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(Montana Standard)   This is gonna shock you so you better sit down for it: US teens are pretty crappy at money management   (mtstandard.com) divider line
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    More: Obvious, financial literacy, international financial center, OECD  
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1505 clicks; posted to Main » on 09 Jul 2014 at 12:37 PM (9 years ago)   |   Favorite    |   share:  Copy Link



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Gonz  
Smartest (5)   Funniest (0)  
2014-07-09 10:45:28 AM  
You know why? Because US parents are pretty crappy at teaching money management. My parents never taught me how to handle money, and so as a young adult, I didn't have any sort of grasp of the concept.

Luckily, I married a woman who did have a clue, and she taught me. And my kids have a much better grounding in financial concepts than I ever did, which should hopefully serve them well.
 
Rapmaster2000  
Smartest (4)   Funniest (1)  
2014-07-09 12:37:46 PM  
As opposed to adults who are awesome at it.
 
LemSkroob  
Smartest (0)   Funniest (0)  
2014-07-09 12:38:10 PM  
can we stop with these shiatty TIME plugs now? holy farksticks.
 
MemeSlave  
Smartest (0)   Funniest (0)  
2014-07-09 12:38:20 PM  
Also, if you don't manage your shocker, it gets crappy.
 
ChipNASA  
Smartest (0)   Funniest (0)  
2014-07-09 12:40:26 PM  
This is gonna shock you so you better sit down for it: US teens are pretty crappy at money management

/ftfy
 
LegacyDL  
Smartest (0)   Funniest (0)  
2014-07-09 12:41:59 PM  
Well if they have mommy or daddy available to bail them out why are people surprised?
 
Combustion [TotalFark]  
Smartest (2)   Funniest (0)  
2014-07-09 12:43:24 PM  

Gonz: You know why? Because US parents are pretty crappy at teaching money management. My parents never taught me how to handle money, and so as a young adult, I didn't have any sort of grasp of the concept.

Luckily, I married a woman who did have a clue, and she taught me. And my kids have a much better grounding in financial concepts than I ever did, which should hopefully serve them well.


I'm one of those who think we need more home economics in school, and less crap like calculus.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?
 
dolphinsgonwild  
Smartest (0)   Funniest (0)  
2014-07-09 12:43:28 PM  
Hey, I remember when I was a teen I worked my ass off to buy my first car only to realize I didn't make enough to afford the gas and insurance for it.

/so yeah, money not well spent
 
ThrowYourHatredDown  
Smartest (1)   Funniest (0)  
2014-07-09 12:45:05 PM  
No surprise here.  I went to a HS football game and bought a $1.50 hotdog and a $1.25 soda.  The girl working concessions had to use a caculator to figure out how much change I should get back from my $5.
 
trickymoo  
Smartest (0)   Funniest (0)  
2014-07-09 12:45:05 PM  
Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 12:45:45 PM  

LemSkroob: can we stop with these shiatty TIME plugs now? holy farksticks.


?

Explain plz...
 
Random Anonymous Blackmail  
Smartest (1)   Funniest (0)  
2014-07-09 12:45:45 PM  
ChipNASA

This is gonna shock you so you better sit down for it: US teens are pretty crappy at money management

/ftfy
 
Carn  
Smartest (0)   Funniest (0)  
2014-07-09 12:47:28 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


Separate accounts.  Case closed.
 
YixilTesiphon  
Smartest (0)   Funniest (0)  
2014-07-09 12:48:53 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


Lead by example. Only thing that works.
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 12:49:04 PM  

Combustion: Gonz: You know why? Because US parents are pretty crappy at teaching money management. My parents never taught me how to handle money, and so as a young adult, I didn't have any sort of grasp of the concept.

Luckily, I married a woman who did have a clue, and she taught me. And my kids have a much better grounding in financial concepts than I ever did, which should hopefully serve them well.

I'm one of those who think we need more home economics in school, and less crap like calculus.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?


Sure. Let's take one more thing parents aren't doing at home and make it the schools' responsibility. But we'll continue to blame the schools when our kids are falling behind the world on STEM and qualifying for cashier positions only.

/but really accurate cashiers
 
Magorn [TotalFark]  
Smartest (2)   Funniest (0)  
2014-07-09 12:52:10 PM  
My Son had to take a mandatory "Financial Literacy" class  to graduate in VA this year.  It wa a total and complete joke.  I was so thrilled they were requiring it and SO pissed at the utter lack of content in the course.

