The downside of focusing solely on a hands-on trade job like welding, plumbing, auto repair, hair-cutting...the list is endless. ...is what happens when a person can no longer physically do it. Things such as arthritis or an injury can put some of those careers at a dead stop. If you choose one of the trade fields, you'd better be thinking of tansitioning to using your MIND rather than your hands as soon as you can. Maybe you'll RUN a plumbing business but not be crawling under a house making repairs....or OWN a welding shop where you negotiate sales and keep your employees busy running the torch.
This is very true! There is a reason than most Linemen don't work until full retirement age. A self employed craftsman should start saving early for his retirement an future, and for those "rainy days". Really, so should everyone. My Wife and I have always carried some debt, but very little. Its hard to not pay cash for a car when you can. But it makes no sense to use money making between 4 an 20% when you can finance for less than 3%.
Another posted replied about how interesting this thread was and I agree.
