Extreme frugality can lead to very high savings rates, but if it negatively impacts lifestyle, one should reconsider their approach to saving for retirement.
The individual, with a net worth of $25 million and annual income in the seven figures, faces the dilemma of retirement savings burnout amidst a life of extreme savings.
Even with a significant nest egg, making poor financial choices can quickly erode wealth, emphasizing the importance of mindful spending regardless of one's financial situation.
Retirement savings burnout can tempt individuals to access their savings prematurely, highlighting the need for balance between savings and enjoying life.
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