His teacher didn't even Know who or what the Consumer Financial Protection Bureau WAS .  For the record the CFPB's Consumer education and outreach division actually HAS an entire model curriculum for teaching such classes , and for my money, of all the things the Bureau does,  their effort to increase financial literacy, and force financials documents and disclosures to be more readable and understandable may be THE most importnat and last piece of good they do.   Sure they do a lot of excellent things like re-writing the mortgage rules, cracking down on abusive debt collectors and payday lenders and even forcing credit card companies to do mass refunds (several billion and counting) to cosumer they defrauded by selling bogus products and services)   but arming people with the knowledge beforehand to NOT get ripped off it so much more valuable and effective than giving them redress when they are in my opinion
 
RumsfeldsReplacement [OhFark]  
Smartest (1)   Funniest (0)  
2014-07-09 12:52:15 PM  

Combustion: I'm one of those who think we need more home economics in school, and less crap like calculus.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?


Well I disagree with you on the calculus front wholeheartedly.  But I do agree with you that high schools need to bring back home ec.  and include actual "economics" too, not just sewing and cooking.
 
ChipNASA  
Smartest (0)   Funniest (0)  
2014-07-09 12:54:17 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


Is she hawt and rich......cause Fark TM needs to know.
 
Magorn [TotalFark]  
Smartest (0)   Funniest (0)  
2014-07-09 12:54:38 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


http://www.consumerfinance.gov/

Tons of great advice and education in very easy to read format.  One of the  times the government is actually HELPING make a problem better


Yes I work a lot with these kids and am an unabashed fan of their work
 
aelat  
Smartest (0)   Funniest (1)  
2014-07-09 12:54:46 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...



That's why I found a 14 year old gf with the financial savvy of a 28 year old.
 
Devo  
Smartest (0)   Funniest (0)  
2014-07-09 12:55:26 PM  

LegacyDL: Well if they have mommy or daddy available to bail them out why are people surprised?


Coddeled youth you say? While some things have gotten easier for US teens, some things have gotten stricter. With no tolerance at schools, one fight can land you in the alternative schools.  Suddenly, you are tracked for failure. A 15 y/o in Florida sleeping with another 15 y/o is statutory rape. The minimum sentence for the older (15 year old) of the two is 3 years in adult prison.  Citation below. Remember when cops used make you apologize then clean it up then take you home to your parents for Toilet papering the neighbors house? Not anymore. You are now taken in to Juvy to be processed. Remember that kid that mooned the marching band in High School? Today she is labeled as sex offendor against minors.  Try getting a job/apartment/college degree with that.

http://www.criminaldefenselawyer.com/resources/florida-statutory-rap e- laws.htm
 
C0rf  
Smartest (0)   Funniest (0)  
2014-07-09 12:56:09 PM  

YixilTesiphon: Lead by example. Only thing that works.


This. I'm fine with allocating pretax bucks -- my retirement account is in great shape -- but once dollars hit my bank account, I'm terrible at saving. It took my wife bringing our entire house down payment to the table for me to shape up.

That said, we mostly stick with what works. I save the lion's share for retirement from my paycheck while she puts a similar proportion of hers into our savings account. We have a reckoning every few years to make sure they're both on track and to adjust for raises or changes in fixed costs.
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 12:58:12 PM  

trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


See if she's amenable to learning from you, or reading personal finance books, or watching personal finance shows/podcasts, or taking some community college courses.

Bottom line, if she's not personally ready to improve her financial habits, then the only option left to you is to decide whether and where this relationship is headed. Bear in mind that this is the person who'll be left caring for your kids if fate isn't kind to you. And if you opted to end the relationship, but care about her, it would be an enormous kindness to tell her the reason. That, at least, might finally give her the motivation to mature into financial responsibility.

/of course, if you get a major medical issue in today's America, you're financially boned anyway, so maybe she's right and you should go blow it all on blackjack and hookers
 
FormlessOne [TotalFark]  
Smartest (2)   Funniest (0)  
2014-07-09 1:00:29 PM  

Gonz: You know why? Because US parents are pretty crappy at teaching money management. My parents never taught me how to handle money, and so as a young adult, I didn't have any sort of grasp of the concept.

Luckily, I married a woman who did have a clue, and she taught me. And my kids have a much better grounding in financial concepts than I ever did, which should hopefully serve them well.


