It’s a good idea to start saving when you’re young, but not for the reasons that personal finance experts give.  They offer tidy examples that have little connection to the real world.  Here’s a typical version: If you save $1000 per month from age 25 to 35 and then save no more, at a 7% annual return, your savings will grow to $1.3 million by the time you’re 65.  If instead you wait until you’re 35 to start saving $1000 per month, and you save for the full three decades until you’re 65, you’ll only have $1.17 million.  That first decade of saving is more valuable than the last three decades combined.  So get started early. This seems reasonable until we test it on someone who is 65 years old today.  Meet Jim.  Back in 1985, he was 25 years old working full time.  The minimum wage at the time was about $700 per month, but Jim was doing well making $1200 per month.  Now let’s ask young Jim to start saving $1000 per month.  Hmm.  That...