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Message
When Did “Difficult” Become “Impossible”?
Posted on 5/19/26 at 8:13 am
Posted on 5/19/26 at 8:13 am
In another thread I said that $100k would not support my lifestyle, and it got downvoted.
That part interested me. But another part of the discussion interested me even more. There were also people arguing that becoming a millionaire through saving and compounding is basically a pipe dream now.
Now to be fair, I think younger people today absolutely face some real economic headwinds:
- housing costs relative to income
- education costs
- inflation
- lifestyle expectations
- social pressure amplified by the internet
But I also think there’s been a cultural shift from:
“This is difficult” to “This is impossible.”
And those are radically different mindsets.
Compounding especially is weird because it feels fake in the beginning. The first decade often looks painfully slow. That’s why so many people quit before the math ever starts working in their favor.
It reminds me of planting an oak tree. For years, it barely seems to grow at all. You water it, protect it, and wait while people laugh at the tiny stick in your yard. Then one day, twenty years later, people suddenly say:
“Must be nice to have a giant oak tree.”
What they didn’t see was the decades.
I’m not saying everybody becomes wealthy. Obviously they don’t. Life happens. Some people get terrible breaks. But I do think a dangerous mindset has emerged where people increasingly treat long-term financial success as fantasy instead of something difficult but achievable.
That mindset may be more damaging than inflation itself.
That part interested me. But another part of the discussion interested me even more. There were also people arguing that becoming a millionaire through saving and compounding is basically a pipe dream now.
Now to be fair, I think younger people today absolutely face some real economic headwinds:
- housing costs relative to income
- education costs
- inflation
- lifestyle expectations
- social pressure amplified by the internet
But I also think there’s been a cultural shift from:
“This is difficult” to “This is impossible.”
And those are radically different mindsets.
Compounding especially is weird because it feels fake in the beginning. The first decade often looks painfully slow. That’s why so many people quit before the math ever starts working in their favor.
It reminds me of planting an oak tree. For years, it barely seems to grow at all. You water it, protect it, and wait while people laugh at the tiny stick in your yard. Then one day, twenty years later, people suddenly say:
“Must be nice to have a giant oak tree.”
What they didn’t see was the decades.
I’m not saying everybody becomes wealthy. Obviously they don’t. Life happens. Some people get terrible breaks. But I do think a dangerous mindset has emerged where people increasingly treat long-term financial success as fantasy instead of something difficult but achievable.
That mindset may be more damaging than inflation itself.
13
Posted on 5/19/26 at 8:30 am to RoyalWe
Mostly the internets fault, both in terms of attention span destruction and also ease of comparison.
Everyone looking for the get rich quick scheme and comparing themselves to the top 0.1% which can be very defeating.
Everyone looking for the get rich quick scheme and comparing themselves to the top 0.1% which can be very defeating.
Posted on 5/19/26 at 8:41 am to RoyalWe
When I was younger, you couldn't trade online. You had to use a brokerage firm and/or invest in a 401k.
Nowadays, young people have tons of resources to manage their money. My parents lived in a generation where the company pension was there for their retirement. They didn't have to think about it.
If you don't have the discipline to forgo the nice car, new boat, or frequent dinners at restaurants in exchange for a secure retirement, it will be tough.
I think this topic is going to dominate our politics in about 10 years, as more and more people reach retirement with now money because they spent their entire adult life managing a lifestyle they couldn't really afford.
Nowadays, young people have tons of resources to manage their money. My parents lived in a generation where the company pension was there for their retirement. They didn't have to think about it.
If you don't have the discipline to forgo the nice car, new boat, or frequent dinners at restaurants in exchange for a secure retirement, it will be tough.
I think this topic is going to dominate our politics in about 10 years, as more and more people reach retirement with now money because they spent their entire adult life managing a lifestyle they couldn't really afford.
Posted on 5/19/26 at 9:16 am to Jax-Tiger
quote:I agree completely. What sometimes frustrates me is that I know it is possible to live within your means without keeping up with the Joneses and also that it doesn’t take a tremendous amount of money to invest in order to be a millionaire if you start early, but it seems that no one is willing to do it. They give up before starting. They are too concerned about peer pressure but somehow convince themselves that there’s no use in trying.
