This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

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This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by carruthers209 » Tue Apr 03, 2018 6:22 pm

http://time.com/money/5209776/this-mill ... hey-do-it/

In case you missed the article, this young couple have their FIRE plan going big time and Lily credits the Boglehead forum for giving her the smarts and expertise to develop her innovative strategies-well innovative to me anyway-for her 401k, among many other strategies for their phenomenal savings plan. She even set up her 401k using her Air BnB rental income. Not bad for a kid who owned two pairs of pants in fourth grade and her parents earned $6 an hour chopping vegetables. And the Boglehead forum is free-just an amazing place where very indepth expertise is shared for the "greater good." Thank you again all contributors who have taught everyone so much and hopefully we can all have an amazing retirement. Do I have to make this "actionable" somehow?

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by riverguy » Tue Apr 03, 2018 7:02 pm

Sounds great living with Dad and eating on $250 a mo for three adults along with having two strangers in the house probably most of the time. Oh and taking the bus everywhere.

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Post by VAslim16 » Tue Apr 03, 2018 7:37 pm

riverguy wrote:
Tue Apr 03, 2018 7:02 pm
Sounds great living with Dad and eating on $250 a mo for three adults along with having two strangers in the house probably most of the time. Oh and taking the bus everywhere.
Seriously. Good for them but life is too short for me to live that way.

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Post by MnD » Tue Apr 03, 2018 7:39 pm

They used to go to concerts, but now they simply dance around the living room.

So do they get to go to concerts starting in 2029, or is their FIRE budget premised on their existing financial lifestyle?
Rice, potatoes, cabbage and dancing around the living room "forever" could get old.

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Post by protagonist » Tue Apr 03, 2018 7:48 pm

And what if one of them dies in 2028? Or if they get divorced and wind up spending years in court?

I agree with Lily, that one should not rely on purchases for happiness. But nor should one rely on waiting 11 years for it, especially given that anything can happen in the interim. If it were me I would go to a concert every once in awhile and even splurge on a green pepper or tomato from time to time to go with the scallions. And I suppose children are out of the question.

Chacun a son gout, but it seems like a waste of one's youth if you ask me (age 65).

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Post by market timer » Tue Apr 03, 2018 8:03 pm

Many will read this article and think the couple is making all these sacrifices because of their goal to FIRE. If their behavior strikes you as bizarre, I think what you are seeing is largely explained by different cultural values--combination of traditional Chinese (living with parents), urban (no car), millennial (Airbnb host), and the fact they are likely introverted homebodies (not going to concerts).

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Post by michaeljc70 » Tue Apr 03, 2018 8:12 pm

Amusing thread. The article doesn't state their income, which would be good to know. Saving $150k a year if you make $500k is no big accomplishment. Also, to skrimp when young only to skrimp when old is not for me. I am frugal, but there is a limit. To be retired at a young age and not be able to travel or do a lot of things would be pointless to me. I am saying this as someone who has only worked 16 total years (on a good, but not crazy high income) since college and is close to retirement.

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Post by frugalecon » Tue Apr 03, 2018 8:51 pm

Based on the pictures, it appears that they have a couple of dogs. That is surprising, because pets can get expensive, especially in the last year or two of their lives.

I think it is important to spend carefully, but I wouldn’t be willing to make the sacrifices they clearly are willing to make, I enjoy eating good food and drinking excellent adult beverages. And my life is enriched by having experiences other than dancing around the living room. Spending thoughtfully makes sense, but I think it is possible to turn saving into a fetish.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by farnsy » Tue Apr 03, 2018 9:22 pm

I applaud thriftiness, but I don't see why it's so important to retire early, especially if you live like you are super poor both before and after retirement. That's a lot of years with nothing to do--is that really that great? Working isn't that bad. I don't see any mention of having a family (kids) either.

The purpose of life isn't to hole up and set up your life so you have nothing to do. Dancing around the living room will get old before long.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by stan1 » Tue Apr 03, 2018 9:25 pm

Sounds like they should start a business promoting a frugal lifestyle and then make a lot of money off it while claiming to not be working.

