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Well, more likely than early death, they usually face other declining health related issues that prevent them from enjoying the money they've saved later in life.
Reality is that neither extreme is good. You need to plan for tomorrow, but don't live for it.
Much of the declining health in middle age is preventable as well. If you let yourself get fat due to poor diet and no exercise, then you're much more likely to be disabled in your 50s than if you take better care of yourself.
Having a financial cushion you can fall back on IS part of enjoying life. A financial cushion means a less stressful life, which, by definition, makes life more enjoyable.
Money can buy freedom and leverage but it can also buy financial servitude and debt slavery. If you can qualify for a mortgage or car loan you're probably not doing too badly but in essence you've spent money to lose freedom. What you get in return (stuff) is never worth it IMO. I'd rather have a simpler life and the money in my pocket any day of the week.
My aunt (89) was always frugal, although she did take trips to visit family. She never wanted stuff at all, car, etc. She is now finding it unsafe and uncomfortable to live in her house (stairs, arthritis, sight problems) and is able to afford the senior independent living place that she really likes, instead of falling in her existing house, being car-dependent, worrying her relatives. Her mind is absolutely sharp. I think she'll flourish in the new place and if she couldn't afford it, she'd be in trouble.
Her mother lived into her 90s (before any decent health care/vaccines etc.) and I look at my genetics and I am likely to live a long time with a sharp mind. I spend money on the things that I will be less likely to be able to do- trips out West for horseback riding, multiple dog adoptions, a house that I love that costs less than rent for a one-bedroom in my area. Later on, I should be able to afford a retirement community and any services I might need there. I am three and a half years away from my pension. I would love to work less or not at all now, but it is very imprudent and I want options all along. I have never wanted stuff or cars or things, but ways of living and experiences. I have never wanted to be broke and without options. There is nothing "simple" about that.
This is a very good point you have raised and one that have some concern about. I will have plenty of money, but will I have the good health to enjoy it? Through my life, I've done what I wanted to do (to a point) in part because I didn't want to risk not being able to do things later for some random health related issue, that just crops up.
If you don't save any money, you're much less likely to be able to keep healthy. So you'll get the most enjoyment if you save enough for that, but don't put everything off either.
Money can buy freedom and leverage but it can also buy financial servitude and debt slavery. If you can qualify for a mortgage or car loan you're probably not doing too badly but in essence you've spent money to lose freedom. What you get in return (stuff) is never worth it IMO. I'd rather have a simpler life and the money in my pocket any day of the week.
Most people have to have a car and everyone has to have a residence. The only way you get out of monthly payments are to buy in cash outright, and even then things like property tax, insurance, and registration are recurring expenses.
Money can buy freedom and leverage but it can also buy financial servitude and debt slavery. If you can qualify for a mortgage or car loan you're probably not doing too badly but in essence you've spent money to lose freedom. What you get in return (stuff) is never worth it IMO. I'd rather have a simpler life and the money in my pocket any day of the week.
I lean in the same direction...but just to play devil's advocate, sometimes borrowing money is ok. Taking out a modest (emphasis on the word modest) mortgage might save you money in the long run over renting..and I say this as a renter. Borrowing money for a car is far from ideal, but if you need a car for work, and it's a reasonable car (not your dream car or a giant gas guzzler), and you pay off the loan early and keep it for a decade or more, then this can also be reasonable.
In general, though, I agree. I have never taken out a car loan. I can understand the need for mortgages, but people's expectations can get really out of whack when it comes to housing...too much emphasis on the "dream" house that you can't afford will actually make you unhappy; although the same is true for renting. If rent is costing you 30% or more of you gross income, you're setting yourself up for servitude, stress, and minimal savings.
Nothing worse than being flat broke at 62 and knowing you have few productive years left to work.
Heh, yeah, I've seen this with 2 different people I know and it's not pretty. One is 59 and the other is 65.
I'm making major efforts to make sure I won't ever be in their position.
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