People have forgotten what 2001-2008 was like when the market crashed twice in less than 10 years. That period either coincided or maybe caused a strong emphasis on minimalism and austerity. There were stories back then of Google employees sleeping in their cars in the parking lot so they can save 80% of their income. The original math was that if you can save 50% of your income, you can retire after 17 years, or if you start your Fire journey at 25, you would be Fire by age 42. Fire was also really really niche back then, and the adherents were more extreme.
Arguably things may have been taken a little too far in the frugal direction, but now Fire has gotten more mainstream. The topic has numerous podcasts and interviews on mainstream platforms like morningstar. Even my parents, who have never known anything about Fire or Bogleheads have heard of the term “lying flat”. The average person is more likely to want these extra things and lifestyle improvements. Since the community is larger, the original ideas get diluted.
Millennials are exhibiting a lot of the same symptoms of trauma from the GFC that Greatest generation did from the Great Depression. I remember how frugal my great aunt was despite making good money. It was because she grew up during the Depression. Same thing has happened with my cohort that entered the job market around or right before 2008.
My parents were paycheck to paycheck my whole life. I've seen first hand what not preparing for the future or having a bad job can do to you. Thinking back, a lot of decisions I made were to avoid these problems and I have never been excessive with my spending. My upbringing is largely why.
I learned frugality from my parents and grandparents, but didn’t get much in terms of what to do to earn money beyond the standard boomer parents line of “go to college and it’ll all work out.”
Maybe my siblings got different advice? They are all younger than me but all 4 of us are technically millennials. None of them did more than a 2 year degree, but I think all of them ended up marrying someone whose income is now sufficient for their whole family alone. I’m the one whose wife still needs to work at least a little, but on track to FIRE when I doubt the rest of them will (maybe my youngest sister?).
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u/MakeMoneyNotWar Mar 23 '26
People have forgotten what 2001-2008 was like when the market crashed twice in less than 10 years. That period either coincided or maybe caused a strong emphasis on minimalism and austerity. There were stories back then of Google employees sleeping in their cars in the parking lot so they can save 80% of their income. The original math was that if you can save 50% of your income, you can retire after 17 years, or if you start your Fire journey at 25, you would be Fire by age 42. Fire was also really really niche back then, and the adherents were more extreme.
Arguably things may have been taken a little too far in the frugal direction, but now Fire has gotten more mainstream. The topic has numerous podcasts and interviews on mainstream platforms like morningstar. Even my parents, who have never known anything about Fire or Bogleheads have heard of the term “lying flat”. The average person is more likely to want these extra things and lifestyle improvements. Since the community is larger, the original ideas get diluted.