When did we become a nation of people seeking to dine out daily, entertain our children with expensive trips, and redecorate our homes monthly?
It seems that every time I turn on Facebook, someone is on a fancy trip, buying something new, or eating somewhere with five stars.
This is not the America I remember from my childhood. I remember a nation that prided itself on hard work, living on less, and ensuring the next generation had more than the last.
What I Learned From Having Tenants for 10 Years
Who is winning? Wherever you see a social phenomenon, ask yourself who is winning. In this case, who wins when people dine out every day and take their kids to Disney World every week?
That’s right; the capitalists win as we transition to this new “boredom-free” and “social-media-first” society. But what are the long-term implications of a Nation that cannot sit still?
As a kid, going to Taco Bell once a month was our treat for doing well in school. I don’t remember ever going to Applebee’s or Ruby Tuesday—eating out wasn’t a thing.
With the rise of social media, we gained the ability to show the world how we spend our time and money. In short, we reverted to the high school social system of the popular kids, nerds, and sports stars.
Life is a Math Game
There is something for everyone. Don’t worry; this new world has a way for everyone to spend money. The popular kids go on fancy vacations, nerds go to comic conventions, and sports stars go to stadiums.
It is effortless to get caught up in a world where everyone is busy; I call it the business of being busy. However, one massive downside to never sitting still is that your finances will suffer.
Unless you are a billionaire (with a B), then you probably cannot afford to be a jet-setting, high-flying, adventuring-seeking superstar. It’s okay to be a regular person.
However, there are even bigger things at stake than our social lives. We are teaching our kids that life is about being on the move, spending money, and never slowing down. I don’t know about you, but I want to teach my kids the exact opposite lessons.
Your Income Should Increase Every Year 2
It’s always about the kids. I watched Ramti Sethi’s podcast yesterday. He was talking to a couple that brought in $660,000 annually (YouTube link).
The couple spent almost $3,000/month on groceries and $3,000/month dining out. Even worse, the teenage daughter was accustomed to shopping at Sephora and Ulta twice a month.
If we don’t reign in our spending and priorities, our kids will enter the world with the expectation that life is a game. Kids don’t understand that it takes years to grind from the bottom to having nice things and traveling. We must teach them.
Kids are like sponges and absorb all of our actions. If we show them that going to fancy restaurants once a week is typical, then that’s what they will expect.
I’m High on Life with Royalties
I see many Generation Z people having difficulty finding work-life balance early in their careers. This is because no one ever told them that they would enter the world at the bottom.
I joined the Marine Corps in 1999, only ten days after high school graduation. I had $10 in my pocket as they put me on that bus to boot camp in San Diego.
It took my wife and me 24 years to accumulate everything we had and retire early. We have the resources to eat somewhere nice at least once a week but choose a different path.
We are showing our kids our budget. We are trying to instill in them a value of money and time that runs counter-culture to what is happening now. It’s tough to go against the grain.
The science of being bored. So what can you do if you sit in your home the majority of the time? Well, that’s the most exciting part of a life of boredom—you can create your own world.
The Magic of Passive Index Investing 2
I have loved the Pokemon games for over 24 years. The games hooked me on my first deployment to the desert of 29 Palms, California.
Today, I am returning to my Pokemon games and trying to catch all of them. I can take my time and enjoy the nuances of the game. I don’t have to worry about running off to work in the morning or evening.
More importantly, as we sit in the house, we learn to do things that do not require money as a family. We play board games, watch movies, and go for walks.
The best part of slowing down in life is that our bank accounts continue to compound and grow at an accelerated rate. When we do go out, we will have the funds to do something exciting and different.
Scarcity vs. Abundance: The Difference Between Rich & Poor
It’s time to focus on retirement. If you plan on retiring early, or ever, it’s best to focus on people who are living in retirement. Following the retirement community is the opposite of browsing through social media.
Retirees are living extraordinary lives on fixed incomes. They paid off their homes, cars, and credit cards; they are debt-free. They live great on $3,000 to $5,000 per month.
The capitalists and the media want to prevent us from connecting to the retirement community. Most of these baby boomers were not crazy spenders or thrill seekers.
They probably traveled and experienced life, but not at the hyper-fast rate we are moving today. They can give us great insight into living the “boring” retirement life.
The Magic of Income Investing 2
Getting on a budget. The most essential part of living your best life is getting on a hardcore budget. A hardcore budget accounts for every penny that enters your home BEFORE it enters your home.
As you will see in the YouTube video above, most people operate outside the confines of a budget. They pay their bills, save and invest, and whatever remains is their operating income.
For example, my wife and I make $8,000/month in retirement. We spend $1,900 on our mortgage, $1,600 on bills, $800 on food, and $750 each on our personal allowances.
You notice that we have a cap or limit on things that can grow out of control. In the video, the couple could limit their groceries to $1,000 and dining out to $500. That would instantly put over $3,000 back into their pocket.
I’m Living My Dream Life with Dividends
You don’t feel guilty about spending money when you have a budget. My wife and I each have $750 monthly to spend on ourselves without judgment.
Doing the right thing. My allowance means I can easily spend $150 weekly on entertainment with my kids.
We could go to a movie and Buffalo Wild Wings every Saturday if we wanted. But that’s not what I want to instill into them at this young age.
We must be careful about the life lessons we want to pass along to this young generation. I got caught up in this spending culture as soon as I retired.
Now, I tell my sons that we can go to the movies once a month. They need to pick their favorite film of the month, and we can make it a date.
The Magic of Dividend Growth Investing 2
On the other weekends, we go for walks and cook together. We may get a little fast food or a frozen pizza from Walmart if we want something different.
Conclusion. Life is about the little things. I have been retired for six months and have a renewed love of being bored.
Being bored means that my assets are doing the heavy lifting for me. It means I can invest the remaining money from my personal allowance at the end of the month.
Become Debt-Free and Stress-Free
The most important part of being bored is that it teaches our kids how to navigate a much slower world.
Anyone can get a credit card and go shopping and dining every weekend—at least until their card hits the limit.
However, it takes extreme discipline to give themselves a $400 monthly entertainment allowance and stick to it. I want my kids to learn how to find happiness within a budget.
Let’s be more intentional about the messaging we present to our kids. I see too many kids working only to spend money, not to build wealth. I want them to find happiness for a lifetime. Good Luck!
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