Living Fast & Saving Hard: The New Millennial Mindset

How is it possible to accomplish expensive bucket list items while simultaneously saving for retirement? In this week’s video we dive into the data and techniques of the new Millennial Mindset.

What Financial Priorities Do You Have That Others Might Consider To Be Uncommon?

Share your insights in the comments below, we want to hear from you!

Video Notes:

You can read the full survey results here: Capital One’s Millennial Mindset on Money Survey : Attitudes on spending, saving and sharing amongst adults under 30 (21-29) – December 2015

In this video we covered the following techniques:

  1. Obsess over your individualized life priorities
  2. Based on your unique priorities, be both frugal and luxurious
  3. Leverage technology to optimize the financial path to accomplishing your goals

Disclosure: This post is sponsored by Capital One; however, all opinions expressed are my own.

Comments on this entry are closed.

  • Sam Atwood

    I like that we are a generation of priortizers. It is a smart reaction to the data overloaded world that we live in.

    I am saving for an Oculus Rift, I think VR is going to be huge and I want to get in as early as possible.

    • I have never considered prioritization as a direct reaction to information overload. You make an excellent point, that is indeed a smart reaction to our current environment. Well put!

      I think you may be right about the potential of VR. A lot of influential companies are putting a lot of money into that technology (ex. Facebook). It makes sense to consider riding that wave as an early adopter. You are a great example of someone who is choosing their own priorities :-)

  • Loved that piece, it really struck a cord with us. We are digital nomads (next week is our 4 year anniversary), so we haven’t paid rent in 4 years (lots of house-sitting, couch-surfing, etc). We use the sharing economy for most experiences (at little or no cost), and we are still rocking an iPhone 4 (haven’t bought anything electronic, aside from a laptop and DSLR, since 2011). Buy most of our clothes second hand….and I can see we have never been happier!

    • You two are inspirations :-) You are prime examples of people who are making the most out of the time we live in.

      Thanks Mike for providing a roadmap for the rest of us :-)

      • Coming from you Danny, that is a HUGE compliment, so thank you. We are doing our best to live out our dreams, break-free from the “accepted path”, and re-write the rules, hopefully inspiring others along the way (i wish we were better about sharing our techniques on our blog, so hard to find the time, which is why we watch your videos!)

        I would also like to add that you can read/watch/save towards/study/hear/dream about these alternative lifestyles, or traveling around the world for a year, starting your own business, etc…but at some point you just need to pull the cord and get after living the life YOU want. The Matrix is not just a cool sci-fi flick, it is a very real and methodical construct designed to keep us “in line”, adding to GDP, consuming products we think we need, purchasing what the advertisers tell us too, keeping up with the jonses, voting for policies that actually hurt us..etc…etc. It is IMPOSSIBLE to imagine life outside this Matrix, until…you actually are outside of it. And as cheesy as it sounds, life outside the matrix is limitless (and a lot more people are exploring it these days, come along!)

  • Amber

    I like this vid :-p I am saving for a new DSLR. While many others are saving for film school, I am taking matters into my own hands and filming as much as possible now rather than waiting to get permission to learn how to film.

    • I have heard from many filmmakers that film school is not necessary for everyone. Much of the information the schools teach is available online for free. I am not a filmmaker exactly but have gone a similar path to the one you are taking and am happy with the results so far :-) Keep fighting the good fight!

  • Anon

    We are a cool generation! Its true. I don’t know if this is uncommon but I am saving for early retirement. Why wait until your 60s to start living life? Seems silly.

    • According to the survey saving for retirement is more common than might be imagined. That said, saving for early retirement is something different. It sounds to me like you have your priorities straight!

  • Megan Singley

    This seems to fit in nicely with the minimalist movement. People are realizing that you don’t have to buy a big house, which leads to buying a bunch of stuff you don’t need to fill that house. Instead, reduce the items you own and only spend your money on items/experiences you really really want. Love it. Thanks for the video, Danny!

    • Good point. The minimalist movement is just one of many current movements that emphasizes prioritization. Millennials are super interesting :-)

  • Simon

    Nice, really liked this one. As an aside, the animations were really well done too :)

    Cheers,

    • I am glad you liked it. I enjoyed doing the animations, expect more in the future. Thanks! :-)

  • Holly

    Definitely agree that the trend of prioritizing spending like this helps people to create more authentic, meaningful lives.

    I’ve always had the worst cars because I don’t care about having a nice car at all; But I’ll spend a lot to get professional quality supplies and/or lessons when I develop a new interest like painting or ceramics.

    • Sounds like you are living your life on your terms. Nice! :-) That is what others call living the dream.

  • It’s so true that we live generally frugally but luxuriously when it comes to specifics! The whole movement to spend money to save time has been really interesting. All these clothes delivery boxes and coffee subscriptions by people who shop at Goodwill for plates and coats. It’s fun!

    • :-) I agree, our options and ability to optimize for what we care about is super fun. Bizarre and sometimes over-the-top but fun nonetheless. :-)

  • Julia

    Great video and content! Danny – you are so talented- I especially adore the clean well done drawings. I am at the start of the Millennial generation- born 1982. I fall into the mindset of save hard- play hard. The last two years I maxed out my 401k and put additional funds into the market. But I also ‘invest’ in my house and consider that as part of a balanced portfolio. I rewarded myself with my unique passions- bought an original oil painting from my favorite artist- Leonard Neirman in 2014. And 2015, I paid for a ‘zoo’ to come to my house complete with monkeys, baboons, snakes, crocodiles and more. A great experience for me and family.

    I agree that the nomadic lifestyle is more common among millennials, but I wonder if that will change as more of us have families. As a mother of one and another on the way, I couldn’t imagine not having an SUV and suburban house and cat and dog. I think the classic picket white fence does exist as we get older and settled.

    I’m curious how more millennials will live 10 years from now. Great discussion!

    • Thanks Julia :-) I had a lot of fun making this. Expect to see more drawings going forward.

      Wait what!? You had a zoo come to your house?? How? What? That sounds amazing! Were they just roaming around? Do you live in the jungle? I have so many questions :-)

      Keep trucking on your financial goals, it sounds like you are putting a lot of thought (and more importantly action) into ensuring your future financial success. Good stuff!

      I agree, it will be interesting to see where all of use end up in 10 years. Out society and culture moves very fast today, 10 years seems like a lifetime from now.

      Cheers and best!

  • Tim

    What a timely post and vid Danny! This one really rings home.

    In the next 2 months I’m going to leave my job and sell everything and move abroad to Berlin to try my hand at freelancing there. You’re life choices ever since college have been a huge part of my inspiration to do this so I can’t thank you enough :D

    This post really made me realize that the exact reason I’m doing this is as outlined with your three steps.

    Keep on keepin’ on :)

    P.S. If/when you’re in Seattle, we should meet up sometime, I’d love to chat just see what’s been going on.

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