And do you know why? Because classes like "Home Economics", which were available for teens in high school to learn about things like money management, were slashed. Hell, that's exactly why the class was friggin' called "Home Economics".

Fark 'em. I'm tired of watching people too stupid to remember the past and too lazy to study it, repeat it as the remaining few of us sit here wringing our hands, knowing the outcome. I'm glad you found someone bright enough to teach you how to do what the average 14-year-old kid used to learn in high school 30-plus years ago - now, pass it on. Find a few other folks in your community that would like to know a bit more about how to balance an account, manage home finances, and feed themselves (or their families) on a budget, and teach them.

It's the only way to break the cycle of determined derpitude. It's not enough to stop your own decline - grab the hand of a neighbor, too.
 
Fubini  
Smartest (2)   Funniest (0)  
2014-07-09 1:01:34 PM  
Why do we automatically assume teens are stupid? Sure they're inexperienced, but that doesn't mean that they they're dumb. Frankly, modern children and teens (all of us, really) have a pretty cushy lifestyle these days. My grandfather was a kid during the depression, and he had to go fishing every day after school, or else he didn't eat enough that day. Experiences like that, plus others later in life, taught him to be very conservative with his money, and it worked. He's now 20 years into retirement, and his retirement fund has *grown* since when he started, and that's with several new cars and having fought cancer. He lives a perfectly happy lifestyle, he's just frugal.

Scarcity isn't something that most Americans have to deal with these days. That's certainly a good thing, but it does mean that your kid isn't going to learn how to be frugal unless you teach them. Otherwise, they'll never learn when to cut back on spending and save more until they learn it the hard way.

My parents on the other hand, are about five years away from retirement age, and have only saved up about five times their annual income. THAT is goddamn terrifying. Yay boomers!
 
Jument  
Smartest (1)   Funniest (0)  
2014-07-09 1:02:22 PM  
A quick bingle turns up "The average US household credit card debt stands at $15,191"

So yeah, big surprise. If the adults can't do it, why should their children be any better at it?
 
Smelly Pirate Hooker  
Smartest (0)   Funniest (0)  
2014-07-09 1:16:01 PM  
U.S. adults suck at it, too.
 
umad  
Smartest (0)   Funniest (0)  
2014-07-09 1:18:36 PM  

Combustion: I'm one of those who think we need more home economics in school, and less crap like calculus.


The word you are looking for is 'idiot'.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?

I use math and even calculus all the farking time to manage my finances and investments, but surely kids don't need to understand how compounding interest or anything like that actually works.
 
Best Princess Celestia  
Smartest (1)   Funniest (0)  
2014-07-09 1:21:06 PM  
Thats okay because the government will force the rest to cover them.
 
theotherles  
Smartest (0)   Funniest (0)  
2014-07-09 1:21:45 PM  
No sh...No kidding?
 
ProcrastinationStation [TotalFark]  
Smartest (1)   Funniest (0)  
2014-07-09 1:34:41 PM  
was in high school in the late 80s early 90s.... Nobody in school taught finances.  My mom handled that.  I had a savings account as a toddler and she always had me put a portion of whatever $ gifts I got into that - and I went to the bank and stood on my tippy toes to give the papers to the teller.  She had three kids and a budget -- if we wanted something "luxury" and beyond her budget (designer jeans etc), we were told her budget and had to come up with the difference.  Imagine her surprise when I handed her my half of the plane fare to New Zealand to meet my penpal when I was 16.  (yes, she kept the bargain and let me go!)

Mom also had "troubles" balancing her checkbook and would frequently ask me to help her find her mistake.  It was YEARS before I realized that was her sneaky way of teaching me how to balance a checkbook.  I was all snotty teenager "sure mom, I'll fix your mistake!".

/thanks the heavens that my mom took the time to teach me
//dated a dude with no financial savvy at all - it was amazing to me what he didn't know
//Im still broke, despite knowing how to balance my checkbook :(
 
Percise1  
Smartest (0)   Funniest (0)  
2014-07-09 1:36:30 PM  
"The OECD's Davidson said being grounded in financial literacy is crucial to teens preparing to decide whether to enter the job market or embark on college and university educations.
Many, he said, already use financial products in their daily lives. In the U.S., for example, about 50 percent of the 15-year-olds said they have a bank account. About 15 percent said they have a prepaid debit card."

Davidson isn't all that bright either, apparently. What the hell is a prepaid debit card? If you have a bank account, it comes with a debit card. You can secure a prepaid credit card with a deposit as well.
 
