Youth is wasted on the young. But wealth is wasted on the old.
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Among the super rich, I don’t think this is true. “Can’t take it with you” is a common adage. For the non super rich yes they must dial back their spend in order to have enough money for retirement. Old people don’t have the energy to start new businesses but they invest in
Those that do. Elon is the eacsprion in this regard as hes getting older, but there are plenty of people doing big ideas with money and not their time: Gates, Thiel, Bezos efc