The World’s a Mess. So They’ve Stopped Saving for Tomorrow.
Many adults under 35 are throwing financial caution to the wind. It’s all about saving less, spending more and pursuing passions.
www.nytimes.com
From the article: (sound familiar to anyone?)
Rather than putting his pay into a traditional savings account, Schuyler Wagner, 25, has been pouring his time and money into an idiosyncratic investment: coral farming. For Mr. Wagner, a financial analyst in Tempe, Ariz., aquaculture was a childhood hobby that he gave up in his college years — large tanks don’t exactly fit in dorms.
After graduation, he pursued it again. Now he tends to Goniopora (also known as flowerpot coral), Euphylia (which can be very expensive, Mr. Wagner said) and Acanthophyllia (“a massive single polyp coral that can be as large as a pizza”), among other types of coral. Mr. Wagner has seven tanks in his condo, with a total volume of over 450 gallons. He buys and trades the chunks with other hobbyists in Arizona, as well as reef specialty stores and aquatic pet shops.
Mr. Wagner said he spends $750 to $1,500 on materials and equipment each month. He hopes that one day his expensive hobby will pay off and he can pursue aquaculture as a full-time job.
“Rather than just trying to save to compete with inflation or buy a house in five years, which doesn’t make sense to me right now, I want to pursue this passion,” he said. “There’s so much uncertainty in the world, and Covid has pushed passions to the forefront.”