That wife of mine is a high school teacher and we discuss this situation at length often. She says that the kids today think they should be able to have every thing they want (what everyone else they see has) working only 40 hrs a week. When I was coming up in this business they all told me you can either have time or money but you can’t have both. I really think that’s the hardest thing for the new generation to grasp. You should spend your 20s working all the time for next to nothing but experience, your 30s making a way for yourself in your particular field, and by your 40s you should be well on your way to making it so you can start pulling back on the hours so you don’t have to work 70+ in your 50s and 60s. And if you work hard and earn it, there’s no reason you can’t do it that way.
That sounds brutal to be honest. I think a big part of the problem is people just spend too much. It is harder now for sure, but when people say things like houses have skyrocketed (they have) but it's also because they are getting way bigger and fancier and you just don't need it, same thing with vehicles and it's part of the reason they got so pricey. At 25 I built a $1.4m house had nearly million dollar mortgage, it's not all it's cracked up to be, i'm now selling it. I'm happy with a more modest one and banking the saved money to make me even more money.
I think the biggest difference now if you can't just work 40, 50 or even 60 hours for someone else and not do anything else and get anywhere, unless it's the rare job where you make really really good money. You need to run your own company, invest, own rental properties something on the side to make more money, that you didn't need to do before. I own 3 rental properties and it's a nice amount of extra income.
I worked my ass off in my 20's and at 32 I am extremely comfortable, at the rate i'm going by 40 I could retire if I was single without kids still, if I wanted to. The biggest thing many people don't get is how much easier it gets once you got some money/assets, having money makes you money, but you got to start saving to get there. Looking at most people my age it's crazy how many are still renting living paycheck to paycheck and have nothing, I don't get it. I didn't spend my 20's partying and blowing money though, I was working 80-90 sometimes 100 hour weeks to get ahead. I'm already at the point I won't do it anymore, now if I average 40 hours for the year that's more then enough, took 6 weeks off this winter, it's just so nice to have a break. I saw the money problems growing up, it's a big reason why my parents divorced and it was constantly an issue, so it was huge for me to never be in that position and be comfortable.
I know someone mid 20's wife doesn't work they have 2 kids, he makes $100k a year they rent and live paycheck to paycheck. Money isn't the problem, it's spending, financing 2 new vehicles it's just stupid. If people making $100k then next year they make $120k they just increase their life a bit and don't end up any better off, instead of saving that money.
I can't imagine working 70 hours a week in my 40's and 50's though, if anyone has to to get by, they messed up somewhere.
