When people are younger they are learning and making mistakes. They are not in their peak earning years yet. They often do not spend their money wisely, and get into debt.
Young people get married and buy a house and have kids. That eats up all the money. They start making more money but one may stay home to care for the kids. Then they send their kids to college (not necessary, but that’s another subject). $50,000 a year, two kids three years apart…. Finally, that’s over and the kids move out, and the mortgage is paid off….
If they are still working, they have income and nothing big left to spend it on. They are wiser and don’t spend frivolously. They have been there and done that. If they have saved money and made investments in years past, they are experiencing compound interest.
That’s why many older people have money.
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Thank you for the shout out, Larry. I’m thankful for you also!
I am also thankful for Jeff Russell (and his recruiter Ana) for helping us with our hiring needs while she has some extra bandwidth.
Very grateful for Jeff Russell!
Go, Jeff!
If I can add to this, the kids are done with college and move out, then there is a wedding to pay for…..
It’s very nice to be old and not owe anyone anything. I know several people my age who didn’t do it right and now can’t have fun in retirement.