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While I was saving a few pennies a day by cutting out those expenses, the cost of living was going up by multiples of what I was saving.
This is a good point that people miss out on. I remember the whole big thing was the "Latte factor", with the implication that if you save a few dollars a day, somehow that will turn out to a nest egg of a million. Meanwhile, living expenses are increasing, or you've cut to the bone and not getting anywhere. At that point you're viewed as a spendthrift and it's your fault for not getting out of the hole.

The only positive idea is that it does make a person refocus on what's important and worth spending on.
 

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This is a good point that people miss out on. I remember the whole big thing was the "Latte factor", with the implication that if you save a few dollars a day, somehow that will turn out to a nest egg of a million. Meanwhile, living expenses are increasing, or you've cut to the bone and not getting anywhere. At that point you're viewed as a spendthrift and it's your fault for not getting out of the hole.

The only positive idea is that it does make a person refocus on what's important and worth spending on.
Assume 1 lattee a day at $4, that's more than $1k/yr.
Not by itself "life changing", but over time it's not too shabby

There is a lot here, also with minimalism.
I like coffee, I'll spend on coffee, but there's a lot I can cut out and save.
I buy coffee, but drink less alcohol.
I pay for fast internet, but skip cable TV.

Lots of ways to save a bit and put it where you want.

Also saving those lattees (or other frivolous expenses) and ending up with hundreds of thousands in assets is AWESOME!
 

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Assume 1 lattee a day at $4, that's more than $1k/yr.
Not by itself "life changing", but over time it's not too shabby

There is a lot here, also with minimalism.
I like coffee, I'll spend on coffee, but there's a lot I can cut out and save.
I buy coffee, but drink less alcohol.
I pay for fast internet, but skip cable TV.

Lots of ways to save a bit and put it where you want.

Also saving those lattees (or other frivolous expenses) and ending up with hundreds of thousands in assets is AWESOME!
But oversold. If you remember the selling point is that over 40 years it'll be worth a million. But the fine print is 12% expected return, and funds would have to be held in a non-taxable account, with no-cost trading, which means no-load mutual funds for the most part.

I think the main criticism of dealing with the minutiae spending, you overlook the real big ticket items like cars, houses, kids (kidding, kind of).
 

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Assume 1 lattee a day at $4, that's more than $1k/yr.
Not by itself "life changing", but over time it's not too shabby

There is a lot here, also with minimalism.
I like coffee, I'll spend on coffee, but there's a lot I can cut out and save.
I buy coffee, but drink less alcohol.
I pay for fast internet, but skip cable TV.

Lots of ways to save a bit and put it where you want.

Also saving those lattees (or other frivolous expenses) and ending up with hundreds of thousands in assets is AWESOME!
Yeah, well, the $100/month always skips the adjustment for inflation.

Let's say you start broke since you focused on paying your debts and you just started an empty account where you'll put $100/month from scratch. Let's say the annual inflation is 2% and to keep up with inflation you increase your monthly contribution by 2% every year. After 40 years of hard work from 25 to 65, your account is now at $525k after 9% CAGR in stocks only assuming you have what it takes. But $525k in 40 years will be worth $238k when adjusted for the 2% inflation. Sure, it's better than empty pockets, but you won't retire on that. And hopefully that $100/month you took didn't decrease your daily well-being, which is also important since we don't know what the future holds for us.

But I agree that people should prioritise and take time to think about what they really need for their daily well-being. That's why I don't have junk food at home (chips, cookies, candies, and every other processed foods). And I don't have alcohol.
 

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And hopefully that $100/month you took didn't decrease your daily well-being, which is also important since we don't know what the future holds for us.
Well planning for the future or not is a personal choice.
Honestly I don't miss cable TV at all, so it didn't decrease my daily well being.
 

