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I totally agree with others that costs for childcare and healthcare can easily eat into even large incomes. And for anyone who is making less than six figures and has a family, yes, you have to manage your finances pretty carefully.

However, for many other people, I think a huge part of the problem is consumerism coupled with borrowing. If you are able to be content with what you have or even to downsize, it is much easier to get ahead. And if you avoid all debt except a mortgage, your income will go a lot farther.

People often think about debt as though it is only the interest that matters. But you still need to pay off the principal, if you ever want to be free of it. A $10k credit card debt that you can only apply $500 to per month lingers for a long time.



> However, for many other people, I think a huge part of the problem is consumerism coupled with borrowing.

I think this is a large part of the problem as well. I see so many people taking out large and lengthy auto loans on a new car as soon as they graduate college.




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