Author Topic: Achieving MMM spending level - how to for Gen Y people  (Read 1742 times)

Stahlmann

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Achieving MMM spending level - how to for Gen Y people
« on: October 24, 2016, 02:17:15 PM »
As stated in topic.

I came here, because I don't like my studies.
But I still cohabit with my parents.

And even if I can manage better my savings, they are deciding what they do with ,,big" pennies.

Disscussion about guy who saved 50% of income and retired in his 30's is not so convincing for guy in his 50's (presented by person who has not started his own career).

Which articles of MMM are geared towards Gen Y?
Or any personal stories?
Any other sites geared towards people in their 50's (to be honest 60's)?
Any good blogs from EU?

Background info:
-Middle Europe
- there was leverage in work area (but high earnings has price - loss in health; we now live on saved capital and I would like to make this period longer), but economical surplus was spend on ,,stuf" and middle class dream
- no success during transformation time (like buying stocks of major companies when all people who are not middle-class are getting fired; west european companies buying companies from my country for almost free ... https://www.amazon.com/Things-They-Dont-about-Capitalism/dp/0141047976 )
- stuff = happiness
- something on sales = you need it
- TV = entertainment
and so on :(

marty998

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Re: Achieving MMM spending level - how to for Gen Y people
« Reply #1 on: October 24, 2016, 02:53:16 PM »
You are not going to convince your dad with a blog post.

You do need to start a career and get your "adult" life commenced. Can you work and study part time?

arebelspy

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Re: Achieving MMM spending level - how to for Gen Y people
« Reply #2 on: November 05, 2016, 10:47:50 PM »
Math is math.

Savings rate doesn't care if you are 22, or 50.

When you're younger, you have time on your side for compound interest, but one of the awesome things about the MMM high savings rate strategy is that it minimizes your time of working/saving, so the compounding effect doesn't matter much.

When investing a small amount for a long period, yes, there's a big difference between 20, 30, 40 years.. but almost all the gains are over those last few years, from compounding.  When investing a large amount for a short period, almost all the money is from savings, very little from compounding.  So being older is just fine.

At the end of the day, it's numbers.  It's math.

Saying "this is gen y" or "what about boomers" or whatever is irrelevant.  Labels in this case aren't just useless, but actively harmful.  Optimize your spending, save as much as possible.  Then go enjoy yourself, both before and after FIRE.

:)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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Metric Mouse

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Re: Achieving MMM spending level - how to for Gen Y people
« Reply #3 on: November 06, 2016, 01:04:36 AM »
As stated in topic.

I came here, because I don't like my studies.
But I still cohabit with my parents.

And even if I can manage better my savings, they are deciding what they do with ,,big" pennies.

Disscussion about guy who saved 50% of income and retired in his 30's is not so convincing for guy in his 50's (presented by person who has not started his own career).

Which articles of MMM are geared towards Gen Y?
Or any personal stories?
Any other sites geared towards people in their 50's (to be honest 60's)?
Any good blogs from EU?

Background info:
-Middle Europe
- there was leverage in work area (but high earnings has price - loss in health; we now live on saved capital and I would like to make this period longer), but economical surplus was spend on ,,stuf" and middle class dream
- no success during transformation time (like buying stocks of major companies when all people who are not middle-class are getting fired; west european companies buying companies from my country for almost free ... https://www.amazon.com/Things-They-Dont-about-Capitalism/dp/0141047976 )
- stuff = happiness
- something on sales = you need it
- TV = entertainment
and so on :(

Are your parents happy? Or are you trying to change them to align with your views, that they might not exactly share?