Since 1987 I've been contributing an average of 10% of my pay to my 401(k) and IRAs. I'm embarrassed to tell anybody in my family how much it is now up to - besides, if they knew, they'd be hitting me up for "loans" all the time that would never get paid back. Because they'd all think I was super rich. But I don't feel super rich because I've worked my tail off the past 35 years living below my means and investing my surplus instead of spending it.
Anyway, you are right, all during this time as I slowly built my wealth, I've been constantly hearing from "experts" about how the economy is just a house of cards ready to collapse. That I should invest in gold instead of equities. (Funny, these people are always so willing to take my "soon to be worthless money" in exchange for this precious gold.)
Not that a little gold in your portfolio is a bad thing. It will always have value and will likely never go to zero. But historically you are always better off investing in the stock market. And when I say stock market, I'm talking index and mutual funds where no single stock can break you. Slow and steady is the rule for me. I'll never be Bill Gates rich but I shouldn't be in the poor house either.
Now it would just be my luck for the doom and gloomers to finally be right just as I'm ready to retire!
Oh well, if that happens, I'll just keep on working.
Diversification and asset allocation are your friend.
That’s exactly my situation as well. When I was younger, every time I got a raise I would keep a bit but increase my 401k contribution. Once it reached the annual max contribution I could then take any other spare income and invest in a Roth IRA and a general brokerage account, of which many employer stock sales and bonuses were deposited and not spent. I’m sure my family would think I’m rich too - but I’m not, just trying reach retirement and be comfortable. I see others in my family just spend spend spend, then complain about money. They’d be shocked if they knew but it’s a choice to live above or below your means and over decades it makes a huge difference.
If you haven't seen this hilarious video on gold and bitcoin (NSFW) I recommend taking 3 min out of your life.