Option 2: My mother put dad's paycheck money in separate envelopes and managed expenses. We lived in a bungalow. One car garage and one car. Also one TV set. (1950s-60s). Debt free at retirement (age60) they sold the house and moved to a new condo in Florida. Retirement income sources consisted of Social Security and dads pension from Republic Steel. (Non management). Some savings in savings bonds.
In America today one key element that is overlooked is living within your means.
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