NEW YORK (MainStreet) — When Chris Stone was 35 years old, he quit drinking and started saving.
“It’s normal to overspend on socializing when you’re 20 and 30, but it’s expensive,” Stone told MainStreet. “Instead of spending money at bars with my friends, I started my landscaping business.”
Today, at 49 years old, Stone has retired with a pension after working for the state of Massachusetts.
“Divorce took all my money,” said Stone who lives in Scituate not far from Cape Cod. “I’m not rich, but I’m doing alright.”
Lagging in the net-worth category, modern Millennials can learn a few lessons from Stone's generation. Some 29% of Gen X'ers are reporting higher net worth than a year ago compared to only 18% of Millennials, according to a Bankrate study.
“I wish I’d quit drinking and spending sooner,” said Stone. “I think 31 years old is a good age to stop partying.”