Thanks Redforever, as an oldie I also enjoyed and appreciated your post.
I think the 20 to 30 year olds in North America are exposed to a number of traps and developed a number of mindsets that tend to keep them poor. Of course these things were present in the past, but not to the degree that they are today.
1. Rampant consumerism. It always amazes me when I see crowds, at Walmart and the various malls, spending like crazy. It's like they have lost their feeling for the value of money. The constant bombardment by advertising in the mass media is certainly doing its job. A sudden drop in housing prices may slow things down, as in the US.
2. The throw away mentality. "If it's old, throw it away." I tried to give away a perfectly good set of dishes to some needy young couple for $2.00 at a garage sale. No dice, they'd rather spend several hundred dollars on a new set. I blame this on the planned obsolescence in many of the products these days, especially the high tech items like printers, faxes, etc.
3. "Live for today and to hell with tomorrow." I can see this attitude coming from all the doom and gloom like global warming, pollution, nuclear war, etc. I believe you have to have faith in the future.
4. One upmanship. "He who dies with the most toys is the winner." If you want to create wealth, the bulk of your investment should go on things which you can enjoy while you are alive and which appreciate with time (although remember - timing is everything).
5. Easy money. I blame financial institutions for making it too easy to get money. Credit cards are a scourge. If you can't pay off the balance each month, don't have one.
6. Debt. "Why should we wait to have the American Dream?" North Americans are more in debt than ever before. It seems the upper limit of acceptable debt has risen to an alarming rate. It said on the news last night that anyone under the age of 35 has never experienced a major recession in their lifetime. I know from experience that the good times never last forever. Keep an eye on interest rates.
7. Eating out. "I've worked hard all day and deserve a good meal prepared by someone else." One can save much money by cutting down on this.
8. "If I don't get my University degree, I won't earn that extra million dollars in my lifetime." I always told my kids to find something they were passionate about doing and do it to the best of their ability, whether it involves going to University or not. In so doing they will create a market for their services, and they will probably be never out of work. Hard work is the secret of success, and I think we learn who we are through our work.
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