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Post by DC3509 » Tue Apr 03, 2018 9:28 pm

They actually have a blog that documents all of this:

https://www.thefrugalgene.com/feb-2018-report/

I'm not sure how you have two pets and only spend $8.36 on them last month. Our dogs would go on strike.

I agree completely with the other people who responded here -- if I look back 11 years, my life is totally different now than I thought it would be. All of this is fine until somebody gets hit by a bus, or divorced, or loses their job, or some other common life tragedy. Do you work until 2039 then?

I think there is a balance to strike in life. People shouldn't buy "stuff" just to make them happy, but you really do only live once. Finding something in between these two extremes is the challenge.

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Post by DC3509 » Tue Apr 03, 2018 9:29 pm

stan1 wrote:
Tue Apr 03, 2018 9:25 pm
Sounds like they should start a business promoting a frugal lifestyle and then make a lot of money off it while claiming to not be working.
They sorta have done just that -- see my post about their blog.

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Post by DC3509 » Tue Apr 03, 2018 9:33 pm

farnsy wrote:
Tue Apr 03, 2018 9:22 pm
I applaud thriftiness, but I don't see why it's so important to retire early, especially if you live like you are super poor both before and after retirement. That's a lot of years with nothing to do--is that really that great? Working isn't that bad. I don't see any mention of having a family (kids) either.

The purpose of life isn't to hole up and set up your life so you have nothing to do. Dancing around the living room will get old before long.
Right? How about finding a job that you are truly passionate about, where you are valued and making a significant contribution? And perhaps where you are even well paid too? I know that's not possible for everyone, but it sure sounds a lot better aspirational goal than living like you are in poverty pre and post retirement, taking a bus, dancing in the living room, never dining out, and depriving your dog of treats. I have worked hard in life so I don't have to live in poverty.

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Post by TravelGeek » Tue Apr 03, 2018 9:33 pm

DC3509 wrote:
Tue Apr 03, 2018 9:28 pm
They actually have a blog
Of course :D

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Post by FIREchief » Tue Apr 03, 2018 9:34 pm

I would rather ride the bus than fight traffic (I did it for years). I would also rather dance in the living room than go to a concert (I actually have no use for either). Simple meals are great. I don't get why so many responses aren't embracing this couple's approach. FIRE is priceless. 8-)
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Post by Jags4186 » Tue Apr 03, 2018 9:38 pm

They had $1,000,000 as of 11/17 and are saving $150k/yr until 2029? I think they might retire with a pretty decent nest egg.

It must be awful on the way there though.

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Post by FIREchief » Tue Apr 03, 2018 9:38 pm

DC3509 wrote:
Tue Apr 03, 2018 9:33 pm
farnsy wrote:
Tue Apr 03, 2018 9:22 pm
I applaud thriftiness, but I don't see why it's so important to retire early, especially if you live like you are super poor both before and after retirement. That's a lot of years with nothing to do--is that really that great? Working isn't that bad. I don't see any mention of having a family (kids) either.

The purpose of life isn't to hole up and set up your life so you have nothing to do. Dancing around the living room will get old before long.
Right? How about finding a job that you are truly passionate about, where you are valued and making a significant contribution? And perhaps where you are even well paid too? I
I've known several people who attempted this. I've never met one who succeeded long term. Maybe they fooled themselves for a year or two, or were just plain nuts, but it rarely happens.
know that's not possible for everyone, but it sure sounds a lot better aspirational goal than living like you are in poverty pre and post retirement, taking a bus, dancing in the living room, never dining out, and depriving your dog of treats. I have worked hard in life so I don't have to live in poverty.
Riding a bus and eating low cost food is not living in poverty. Dining out is highly over rated. I also worked (kinda) hard in life, but have no interest in spending money just for the sake of spending money.
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Post by FIREchief » Tue Apr 03, 2018 9:42 pm

How many of you have actually ridden a city bus? Did you encounter other human beings who were on their way to work, school, etc? Or, was it just a bunch of drug addicts and muggers who made you feel like you might not live until your final destination?

