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Old 09-15-2013, 04:04 AM
 
34,398 posts, read 41,509,339 times
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Basically they buy into a lifestyle they cant afford, Easy credit allows them to achieve unbelievable amounts of debt which ultimately cant possibly paid off so bankruptcy is the only option.
For some maybe you cant afford the new Cadillac Escalade or the 5 bed 3 car garage 4K sq ft house, or maybe all your kids cant afford to go to college, or the extravagant vacations or the vacation home.
Financial discipline is something most Americans dont practice to any meaningful degree.
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Old 09-15-2013, 08:59 AM
 
Location: too far from the sea
19,857 posts, read 18,881,066 times
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Quote:
Originally Posted by jambo101 View Post
Basically they buy into a lifestyle they cant afford, Easy credit allows them to achieve unbelievable amounts of debt which ultimately cant possibly paid off so bankruptcy is the only option.
For some maybe you cant afford the new Cadillac Escalade or the 5 bed 3 car garage 4K sq ft house, or maybe all your kids cant afford to go to college, or the extravagant vacations or the vacation home.
Financial discipline is something most Americans dont practice to any meaningful degree.
Just peeking in at this thread. Threads that bash everyone else usually don't interest me; after a few posts they are all the same.

I assume this thread is directed at the younger generation? Personally I have never met the type of people described in this thread--huge houses that they can't afford, extravagant vacations, expensive cars--all things they cannot afford.

Have I READ about it? Yes. All over CD are threads like this one, criticizing some mythical yuppies who get into debt and think credit cards are monopoly money. I thought that was what happened pre-2009 with all the people buying houses because the bank told them they could afford it. I thought that was OVER.

People of our generation (generally over 65 since this is the retirement forum) were brought up to be savers and to be financially disciplined. So you aren't referring to us. Just who are these mythical spending-crazed people? Any certain generation? Or do we just make them up so we have someone to feel superior to?
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Old 09-15-2013, 09:00 AM
 
29,784 posts, read 34,885,423 times
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Listen to what folks say what they would do if they won X amount of money. I wonder how many of those who say with conviction they would save it probably already have that much and know they won't spend it. On the other hand!
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Old 09-15-2013, 09:12 AM
 
Location: too far from the sea
19,857 posts, read 18,881,066 times
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Originally Posted by TuborgP View Post
Listen to what folks say what they would do if they won X amount of money. I wonder how many of those who say with conviction they would save it probably already have that much and know they won't spend it. On the other hand!
Most people I know would put it toward improving their home or into savings or maybe investments.
Sure, you can turn on the tv and hear people say crazy things they would do if they won the lottery--you can hear people on tv say ANYTHING.

No one on this thread pays any attention when someone mentions the things that happen--like divorce or being married to a compulsive gambler or working at a low paying nursing job or working as a social worker.

There was one post that said that the most important factor was having a GOOD FIRST MARRIAGE. Staying married, not losing all the money to a divorce, and having two good earners---that's the main reason why some are financially well off. The rest do not have the money to SAVE in the first place. This is what the blamers don't want to hear.
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Old 09-15-2013, 11:10 AM
mlb
 
Location: North Monterey County
3,190 posts, read 2,860,347 times
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Jumping over most posts to say FINANCIAL EDUCATION is clearly lacking in our schools and at home.

Not just math/checkbook management/investment education - but how to save, live under your means/learn to live without/learn not to impulse-buy, put a value on a purchase, learn what a need is versus a want.

And exposure to what happens when you can't do these things.

I also have been struck by how isolated people who have money are from poor people. I've been watching "Secret Millionaire" (On ABC Sunday nights) - moreso because I am struck by how the worlds of the rich are rocked by those who do without.

What did they think was going on???

I wish we could funnel more people into breaking the walls of isolation - and seeing how others live.
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Old 09-15-2013, 12:38 PM
 
11,938 posts, read 20,403,689 times
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Quote:
Originally Posted by mlb View Post
Jumping over most posts to say FINANCIAL EDUCATION is clearly lacking in our schools and at home.

Not just math/checkbook management/investment education - but how to save, live under your means/learn to live without/learn not to impulse-buy, put a value on a purchase, learn what a need is versus a want.

