My daughter, who is sixteen, asked me "Why do you save?"
By any measure, we are comfortable. We have money, we have retirement accounts. We own a business. BF, who lives with us (or we live with him, whatever it's a family unit) he has a six figure a year job. Yet we still save. Daughter has a college fund, and will inherit well unless BF and I change our spending habits as we get older. So, her question is a good one, why save?
My answer to her was simple, to get rich. Saving is the key to becoming rich. There's a lot to unpack there. But, surveys all say that the vast majority of wealthy people do not inherit their wealth. And those that do iherit, are generally already wealthy when they inherit. Only a very small number of people inherit wealth as their only source of riches. So, we save becasue our income is our most powerful tool for becoming wealthy.
My daughter, followed up with "why is that good?"
My answer is: "it's better to have money when you need it, then to not have money when you need it." In truth government is not very good at helping people. Government will, maybe, put a floor under you. That is, government won't let you be too poor. Just poor. Still, you will not live an easy life. Wealth though makes life easier. That is why we save.
Why do you save? Or do you not?
Z

