Posted on | April 5, 2011 | 6 Comments
Sadly I’ve neglected this blog for the past 6 months but my life hasn’t been idle! My husband, David and I have been working almost every hour God gives us trying to establish alternate sources of income so we won’t be retired and broke at age 65. We are currently 57 so that is 8 years from now. I’m an American living in England and observing the news reports and the people of my age whom I know here. My observations are that this is a much more conservative culture than the US. I have colleagues at work who have paid off their mortgages or are close to it. Most of these people have been married to the same person for over 35 years and haven’t had businesses, divorces and big moves. The news today reported that there are more people have paid off or are contributing extra in order to pay off their mortgages than there are people who have taken out new mortgages this past year. Or maybe it was the amount of money in vs out that they were talking about rather than number of people. They suggested that as interest on savings is so low people are seeing adding equity to their homes as a much better investment as they are paying off a higher interest than they could save and earn. Makes sense, but for a couple like us who still have credit card debt paying that off will certainly come before paying off our interest only mortgage. Yikes, credit card debt at age 57, not good. My 20 something daughters don’t have any credit card debt, they have followed more in their grandparents’ path than in mine and that is a good thing. Hopefully they will also only be married once like their grandparents.
My category of baby boomer is the many out there who have followed their passion, owned businesses, divorced (in my case 2 times), moved (in my case to another country), involved themselves in all sorts of personal growth/self help, attended millionaire mind training (in my case twice), tried various forms of entrepreneurship including internet marketing, wrote a book etc etc. We were the entitled baby boomers, the ones who did it our way. We were/are the risk takers, the positive thinkers and the followers of law of attraction. We believed, still do, that we can do anything and won’t be one of those that winds up broke at 65. Still broke at 57 but I do have 8 more years and I’m still open to all possibilities. We would like a location independent lifestyle and are still searching for the right passive investment/businesses to get us there. We are very different from the people I know here who will live in their mortgage free house and have pensions from both the government and their own investments/savings over the years. They took the slow steady path with one spouse in one house and in some cases the same job for a very long time. I don’t think the slow steady path is my destiny in this lifetime and I think I would have been very bored with it, still there is a small bit of jealousy around their 9 – 5 lifestyle that includes having fun evenings and weekends. David and I are both workaholics. The law of attraction/Abraham says we should stay in our vortex of joy. We are incredibly happy with our relationship so perhaps that constitutes joy for us rather than going to the pub and drinking. I believe ‘joy’ is very subjective.
I would love some feedback from both types of baby boomers and younger people on these ideas of financial security and joy of living.