Experiences over Material things.....

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I'm a 1980s baby, not a millennial. I think you have to define experiences. Experiences need not be complex, far away, or expensive. My observation is that many millennial have more money than brains, unless they're the ones that have an attitude, can't hold down a job, or think they deserve something. These folks spend on fleeting experiences in order to get the quick thrill of the instsgram or Facebook picture, which they morph into an image of just how successful and how luxurious their life is implied to be.

Yet they are t getting ahead, they aren't getting material things to make life easier, and they carry an entitlement attitude often enough to make others bothered.

By all means not all are like this, but some are. It's likely every generation thinks about the next being different and wrong.

I don't deserve anything.
I don't waste money on fleeting "luxury", but bins fine quality which helps me save time. I'll gladly spend a lot of money on material things that save me time.
That time then equates to experiences, be they low cost or high cost, with family.

Cross that with some decent vacations, some decent saving, and as much time as I can applied to family.

I fear that millennials spend more time on social experiences that really just use cash, that is, booze and low-value social events that quickly erode cash.
 
I've traveled quite a bit, until recently at least two trips a year. Plus I had a career in Wilderness Adventure. Even when travelling to, say, the Caribbean, my vacations were not expensive. You can visit these countries for less than $1000 a head if you really want to (airfare, accommodation, spending money) and I would stay longer (10days to 3weeks) than most Americans, in my experience, would set aside for a vacation. But I was flexible, took advantage of Last Minute Flights because I could leave the next day or next month, whatever. If you have a hard vacation time span, it will cost you double or triple those fares, plus whatever useless junk you buy from the tourist traps.

As an example last island vacation was $C 800 [$US 625] per person, double occupancy, airfare (direct flight, no stopovers) all inclusive (food, accommodation, liquor), travel insurance, vacation medical insurance for 10 days. From talking to others at the resort, some of whom go to the same place every year, they were paying about three times that for the same 10-day package, both were departures from Canada, so pretty much exactly the same package.

We spent a couple of days outside the resort, paying for hotels and meals out of pocket. We just said to our travel agent to only call us for a last minute booking. We actually booked a different trip, slightly more expensive [$C 1100/head] but my passport was locked in the safe in my Safety Deposit Box at my bank and the departure day was Sunday (we booked the Saturday morning). So had to cancel that, but had the travel insurance so no cost to us.

Not sure what travel medical costs for a US resident, iI pay about $10 a day for deluxe supplemental Travel Health Insurance. The longer the term the cheaper it is, I can't remember exactly but I think it was about $125 for three months coverage the last time I was out of country that long. Via Blue Cross.

Probably not a big issue for US residents but travel to Cuba by American citizens is possible these days sometimes. Be absolutely sure that your Health Coverage is not from a US-based insurer, because it cannot be used in Cuba. Anywhere else it's not an issue.
 
I think Millennials just have different priorities, but they still spend money on things we would be more conservative with, like a new kilobuck cellphone every three years and a $1000+/yr cellphone plan, a tablet instead of a PC, etc. Those are still material things or supporting material things.
 
I have used my car collections to fuel my experiences at tracks all over the US. Both Drag Racing and Road Course as well as several driving schools like Skip Barber and such.


I loved every minute. Slowed down a bit at 62, but not much!
 
He who dies with the most toys wins.
lol.gif
 
It is why I have the truck and trailer. The kids love it. The wife and I do too. Plus we go to the mountains, coast or national/state parks and enjoy it all in our own space.

We do have a trip planned to see the pyramids in Mexico this March. We plan some sort of trip every year. Last year was Disney World. The kids loved it. I'm not a fan of Disney.

I would say if you house needs floors, has leaky faucets and needs paint you need to fix that stuff first after that you are good to go.
 
You are either good with money or you're not. I've heard many people say things along the lines of, "I'll NEVER retire!" And it's not just millennial's saying it. My father used to say it all the time. Especially when I wouldn't show that I was impressed by things that he did or bought. He was big on traveling. And spent a fortune on it.

He was always saying things like, "Money is to spend, and life is to enjoy". Or the typical, "You can't take it with you", nonsense. He died broke, living in a one bedroom apartment he could barely afford. I vowed I would never end up like him. He saved nothing because he chose not to. Not because he couldn't afford to. He made good money his whole working life. He just threw it away on "life's experiences".

