AP In Massive Debt?

[IllegalContact]

Parents are supposed to do a lot of things that they don’t end up doing. Especially in the hood and the trailer park where the kids are just more money on the government check. It couldn’t hurt to introduce finance classes at an early age to kids. There’s literally zero downside to it. And you can still teach them other useless **** that there’s a massive chance they won’t need to know (such as the mitochondria being the powerhouse of the cell).

lol......nice stereotype there......I think it's worse with the rich folk.....at least the poor get an indirect lesson in what it means to squeeze to make ends meet......some of my kids friends are in their mid 20's and still out to lunch......and no, there's no political demographic to it

schools have personal finance once a week type classes........

 

[IllegalContact]

Most don't and can't

I'd say most do but many don't......fools have a much higher level of visibility

 

[Kontradiction]

lol......nice stereotype there......I think it's worse with the rich folk.....at least the poor get an indirect lesson in what it means to squeeze to make ends meet......some of my kids friends are in their mid 20's and still out to lunch......and no, there's no political demographic to it

schools have personal finance once a week type classes........

The stereotype is absolutely a correct one. Rich kids that are losers does nothing to dispel that. Furthermore, less than half the states in the US make these classes a requirement when they should. The studies have shown their benefits. There’s literally zero downside to these courses being a requirement. The long term benefits are a more competitive job market which has a trickle down effect on commerce.

Financial education stalls, threatening kids' future economic health

 

[IllegalContact]

The stereotype is absolutely a correct one. Rich kids that are losers does nothing to dispel that. Furthermore, less than half the states in the US make these classes a requirement when they should. The studies have shown their benefits. There’s literally zero downside to these courses being a requirement. The long term benefits are a more competitive job market which has a trickle down effect on commerce.

Financial education stalls, threatening kids' future economic health

I disagree......I believe the issue to be one of discipline and not training.....the instances I experienced were kids who didn't give a crap not ones who were knowledge-starved....I have 4 grown children so there's a pretty decent data set to draw a picture with

One of kids is a biomedical engineer, so the mitochondrial DNA lesson was very relevant

 

[Kontradiction]

I disagree......I believe the issue to be one of discipline and not training.....the instances I experienced were kids who didn't give a crap not ones who were knowledge-starved....I have 4 grown children so there's a pretty decent data set to draw a picture with

One of kids is a biomedical engineer, so the mitochondrial DNA lesson was very relevant

I think that’s the issue. You haven’t dealt with “that side of the tracks” in quite a long time. IIRC, you’re in engineering, make good money, and have kids that are college educated. As such, you probably only maintain friendships with people like yourself. I’m in a higher tax bracket now and usually only get exposed to that side as well. Before this, though, I worked in a call center for a utility while I was getting my degree. The majority of the calls that we got were from people at or below the poverty level. I could tell you hours of stories about outright financial ineptitude at play. People in their 50s that weren’t aware of the length of time a check takes to clear the account, people that didn’t know how to balance their check book, or read a bill. I also got the people that outright didn’t give a ****. The people that flat out told me that they needed money to get their hair and nails done and would scream at you if you couldn’t give them an extension on their bills, or people that would pay their Comcast bill to keep the cable on because they were more confident they could work out something with us, and people who just outright didn’t look for their bills in the mail and would only call after a cut off.

Both exist. But there is a significant percentage of the population that is financially inept and would benefit tremendously from personal finance being a required course in Middle and High School in every state.

 

[IllegalContact]

I think that’s the issue. You haven’t dealt with “that side of the tracks” in quite a long time. IIRC, you’re in engineering, make good money, and have kids that are college educated. As such, you probably only maintain friendships with people like yourself. I’m in a higher tax bracket now and usually only get exposed to that side as well. Before this, though, I worked in a call center for a utility while I was getting my degree. The majority of the calls that we got were from people at or below the poverty level. I could tell you hours of stories about outright financial ineptitude at play. People in their 50s that weren’t aware of the length of time a check takes to clear the account, people that didn’t know how to balance their check book, or read a bill. I also got the people that outright didn’t give a ****. The people that flat out told me that they needed money to get their hair and nails done and would scream at you if you couldn’t give them an extension on their bills, or people that would pay their Comcast bill to keep the cable on because they were more confident they could work out something with us, and people who just outright didn’t look for their bills in the mail and would only call after a cut off.

