Does getting out of debt require a big attitude shift?
Yes. We all get caught up in this consumer-driven culture. I call it the “bling-bling lifestyle.” Especially when you’re young, there’s this push that makes you want to keep up with the Joneses. You want to demonstrate that you’re successful, that you’ve made it. You have to make the mental shift: No, things are not going to make me happier. What’s going to make me happier is not being stressed out about money. So it’s not that young people are necessarily in debt because they’re poor. Many young people start making some money, and only then they start overspending in a big way. When you’re still in school, everybody’s bumming it. You’re wearing the sweatshirts and jeans. When you start working, appearances have to be kept up. You want to dress the part at work. You don’t want to say you live in an apartment with four people. Once you start out on your own, you want to prove you’re an adult. Young people tend to want to maintain the lifestyle they grew up with. But you’re just starting