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Well planning for the future or not is a personal choice.
Honestly I don't miss cable TV at all, so it didn't decrease my daily well being.
Same for me, I buy only what I truly need. I don't even own a TV, it's been 6 years without TV. Actually, I never owned a TV, but I've lived with ex-girlfriends who had a TV. When my wife met me, she noticed I had no TV which is unusual, but then she's been with me for 5 years and never missed not having a TV, even though she couldn't brought her TV to my apartment when she moved, but she didn't. I didn't make any living room in my studio apartment, there was just a couch that the previous tenant left me for free. We watched stuff on Netflix on a laptop or on our cell phones. I had a laptop until the end of my studies in 2012. That laptop died a few years ago and I never bought a new one, so I don't have a computer. My job's laptop and my cell phone are sufficient for what I have to do, no need for a personal computer. All my stuff is on the cloud. All I need is a web browser.
 

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Same for me, I buy only what I truly need. I don't even own a TV, it's been 6 years without TV. Actually, I never owned a TV, but I've lived with ex-girlfriends who had a TV. When my wife met me, she noticed I had no TV which is unusual, but then she's been with me for 5 years and never missed not having a TV, even though she couldn't brought her TV to my apartment when she moved, but she didn't. I didn't make any living room in my studio apartment, there was just a couch that the previous tenant left me for free. We watched stuff on Netflix on a laptop or on our cell phones. I had a laptop until the end of my studies in 2012. That laptop died a few years ago and I never bought a new one, so I don't have a computer. My job's laptop and my cell phone are sufficient for what I have to do, no need for a personal computer. All my stuff is on the cloud. All I need is a web browser.
How do you do online banking etc?
I remember watching guys trade stocks on work computers...
When they realized IT had full remote access one of two things happened.
1. They freaked out realizing that they're literally showing their finances to IT guys.
2. They didn't understand why it might be a problem sharing your finances and account numbers with everyone in IT.
 

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How do you do online banking etc?
I pay all my non-automated bills with the banking apps on my personal cell phone.

I admit I buy stocks using my job's laptop, but I could do it on my cell phone's web browser.
 

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I don't think there is any job that I would enjoy. There are just jobs I would do and jobs I wouldn't. But I feel like I would never enjoy any of them. Not unless they consist of eating pizza and drinking beer.
I guess you don't like tackling challenges and beating them? I find that is what makes my job enjoyable. It isn't easy per se, but I get a sense of achievement. The main downside for me is dealing with HR, admin, and increasingly diversity kool-aid drinking (though I am generally quite sympathetic to many of these diversity concerns, I'd rather not spend a lot of time at work thinking about them--my job has very little to do with them).
 

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Well planning for the future or not is a personal choice.
Honestly I don't miss cable TV at all, so it didn't decrease my daily well being.
I have never directly paid a cable bill in my life, except for 8 months in residence at university where it was mandatory. I paid it even though it was in my room-mate's name because he was a deadbeat.

I have a TV, but really just use it as a very large external monitor for netflix/youtube. It's hooked up to a laptop by hdmi and I use a wireless keyboard/trackpad. The TV is a pretty basic 65" Sharp model I bought for around $400 during boxing week sales. I am quite content with it.
 

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Discussion Starter · #211 ·
I guess you don't like tackling challenges and beating them?
This is assumptive and not true.

I love challenges and I love conquering them. But only if it revolves around things I care about. I don't really care to solve a challenge for a company I don't care about in the same way that I don't really care to solve climate change or pollution.

I would care about setting a new lap time record with my car, pushing more weight at the gym, making more money than the year before, etc...

But it's very hard for me to get excited about workplace challenges. I simply just don't care. But I guess that's because it won't benefit me. It just benefits the company.

If I worked for someone who would directly compensate me for fixing things or setting new records... I guess I would be more apt to try. But when there is no extra reward, why should I care?
 

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If I worked for someone who would directly compensate me for fixing things or setting new records... I guess I would be more apt to try. But when there is no extra reward, why should I care?
There are jobs out there with bonuses for performance. You could work in the sales.
 

