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Old 02-19-2008, 03:32 PM
 
Location: Marietta, GA
857 posts, read 4,474,443 times
Reputation: 809

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Quote:
Originally Posted by NYSinger View Post
I think there are many factors:

-Budgeting is not taught enough by parents and should be mandatory in schools;
-People want instant gratification;
-It's now easier than ever to have credit cards and there is more temptation to buy;
-The new "me, me me" mentality: people think they deserve everything without proper planning;
-Some people are afraid to open their credit card statements. They should check their balance regularly online to avoid any surprises.
-Few people learn how to cook! Restaurants should be a once in a while treat! It would make it extra special to go out as well!
-Some people think that money grows on trees;
-Some children are imitating their parents' overspending and are taught to love material things;
-We think that somehow social security will still be there to give us that retirement we want, therefore not thinking about the financial future;
-Some people buy too much house for their real needs;
-Wants are becoming needs;
-Some people want to impress others with expensive gifts etc.
-They want to spend everything now because "life is too short" instead of planning a 6-8 months emergency fund and retirement accounts...

And I could go on forever!!

Good thing there are shows like the Suze Orman show and the debt diet on Oprah to open some eyes...
You are so right. I taught my son the value of investing when he was little, and opened a stock market account for him when he was 12. I would let him pick stocks, but he would have to give me a compelling arguement before we would buy them. He turned out to be a great saver when he reached working age.
Why isn't this taught in school? This subject is so much more important that so many of the things they teach. This is the one subject that will have an affect of EVERY student's life, no matter what career path they follow.
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Old 02-19-2008, 04:13 PM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Default I did teach it

Quote:
Originally Posted by NorthmeetsSouth View Post
You are so right. I taught my son the value of investing when he was little, and opened a stock market account for him when he was 12. I would let him pick stocks, but he would have to give me a compelling arguement before we would buy them. He turned out to be a great saver when he reached working age.
Why isn't this taught in school? This subject is so much more important that so many of the things they teach. This is the one subject that will have an affect of EVERY student's life, no matter what career path they follow.
Before I left the classroom for administration I was one of the top high school economic teachers around. I taught investments and a number of my students started investing for real. They were wealthy and other teachers complained that they had more money then they did etc etc. I remember another teacher who invested and I discussing on a regular basis the then fairly new Magellan fund. Yes I am comfortably retired and soon to be sixty.
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Old 02-19-2008, 04:47 PM
 
28,905 posts, read 46,750,956 times
Reputation: 46033
I think the basic problem is materialism. Together, my wife and I make $200,000 annually. We bought in a $350,000 house when the mortgage lender said we could afford $750,000. We drive a minivan and a $25,000 Ford. There are no Porsches, Mercedes, BMWs, or Lexuses in our driveway. We take one nice vacation a year but, unlike our neighbors, we do not fly out of town every time there's a four-day weekend. We don't belong to the country club. We check our books out from the library, rather than buy them. If we can't afford it, we don't buy it. Our credit cards are paid off every month, and we put my paycheck into the bank. Eating out, even if it's fast food, is considered to be a treat, not a necessity.

Our children do not have XBoxes or Wiis or whatever new gadget comes out. They have a nice computer and an iPod. I also notice that my children play outside a lot more than other kids do. Coincidence? I don't think so. We don't buy my teenage daughter $250 jeans, and she really doesn't ask for them. My sons both have loads of friends despite not having the newest, latest, and greatest in clothing, electronics or anything else. We live in a very prosperous neighborhood and, I admit, it would be nice to have some of the things the neighbors have. But, on the other hand, my wife and I have a happy marriage and roughly $800,000 in investments, largely in commercial property, which means I may be able to retire in ten years if things continue to appreciate. Not bad for a couple of 40 somethings.

Mind you, we've both had to work hard and make lots of sacrifices along the way. My wife decided to keep working and loves her job. But neither of us work past five in the evening--except under very rare circumstances. Our kids see us every night at the dinner table.

None of this is bragging, by the way. A scant ten years ago, both of us lost our jobs with next to nothing in investments, and we earned much less at the time. We've just had to work extremely hard, be very prudent with what we spend our money on, and keep an eye out for good opportunities. What's more, we've given up very little of what's important: Our family, our friends, our love for one another.

So if you curb spending, you won't believe how much it really adds up. I promise you.
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Old 02-19-2008, 06:04 PM
 
Location: Atlanta
738 posts, read 644,441 times
Reputation: 279
CPG,

Are you a native Alabamian? I went to Auburn and my folks are from Clarke and Baldwin Counties. BTW, are you familiar with the Eagles Ridge Apartments on Hwy 280 South? I developed those. I also rehabed the Arboretum Apartments.

I agree with your post. My wife and I make well into the highest six figures, but we aren't members of clubs, drive older model american cars, cut our own yards, use coupons, etc. One of my oldest friends here has a net worth of about $500 million and he made his 3 kids share one Ford Mustang while they were in high school. And you know what? They all turned out great!

If you are ever over at Highlands Bar & Grill , Say hello to Frank for me.
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Old 02-20-2008, 06:48 AM
 
28,905 posts, read 46,750,956 times
Reputation: 46033
Quote:
Originally Posted by Buckhead_Broker View Post
CPG,

Are you a native Alabamian? I went to Auburn and my folks are from Clarke and Baldwin Counties. BTW, are you familiar with the Eagles Ridge Apartments on Hwy 280 South? I developed those. I also rehabed the Arboretum Apartments.

