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(Guardian)   Rich teens lack basic understanding of personal finance   (money.guardian.co.uk) divider line 83
    More: Obvious  
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12268 clicks; posted to Main » on 09 Feb 2004 at 4:34 PM (10 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2004-02-09 11:06:15 AM
I, too, was a rich and spoiled teen! Then I was was out on my own at 15! You learn quickly. Perhaps not the recommended approach, but I'm a much happier girl today.
 
2004-02-09 11:19:47 AM


/obvious
 
2004-02-09 11:41:32 AM
So do poor teens. Ever see what happens to them when they get credit cards in college? Most of them do the most foolish thing - they use them.
 
2004-02-09 12:43:19 PM
Ally's kind of cute, but that Jamie biatch is ugly and annoying.
 
2004-02-09 01:55:24 PM
Teens in general, except for a few exceptions.
 
2004-02-09 02:01:48 PM
lordargent beat me to it. Most teenagers in general don't understand personal finance. My little brother is one of the few exceptions. When you grow up dirt poor helping your parents count their pennies....you tend to understand personal finance.
 
2004-02-09 04:38:26 PM
This ties is oh so perfectly with the teen credit card thief article.

/satisfied
 
2004-02-09 04:38:42 PM
ayesha999:

How's your album doing? I was thinking of cutting my first one soon.
 
2004-02-09 04:40:44 PM
Ayesha999

Hey, when is the new site going live? I'm waiting with baited breath.
 
2004-02-09 04:43:20 PM
Baited breath: What I get after munching the Mrs. shaved and studded pickle parlor.
 
2004-02-09 04:43:35 PM
This ties so perfectly with the "blew my inheritance on theatre popcorn" article.
 
2004-02-09 04:44:26 PM
Slow down there, Professor... Next thing you'll tell me is that the rich kids don't have any respect for the poor ones...
 
2004-02-09 04:45:29 PM
I have met several people whose parents were quite wealthy and who were quite astute with their finances. Then again, I have met those who weren't. It all depends on the level of personal responsibility, and how your parents taught you.
 
2004-02-09 04:46:17 PM
So you mean Paris Hilton isn't a hard working lass who knows the value of money? tsk.
 
2004-02-09 04:46:33 PM
My dad never got past his sophomore year in HS, and now he makes and obscene amount a year. You sure as hell bet he drilled finance into my head. x-x
 
2004-02-09 04:46:37 PM
Hey Daddio

IM me. I forgot to add yours last time we talked...
 
2004-02-09 04:46:40 PM
That's why rich teens use their parent's credit card. Jeebus, do I have to explain everything to you commoners ?
 
2004-02-09 04:46:52 PM


/even more obvious
 
2004-02-09 04:47:07 PM
There's no subsititute for going to bed hungry. I thought I was hot stuff and went out on my own after 1 year of college. I learned quite a few permanent lessons in that short period between knowing everything and being spit out of the bottom of "real" life.

I'm just thankful I had parents willing to give me back my old room and not rub it in TOO much...
 
2004-02-09 04:47:26 PM
Also a perfect followup for the "Man sues companies selling worthless endowment-enlargement products" article.
 
2004-02-09 04:48:25 PM
That picture of Paris reminded me that I haven't sent my monthly donation to the starving kids in Elbonia... poor girl...
 
2004-02-09 04:48:48 PM
Augh! aquigley My eyes! The goggles, they do nothing! That broad is a farking alien, man...sheesh
 
2004-02-09 04:49:09 PM
Step 1: Find something you like.
Step 2: Put it on rich parent's credit card.
Step 3: See step 1.

What's so hard about that?!
 
2004-02-09 04:49:40 PM
From the looks of the pic, I'd say Paris Hilton grew up hungry.
 
2004-02-09 04:50:42 PM
I'd hit it...

With a farking lawsuit for pain and suffering. My god my eyes hurt.
 
2004-02-09 04:53:13 PM
I don't get enough money to understand personal finance. I wonder if that Hilton chick want's to marry a big fat guy? Probably want prenup.
 
2004-02-09 04:53:35 PM
One thing I'm always thankful for is having parents who taught me early on that you have to work for your money and save it up to buy nice stuff. I used to do the vacuuming and scrubbing in our house for $5 a week, saved up for months all so I could get a Nintendo when I was 8. (They did pay for half of it though, because it would have taken forever to get one just myself). Now I have a full-time job, a nearly-new Monte Carlo SS, and by the end of the year I'll have enough saved up to put a nice down payment on a piece of land.

All without ever having a full credit card. My bank card serves me just fine.
 
2004-02-09 04:54:49 PM
Rich teens let their parents pay off their debts.

Republican presidents let their grandchildren pay off their debts.
 
2004-02-09 04:54:58 PM
Steelwelder my IM is BSAKat.
 