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Perhaps I've said this before but it doesn't hurt to repeat it. Job satisfaction is the finding the sweet spot between stress and boredom. Too much of either results in animosity towards the workplace and in turn can create a toxic workplace. Success in personal interest usually trump work accomplishments. One needs to connect purpose to pay. This doesn't necessarily mean performance to pay but it could be. When one feels they must be rewarded for everything they do it can create disappointment when it doesn't. rewards may not be immediate nor may they necessarily be monetary or recognition. some times the reward is knowledge and experience. KAEJS based on my experience and your contributions to this forum you are an accomplished, intelligent and capable individual. You are well ahead of may others in your age range currently. I would go the further step to say you way ahead at your current age than others that were once your age that have managed to create financial independence and success ahead of the normal retirement age. Growth of wealth is not linear it is exponential. I don't disagree that things are different than they were for Gen X and for Boomers. In some ways better in other way worse. Real Estate is expensive but interest rates are low. Wage growth has not followed cost of living for quite a long time yet we have access to so many amenities and luxuries than ever before. There definitely is an increasingly widening gap between the haves and the have nots. At some point, somehow it will swing back the other way. How or when I couldn't say but it will happen.

Added: I am currently watching a Gen X classic "Office Space". It tells the narrative of the plight of the worker and the system If you haven't seen it watch it. It makes a lot of commentary on corporate culture which still remains relevant to this day.
 

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This is assumptive and not true.

I love challenges and I love conquering them. But only if it revolves around things I care about. I don't really care to solve a challenge for a company I don't care about in the same way that I don't really care to solve climate change or pollution.

I would care about setting a new lap time record with my car, pushing more weight at the gym, making more money than the year before, etc...

But it's very hard for me to get excited about workplace challenges. I simply just don't care. But I guess that's because it won't benefit me. It just benefits the company.

If I worked for someone who would directly compensate me for fixing things or setting new records... I guess I would be more apt to try. But when there is no extra reward, why should I care?
Maybe this is your problem. You don't get ahead because you think doing well at work doesn't benefit you. Doing well at work builds your skillset and track record, and that opens doors to jobs with greater pay and responsibility.

Now, it could be the case that you're at a job where hard work and effectiveness is not recognized or rewarded, but that's on you to find a different job. Or, you should look into going into business for yourself if that is the only way you can motivate yourself to excel.
 

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This is assumptive and not true.

I love challenges and I love conquering them. But only if it revolves around things I care about. I don't really care to solve a challenge for a company I don't care about in the same way that I don't really care to solve climate change or pollution.

I would care about setting a new lap time record with my car, pushing more weight at the gym, making more money than the year before, etc...

But it's very hard for me to get excited about workplace challenges. I simply just don't care. But I guess that's because it won't benefit me. It just benefits the company.

If I worked for someone who would directly compensate me for fixing things or setting new records... I guess I would be more apt to try. But when there is no extra reward, why should I care?
I enjoy solving hard challenges, particularly when others have no idea how, or they think it's impossible.
 

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Discussion Starter · #216 ·
Now, it could be the case that you're at a job where hard work and effectiveness is not recognized or rewarded, but that's on you to find a different job. Or, you should look into going into business for yourself if that is the only way you can motivate yourself to excel.
This. =)
 

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Growth of wealth is not linear it is exponential.
......and that growth does not necessarily reflect the amount of work required to create the snowball (no immediate rewards). You might have to bath in muddy waters for long time, and sacrifice much before you see the real efforts of your work. Normally the creation of wealth is a marathon of a score(s) of years rather than a sprint of of few years. The population loses sight of that fact because NA MSM plays up the young who are extremely successful at the cost of normal life cycles. And many, dare I say "most", people are just not that patience or willing to sacrifice for the future. They eat the marshmallows right away and drive expensive sports cars in their 30s.

If your willing to forgo spending on vacations, cars, houses and spend the time developing your vocation and life skills you have stacked the probability of the likelihood of becoming wealthy in the fullness of time in your favour. Yes it might not happen even in the fullness of time, but at least your trying to be a fully functional adult taking responsibilities for your actions who has lived and experienced life on your terms; rather than sucking at the teats of government or debit providers.
 

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The thread seems to have gone off on a different track, but i wanted to give my two cents. While i have sympathy about the housing market, I don’t necessarily see the millennials as worse off then the genxers when it comes to the job market. I didn’t have a decent paying job until i was 35. Rather then complaininG
about my poor pay, i went back to school and got a technical diploma which helped me find a new job. However as i said i do have sympathy with the housing market as i feel like at least early genx have benefitted from the housing boom.
 

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One could also argue its a lot easier to invest for the millennials then gen x or boomers. There didn’t used to be easy access to cheap trade commissions and cheap etfs.
 
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