I agree with your post. My wife and I make well into the highest six figures, but we aren't members of clubs, drive older model american cars, cut our own yards, use coupons, etc. One of my oldest friends here has a net worth of about $500 million and he made his 3 kids share one Ford Mustang while they were in high school. And you know what? They all turned out great!

If you are ever over at Highlands Bar & Grill , Say hello to Frank for me.
Hey, from Chicago originally. And if you're rehabbing apartments in B'ham, then you must be doing quite well for yourself. Birmingham is a booming market and a great place to live. I'm so glad we made the move.

And, yes, we treat ourselves at Highlands twice a year. However, there are now a ton of great, great restaurants in Birmingham, making it very hard to just go to one.

You're right about kids, by the way. Best advice I ever heard? "Don't cripple your children by making their lives easy."
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Old 02-20-2008, 08:43 AM
 
1,861 posts, read 3,025,186 times
Reputation: 559
Quote:
Originally Posted by Buckhead_Broker View Post
And please, Eastern Roamer, I don't say this to you, but to anyone who thinks there is not enough income to save for the future.

This also applies to the person who said something fairly similar below about all their money going to bills; if you don't make enough to save, you essentially have two options - either spend less or do whatever is necessary to increase your earnings potential. To bemoan the situation as hopeless is pathetic.
Well, give me a clue on how to do that. I can't spend "less", obviously (bills, bills, bills), and, yes, I could get another job on top of my 5 days of 12 hours. But, I'd rather not at my age, with my knees going.

There are MANY, MANY people in my situation - people are struggling just to get by on a daily basis - wake up. And, it is not "pathetic" to talk about it. It's a subject that is talked about all over our country on a daily basis among our citizens and in the newspapers, magazines, radio, and TV.

Are you blaming the citizens for having their real wages stuck in the 70's, with everything else going up?

Don't blame your fellow citizens - give people a break. Many of us go through layoffs, divorces, illnesses that include big hospital bills, etc. It's nice if you don't have to deal with those things - just consider yourself lucky, but not "superior" to the rest of us.
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Old 02-20-2008, 09:16 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,585,961 times
Reputation: 5692
I don't think BHead broker gives the impression that he is above the rabble. He took chances and profited by those risks. The only way my husband and I made enough money to flee CA was to take some risks by building spec homes after working at our office. The hours were long.We framed the homes with our children and therefore taught them some valuable skills. We may have looked odd and did draw some laughter, but we made some very good money. Being stuck working for someone can make a person feel trapped, but in reality you trap yourself. Start a side business, work a second job. You can do it, really.
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Old 02-20-2008, 09:41 AM
 
Location: Earth
1,480 posts, read 4,482,169 times
Reputation: 1430
Quote:
Originally Posted by Buckhead_Broker View Post
And please, Eastern Roamer, I don't say this to you, but to anyone who thinks there is not enough income to save for the future.

This also applies to the person who said something fairly similar below about all their money going to bills; if you don't make enough to save, you essentially have two options - either spend less or do whatever is necessary to increase your earnings potential. To bemoan the situation as hopeless is pathetic.
I don't bemoan the situation, I was responding to a question on City-Data. And I admit, to an extent, you're right... there are things we can do to seek higher income and reduce our spending. I constantly re-evalutate these things.

Most people simply live beyond their means. Some people are just getting by and cannot make enough money to save.
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Old 02-20-2008, 09:43 AM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by cousinsal View Post
Well, give me a clue on how to do that. I can't spend "less", obviously (bills, bills, bills), and, yes, I could get another job on top of my 5 days of 12 hours. But, I'd rather not at my age, with my knees going.

There are MANY, MANY people in my situation - people are struggling just to get by on a daily basis - wake up. And, it is not "pathetic" to talk about it. It's a subject that is talked about all over our country on a daily basis among our citizens and in the newspapers, magazines, radio, and TV.

Are you blaming the citizens for having their real wages stuck in the 70's, with everything else going up?

Don't blame your fellow citizens - give people a break. Many of us go through layoffs, divorces, illnesses that include big hospital bills, etc. It's nice if you don't have to deal with those things - just consider yourself lucky, but not "superior" to the rest of us.
People have control over some things and not others. We have lost safety nets in this country and when things go bad they can go really bad. We may be seeing the end of the Great Society. It has become to expensive to sustain. We are dealing with a tremendous wealth gap and we need to evaluate what should a safety net consist of. Home ownership? Health Care? Child Care?
College Education? Retirement? Who is to pay when so many can't.
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Old 02-20-2008, 09:48 AM
 
Location: Earth
1,480 posts, read 4,482,169 times
Reputation: 1430
Quote:
Originally Posted by Buckhead_Broker View Post
These are the exact people the bloodsucking Democrats live for! With the promise of taking away from the producers in our society to give to the folks you mention, that's how they pander for votes. The idea that we need "wealth redistribution" in this country is insane. The wealth has already been distributed - to the very people who earned it!
Does everything have to come down to politics? We were discussing spending habits. And just because Democrats don't believe in the quick-fix "trickle down economics" of corporate welfare and unrestricted free trade doesn't mean they're trying to redistribute wealth. Democrats are capitalists, too. Why can't you be grateful for what you have and not bemoan attempts to create opportunites for the under-privlidged victims of flawed economic policies? Take a break from Fox news.
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