Combustion [TotalFark]  
Smartest (0)   Funniest (1)  
2014-07-09 1:37:09 PM  

umad: Combustion: I'm one of those who think we need more home economics in school, and less crap like calculus.

The word you are looking for is 'idiot'.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?

I use math and even calculus all the farking time to manage my finances and investments, but surely kids don't need to understand how compounding interest or anything like that actually works.


Well that's a releif, for a moment I thought the whole world didn't revolve around you.

Oh and how many people (besides Genius Boy here) use advanced math? Not as many as (should be) balancing thier banks.

But you're really good at math. So you've got that. Now work on reading comprehension and not being a dick.
 
2KanZam  
Smartest (0)   Funniest (0)  
2014-07-09 2:20:45 PM  

umad: Combustion: I'm one of those who think we need more home economics in school, and less crap like calculus.

The word you are looking for is 'idiot'.

Yes I know, all you Farkers are sooo smart and know calculus--but when have you used it in comparison to balancing your bank account?

I use math and even calculus all the farking time to manage my finances and investments, but surely kids don't need to understand how compounding interest or anything like that actually works.



I'm not saying we don't need higher math, because we do....but I would LOVE to know just exactly how you use calculus to manage your personal finances.

I've taken Calc 1 and 2 (i think 101 and 201?)...I set/finetune up all my friends retirement and investment accounts as they know I am financially saavy.  I can think of some instances how one could do it, but it would be a waste of time.

Maybe if you were doing it for a a complicated  business decision of a large company, but for personal finances?  Doubt it, but I'll give you a chance to prove me wrong.
 
Pangea  
Smartest (0)   Funniest (0)  
2014-07-09 2:34:55 PM  

Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.


Joint checking account for a girlfriend? Hell no. My wife and I even have separate accounts.
 
2KanZam  
Smartest (0)   Funniest (0)  
2014-07-09 2:41:51 PM  
Here is how you teach children money management:

-Be poor, they will learn to appreciate the small luxuries (like having a car not covered in bondo, or having non-hand me down clothes that are 10 years out of style)- Teaches Value
-No allowance- Stamps out entitlement
-Send them to a public school in rich neighborhood- Teaches the to be driven to be fianancially secure
-No vacations and no eating out- Would be counterproductive to the aforementioned drive
-Don't just give them everything they want . Make them work for it (a lawn mower to use on the yard is a perfect birthday gift for a 14 year old) Teaches the value of hard work
-Spend all your money on the older kids so the youngest gets squat (then tell him if he want to do "x" that he has to tel his sister she  can't do "y" anymore)- Teaches budgeting
-Hold them financially and/or physically responsible for anything they break or screw up (you hit a rock with your b-day mower?  Guess you'll watch for rocks next time) Teaches foresight and financial tracking
-Stop supporting them when they turn 18 (make them work and pay for their own college) teaches financial independence
-A little stint of homelessness ultimately drives the point home- Puts to use all of the lessons learned, it is like the master thesis of financial college

Worked for me
 
oldcub [OhFark]  
Smartest (0)   Funniest (0)  
2014-07-09 2:49:38 PM  
This wouldn't be a big deal if they were paid a living wage.
 
Big_Fat_Liar  
Smartest (0)   Funniest (0)  
2014-07-09 2:55:23 PM  

aelat: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...


That's why I found a 14 year old gf with the financial savvy of a 28 year old.


And the sexual savvy of a 35 year old.....

/I didn't just go there - your imagination
//this post doesn't even exist
 
mjones73  
Smartest (0)   Funniest (0)  
2014-07-09 2:55:34 PM  

Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.


Something I should have done years ago with my soon to be ex...
 
clivecusslerfan  
Smartest (0)   Funniest (0)  
2014-07-09 3:08:19 PM  

mjones73: Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.

Something I should have done years ago with my soon to be ex...


"Loan" it to a friend then forgive the "loan" a couple of days later.  Then have them "loan" the money to you and forgive the "loan" a couple of days later.  Let them keep a small percentage as a friendship incentive.

Worked for my dad.
 
Carn  
Smartest (0)   Funniest (0)  
2014-07-09 3:13:01 PM  

Pangea: Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.

Joint checking account for a girlfriend? Hell no. My wife and I even have separate accounts.


