Yeah, some of it needs to be updated; EX: car phone and $60,000/year out of HS. Platinum pointed out the early age that young'uns are getting phones today and there are jobs that pay $60,000/year out of HS. They're not glamorous jobs and you don't get by with a 40 hour work week. Know some young men working in the oilfield making that kind of money but it's not for everyone. Very hard dangerous work. Regardless of who wrote or said it, much of the message is valid.
We probably don't want to admit it but I'm guessing others my age probably learned quite a bit the first few years we were out on our own as well. For me, income was a huge adjustment. Back in the early 70's I was living a pretty carefree lifestyle on about $1500/year in spending money. That didn't include any expenses for college such as tuition, room & board etc. That $1500 was beer and run-around money. Signed a teaching contract for a little over $6000 and thought I would have all kinds of money. Rude awakening when they started taking taxes and other deductions out of my check, started paying real life expenses for rent and car payments. Life wasn't as easy as I thought it was going to be. We all went through some of a learning experience.