Both exist. But there is a significant percentage of the population that is financially inept and would benefit tremendously from personal finance being a required course in Middle and High School in every state.

all great points.......however, my early years created friends that I might not have made today but are still close to me and I drink with regularly....it's a mixed group where you can say some left southie but you can never get southie out of you.....the friendships have transcended economics and have made stronger bonds.

I'm almost 60 and have never succeeded in balancing my checkbook.....I just cross referenced my statements with my receipts and cancelled checks..having photographic mamory helps me keep a running tab on the balances of all my accounts....I even have my credit card numbers and bank account numbers in my head.....now I don't even do that since I no longer write checks (with the exception of municipal water and sewer because they can't get off their asses to get with the program)

people don't care enough to see past the here and now and don't have the cognizance to understand that you can't spend money you don't have.......well, you can, but it catches up to you

I'm Ok with the class, but I don't think it will change anything......to many idiots out there

 

[Simpelton]

It’s not that hard.

Dunning–Kruger effect - Wikipedia


"Not that hard" for you isn't "not that hard" for someone in a completely different life position. assessing others entirely based on your personal life experiences with no consiceration for how someone else's experiences might be different or make things harder is a major sign of lack of self-awareness.

 

[IllegalContact]

Dunning–Kruger effect - Wikipedia


"Not that hard" for you isn't "not that hard" for someone in a completely different life position. assessing others entirely based on your personal life experiences with no consiceration for how someone else's experiences might be different or make things harder is a major sign of lack of self-awareness.

It's as though those on Mt. Stupid have come out of the woodwork in the last 2-3 years....literally too stupid to realize that they're stupid

 

[JarOfMayo51]

My current vehicle with 128K is paid off in 2 months.

My last vehicle lasted 250, 000 when I traded it in. I will accept the depreciation because i keep them until just before the end of their life. I have no car cost after the loan is satisfied.

I only buy used now as well, but there is always overhead/maintenance with a car.. whether you're buying new and making car payments, leasing and making payments, or buying used and paying for maintenance/repairs

As long as you're getting a used car that isn't a lemon, it pretty much always works out better in the long run financially speaking to buy used after its taken its biggest nosedive in depreciation. The only way buying brand new is ever worth it is if you drive that thing to 250,000 miles straight into the ground

 

[JarOfMayo51]

I believe many sure bet first rounders are already in debt before they even get drafted.
It should start pre-NFL. Difficult to regulate this on the college level but the degree most of these guys get is a joke, lower grades etc, at least make it obligatory a full semester of some sort of economics for life class for every athlete no matter the sport. When it comes to combine, make it another round of lectures for that selected group of players. And finally they should put something in the CBA about this, if there isn't already, the sample size is significant, too many examples.

If after all of that the player still blow his money, then mi amigo, so sorry, you're gonna have to work regular jobs like everyone else, good luck.

Yea most of the first round picks in the draft come up on stage with their hat & jersey sporting $75,000 watches, chains, etc.. they take loans out those ridiculously expensive items before they've even signed a contract.

 

[Triumph]

I only buy used now as well, but there is always overhead/maintenance with a car.. whether you're buying new and making car payments, leasing and making payments, or buying used and paying for maintenance/repairs

As long as you're getting a used car that isn't a lemon, it pretty much always works out better in the long run financially speaking to buy used after its taken its biggest nosedive in depreciation. The only way buying brand new is ever worth it is if you drive that thing to 250,000 miles straight into the ground

Thats what I do but not into the ground because when I trade in the vehicle it still has value.

I haggle the new truck price first and then ask how much will they give me for my old truck so they cant shaft me.

Have you ever checked out PurpleWave.com? They have some good deals on used.

 

[1960Pats]

On a Sunday??? What market was open on Sunday????

Maybe I was wrong about the day but I don't think so. The channel he was viewing had stock prices rolling across the bottom of the screen. Maybe it was the closing prices from the day or days before. It was 43 years ago.