I'm not married but I think I would do the same.
 
clivecusslerfan  
Smartest (0)   Funniest (0)  
2014-07-09 3:24:13 PM  
The problem seems to lie with the fact that kids are not of the age of majority and, therefore, have no real stake in any financial obligations as the parents are responsible for any amounts outstanding.

Percise1: "The OECD's Davidson said being grounded in financial literacy is crucial to teens preparing to decide whether to enter the job market or embark on college and university educations.
Many, he said, already use financial products in their daily lives. In the U.S., for example, about 50 percent of the 15-year-olds said they have a bank account. About 15 percent said they have a prepaid debit card."

Davidson isn't all that bright either, apparently. What the hell is a prepaid debit card? If you have a bank account, it comes with a debit card. You can secure a prepaid credit card with a deposit as well.


A prepaid debit card is like a gift card with a Visa/MC/Amex logo.  It's like cash but in plastic form.  Most have maintenance fees depending on the card balance.  Most are also re-loadable.

A secured credit card is a credit card that is secured by money you put up as collateral.  The amount you deposit for the secured card is your credit limit.  Anything you spend from it has to be repaid lest you receive finance charges.

A bank debit card can be used as a credit card or ATM card, and money is withdrawn directly from a bank account.  Not all banks offer them, or will have extra charges to receive them.  Some also put restrictions on daily spending, depending on the type of account.
 
socoloco  
Smartest (0)   Funniest (0)  
2014-07-09 3:31:16 PM  

ThrowYourHatredDown: No surprise here.  I went to a HS football game and bought a $1.50 hotdog and a $1.25 soda.  The girl working concessions had to use a caculator to figure out how much change I should get back from my $5.


So what was it? Ever find out?

/heh
 
Pangea  
Smartest (0)   Funniest (0)  
2014-07-09 4:00:41 PM  

Carn: Pangea: Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.

Joint checking account for a girlfriend? Hell no. My wife and I even have separate accounts.

I'm not married but I think I would do the same.


Don't get me wrong, we team up on major purchases and her name is on all the investment accounts.

It works in our case because she doesn't really need to work. I get to be tight when it comes to purchasing crafts, pet toys, outfits, pet outfits, nail polish, etc. She gets to spend 100% of the money she earns on that stuff. Plus I direct deposit a portion of my check every two weeks for groceries.

It grants both of us a degree of privacy, but we also trust each other and have no kids to complicate matters.
 
AngryDragon  
Smartest (0)   Funniest (0)  
2014-07-09 4:02:54 PM  

Jument: A quick bingle turns up "The average US household credit card debt stands at $15,191"

So yeah, big surprise. If the adults can't do it, why should their children be any better at it?


Average.

If I had $15,191 dollars of credit card debt I would make damn sure that someone kicked my ass for being so stupid.
 
Jument  
Smartest (0)   Funniest (0)  
2014-07-09 4:04:50 PM  

Pangea: Carn: Pangea: Carn: trickymoo: Any suggestions on how to deal with a 28 yr old gf with the financial savvy of a 14 year old?

Cause I got this friend,...

Separate accounts.  Case closed.

Joint checking account for a girlfriend? Hell no. My wife and I even have separate accounts.

I'm not married but I think I would do the same.

Don't get me wrong, we team up on major purchases and her name is on all the investment accounts.

It works in our case because she doesn't really need to work. I get to be tight when it comes to purchasing crafts, pet toys, outfits, pet outfits, nail polish, etc. She gets to spend 100% of the money she earns on that stuff. Plus I direct deposit a portion of my check every two weeks for groceries.

It grants both of us a degree of privacy, but we also trust each other and have no kids to complicate matters.


I'm married and we are 100% joint. It works ok for us. I honestly don't mind the lack of financial privacy.
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 4:10:43 PM  

socoloco: ThrowYourHatredDown: No surprise here.  I went to a HS football game and bought a $1.50 hotdog and a $1.25 soda.  The girl working concessions had to use a caculator to figure out how much change I should get back from my $5.

So what was it? Ever find out?

/heh


If they're deducting errors from her paycheck, it could be that she's doing the smart thing by running every transaction through the calculator no matter how obvious.

Older people have been citing the inability of youngsters to do mental math ever since the invention of the "honest cashier" (cash register). Heck, probably since the invention of the pencil and paper, or clay tablet and reed. "Kids these days. I give this kid six loafs/one beer jar and he's gotta pull out his tally stick to figure out my change."