I used to read the newspaper and have pleasant discussions with other professionals. Yeah, it was awful. How did I eek it out until FIRE?? :confused
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Post by DC3509 » Tue Apr 03, 2018 9:51 pm

FIREchief wrote:
Tue Apr 03, 2018 9:42 pm
How many of you have actually ridden a city bus? Did you encounter other human beings who were on their way to work, school, etc? Or, was it just a bunch of drug addicts and muggers who made you feel like you might not live until your final destination?

I used to read the newspaper and have pleasant discussions with other professionals. Yeah, it was awful. How did I eek it out until FIRE?? :confused
I live in a big city and ride the subway to work every day. I don't mind it. But I would not want to be completely dependent on subway, buses, or public transportation, especially if I otherwise had the financial means to buy a car. Uber has changed that equation a little bit, but I don't think these people are taking ubers either.

I find your earlier comment that you have never met anyone who has found a job they truly enjoy and love to be sad. I have encountered a lot of people who truly love their jobs and careers, myself included.

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Post by FIREchief » Tue Apr 03, 2018 10:02 pm

DC3509 wrote:
Tue Apr 03, 2018 9:51 pm

I find your earlier comment that you have never met anyone who has found a job they truly enjoy and love to be sad. I have encountered a lot of people who truly love their jobs and careers, myself included.
I can certainly accept this. Unfortunately, I've only worked at Megacorp, and that was some really sterile soil.
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Post by BanquetBeer » Tue Apr 03, 2018 10:21 pm

To me sounds like a lot of jealousy that they might enjoy their austere living and progress on their goal.

Enjoyment isn’t always from spending money - most often I find it is from the people you surround yourself with. They use the term financially independent based on 11 years so somewhere around 3.5mil? In today’s dollars - meaning they expect expenses to be around 10k/mo?

Doesn’t sound so miserly. I live on half my income and I can’t say I miss out on things. I’m quite happy with what I have and my purchases wouldn’t change unless my income changed by a large factor. (5-10x more)

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Post by Cycle » Tue Apr 03, 2018 10:26 pm

FIREchief wrote:
Tue Apr 03, 2018 9:42 pm
How many of you have actually ridden a city bus? Did you encounter other human beings who were on their way to work, school, etc? Or, was it just a bunch of drug addicts and muggers who made you feel like you might not live until your final destination?

I used to read the newspaper and have pleasant discussions with other professionals. Yeah, it was awful. How did I eek it out until FIRE?? :confused
We have one car, and I do public transit every work day. Bus is pretty quiet as everyone is reading or listening to podcasts on their way to work, people who are chatting are usually pretty quiet.

The instransit app helps bc u know when the next bus will arrive. Tells me when to leave my house in the AM.

Rental cars are cheap on weekends, typically $20 a day, so even if are one of those people that own multiple cars that sit unused 95% of the time, it's often most economical to rent a car if u have one nearby.

We save ~$178k/yr, mainly to just have lots of financial security.

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Post by FIREchief » Tue Apr 03, 2018 10:31 pm

Cycle wrote:
Tue Apr 03, 2018 10:26 pm
FIREchief wrote:
Tue Apr 03, 2018 9:42 pm
How many of you have actually ridden a city bus? Did you encounter other human beings who were on their way to work, school, etc? Or, was it just a bunch of drug addicts and muggers who made you feel like you might not live until your final destination?

I used to read the newspaper and have pleasant discussions with other professionals. Yeah, it was awful. How did I eek it out until FIRE?? :confused
We have one car, and I do public transit every work day. Bus is pretty quiet as everyone is reading or listening to podcasts on their way to work, people who are chatting are usually pretty quiet.

The instransit app helps bc u know when the next bus will arrive. Tells me when to leave my house in the AM.

