Elon Musk says long-term saving is 'pointless' as he expects a future of abundance

· Business Insider

Elon Musk is the CEO of Tesla and SpaceX.

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  • Elon Musk says it's "pointless" to save for the long term, as he expects "super intelligent abundance."
  • The Tesla and SpaceX CEO shared the advice in an X post on Thursday.
  • Musk has said that if he's right about the future, "saving for retirement will be irrelevant."

Elon Musk says it's not worth saving for the long term, as nest eggs won't matter.

"Saving money for the distant future is pointless with the advent of super intelligent abundance," Musk said in an X post on Thursday.

The Tesla and SpaceX CEO was replying to a user who said they weren't stressing over their "questionable financial decisions" because a future of abundance means "most of it won't matter in a few years anyway."

Musk laid out his vision on a recent podcast, predicting that advances in robotics and space travel would lead to a multiplanetary economy, at which point "money becomes irrelevant" and "conventional currency will not matter."

The world's richest person — who has a nearly $1 trillion net worth — has previously advised against saving for decades to come.

"Don't worry about squirreling money away for retirement in 10 or 20 years," Musk said during a podcast episode released in January. "It won't matter."

"If any of the things that we've said are true, saving for retirement will be irrelevant," he added.

Musk said at the time that he expects progress in AI, energy, and robotics to supercharge productivity, resulting in plentiful resources so that "anyone can have whatever stuff they want."

In that world, he continued, everyone would have access to "better medical care than anyone has today," there would be "no scarcity of goods and services," and "you can learn anything you want about anything for free."

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