I think the biggest problem financial for the younger people I know is they don't know the difference in "Wanting" and "Needing"
I've been giving my kiddo this lesson as of recent. He's be helping around the house more and more. And instead of straight money, I'll order him a little Lego set or stack of Pokemon cards because those are wants. For as long as I need to, his needs are taken care of and he doesn't need to worry about it. He'll have food in his belly, roof over his head, and a vehicle to get him to/from work/school.
Wife and I have been putting a LOT more focus on our futures. Few years left on the mortgage. We don't owe money anywhere. My F250 had a payment about six years ago, but that's been paid off since. Won't do payments ever again. The shop that's going up is sort of part of that plan. A means to flip vehicles, maintain our older cars, and a way for my son to pull in side work when he gets older. You subtract the need to pay a mechanic or buy newer to avoid the repairs, it adds up quick. That goes for the houses too. I can't hire plumbers or electricians. I have to do the work myself if I am able to. Some things, like the wiring on the mast leading from the poles to the meter, I have to hire out. But everything else, I do on my own. The amount of people that approach me to mow my lawns...
We also moved our money to a HYSA is paying out at 4.5% which is really starting to add up.
I doubt I'll ever "retire". I can't not do something. Whether its a vehicle that needs to be put back together, firewood to be prepped, one of our apartments that needs some form of repair, or some other form of labor. My mind goes a million miles a minute. The only time I'm able to shut it off, is when I'm on the bike. Hunting is the most difficult thing for me to do, because just sitting in the tree, all I think about is the other shit that needs to be done. Just sitting there drives me nuts. I need to be engaged in something.
Although my wife and I are doing what we can to set him up, I have no idea where we're headed for those that are just starting off all on their own. I don't know how young kids are doing it now. I know a bunch that are working multiple jobs just to keep the lights on. I have someone in my family that bought a 500sqft "house" for $350k. I mean, how can you justify that? Interesting times ahead, and something tells me its going to get a lot worse before it gets better.