Rental cars are cheap on weekends, typically $20 a day, so even if are one of those people that own multiple cars that sit unused 95% of the time, it's often most economical to rent a car if u have one nearby.

We save ~$178k/yr, mainly to just have lots of financial security.
:sharebeer
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Post by TravelGeek » Tue Apr 03, 2018 10:45 pm

FIREchief wrote:
Tue Apr 03, 2018 9:34 pm
I would rather ride the bus than fight traffic (I did it for years). I would also rather dance in the living room than go to a concert (I actually have no use for either). Simple meals are great. I don't get why so many responses aren't embracing this couple's approach. FIRE is priceless. 8-)
Everything in moderation. I am not more embracing their somewhat extreme approach than I am approaching the “big hat, not cattle” approach. That doesn’t mean that I have a problem with either one.... it is a free country, people get to make their own choices and if they are happy, awesome.

We reached FI long before age 50 and didn’t live on a barebones budget along the way. And yes, we have taken the bike, bus or train to work. Many times. Other times my wife and I were car pooling, though... using our one shared vehicle at the time. A distinctly non-luxurious Prius :)

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Post by FIREchief » Tue Apr 03, 2018 10:59 pm

TravelGeek wrote:
Tue Apr 03, 2018 10:45 pm
FIREchief wrote:
Tue Apr 03, 2018 9:34 pm
I would rather ride the bus than fight traffic (I did it for years). I would also rather dance in the living room than go to a concert (I actually have no use for either). Simple meals are great. I don't get why so many responses aren't embracing this couple's approach. FIRE is priceless. 8-)
Everything in moderation. I am not more embracing their somewhat extreme approach than I am approaching the “big hat, not cattle” approach. That doesn’t mean that I have a problem with either one.... it is a free country, people get to make their own choices and if they are happy, awesome.

We reached FI long before age 50 and didn’t live on a barebones budget along the way. And yes, we have taken the bike, bus or train to work. Many times. Other times my wife and I were car pooling, though... using our one shared vehicle at the time. A distinctly non-luxurious Prius :)
Prius?! You lucky dog!! Have you ever seen a 1986 Chevy Nova?? :D That was our only car for a few years. That was the rebranded, made in USA, Toyota Corrola. 1.6 litre, 74 horse power. Trying to merge that on the Interstate was enough to convince anyone to ride the bus! (actually, an affordable, well made quality automobile) To your point, I also did the car pool thing for many years (even car pooled to the bus stop 8-) )

I didn't make FIRE before age 50, but great for you if you did. FIRE is unbelievable, and worth many "sacrifices" (both real and imagined). The couple in the article aren't sacrificing a single thing IMHO.
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Post by gotester2000 » Tue Apr 03, 2018 11:09 pm

I have also worked at MegaCorp and never saw anybody enjoying his job - everyday they were all worried whether it would be their last day, deadlines,pay hikes,promotion etc.

On the thread title - there is nothing extraordinary being done - lot of people do this and stash up a lot of money. Travelling by bus/train and eating rice is not a poor lifestyle. Rice, veggies, chicken and wheat is a staple and highly nutritious diet - anytime over processed junk like pizza,burger,coke,donuts et al.

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Post by Shikoku » Tue Apr 03, 2018 11:14 pm

I really do not want to live and eat like them for FIRE. As someone already said that life is too short.
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Post by MoneyMarathon » Tue Apr 03, 2018 11:23 pm

DC3509 wrote:
Tue Apr 03, 2018 9:28 pm
They actually have a blog that documents all of this:

https://www.thefrugalgene.com/feb-2018-report/
This explains everything, including why they're happy. They have a job they love - blogging about frugality.

I plan to have a car and go out to eat whenever I'm "retired" (and also to work a little on my own business still). No point in having a drastically different lifestyle to get there, as you never know when your number comes up.
Moderation in all things. :sharebeer

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Post by FIREchief » Tue Apr 03, 2018 11:35 pm

MoneyMarathon wrote:
Tue Apr 03, 2018 11:23 pm
DC3509 wrote:
Tue Apr 03, 2018 9:28 pm
They actually have a blog that documents all of this:

https://www.thefrugalgene.com/feb-2018-report/
This explains everything, including why they're happy. They have a job they love - blogging about frugality.

