keep your expenses low is easier said than done. Things are different when you have kids, elder people in the family you have to support, than when you’re young and single. In my case, I wanna buy a modest two bedroom apartment that I can afford to pay the mortgage. My family wants to buy a house with a garden.
One of my family members’ 12 year old son suddenly developed a health issue. His dad is worth at least 3M, and was looking to retire in his 40s. But the medical bills are insane, he can’t retire anytime soon, as most of the bills (tens of thousands a month) are being paid by the good insurance his employer gives him.
I have always spent much less than what I make (I don’t even have a bed, I happily sleep on the floor on a sleeping bag). But I also haven’t gotten any raise the last few years, while my rent (for the same apartment) has gone up 20% in the last 4 years. So has my other basic expense like phone bill (same phone, same carrier, same plan), internet etc.
There is a reason people spend long hours working because the alternative is worse.
The most sensible thing to do while one is young is to live frugally, but also earn as much as you can and save.