How does the reasoning of buying stocks and bonds work over time given the current crisis has wiped out all the gains for many people made in the past several years utilizing this strategy, and before that was 2008 which did the same?
Compound returns are a nice bonus if they come, but not necessary. Sensible frugality is the important part.
You don't need compound gains.
> This doesn't work for people who want to have children, who may have healthcare conditions, who need to take care of their parents, etc.
I'm not sure what this has to do with my point. You need to save more than you earn. If you can't or don't want to, so it goes. Not everyone's a winner.
This idea that black swan events keep knocking out all the gains just isn't true, looking at the numbers. But if you don't like stocks, buying real estate and renting it out is also a good option.