I plan to have a car and go out to eat whenever I'm "retired" (and also to work a little on my own business still). No point in having a drastically different lifestyle to get there, as you never know when your number comes up.
Moderation in all things. :sharebeer
However.... If your number comes up in ten, wouldn't you like to experience FIRE in five?? :confused (is driving a car and eating out really a "lifestyle?"; sounds more like just ways to pass the time until "your number comes up")
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Post by FIREchief » Tue Apr 03, 2018 11:38 pm

Shikoku wrote:
Tue Apr 03, 2018 11:14 pm
I really do not want to live and eat like them for FIRE. As someone already said that life is too short.
I'm guessing that, unlike several of us, you haven't worked for Megacorp. If only eating cheap (and healthy) and riding a bus could allow escape velocity, the line would be very, very long. These people seem to have a happy life, and will likely have a very happy near term FIRE. Good for them!!! :sharebeer

Life is too short to not FIRE.
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Post by BanquetBeer » Tue Apr 03, 2018 11:39 pm

Shikoku wrote:
Tue Apr 03, 2018 11:14 pm
I really do not want to live and eat like them for FIRE. As someone already said that life is too short.
Chinese greens are very tasty (with garlic) and often cost $1/lb. Meat (that every scientific body suggests you should minimize for health) can be had relatively inexpensive for the cuts Asian people go for ($3-8/lb) - probably not the $20/lb rib eye from Whole Foods but those $7/lb beef short ribs come very close.

When I was young and single I used to spend money on going out to bars and going out to eat. Now days I eat healthier and actually a lot more tasty food. For alcohol I buy at Costco or the discount liquor stores and enjoy at home with friends where I don’t have to dress up, wait for a drink, worry about protocall, etc.

I’m all for doing what you enjoy but there is just so much disbelief from some on this forum that living frugally impacts enjoyment. That just isn’t true. Earning 50k in Seattle can be tough but earning $250k and choosing to live on $50k (while blogging about it) most likely means they are happy enough doing it their way.

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Post by FIREchief » Tue Apr 03, 2018 11:40 pm

gotester2000 wrote:
Tue Apr 03, 2018 11:09 pm
I have also worked at MegaCorp and never saw anybody enjoying his job - everyday they were all worried whether it would be their last day, deadlines,pay hikes,promotion etc.

On the thread title - there is nothing extraordinary being done - lot of people do this and stash up a lot of money. Travelling by bus/train and eating rice is not a poor lifestyle. Rice, veggies, chicken and wheat is a staple and highly nutritious diet - anytime over processed junk like pizza,burger,coke,donuts et al.
Excellent post! I don't know if I've ever seen the Megacorp experience described more accurately. :sharebeer
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Post by MoneyMarathon » Tue Apr 03, 2018 11:46 pm

FIREchief wrote:
Tue Apr 03, 2018 11:35 pm
However.... If your number comes up in ten, wouldn't you like to experience FIRE in five?? :confused (is driving a car and eating out really a "lifestyle?"; sounds more like just ways to pass the time until "your number comes up")
Why are you making such assumptions?

No, I don't intend to suffer for five years, because I plan to live well now and for the rest of my life.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by DC3509 » Tue Apr 03, 2018 11:48 pm

BanquetBeer wrote:
Tue Apr 03, 2018 11:39 pm
Shikoku wrote:
Tue Apr 03, 2018 11:14 pm
I really do not want to live and eat like them for FIRE. As someone already said that life is too short.
Chinese greens are very tasty (with garlic) and often cost $1/lb. Meat (that every scientific body suggests you should minimize for health) can be had relatively inexpensive for the cuts Asian people go for ($3-8/lb) - probably not the $20/lb rib eye from Whole Foods but those $7/lb beef short ribs come very close.

