Quote from: pawel7777 on January 12, 2024, 05:05:47 PM

That's the thing. It's easy to set up and maintain healthy financial habits if you have a nice surplus of your regular income over your expenses. But all the advice regarding emergency fund and investing is pointless when one does not earn enough to meet their needs.
That's why probably the most valuable advice, especially for younger people, is to "invest in yourself", i.e. get a set of marketable skills which will boost your income and make it way easier to manage your money or maybe even retire at relatively young age. Being on a low income your entire life can be a real nightmare.

In essence we can easily manage our expenses and income if we have a good financial structure, although sometimes people who have fairly stable income are much more wasteful in spending on things they consider important. An emergency fund is still considered much more important even if someone cannot generate a stable income because at least the amount of instability can be used for much more productive things. Investing in themselves is related to what they are able to do and perhaps there is a need to have self-skills.

I agree with that statement and indeed the younger generation must be able to improve their skills to make money because without skills it will be much more difficult for someone to reach the stage of financial freedom through whatever job they are involved in. Managing money is not as easy as it sounds, but that doesn't mean it's impossible to change bad habits into better and more targeted ones.