“I know nothing more important to inculcate into the minds of young people than the wisdom, the honor, and the blessed comfort of living within their income. To calculate in good time how much less pain will come from the plainest style of living that keeps them out of debt, than after a few years of splendor above their income, to have their property taken away for debt when they have a family growing up to maintain and provide for.” — Thomas Jefferson

It’s better to be young and broke now than old and broke later. In some ways, it’s a blessing in disguise to be young and broke. You have far reduced expectations, less responsibilities, and generally the smallest amount of overhead you’ll ever have.

Thomas Jefferson learned this the hard way. In his early years, he was ambitious, inspired, and all in on government life. He spent freely during these times and delayed his debts assuming time would smooth it over. It didn’t. By retirement, it had caught up with him.

In this sense, the quote above is not just a saying. It is true advice from living it.

If you’re over 35, you can probably look back and see your own evolution with money whether it’s the lessons learned, changed perceptions or education along the way.

When I was in school, I remember having just enough money for a burrito and feeling rich because of it. That massive burrito was everything. Nothing more was required at that time.

Of course, as you age, and responsibilities grow, the art of debt changes compared to burritos. At that point, you realize the blessing in disguise of being young and broke.

I wrote this post on President’s Day 2026! Happy President’s Day all.