When I was young and single I used to spend money on going out to bars and going out to eat. Now days I eat healthier and actually a lot more tasty food. For alcohol I buy at Costco or the discount liquor stores and enjoy at home with friends where I don’t have to dress up, wait for a drink, worry about protocall, etc.

I’m all for doing what you enjoy but there is just so much disbelief from some on this forum that living frugally impacts enjoyment. That just isn’t true. Earning 50k in Seattle can be tough but earning $250k and choosing to live on $50k (while blogging about it) most likely means they are happy enough doing it their way.
According to the February budget they posted, they literally spent $0 -- $0 -- on going out to eat last month. Those are the sort of trade offs that a lot of people cannot make or do not want to make and do cause disbelief on these boards. I agree however with what I think is your larger point about finding some middle ground.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by davidsorensen32 » Tue Apr 03, 2018 11:50 pm

I get whipped mercilessly for suggesting that we can save ~$70K, and these guys get a free pass. Why ?

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by FIREchief » Wed Apr 04, 2018 12:00 am

MoneyMarathon wrote:
Tue Apr 03, 2018 11:46 pm
FIREchief wrote:
Tue Apr 03, 2018 11:35 pm
However.... If your number comes up in ten, wouldn't you like to experience FIRE in five?? :confused (is driving a car and eating out really a "lifestyle?"; sounds more like just ways to pass the time until "your number comes up")
Why are you making such assumptions?

No, I don't intend to suffer for five years, because I plan to live well now and for the rest of my life.
Financial independence is “suffering?”
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by LFKB » Wed Apr 04, 2018 12:07 am

Seems pretty extreme. Tomorrow is not guaranteed.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by TravelGeek » Wed Apr 04, 2018 12:22 am

FIREchief wrote:
Tue Apr 03, 2018 10:59 pm
I didn't make FIRE before age 50, but great for you if you did. FIRE is unbelievable, and worth many "sacrifices" (both real and imagined). The couple in the article aren't sacrificing a single thing IMHO.
FI, not (yet) FIRE. The “RE” part might come in the near future, though, and still before age 55. The FI milestone for me was really what mattered. The RE part is now my choice.

Traveling the world, seeing amazing places such as the Galápagos Islands, Machu Picchu, Petra, various places in southern Africa, and drinking a glass of (reasonably priced) red wine while typing this message are worth spending money on. Sadly I knew several people/friends who were dead before they reached the “retirement” age of this couple.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by tfb » Wed Apr 04, 2018 12:27 am

Don't get distracted by eating Chinese greens or taking the bus. If they didn't do all that they would still be saving $120,000 a year instead of $150,000 a year. The real drivers for the high savings are having in-demand skills commanding big paychecks and having in-demand properties generating Airbnb rental income (and having the funds to acquire those properties to begin with).
Harry Sit, taking a break from the forums.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by MoneyMarathon » Wed Apr 04, 2018 12:37 am

FIREchief wrote:
Wed Apr 04, 2018 12:00 am
MoneyMarathon wrote:
Tue Apr 03, 2018 11:46 pm
No, I don't intend to suffer for five years, because I plan to live well now and for the rest of my life.
Financial independence is “suffering?”
Financial independence is a means to an end.

I'm not getting there by "saving" $1k/month on a bunch of incidentals, like a pauper. (And, yes, I know how. I've done it.)

I'm getting there by increasing my take-home by $10k to $20k each and every year and saving that.

I'm doing fine.

And I'm not criticizing you or telling you what to do. Rock those bus passes if that's what you like.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by FIREchief » Wed Apr 04, 2018 1:04 am

MoneyMarathon wrote:
Wed Apr 04, 2018 12:37 am
FIREchief wrote:
Wed Apr 04, 2018 12:00 am
MoneyMarathon wrote:
Tue Apr 03, 2018 11:46 pm
No, I don't intend to suffer for five years, because I plan to live well now and for the rest of my life.
Financial independence is “suffering?”
Financial independence is a means to an end.

