You know what..i really dont know what to say in these threads…im understanding that i dont really belong on this forum..Im too young to have any relatable experience with most of you…you just make me sad and angry😐
They do not understand that their prescribed formula for success wont work for younger people anymore. It worked great for them because it was an easy system to understand and follow. The fundamentals of that time have changed and they are not being followed anymore. It makes it unbelievably difficult for younger folks to learn how to do things from older folks whose only point of reference are things that dont apply anymore. I understand, I'm doing my best to help my adult children navigate and figure out the irritations of the quickly changing landscape.
That's pretty well said...Dave Ramsey is a great example. Yes, his advice to reduce spending and debt is generally good. I don't think anyone would argue that. But a lot of his
specific suggestions to people are much easier said than done. His age and his financial status (he's estimated to be worth close to $200M) mean he's largely out of touch with the struggles of the average person...particularly the average middle class and lower. Great advice in principle but he struggles to give practical specifics in a lot of cases because most of his personal struggles, from which he learned and now teaches, took place in the late 80's and early 90's.
Old school financial principals still work. They are just inconvenient. They require delayed satisfaction, self control, commitment and discipline. Ain’t nobody got time for that!
I'm not arguing with that...the problem is "the system" is heavily "rigged" against "old school financial principles". Use "credit" as an example.....In a perfect world, you'd pay cash for everything and never incur any debt. That's great, in theory. But living in 2026 with a low (or non-existent) credit score is nearly impossible.
Earlier in this same thread, some were bashing folks for living at home after finishing college. The alternative is to rent or buy a home. You have to have credit to rent, and you have to have credit to buy a home unless you're paying cash. Explain to me how a young adult can make and save enough money by the time they get out of school to buy a home in cash. They cannot. So their options are 1) live it home for several years while saving every penny and then buying a home in cash, or 2) build credit and rent or take out a mortgage.
I 100% agree that "old school financial principles (spend less than you make, save, invest, etc) are great and everyone should strive to follow them.....but you can't deny that "the system" is [intentionally] rigged against them because there is an enormous industry built on profiting from other peoples' debt.