2004-02-09 04:56:33 PM
Oh yeah, and if I wanted a woman that had more metal in her than a Mack truck, I'd go to a S&M club.

Paris Hilton needs some sense smacked into her with a 2x4.
 
2004-02-09 04:57:09 PM
Thanks Daddio
 
2004-02-09 04:57:10 PM
Can we please not start a Republican vs. Democrat flame war in here. This thread is already a skirmish in the great American Class War. And if you don't think there's a class war in this country I've got a nice bridge to sell you...
 
2004-02-09 04:57:52 PM
there are three levels of personal finance savviness

1. knowing how to get in debt
2. knowing how to save
3. knowing how to find investment and taxation loopholes

Guess which people make the most, and guess who I like the least. ;)
 
2004-02-09 04:58:03 PM
No prob Steelwelder.
 
2004-02-09 05:00:59 PM
Reading the article, it doesn't sound like "rich teens" at all; more like teens with p/t jobs and about $600 per year in spending cash from their folks. So, all teens don't know how to manage their money? Or I don't, or something.

Screw my pathetic 401k, I'm "investing" in handbags and shoes!
 
2004-02-09 05:01:18 PM
I'm kind of glad I'm not a spoiled brat, I don't own my own TV, phone or any thing really expensive. I guess I'm just average.
 
2004-02-09 05:03:22 PM
Obvious indeed. You can give your kid everything they need, but good intentions do not always equal good results.
 
2004-02-09 05:04:25 PM
I didn't understand a credit card/debit card/401k/IRA/etc when I was 15. This was because I never used any of those things. I made money, got a check from where I worked, and my parents put it into my savings account. I never saw any of it so how would I know how to spend it?

I just had friends who had all that expensive crap that I could leach off of :)
 
2004-02-09 05:04:59 PM
Rich teens let their parents pay off their debts.

Republican presidents let their grandchildren pay off their debts.



Democratic presidents expect their comrades to work collectively to pay off their debts.
 
2004-02-09 05:07:34 PM
My parents were reasonably well off. We had nice things, but not obscene amounts of luxury items.

I was unemployable as a teen, so I never really had all that much discretionary income, which explains why I went a bit nuts with the Warhammer figures in my first year of university. It's not like that scholarship was going to go towards anything more important. Luckily I'd sorted myself out by the time I applied for a credit card. That, and I found 18% interest scary.
 
2004-02-09 05:08:40 PM
Why would rich teens need to know anything about personal finance?
 
2004-02-09 05:10:55 PM
http://www.amazon.com/exec/obidos/tg/detail/-/0446677450/ref=pd_sim_books_1/00 2-8607972-5954466?v=glance&s=books

Wish I had read it 20 years ago.
 
2004-02-09 05:10:59 PM
I was never deprived of anything as a kid, but one of my chores was to sit down with my mom each Sunday and pay the bills and balance the checkbook. I knew exactly how much my parents made, and how much our mortgage payment, utilities, etc. were each month. I also knew how much they spent in groceries, how much they spent at Christmas, and how much the new set of baseball and football cleats (each YEAR) that I needed was setting the family back.

I was probably spoiled -- never really wanted for anything. I also worked (when I wasn't playing a sport - house rules) and I understood that my parents made a finite amount of money and I knew how much it cost to live. By the time I was 17 or 18 I was like "No, mom, I really don't need a new winter coat this year... No, seriously, don't worry about it, I'll pay for my school clothes...".
 
2004-02-09 05:14:01 PM
What the hell is a "cheque"? Is there any other word in the English language where "que" is used as a "k" sound? Bloody French influences...
 
2004-02-09 05:17:39 PM
more pics of paris hilton please.
 
2004-02-09 05:20:12 PM
JohnnyontheSpot: discotheque?
 
2004-02-09 05:23:37 PM
Down at the other end of the income spectrum, you learn that stuff isn't that important. Without any money to spend, though, its hard to figure out how to spend/save. Took a couple years. Livin' in the red.
 
2004-02-09 05:25:31 PM
Dumb, rich teens? This could be the essential lynchpin that keeps capitalist economies from eventually collapsing. I say let them squander their riches!
 
2004-02-09 05:26:47 PM
"I want a boat like this! I want you to buy me a big pink boiled-sweet boat exactly like Mr Wonka's! And I want lots of Oompa-Loompas to row me about, and I want a chocolate river and I want . . . I want . . "
 
2004-02-09 05:27:08 PM
My dad laid into me at a young age with a constant barrage about personal finance, investing, et cetera. He started an IRA for me the day I turned 18. He bugs me every year about making my contributions. Eventually I started listening. That's why at 28 I own a house with over $150,000 in equity, don't have any credit card balances, paid my car off in 4 years, and have about $50,000 in retirement funds.
 
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