I'm not getting there by "saving" $1k/month on a bunch of incidentals, like a pauper. (And, yes, I know how. I've done it.)

I'm getting there by increasing my take-home by $10k to $20k each and every year and saving that.

I'm doing fine.

And I'm not criticizing you or telling you what to do. Rock those bus passes if that's what you like.
Rock those bus passes?? You misunderstand. I rode the bus decades ago when I placed a higher priority on saving $$$ then eating out and having a fancy car. I may have even "increased my take-home by $10K to $20K" a few of those years. 8-) Good to hear that you are doing fine. Financial independence is not a means to an end. It is the "end." Saving and not wasting money are the typical "means." My comments are intended solely as encouragement to those who may be deciding between maxing their 401K or buying that fancy new car. Trust me. When you're 55 plus, the "memory" of that fancy car won't be worth anything close to that extra $100K+ in the retirement fund. This is the Bogleheads forum, and that's what I think!
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by MoneyMarathon » Wed Apr 04, 2018 1:08 am

FIREchief wrote:
Wed Apr 04, 2018 1:04 am
Rock those bus passes?? You misunderstand. I rode the bus decades ago when I placed a higher priority on saving $$$ then eating out and having a fancy car. I may have even "increased my take-home by $10K to $20K" a few of those years. 8-) Good to hear that you are doing fine. Financial independence is not a means to an end. It is the "end." Saving and not wasting money are the typical "means." My comments are intended solely as encouragement to those who may be deciding between maxing their 401K or buying that fancy new car. Trust me. When you're 55 plus, the "memory" of that fancy car won't be worth anything close to that extra $100K+ in the retirement fund. This is the Bogleheads forum, and that's what I think!
We are probably not that far apart, cheers. :wink:

Currently rocking a cheap US-made vehicle and maxing the 401k. 8-)

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by FIREchief » Wed Apr 04, 2018 1:34 am

MoneyMarathon wrote:
Wed Apr 04, 2018 1:08 am
FIREchief wrote:
Wed Apr 04, 2018 1:04 am
Rock those bus passes?? You misunderstand. I rode the bus decades ago when I placed a higher priority on saving $$$ then eating out and having a fancy car. I may have even "increased my take-home by $10K to $20K" a few of those years. 8-) Good to hear that you are doing fine. Financial independence is not a means to an end. It is the "end." Saving and not wasting money are the typical "means." My comments are intended solely as encouragement to those who may be deciding between maxing their 401K or buying that fancy new car. Trust me. When you're 55 plus, the "memory" of that fancy car won't be worth anything close to that extra $100K+ in the retirement fund. This is the Bogleheads forum, and that's what I think!
We are probably not that far apart, cheers. :wink:

Currently rocking a cheap US-made vehicle and maxing the 401k. 8-)
:sharebeer
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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by jehovasfitness » Wed Apr 04, 2018 6:02 am

stan1 wrote:
Tue Apr 03, 2018 9:25 pm
Sounds like they should start a business promoting a frugal lifestyle and then make a lot of money off it while claiming to not be working.
Lol :sharebeer

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by plantingourpennies » Wed Apr 04, 2018 6:41 am

My wife and I save about 100k per year-it's just not that difficult. After doing so for about 7 years we have the option to stop working if we wish, or do work we are more passionate about that may not pay anything.
DC3509 wrote:
Tue Apr 03, 2018 9:33 pm
farnsy wrote:
Tue Apr 03, 2018 9:22 pm
I applaud thriftiness, but I don't see why it's so important to retire early, especially if you live like you are super poor both before and after retirement. That's a lot of years with nothing to do--is that really that great? Working isn't that bad. I don't see any mention of having a family (kids) either.

The purpose of life isn't to hole up and set up your life so you have nothing to do. Dancing around the living room will get old before long.
Right? How about finding a job that you are truly passionate about, where you are valued and making a significant contribution? And perhaps where you are even well paid too? I know that's not possible for everyone, but it sure sounds a lot better aspirational goal than living like you are in poverty pre and post retirement, taking a bus, dancing in the living room, never dining out, and depriving your dog of treats. I have worked hard in life so I don't have to live in poverty.
I'm glad you've found a job that you are so passionate about. Since this is the case, would you consider donating your salary?

