Originally Posted by mrf0151 (Post 2331488)

So, the question is, why are they not living a comfortable lifestyle in retirement?
Poor planning is the answer for most. Sure, there could be other things that can derail your retirement plan but for the vast majority it will be that they did not enter retirement debt free.
Hard to imagine folks living in retirement with a mortgage or car payments or other bills that are not the normal day to day living expenses.

Originally Posted by Byte1 (Post 2331753)

I wasn't "born with a silver spoon in...." At one period of time in my life (supporting a wife and four children) I worked THREE jobs and was lucky to see home for a couple hours a day between those jobs. Maybe there is a very small minority of folks that "have no chance of getting out of a rut" but most of it is really just a matter of motivation, rather than ability. I've known guys that had little or no education that have made a good living. I know one friend that never made it past 7th grade and is doing better than me. Some folks get so used to gov. handouts that they are comfortable living off the "system" rather than enjoying the pride of making it on their own.

Originally Posted by manaboutown (Post 2331482)

No silver spoon for me. I started from scratch as have most of us. I agree with Charlie Munger's observation and recommendation. Obtaining the first $100K is difficult and making sacrifices is inevitably necessary. At that point one then has some capital to invest and compound.

Many if not most people are simply unwilling to work hard and make enough sacrifices when starting out to accumulate adequate working capital. That is why they end up economically stressed later in life. Some sadly suffer misfortune through no fault of their own.

"Former Berkshire Hathaway co-chairman Charlie Munger, who passed away in November 2023, once told his shareholders that the secret to building wealth is amassing that first $100,000.

“I don’t care what you have to do,” he said. “If it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000.”"

https://www.nasdaq.com/articles/charlie-munger-said-you-must-save-$100k-to-build-wealth:-10-tips-to-do-so#