“There’s no point in saving for the future because we’re going to have war, revolution, and it’s all going to come to a violent end.”
I’ve also heard that young people aren’t saving for retirement either (because “there is no point”) – we’re all going to cook under global warming, and the planet won’t be around in 40 years.
Well, the track record of pessimists has been exceptionally poor – especially in the stock markets.
Then you have the YOLO* people who live for today and don’t worry about tomorrow.
Tomorrow will come; it always will.
You have to think about the future, or the future will think about you.
Saving for the future does matter!
How much should one save?
I say you should be saving 20% of your income each month.
In good times and bad.
The world is not going to end, and every dollar you spend today is one you won’t have in retirement after compounding....