I think this topic is going to dominate our politics in about 10 years, as more and more people reach retirement with now money because they spent their entire adult life managing a lifestyle they couldn't really afford.
Posted on 5/19/26 at 9:17 am to RoyalWe
quote:
There were also people arguing that becoming a millionaire through saving and compounding is basically a pipe dream now.
The math says it's easier than ever. Index investing has made it readily available.
Bigger issues is becoming a millionaire is a milestone, but not enough for guaranteed retirement
Posted on 5/19/26 at 9:22 am to UltimaParadox
quote:This is a secondary (but not to be ignored) issue. At some point your compounding takes off, you reach the land of critical mass, and your million turns into two million, etc. The point is it’s still worth doing.
Bigger issues is becoming a millionaire is a milestone, but not enough for guaranteed retirement
Posted on 5/19/26 at 9:27 am to Jax-Tiger
quote:Boomers are terrible at reading the room
My parents lived in a generation where the company pension was there for their retirement. They didn't have to think about it.
Posted on 5/19/26 at 9:56 am to RoyalWe
Increasingly, Americans lack foresight. Technology and success have driven us to be more shortsighted, less patient, and expecting instant gratification. It’s not our culture to “trust the process” any more. And I think this applies to some degree to all living generations now.
If you’re a deer and turkey hunter using bait outside of S TX, I’m looking at you.
If you’re a deer and turkey hunter using bait outside of S TX, I’m looking at you.
This post was edited on 5/19/26 at 9:58 am
Posted on 5/19/26 at 10:02 am to RoyalWe
The irony of catching flak for saying 100k isn't enough, but then complaining that everything is too expensive.
You're dead on with this line of thought. If you're lucky enough to have even a moderate match of 3% on a $40,000 income, you would have $1m by the time you're 65.
This mean you don't make any money AND you suck at saving. That isn't society's fault.
You're dead on with this line of thought. If you're lucky enough to have even a moderate match of 3% on a $40,000 income, you would have $1m by the time you're 65.
This mean you don't make any money AND you suck at saving. That isn't society's fault.
Posted on 5/19/26 at 10:05 am to RoyalWe
quote:
But I also think there’s been a cultural shift from: “This is difficult” to “This is impossible.” And those are radically different mindsets.
People on the internet jump to extremes
Posted on 5/19/26 at 10:13 am to RoyalWe
Hey just a shout out to RoyalWe. I reached out to you several years ago and you convinced me that I could fire that financial advisor and make it despite how they shame you to think you are too stupid to manage your own prized possession, retirement accts. Thanks for all the advice. 
Posted on 5/19/26 at 10:25 am to RoyalWe
quote:
There were also people arguing that becoming a millionaire through saving and compounding is basically a pipe dream now.
Then they are too stupid to become such. One look at S&P 500 historical returns the last 40 years makes this very easy. Its basically idiot proof as long as you contribute.
Posted on 5/19/26 at 10:52 am to ronricks
quote:
Then they are too stupid to become such. One look at S&P 500 historical returns the last 40 years makes this very easy. Its basically idiot proof as long as you contribute.
I've preached this to my kids since they were early teens. My son worked summers and I opened a Schwab account and made him put $1000 in an S&P500 fund every summer. I believe he put a total of $3000 and it grew to over $7000 before he graduated college.
The S&P has averaged 12.5% over the last 40 years. If you only put $100/month from age 21 through 65 at a 10% return, that's $950,000. Hopefully he listens.
This post was edited on 5/19/26 at 12:36 pm
Posted on 5/19/26 at 11:10 am to RoyalWe
In some ways it's harder now because of inflation, education cost, and house prices. But in some ways it's never been easier. Anyone can invest now and mostly there's zero fees with investing. And now skills raise to the top without going to college. So many more opportunities
Posted on 5/19/26 at 11:10 am to RoyalWe
The sad thing is once you get that first job with retirement options and just set it…you don’t feel the impact any more.
Also, when you get to my age and start doing the math, additional years are where you make your money. I wish I’d have started 5 years earlier.
Also, when you get to my age and start doing the math, additional years are where you make your money. I wish I’d have started 5 years earlier.
