and every opportunity to succeed and if they are no good with money it will be squandered. I guess this is where the typical American is sitting in the current economic state this country is in. They should require students to know the basics of personal finance in order to graduate highschool. Or maybe they should require this certification in order to get a mortgage or other large dollar amount loan. Otherwise everyone else is bearing the brunt of their mistakes. "'Extreme Makeover' house faces foreclosure" http://tv.yahoo.com/extreme-makeove....org:20080728:tv_extreme_makeover_foreclosure
It's more likely the inability to delay gratification was a bigger factor than lack of financial education. (This is the typical character flaw that makes people poor.) These people probably knew enough about money to know that it was a bad idea to take out such a big mortgage relative to their incomes. You could spend 12 years teaching these people about personal finance, and they would still do the same stupid stuff. People who can't delay gratification will always squander any money they get ahold of.
I think that squandering money is a neurosis like compulsive gambling. If that is how a person is wired then I don't think education is the answer.
Good points. I wonder if anyone has an example of someone who has changed with age or experience or improved their money habits. I can't think of any. I've been trying to teach my kids and it just blows me away the lack of respect they have for money. I used to believe it was the lack of fiscal prudence education but not so sure anymore.
Without getting too conspiracy on you folks, if we all read The Creature from Jekyll Island we would know that's it's not in the best interest for anyone to encourage a debt free society. Especially one that depends on consumer spending for such a large part of GDP. I am one of the few in this dead broke country that is debt free and I have worked hard to get there. Do bailouts piss me off yes But I am f*cked either way. Either my neighborhood goes does completely and so does my prop. value completely or we prop these losers up. Thanks for listening I feel better.
All you can do is start young and hope for the best. My dear Mom, got me a savings account at 8 and I received an allowance for chores since I was 6. No work no money. That's how it's going to be if I have kids. I can't believe how many teens don't have a summer job? A few years back kids were selling lemonaide I bought the whole tray out for $10 when they wanted 20 cents a cup. That kid has the right attitude and will succeed.
I did that a few times, bought out the kids lemonade stand. I said how much? They say like a quarter a cup, I'd ask for two cups and give them ten dollars and drive away, look in my mirror and they'd be jumping up and down, what a blast. My dad, probably around the age 50 was pretty comfortable financial wise, then my mom bought a lot and built a new house. Dad griped and gripped about the new higher mortgage payment and said the old house was just fine, almost paid off. I never forgot that, I made up a mantra, I will not do what my dad did. Buy a new house and new mortgage payment when I get his age. Once a year, maybe more often, I kept reminding myself not to do what daddy did. Guess what? I did. I cannot friggin believe I did that.
I agree with this too, obviously doesn't effect everyone. But there are some people who derive a high from spending as if they were on a drug. Thoses are the ones I DO feel bad for and hope they can find help before they are buried deep in debt. I thni MTV True Life did some show one two women going thru this. It was very interesting, reminded me of a similar situation of people who are heroin addicts. It is sad regardless.