Posts Tagged ‘ spending habits ’

The Millionaire Mindset of Generation X/Y Parents

Saturday, June 25th, 2011

Seven months.

My wife and I have a catch phrase in our house: “millionaire mindset.” Whether we are discussing an unnecessary purchase or are patting ourselves on the back for money we cleverly saved somehow, we speak our code word to each other.

It’s our way of reminding ourselves that in order to be successful with what we have been given and blessed with, we have to think with the mindset of a frugal millionaire who worked hard for his fortune.  It’s not that we are trying to become millionaires, but it sure won’t hurt if we are wise in our spending; and more importantly in our savings.

So we are not ashamed to use store brand products, to buy used stuff for our son off of Amazon.com or Ebay, and to make our own baby food for him.  We keep in mind that while name brand products tend to impress people, they are counter-productive when it comes to financially prospering in the long run. Having a child makes you reconsider your spending habits as well as your saving habits. After all, our son starts college in less than 18 years from now!

There was a time when bigger and flashier was better, when it seemed most people refused to buy store brand products; right down to their hand soap and kitchen table condiments (like it matters that your bottle of mustard says “Kroger” instead of “Hunt’s”.)

I think it’s safe to say that the modern cultural movement is now towards simplicity.  We, as a nation, are learning the meaning of “living within our means” and not consuming more than we actually need; that credit cards are the devil and that frequenting all-you-can-eat buffets are an invitation to onset Diabetes.

We get it now that money isn’t everything- and more importantly, that it in theory it’s a waste of time to spend our entire lives chasing more money, only to find that by the time we retire there may be nothing left for our own social security.  Money is simply a necessary evil, as far as I’m concerned.

My wife has said several times since we’ve been married, “I could never be a millionaire because I wouldn’t know what to do with the money- I would end up giving it all away.” Exactly. Because no one person can legitimately spend anywhere near a million dollars within a reasonable amount of time, without giving a good portion of it away.  Sure, it can be invested, but ultimately, it’s a matter of asking what the end goal is in investing that money.  I personally just don’t see much of a point in investing in a bigger lifestyle only to encounter more overhead.

Who knows, though?  Maybe all it would take is a million dollars to prove me wrong.  I doubt it though.  I prefer a laid-back, low maintenance lifestyle.  I don’t like extra noise even if I’m wearing the most expensive ear plugs.

I’m sure part of the reason my wife and I have this generational mindset is because we were both born in 1981; the crossroads between Generation X and Generation Y.  We were told our whole lives that money isn’t everything, but being happy is.  So we believed it.  And I guess we always will.

Free buzz cut courtesy of my wife… priceless.

buzz cut

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