Interesting analysis, and I’m sure there are pros and cons to both perspectives. I’ll leave that dissertation to the other financial experts on this board.
As someone who is now in their 50’s, I agree that young people should pursue whatever path leads them to complete financial independence at least by the time they are 50. That is the path my wife and I pursued, and it has worked out well. We have encouraged our children to do the same.
IMO, in today’s extremely volatile economy, it would seem to be even more important for young people to plan their finances well, since now, more than ever, employers seem to be replacing older workers with a newer model–unless, of course, you have union protection–and that is an entirely different conversation.
Making a lot of money is not nearly as difficult as sustaining it for the duration of your lifetime. I can’t tell you how many people I have known who “used to be millionaires.”
