It’s nearly impossible as they keep buying things the can’t afford!I’m happy for the success you’re grandfather had but it’s naive of you to compare his success and cash only mentality to now. The way this society is, it’s nearly impossible for the average person to buy a house cash only or even a used car. We are a debt based society now unfortunately. Some use it to their advantage, most don’t.
If the ave person saves the amount they pay in credit card/car payments every month they could save $18-24k every year. That savings is separate from all other savings(investment/retirement, Emergancy fund, college, etc.).
As far as using it to their advantage, do you know how many people took their life 08-10? How do the wealthy lose everything in a day? Use debt to try to build wealth....does not seem like an advantage to me.
https://www.google.com/amp/s/www.fo...cides-tied-to-economic-crisis-study-says/amp/