And exposure to what happens when you can't do these things.

I also have been struck by how isolated people who have money are from poor people. I've been watching "Secret Millionaire" (On ABC Sunday nights) - moreso because I am struck by how the worlds of the rich are rocked by those who do without.

What did they think was going on???

I wish we could funnel more people into breaking the walls of isolation - and seeing how others live.
The biggest thing is you learn this from your parents. My mother was frugal, and my father wasn't as much, but he spent on things that improved our lives. When my mother died not a thing in her closet didn't go with everything else. And while she shopped a lot -- she was the queen of returns. She never tried anything on, because she took it home to try it on with several things in her closet to see if it worked to dress up and down.

I learned to cook because she cooked. I learned menu planning and budgeting from mom. I learned to sew because she sewed. I keep my check book on paper, because that's what I am comfortable with, and I write deposits in fuchsia, because I like the color, and I write the debits in blue pen, and I keep a balance in pencil. Because my mother did it that way (she did deposits in green though)....

You can teach this stuff at school all you want, but if the parents aren't backing it up by doing it, it won't stick.
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Old 09-15-2013, 12:39 PM
 
34,398 posts, read 41,509,339 times
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Quote:
Originally Posted by in_newengland View Post

I assume this thread is directed at the younger generation? Personally I have never met the type of people described in this thread--huge houses that they can't afford, extravagant vacations, expensive cars--all things they cannot afford.
The topic title is general so is my response to financial undisciplined people who will run up $100K of credit debt or those that reach retirement age and havent $0.02 to rub together for their retirement.You may never have met these types of people but i can assure you they are out there in large numbers.
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Old 09-15-2013, 12:46 PM
 
Location: Stephenville, Texas
955 posts, read 1,444,826 times
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Without having to read the entire thread, can someone enlighten me on why this topic is in the Retirement Forum? Seems better suited to the Personal Finance forum, as it seems like many retired have a substantial income, or at least comfortable nest egg...or if not, they go back to work.
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Old 09-15-2013, 02:33 PM
 
Location: too far from the sea
19,857 posts, read 18,881,066 times
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Quote:
Originally Posted by Backintheville2 View Post
Without having to read the entire thread, can someone enlighten me on why this topic is in the Retirement Forum? Seems better suited to the Personal Finance forum, as it seems like many retired have a substantial income, or at least comfortable nest egg...or if not, they go back to work.
People want to find fault with others who supposedly rack up hundreds of thousands on credit cards and live in huge houses. As I said, I don't know any people like this, nor have I heard directly of any, just anecdotes on TV and CD.

I do know plenty of retired people who are not well off and it's not from bad planning or over spending. They worked in libraries or hospitals or they were social workers. Usually it's a single person who got divorced and had to split everything, usually a single woman. Nothing at all to do with planning or spending. The people I know are extremely frugal and were brought up that way.

I also have been struck by how isolated people who have money are from poor people. I've been watching "Secret Millionaire" (On ABC Sunday nights) - moreso because I am struck by how the worlds of the rich are rocked by those who do without.

What did they think was going on???


Good point. I watch that show sometimes and the millionaire turns out to be a nice guy who had no idea his employees were suffering and what they were up against. One time one of the poor employees was spending his spare time coaching basketball to poor kids, keeping them off the street. That's what he did in his spare time, not hang out at Starbucks or spend his (imaginary) food stamp money on junk food.

That tv program gives these millionaires a reality check. Yes, the poor people DO know how to budget their money, they DO know how to cook, they DO know how to save but there is nothing to save after they pay the rent. Instead of just bashing and gloating and feeling superior, they get to see how their employees actually have to live. THEN they usually feel sympathetic and will help pay for someone's surgery or gas for the guy who volunteers to drive the poor kids around to basketball practice, or they help someone to buy a car so they can get to work when they have arthritis and have to walk and take buses. With time and money on their hands you would think more retired people who are very rich would get a life and pitch in instead of sitting around looking down on people and making judgments.
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Old 09-15-2013, 02:42 PM
 
Location: Stephenville, Texas
955 posts, read 1,444,826 times
Reputation: 1884
Good points, thank you! I have never seen that show but will look for it...sounds good.
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