I have seen a few of these with similar story lines and realized we are living it right now. They have the best healthcare, the best food, the best everything and most of us are a few dollars from disaster. That scares some of us to death literally from all the stress it causes.
If you are young, they would trade a lot for the years you have left to live. Also, time value of money and all that. It’s hard to fathom how powerful compounding is. Start investing small, start investing early.
Folks aren’t even able to get out of debt. Considering debt generally has a higher interest rate than savings, folks are even held back from saving. OP even mentioned that straight out. If you’re a disaster away from destitution, you aren’t investing money. Money years from now isn’t worth more than money today when your bills are due today.
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Totally, debt stifles saving. All rich people are alike; each poor person is poor in their own way, or something.
It ain’t about money. It’s about time. The rich still die…
That’s true, and it can be liberating. But for a lot of people, they have to dig into those investments every time something unexpected happens and they never really get to a critical momentum where compounding interest starts working its magic.
Yeah but it would be a lot better with socialized healthcare and free education.