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He will not live rich, but he will die rich.

• Jtsummers 11y ago
  Or retire early/rich. This is why I encourage my younger coworkers (well, all of them really) to try and put as much into an IRA and their 401k as they can afford (ideally maxing it, once that's done every pay raise goes entirely to you and the gov't (as taxes)). When you're in your twenties you usually have a far higher tolerance for discomfort (so if you want to travel you're more willing to do the hostel stays and such) and have fewer external obligations. By the time you're in your 30s you're making enough money (as a professional engineer/scientist type in my field) that those contributions are a small (but still significant) part of your income, and if you need to reduce it to cover family expenses you still have a lot of money banked and earning towards your retirement.
  • gutnor 11y ago
    The most likely outcome is retiring early, but that really only applies to young people making significantly better than average salaries in order to do it quick, before having kids. If you have spent 40+ years saving every penny, you don't start spending when you retire, saving money has become part of your identity, not a mean to an end.