Just so we are clear: I don’t “advocate†that way of living at all – quite the contrary!
Travels lots: yes! Great way to experience culture and meet people – basically why we exist. Drives cars she cannot afford? No way! In fact this aligns more with the work/save life. I ride a bike – it’s easier since I don’t have to be suited up for work or worry about impressing people. Hangs out in clubs? No way! This is another pretentious side effect of making $ in a corporate job. I haven’t set foot in a club for 10 years – yet my “save for retirement†friends have.
Save for retirement mentality in the US seems to be “do what I kind of like or don’t like for 30-40 years so I have enough money to spend and be bored when I’m oldâ€
I would like to turn that on it’s side and say: “work forever but doing something you love!â€. The happiest place on earth doesn’t even have a word for retirement – it is a western concept.
“Livin' free and wild is fine while you are single or if you plan on remaining single. If you have others around you that depend on you, then you need to have a plan (you don't need as much as a lot of financial planners try to tell you, but you need more than you think). One of my ex girlfriends lives the way you advocate (travels lots, drives cars she can't afford, hangs out in clubs, etc.). She is in her 40s now, still single, has already defaulted on a home loan, has a pile of student debt, and is probably past her ability to have children (if I had to guess, her net worth is still negative). Maybe that is the life for you, but I much prefer the life I have, and I will be able to retire in my late 50s. She will HAVE to work until an age where she may not be able to work. By the way, I have had plenty of fun along the way. If you don't have some sort of retirement plan, your retirement plan becomes work until you die or suicide.â€