If the answer is no, then I suspect it isn't the job that you enjoy, but the paycheck (and likely the status). If this is so, then perhaps you should give FIRE a second look-high income earners with a impressive savings rate tend to do quite well for themselves.

The objection of "having nothing to do" outside of work shows a lack of imagination. Write a book, learn an instrument, learn a language, take up a sport, build a business, volunteer, run for office, go back to school, travel the world...the list of things that the freedom of FI allows for is endless.

There is no shame in having to work for money till you are old, but there is no great honor either.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by Amart » Wed Apr 04, 2018 7:08 am

I'm actually very happy for them. We should all question to what degree we should satiate our materialistic and prodigal desires. However, this couple has a blog producing some degree of revenue, which I assume was real motive for sharing their story with America.... and that leads me to believe their high yearly savings is really just a result two high wage earners who spend their money very consciously.

That doesn't garner as much attention as saying they forgo a night out at a concert and instead spend the night dancing alone in their living room to save $100. I'm sure there are other factors at play as well.. that could be their parents paying for their education, or providing a down payment for their home / investment property. Most of the successful millennials I know were born on third base and think they hit a triple. I know I was. If they are reading this thread (I assume they will), I would say keep up the good work, and don't forget that life is short and unpredictable. Don't forget to reward yourself along the way.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by Cycle » Wed Apr 04, 2018 7:15 am

Shikoku wrote:
Tue Apr 03, 2018 11:14 pm
I really do not want to live and eat like them for FIRE. As someone already said that life is too short.
If they had one cheap car, subtract 5k. Eat like Kings but still shop at Aldi, subtract $2k. They're still saving $143k.

Where people become big time underaccumulators of wealth is when they buy large houses they can't afford, big student loans, and 30k+ car habits. Medical emergency or divorce could also wreak havok. The eating and car thing can be a pretty small part of the pie for big savers.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by jharkin » Wed Apr 04, 2018 7:16 am

Its great that they can do it... but the thing that bugs me is a lot of these article take the tone that if you are not saving as much as them its because you "didn't try hard enough" Similar in theme to the constant articles claiming millenials big problem is 'laziness' (I'm a gen Xer FWIW)...

But they completely gloss over the fact that in order to save 150k, you have to have an income much higher than that - something out of reach for 90% of people in this country.


This article came up in a random search lately and talk about this in some depth. I dont know much about the source but it makes some interesting arguments:
https://theoutline.com/post/3840/frugal ... i=alx4jbbh

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by Tamarind » Wed Apr 04, 2018 7:21 am

A little surprised at the outburst of snark in this thread, especially at a blogger who touts this forum as a key resource for anyone who wants to reach financial Independence on their own schedule.

Yes, like most folks working as personal finance bloggers, there's some more-frugal-than-thou flavor to it. It's part of the brand.

But what I see is a couple making hay while the sun shines, socking away good income while they are young. Even if they keep working well past FI, they'll have done exactly what we advise: save early, save lots, and keep your investments low-cost and diversified.

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Re: This-millennial-couple-is-saving-150000-a-year-and-plans-to-retire-by-2029-heres-how-they-

Post by jharkin » Wed Apr 04, 2018 7:22 am

DC3509 wrote:
Tue Apr 03, 2018 9:29 pm
stan1 wrote:
Tue Apr 03, 2018 9:25 pm
Sounds like they should start a business promoting a frugal lifestyle and then make a lot of money off it while claiming to not be working.
They sorta have done just that -- see my post about their blog.
I think Stan was referring to the fact that other have done the same thing, and often their passive income from blogging is more than most of us make putting in 9-5 at an office, so the "poor" claim is a bit disingenous.

For examples refer to MMM and the other couple profiled in the article I linked above who wrote a book.

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