Posted on 5/19/26 at 11:16 am to SquatchDawg
I wish 401K was opt-out rather than opt-in. This would singlehandedly solve a material portion of the retirement savings issue.
Unfortunately, millionaire status just isn't that valuable for future generations. Once you discount that to present value (say for a kid in 20s now), it's simply not enough for a life expectancy of 25+ years of retirement.
Unfortunately, millionaire status just isn't that valuable for future generations. Once you discount that to present value (say for a kid in 20s now), it's simply not enough for a life expectancy of 25+ years of retirement.
Posted on 5/19/26 at 11:22 am to lynxcat
It’s always been an issue if immediate gratification vs delayed gratification.
I will say though the cultural perception is huge too. In the late 90’s it was pretty much accepted that you tank as much into the market as you could because that was the way to build wealth. I don’t think that’s the mindset any more.
I will say though the cultural perception is huge too. In the late 90’s it was pretty much accepted that you tank as much into the market as you could because that was the way to build wealth. I don’t think that’s the mindset any more.
Posted on 5/19/26 at 12:27 pm to RoyalWe
“But I do think a dangerous mindset has emerged where people treat long-term financial success as fantasy instead of something difficult but achievable”
I think that mindset has always been there for too many people.I come from a large family and very few of them became wealthy.Same for co-workers and friends.In their minds millionaires were like unicorns,very rare.Only people that became millionaires were were very lucky or were born into wealth.
I was like that at one time,I never dreamed that I could ever become a millionaire.Yet here I am,couple times over.Of course a million dollars isn’t what it used to be but I’m in very good shape financially.
I started dabbling in the stock market about 30 y.o.with Schwab,subscribed to Valueline and buy and sell stocks over the phone.One hurdle I faced was my wife,she was scared of the stock market.Stocks weren’t insured like CD’s ,took me awhile and some successes to get her onboard.
Didn’t have 401-k until I was 45,wife 43.We maxed it out from day 1 and never wavered through stock market crashes.Reading about Warren Buffett,also,The Millionaire Next Door book were a big influence.
It helped that wife and I were frugal,she more than me.She’s an absolute tightwad.We always lived below our means-smaller houses,cheaper cars,restaraunts were for special occasions,etc.
Then ,we’ve been very lucky healthwise,no major injuries or illnesses. Neither of us take any meds.No house fires or damages otherwise to our houses.
Obviously a portion of our success has been just being lucky in life.
I think that mindset has always been there for too many people.I come from a large family and very few of them became wealthy.Same for co-workers and friends.In their minds millionaires were like unicorns,very rare.Only people that became millionaires were were very lucky or were born into wealth.
I was like that at one time,I never dreamed that I could ever become a millionaire.Yet here I am,couple times over.Of course a million dollars isn’t what it used to be but I’m in very good shape financially.
I started dabbling in the stock market about 30 y.o.with Schwab,subscribed to Valueline and buy and sell stocks over the phone.One hurdle I faced was my wife,she was scared of the stock market.Stocks weren’t insured like CD’s ,took me awhile and some successes to get her onboard.
Didn’t have 401-k until I was 45,wife 43.We maxed it out from day 1 and never wavered through stock market crashes.Reading about Warren Buffett,also,The Millionaire Next Door book were a big influence.
It helped that wife and I were frugal,she more than me.She’s an absolute tightwad.We always lived below our means-smaller houses,cheaper cars,restaraunts were for special occasions,etc.
Then ,we’ve been very lucky healthwise,no major injuries or illnesses. Neither of us take any meds.No house fires or damages otherwise to our houses.
Obviously a portion of our success has been just being lucky in life.
Posted on 5/19/26 at 1:05 pm to Jax-Tiger
quote:
When I was younger, you couldn't trade online. You had to use a brokerage firm and/or invest in a 401k.
You realize that this isn’t a flex
You’re describing a cool job that boomers could do and make a great living that no longer exists
See y’all other millenials at the Amazon mine
Posted on 5/19/26 at 1:06 pm to SuperSaint
quote:
Boomers are terrible at reading the room
Im pretty certain you failed at understanding what I was saying...
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