 50% seemed impossible, so I followed the links and it's been a whole new world for me ever since.

Assuming "Jacob" was referring to Early Retirement Extreme, which is an appropriate title for the blog.

One Noisy Cat

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Re: Millenial kicks ass, complainypants butcher him
« Reply #49 on: November 10, 2016, 04:47:19 PM »
I was always amazed by people that take a NW of today and divide it by X years to figure cost per year...assuming no investment returns. Then I realized that in talking to a number of people I associate with is that it's not uncommon for people (or a wide range of ages) to store all their money in a bank account earning 0.2% interest. It's really depressing, particularly as these people have student loan and CC debt. I've tried talking to a few but they all claim they don't trust the market and that I don't understand what it's making their salary.

40 years ago I took a college course in Finance. The prof commented on an annuity problem: $6600 in an FDIC account that pays 9% a year for a decade (not that difficult to find 40 years ago). How much could you take out each year in equal amounts before exhausting it. The answer is something like $1025. He said his mother was absolutely convinced it was only $660 and when he tried to explain interest was increasing the principal, she replied "maybe in your example but not in the real world Ilike in." The guy's own mother!