I worked with many co workers in my trade who are the same way. Several are in there 70's now, and still have to work. Personally, I can't think of anything worse than being that old, and being forced to work, because I can't stop due to lack of financial funds. It's one thing if you absolutely love your job, and choose to work. (And the fact is very few people fit into that category, regardless of how much they tell you otherwise). It's another to HAVE TO work, when your body no longer wants to cooperate.

There is nothing easier than to come up with reasons to spend money. There is nothing harder than having to work when your body is past it's expiration date. I'm not faced with that problem, and have the good health to enjoy retirement. But if the day ever comes when I'm not, I'll be financially prepared for it. And that will be far more important than seeing Paris in the Springtime. Or river cruising the Danube.
 
My favorite thing is fixing stuff. Especially taking a cast-off and making it function again. Or re-using stuff to make something. Example, I bought a mini-greenhouse. It was a mistake. The plastic and steel tube was fragile. The wind took it and the frame was trashed. But the cover was OK and kinda neat. I used the slats from a section of stockade fence to make a new frame for it. The Rat is a rusty heap. Typical rust belt frame rot. I fish plated it with pieces cut from a oil tank and bolted and riveted into place. Idiots delight maybe but I learn as I go. I used to be a BMW e28 fan. Every summer, I drove a 1000 miles to meet other E 28ers. Great times. Then I caught breast cancer. Best thing that ever happened to me. It turned me 180' and showed me what was important. Family and my grandsons. The boys have been over for 2 days this week. They're 4 and six. Yesterday, my brother and I visited Mum. She is 98 and wheel chair bound. My sisters visit her also. Family.
 
I'm just trying to keep it between the lines and the wheels from coming off. Haven't been out of the state in ten years. In fact, I haven't been across three counties in ten years. Haven't missed a thing.
 
Originally Posted By: billt460
You are either good with money or you're not. I've heard many people say things along the lines of, "I'll NEVER retire!" And it's not just millennial's saying it. My father used to say it all the time. Especially when I wouldn't show that I was impressed by things that he did or bought. He was big on traveling. And spent a fortune on it.

He was always saying things like, "Money is to spend, and life is to enjoy". Or the typical, "You can't take it with you", nonsense. He died broke, living in a one bedroom apartment he could barely afford. I vowed I would never end up like him. He saved nothing because he chose not to. Not because he couldn't afford to. He made good money his whole working life. He just threw it away on "life's experiences".

I worked with many co workers in my trade who are the same way. Several are in there 70's now, and still have to work. Personally, I can't think of anything worse than being that old, and being forced to work, because I can't stop due to lack of financial funds. It's one thing if you absolutely love your job, and choose to work. (And the fact is very few people fit into that category, regardless of how much they tell you otherwise). It's another to HAVE TO work, when your body no longer wants to cooperate.

There is nothing easier than to come up with reasons to spend money. There is nothing harder than having to work when your body is past it's expiration date. I'm not faced with that problem, and have the good health to enjoy retirement. But if the day ever comes when I'm not, I'll be financially prepared for it. And that will be far more important than seeing Paris in the Springtime. Or river cruising the Danube.



I work with a couple guys like that...because their ex-wives got tbeir retirement money.
 
Many of the younger generation are just not car/truck/bike/boat or motorcycle people. I think they just use that block of money on their vacations. I do notice many of them seem to take some of these trips on a very low budget. They are good at figuring it out. Student loan are high but their incomes seem to justify the re-payment plans.
 
Originally Posted By: Jarlaxle
Originally Posted By: billt460
You are either good with money or you're not. I've heard many people say things along the lines of, "I'll NEVER retire!" And it's not just millennial's saying it. My father used to say it all the time. Especially when I wouldn't show that I was impressed by things that he did or bought. He was big on traveling. And spent a fortune on it.

He was always saying things like, "Money is to spend, and life is to enjoy". Or the typical, "You can't take it with you", nonsense. He died broke, living in a one bedroom apartment he could barely afford. I vowed I would never end up like him. He saved nothing because he chose not to. Not because he couldn't afford to. He made good money his whole working life. He just threw it away on "life's experiences".

