Do plans like this ever take family and children into account though. As a single person it's all very well saving half your income if you are reasonably well paid. But if you have children I just don't think that's practical.
I saved a fair bit before kids. Then me and my partner made the decision that we wanted one of us at home to bring up the kids, and not have them raised by daycare workers. So now we have one income, and more expenses than before. I'm reasonably well paid, drive older small cars, don't have any particularly expensive hobbies or holidays. I still save, and contribute to a private pension, but the idea of saving 50% of my income is unachievable.
Now that's fine if you don't want kids, but I often think these lifestyle philosophies promote themselves as fantastic and obvious, and why doesn't everyone do it. But forget to balance them with the hidden sacrifices you have to make that they never seem to mention.
I want kids some day, and I know saving 50% at that time might lead to sacrifices I don't want to make. But until then, I would probably have had a professional career anywhere from 7-13 years. Those savings can then accumulate rents for a long time, even though I wont be able to contribute any new significant amounts.
I have 2 kids (5yo and 2yo) and right now no problem at following this plan (started when my first born was born). It can be done, you need to make sacrifices but the sooner you start the better you will be later on
I saved a fair bit before kids. Then me and my partner made the decision that we wanted one of us at home to bring up the kids, and not have them raised by daycare workers. So now we have one income, and more expenses than before. I'm reasonably well paid, drive older small cars, don't have any particularly expensive hobbies or holidays. I still save, and contribute to a private pension, but the idea of saving 50% of my income is unachievable.
Now that's fine if you don't want kids, but I often think these lifestyle philosophies promote themselves as fantastic and obvious, and why doesn't everyone do it. But forget to balance them with the hidden sacrifices you have to make that they never seem to mention.