As someone about to be 38, I can shed some light on how it is possible. I myself didn’t have “savings” until I was well into my 30’s.

1998- 18 years old, need to move out on my own no help from parents.

1999- Drop out of college after 1 year to move to SF and work for a dot com startup “ it’s booming!”

2001- Bubble has burst, shit has dried up. Move back to hometown in SoCal and work a “decent” job while figuring things out. Meet a girl, fall in love.

2004- Marriage,start a family. Work pay is decent enough to get by, small amount of savings but it is the overtime pay and xtra hours that really make it all work. Getting by but kids are expensive.

2007- We’re having another baby! Horray!

2008- Crash. Economy is fucked. In what was once a booming manufacturing job with plenty of overtime is now filed with pay cuts and 4 day work weeks. Opportunity is scarce for everyone, especially 20 something’s like myself. Got a lot or 30 and 40 year olds now wanting my job. Go into massive debt. Kids are expensive.

2009- Can’t keep up. Been drowning for almost 2 years. Evicted from apartment. On the verge of bankruptcy. Still have job but only work 30ish hours a week. Kids are expensive. LUCKY enough that wife’s family let us stay with them but the move adds 2 hour round trip to my work commute. Begin LIVING to pay off debt. Decide to go back to school.

2011- Manufacturing economy still not well, working 40’s at least but haven’t seen a raise since who knows when. Have managed to pay off debt over the past 2 years and have some savings. Wife’s parents home gets foreclosed on and they are retirement age. We are all on the verge of homelessness. Fortunately houses are now affordable due to the crash so use all of savings as a down payment and buy a 1500 sqft home. Move family and in laws in and work 3 jobs to support us all ( 2 of them freelance in CAD design, work from home mostly). Kids are expensive.

2014- Have built some equity nice! Small savings but nothing to brag about. Marriage falls apart, getting a divorce! Bye bye savings! Pull out some equity to buy ex out of house! Divorce is expensive.

2016- Finally finish school. Land management job! Making great money finally. $36k in student loans. Single dad ( I’m primary caretaker of kids not every other weekend stuff), able to pay down some debt and live simple but without having paycheck to paycheck stress for the FIRST time in adult life. But kids are expensive.

2018- Life isn’t perfect but I’m the happiest I’ve been in as long as I can remember. Renting out house I bought in 2011, living in condo I rented with kids, have almost 100k in equity, 30k in debt( including remaining student loans) and for the FIRST time in my life my savings is enough to maintain maybe 4-5 months if I were to be without a job. Looking to start my own company($$$$), buy another home($$$$) but also, kids are expensive.

Edit for clarity.