/better add some more onions to your belt
//those clouds look to be in need of a good yellin'
///whozzat on yer lawn?
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 4:12:16 PM  

brimed03: socoloco: ThrowYourHatredDown: No surprise here.  I went to a HS football game and bought a $1.50 hotdog and a $1.25 soda.  The girl working concessions had to use a caculator to figure out how much change I should get back from my $5.

So what was it? Ever find out?

/heh

If they're deducting errors from her paycheck, it could be that she's doing the smart thing by running every transaction through the calculator no matter how obvious.

Older people have been citing the inability of youngsters to do mental math ever since the invention of the "honest cashier" (cash register). Heck, probably since the invention of the pencil and paper, or clay tablet and reed. "Kids these days. I give this kid six loafs/one beer jar and he's gotta pull out his tally stick to figure out my change."

/better add some more onions to your belt
//those clouds look to be in need of a good yellin'
///whozzat on yer lawn?


Socoloco, that was meant to be in response to ThrowYourHatredDown. Sorry for any confusion.
 
brimed03  
Smartest (0)   Funniest (0)  
2014-07-09 4:28:32 PM  

AngryDragon: Jument: A quick bingle turns up "The average US household credit card debt stands at $15,191"

So yeah, big surprise. If the adults can't do it, why should their children be any better at it?

Average.

If I had $15,191 dollars of credit card debt I would make damn sure that someone kicked my ass for being so stupid.


You need your ass kicked for being so presumptuous about other people's situations.

Are some people financially irresponsible? You bet. Are a lot more just trying to survive a shiatty economy? You farking bet.

Your car breaks down. The water heater goes. Or, for some 60% of Americans declaring bankruptcy, you (or your spouse, or your kid) face a major medical catastrophe.

If you're paycheck-to-paycheck like many folks in this economy, you're charging that shiat because it's got to be taken care of. You figure out how to pay it off after, but that's probably going to take a while, and those interest rates and finance charges aren't going down. And there are only so many corners to cut and belts to tighten.

If you have the income and personal flexibility to weather life without debt, spent more time appreciating your luck and hoping it holds up. Because all the financial savvy in the world isn't going to help you when catastrophe comes along.

And don't make the mistake of putting your faith in any kind of insurance. You'll lose too much reaction time wondering where it went when you needed it.
 
Jument  
Smartest (1)   Funniest (0)  
2014-07-09 4:37:49 PM  

brimed03: AngryDragon: Jument: A quick bingle turns up "The average US household credit card debt stands at $15,191"

So yeah, big surprise. If the adults can't do it, why should their children be any better at it?

Average.

If I had $15,191 dollars of credit card debt I would make damn sure that someone kicked my ass for being so stupid.

You need your ass kicked for being so presumptuous about other people's situations.

Are some people financially irresponsible? You bet. Are a lot more just trying to survive a shiatty economy? You farking bet.

Your car breaks down. The water heater goes. Or, for some 60% of Americans declaring bankruptcy, you (or your spouse, or your kid) face a major medical catastrophe.

If you're paycheck-to-paycheck like many folks in this economy, you're charging that shiat because it's got to be taken care of. You figure out how to pay it off after, but that's probably going to take a while, and those interest rates and finance charges aren't going down. And there are only so many corners to cut and belts to tighten.

If you have the income and personal flexibility to weather life without debt, spent more time appreciating your luck and hoping it holds up. Because all the financial savvy in the world isn't going to help you when catastrophe comes along.

And don't make the mistake of putting your faith in any kind of insurance. You'll lose too much reaction time wondering where it went when you needed it.


A few people have legitimate reasons for massive credit card debt. Most people do not. This may be news to you but the interest on credit card debt is completely obscene. It is the absolutely worst way in the world to finance something. The scary thing is that there are a lot of people out there who do not have credit card debt, which means there are quite a few people there who are carrying well over $16k for the average to be that high.

In this vein, anyone with zero savings who lives paycheck-to-paycheck should be busting their ass to accumulate savings. But on average they probably aren't. At no time in your adult life should you have zero savings. If the thought of having zero savings does not scare the bejesus out of you, there is something seriously wrong with you.

While we talking about insurance: insurance is for catastrophes, e.g. your house burns to the ground. It is not for appliance repair and minor shiat like that. If you paying insurance on anything where the loss would not be absolutely, devastatingly catastrophic, you are also terrible at money management. e.g. if your television is insured, you are an idiot.
 
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