I have a BSc with a double major in Economics and Computer Science. I did a lot of finance, banking, and econometrics for the econ portion, and was more of a generalist for the CS part. I wound up working in satellite R&D - go figure, eh? I enjoy my job and make good money, so I'm happy enough. I still do some amateur Fed watching and other reading to keep my skills up as an economist, should I ever decide to go into the field professionally.
The market for economists with only a BSc is somewhat mixed. If you did a lot of econometrics and hard math, you're probably employable by a financial firm if your GPA was good (perversely, this is the part of economics where it's actually a challenge to get a good GPA). If you did a lot of the softer stuff, you're going to have a much more difficult time using your degree, although it's probably easier in places like DC, Chicago, or New York.
I agree with both general philosophies: you should do something you like to do, but then again, no one likes to be poor. When you go to college, INVESTIGATE what majors are offered! It's OK to declare as soon as you enter, but keep an open mind. I've had friends who came in as CS majors, found out they hated it, and moved to GIS. They're doing quite well professionally now, and they're doing something they love. It is quite possible that there are things you weren't aware of that you might like to do everyday, yet get paid reasonably well for. But you won't know that unless you look!
This brings up the best piece of advice I can give: no matter what you do, MOVE TO AN APPROPRIATE PLACE ASAP. It annoys me to no end how people whine about how they can't find a job in {small sleepy town in the middle of nowhere}, when there are extremely strong markets for that profession elsewhere. I know that moving is a chore, especially with a family, and sometimes markets dry up, but putting yourself in the right place for opportunity is of the utmost importance.