Here are some potential long-term risks and effects of not investing:

– Lack of retirement savings – Not investing over your working years means you likely won’t have enough retirement savings. This could force you to work longer or have a reduced standard of living.

– Inability to meet financial goals – Major goals like buying a house, starting a business, or paying for college are very difficult without investment income. Lack of investing compromises your financial options.

– Loss of purchasing power – Money that just sits in a traditional savings account loses value over time due to inflation. The less you invest, the less your money works for you.

– Greater dependence on others – Minimal savings makes you more financially dependent on family, government programs, charities, etc. if you encounter hardship.

– Higher risk of financial surprises – No cushion of investment savings leaves you more exposed to surprises like job loss, illnesses, major home repairs, etc.

– Missing out on compound growth – Investing early allows compounding to boost returns exponentially over time. By not investing, you miss this growth potential.

– Higher expenses later in life – Forced to work longer before retirement increases costs like commuting, clothing, food prep. Late retirement also shortens your nest egg duration.

– Limited ability to gift/donate – Lack of investment capital restricts charitable pursuits and your ability to help family members like grandkids.

– Greater financial stress and anxiety – Constant worry about money takes a psychological and physical toll over time. Investing helps alleviate this.

The bottom line is that investing steadily over time is crucial to achieving both short and long-term financial goals while protecting your overall wellbeing.