I agree to some of this . The old fashioned way of saving via a direct debit to a bank account these days is under some pressure . Get 2-3% on you money at the bank ? The principle is good but doing what our parents did in the 70s and 80s just might not work so well .This. I initially had the 'pay yourself first' mindset. Then a few years back, I changed it from 'holding back on the things I enjoyed in life' to 'what do I need to do to increase my income to maintain the lifestyle I enjoy today whilst having sufficient funds to secure my future'.
Essentially, moving from a restrictive mindset (delayed gratification) to an abundance mindset (I can have everything I want today while securing my future).
Xenia, as someone who is clearly business minded, I'd like to ask you - are you nudging your children into the same ideal - that is, encouraging them to build businesses of their own? This to me, is the way of the future for the youth. Teaching them to build businesses of their own from a very young age, learning how to overcome obstacles, rejection and failure in order to achieve financial success.
Most people believe that businesses are risky, but I would argue that passive investing, such as property investing is riskier. According to ABS stats, less than 1% of Australians retire on an income of 50K or more. As a business owner myself, I would strongly encourage people to start businesses rather than invest in property. Yes, the chances of the business failing are high, but the rewards (not just financially speaking) are much higher.
Very few people that have succeeded in business achieved that success the first time around. Most people have started multiple businesses and - this is the key - picked themselves up, dusted themselves off and started again, using the mistakes from previous efforts to build something stronger the next go around.
Good post Mr F .