You are absolutely correct. Digging oneself out of a deep hole is a lot easier if you have a big shovel. Having a high income allows you to quickly tackle debt if you are motivated. Good financial decisions, however, do not end with spending. They also involve life decisions outside of the direct financial realm. Investing in yourself (ie education, training, good career choices) is very important. Critically important is making sure you choose a good life partner that will also have the same positive qualities is a make it or break it choice as well. I'm really into personal finance, being financially independent and have been working really hard the last 10 years to get to the point where working is optional. I love my job and plan to do it until I physically or mentally can't, but having financial security is a wonderful feeling. There is nothing wrong with buying "things" but there is a difference between being frugal vs being cheap. I also think that people underestimate the enormous wealth that comes from compounding interest. Investing, ideally starting at a young age, is critically important. I wish basic finance was taught in high school. I know I did not have any formal education on the subject during my schooling and had to learn everything myself.
.... I think we hijacked this thread!
It's OK, that's what forms are for lol I agree about teaching basic finance in high school. I also didn't really know anything about investing back then. I barely know much now actually, and I haven't had good experience with investments so far so I'm not too keen on trying it again because of that. Generally if people are gaining money from investments, it means that someone else is losing that money somewhere else....unfortunately I was on the losing side :sad: