Young and Wealthy But Normal ?

Monday 29 December 2014

I was talking over Thai with a pregnant 30-year-old friend recently who has decided to give up her career so she can take care of her child. Her husband makes an exceptional income, but she pointed out they don't dine out at fancy restaurants or spend money to impress. My frugal friend is on the path to becoming a Y.A.W.N. (Young and Wealthy But Normal). Sure, she has money now, but she still remembers the hard days working at the Wal-Mart checkout line and the layoffs once she had a "real job."

Coined in an article in The Telegraph of London, the term "Y.A.W.N." describes a subset of the Gen-Y and Gen-X that is the antithesis of the materialistic Yuppie. Y.A.W.N.s are eco-socially aware, down-to-earth and frugal.

My husband and I have not reached the millionaire "status" yet, but we are well on our way. For me, as a Y.A.W.N., it's not about status. I naturally build wealth because I live below my means, invest and firmly believe the more we contribute to the lives of others, the more money we make. Here are some of the characteristics shared by Y.A.W.N.s.

We find freedom in flexibility
Considerations for student loan consolidation

Hippies used to say that freedom is another way of saying "nothing left to lose." Yuppies acted as though freedom was found in the driver's seat of a luxury car. For Y.A.W.N.s, freedom is found in family and flexibility.

We live modest lives

My best friend from college was a Y.A.W.N. who quickly became a self-made millionaire in real estate. My friend drove a car that she pointed out was only slightly nicer than the cars driven by others in the neighborhood. She wanted to be modest and blend in. She lived in one of the middle lower class duplexes she owned, while acquiring almost every property on the street. She rented to people that most landlords would refuse because she wanted to help the socially disadvantaged.

We don't go on buying binges

In the 1990s, when most Americans were on a buying binge, I was saving. I went without television for many years. I learned how to invest in the stock market instead of investing in a new wardrobe. I rented places for less than $500 a month so I could save for a home purchase. The majority of millionaires own homes and stay in the same home for 30 years or longer.

We are on the green team

It's always been important to me to leave the environment slightly less worse for the wear. My husband has volunteered for his company's "Green Team" for years. My favorite hobby is creating butterfly habitats in my yard. I purposely plant native flowers that are on the verge of extinction as well as trees that are threatened such as the Red Bay tree.

We live like no one else

The average millionaire saves at least 20 percent of their earned income. I fully expect to hit the millionaire mark in my forties. The path to wealth is boring, which makes Y.A.W.N. a fitting acronym. Middle-class millionaires don't spend money on self-indulgence, but practice delayed gratification.

Like the people featured in Thomas Stanley and William Danko's book, "The Millionaire Next Door," Yawns are private people who put family first. In essence, Yawns use money to help people and to be with people.

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Considerations for student loan consolidation