The older you get the less time remaining for investments to compound (or rectify, if there's a downturn). The probability that it's worth delaying gratification declines because the future value is lower, and the odds of you seeing that future is also much lower . The odds of you dying this year doubles from 30-50, and doubles again from 50-60. That information means you should gradually save less and start doing more of your top bucket list items by (before) 50.
Both of these statements are true. Getting the right balance is something I struggle with. I am glad I traveled when I was younger. I couldn't repeat the same trips today. However, getting my BMW detailed at 24 was a waste, though it would be a waste today too.
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On the other hand, money saved & invested now will (quite literally) be worth more than money saved later.
The older you get the less time remaining for investments to compound (or rectify, if there's a downturn). The probability that it's worth delaying gratification declines because the future value is lower, and the odds of you seeing that future is also much lower . The odds of you dying this year doubles from 30-50, and doubles again from 50-60. That information means you should gradually save less and start doing more of your top bucket list items by (before) 50.
https://www.ssa.gov/oact/STATS/table4c6.html
Both of these statements are true. Getting the right balance is something I struggle with. I am glad I traveled when I was younger. I couldn't repeat the same trips today. However, getting my BMW detailed at 24 was a waste, though it would be a waste today too.