As financial fears mount, some Americans are "doom spending," or spending money despite their economic and geopolitical concerns, as a way to cope with stress.
The thing is, I agree with striking a balance if possible - try as best as possible to hedge your bets. That said, I also think that I know plenty of people who put off stuff because of financial responsibility or saving, and then end up unable to ever get much out of that. By the time you might retire, you’re going to be 68? You might well die first, you definitely won’t be as able to travel or take on many hobbies as you could when you’re 20,30,40…
Unless you get to be a multi millionaire - you’re basically going to be divesting any assets you have till Medicare kicks in if you get really ill at some point, or you’re going to be relying on family, or you’ll die before that happens. In any of those cases, why do you want to have more money to give to the medical system before medicare kicks in?
If you want to leave a bunch of money to your heirs - well, figure that out I guess, but I’d suggest that genZ etc are not really interested in having 0 life so they can give a fat check to potential kids 50+ years down the road. Know what you want, but otherwise you’re hoping we manage to keep Social Security and maybe you get a 401k, but having a large normal savings account or a big personal investment account just generally seems like a losing game.
The thing is, I agree with striking a balance if possible - try as best as possible to hedge your bets. That said, I also think that I know plenty of people who put off stuff because of financial responsibility or saving, and then end up unable to ever get much out of that. By the time you might retire, you’re going to be 68? You might well die first, you definitely won’t be as able to travel or take on many hobbies as you could when you’re 20,30,40…
Unless you get to be a multi millionaire - you’re basically going to be divesting any assets you have till Medicare kicks in if you get really ill at some point, or you’re going to be relying on family, or you’ll die before that happens. In any of those cases, why do you want to have more money to give to the medical system before medicare kicks in?
If you want to leave a bunch of money to your heirs - well, figure that out I guess, but I’d suggest that genZ etc are not really interested in having 0 life so they can give a fat check to potential kids 50+ years down the road. Know what you want, but otherwise you’re hoping we manage to keep Social Security and maybe you get a 401k, but having a large normal savings account or a big personal investment account just generally seems like a losing game.