this post was submitted on 18 Oct 2026
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It can be both. Plenty of people adopted poor spending habits due to the system allowing high interest credit cards to exist, and also creating a sense of needing everything NOW vs saving. It's a very consumerism drive that's beaten into us younger than 50. Older than 50 lived without credit cards and learned very different budgeting, saving, and actually had a better chance of making money.
SOME of what Dave talked about in the beginning was helpful, but then he got wealthy off his stuff and became more extreme. It mostly helped his generation or older folks though, the ones who had money to spend carelessly in the first place; to reel it back in. His lack of understanding the younger generations made him sound like a piece of shit instead of him trying to understand not everyone is reckless with money and a lot of us simply don't have money to spend.
Notably, he's talking about poverty.
People in poverty don't have credit card debt because of poor spending habits, they have it because they needed to replace their car's engine to keep their job and didn't have any money to pay for the expenses because of the poverty.
Nothing he talks about is useful for people in poverty. It's exclusively useful for boomers with more money than sense.
Dave's advice is basically put your money in index funds and wait for the 7% interest to give you a million dollars. And you should be spending zero money on anything else, healthcare? Don't get sick. Car? Buy a used car that doesn't have any issues (how does one find this mythical cheap car that doesn't have any issues? He never specified) Food? You can live off a 500 calorie diet for a few years right? The important thing is to sacrifice every ounce of joy you might have, and prepare for when you have the money saved and in your fifties you can waste that money on the most horrible Carribean cruise experiences of your life.
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