Richard Russell is a legend in his own time. People of all generations should take heed to what he has to say...especially the younger generation.
Wait, there's one other item I want to talk about, and it's DEBT. I dislike debt, I dislike debits, I dislike being in a position where by I have to make money just to pay off what I owe. I grew up at a time when debt was feared and hated. Debt to me means that you've lost control of some area of your life. You're working to pay off something that's not yet yours. There's an old adage that I've repeated to my kids a thousand times. It runs like this-- "Those that understand interest earn it. Those who don't understand interest pay it."
Young people today get married and immediately buy a house and furniture and a TV set and kitchen supplies. They take on a mortgage and assorted debts, and they never get out of debt. Instead of building savings, they pay the monthly mortgage bill and the credit card bill with whatever money they have left over after food and doctor bills and entertainment. But the point is -- they're buried in debt before they start out in life. And today they accept that as normal. We old codgers from the Depression era see it differently. For instance, every house I ever bought I bought with cash on the line.
So instead of saving and compounding their money, today's kids become slaves to the banks and the mortgage companies and the credit card companies. It's a bum way to start out in life -- it's a stupid way. It's also the unhealthy way. It's the path to stress and anxiety.
So sad but so true.
