Its not a bad article and is akin to some of the Robert Kyasaki philosophy of finance.
IMO there is not much enough time and energy at school devoted to life skills such as goal setting, and personal financial skills.
As sage advice as the article gives, it is not entirely relevant to todays x and y generation.
The poor buy things, the middle class buys liabilities, and the rich buy investments.
The people who are struggling financially buy things and clutter their homes with them. The middle class buy liabilities such as boats and vacation homes and must spend money every month to maintain them. The rich, in contrast, buy investments. An investment is anything that pays you money.
The x and y generation don't want to wait. They don't want to invest and wait until they are middle aged or elderly to start living a lifestyle. They want to live now. The x and y generation entrepreneurs are building brands and creating wealth that way.
Having said that, living within your means is always a goal to strive for. Its not much fun but it can reduce problems in the future.