I worked with many co workers in my trade who are the same way. Several are in there 70's now, and still have to work. Personally, I can't think of anything worse than being that old, and being forced to work, because I can't stop due to lack of financial funds. It's one thing if you absolutely love your job, and choose to work. (And the fact is very few people fit into that category, regardless of how much they tell you otherwise). It's another to HAVE TO work, when your body no longer wants to cooperate.

There is nothing easier than to come up with reasons to spend money. There is nothing harder than having to work when your body is past it's expiration date. I'm not faced with that problem, and have the good health to enjoy retirement. But if the day ever comes when I'm not, I'll be financially prepared for it. And that will be far more important than seeing Paris in the Springtime. Or river cruising the Danube.



I work with a couple guys like that...because their ex-wives got tbeir retirement money.


I;ve often heard many older people say: "I wish I had worked harder to save my marriage".
I think this goes for financial as well as emotional well-being.
 
Originally Posted By: Lolvoguy
I;ve often heard many older people say: "I wish I had worked harder to save my marriage".
I think this goes for financial as well as emotional well-being.


A successful marriage is no doubt an important component of a financially viable retirement. A lot of people shouldn't be married who are. It just drags out until something breaks that becomes no longer worth fixing. Then it all becomes real expensive, real fast. I've never been one of these people who thinks you need to, "work on your marriage". It should function well on it's own, if all the components are working correctly together.

If you are constantly having to, "work on it", you will quickly reach a point where you'll want rid of it. Much like a problematic used car. You should either be compatible financially and emotionally out of the starting gate, or else don't get married. And don't even think about having kids until you are sure that you are.

I've seen several marriages end in retirement. They got married, and right away started having kids and raising a family. Then when the kids grew up and moved out, and they finally retired, they found out they had little in common, and couldn't stand being together 24/7. A divorce that late in life will usually destroy a retirement for both people.

If you have accumulated enough assets to have a respectable retirement together, then all of a sudden are forced to divide everything by 2, it isn't going to work out well for either party.
 
If I get so sick in my "old days" that I can't work, It's time to get off the planet period.

Because I don't see any joy in being able to hang around sick just because I have the money to sit around and do nothing while I slowly waste away.

I have no debt, and own some property. My kid will come out of college debt free.

I haven't saved much because I spent and traveled. And enjoyed it.

To each his own. To me, it was always about experiences. Everyone is different.

When my mind stops being creative from old age, I'm already dead.
 
Originally Posted By: billt460

If you are constantly having to, "work on it", you will quickly reach a point where you'll want rid of it. Much like a problematic used car. You should either be compatible financially and emotionally out of the starting gate, or else don't get married. And don't even think about having kids until you are sure that you are.


Straight out of HS I was once in a relationship like that. After 3 months I knew this relationship was wrong and I needed to leave ASAP. I saw all my friends an acquaintances having MUCH more fun than I was (partying, random hook-ups, dating several ppl. etc). The girl I was with (and her mother) didn't look kindly on that behaviour. I was a sucker and since this was my first real relationship I though I should try to keep it going, for both of us.

Boy was that a mistake! After that was over I started to see the importance of being compatible. And if you can't find anyone, then enjoy playing the field and doing what others in relationships cannot enjoy anymore.
 
Originally Posted By: 123Saab
If I get so sick in my "old days" that I can't work, It's time to get off the planet period. Because I don't see any joy in being able to hang around sick just because I have the money to sit around and do nothing while I slowly waste away.


You don't have to be "sick". Depending on your profession, it can become more uncomfortable to do as your age increases. My job required standing on a concrete floor 10 to 12 hours a day, 5 and 6 days a week. It was nothing to do it when I was in my 30's. I bit more tiring in my 40's and 50's.

And to go back and do it now? No way. You can't get away from aging. It happens to everyone. And you don't just go from being young, to being so old and decrepit that it's, "time to get off the planet". There is a lot of time in the middle. I am pretty lucky. Today I can do anything I could do when I was 30. It just takes me a bit longer to do it. And tires me out a bit more. How many 70+ year old car mechanics do you see working at dealerships? Or concrete finishers? Most of them end up at Home Depot. Or else working as door greeters at Wal-Mart. No thanks.

Real estate and insurance salesmen? Yeah, a few. And even a lot of them are reaching for the Tylenol by 4:00 PM. But I'll guarantee you even they would rather be out on the golf course, or at home in the pool.
 
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