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Sadly some banks are greedy. In the late 90s a relative of my ex-wife cut grass over the summer for cash. Before school started he opened a savings account and deposited the money. Next summer he started cutting grass again and when he went to deposit the money he earned he found out he now owed the bank money. They charged him fees for no account activity. Once his account dropped below a minimum amount, they charged him additional fees for being below the minimum amount. It’s so sad that some banks are like this. In the past banks encouraged young people to open a savings account. Receiving that little account book felt so special.
Maybe kids should start buying stamps every week at school like we did during the war. When our book got full of stamps it was exchanged for a war bond. Every kid in my class saved for war bonds. Investing in America would not be such a bad deal to teach kids. Some of us saved those bonds a long time.
Sadly some banks are greedy. In the late 90s a relative of my ex-wife cut grass over the summer for cash. Before school started he opened a savings account and deposited the money. Next summer he started cutting grass again and when he went to deposit the money he earned he found out he now owed the bank money. They charged him fees for no account activity. Once his account dropped below a minimum amount, they charged him additional fees for being below the minimum amount. It’s so sad that some banks are like this.
Then the lesson should not only be how to handle money, but how to read the account agreements that every bank provides to every customer when they open the account.
Despite what I often hear, it's rare for me to see people I know be wasteful with money.
I mean, perhaps when they were in their teens and 20s, but those were ages ago.
As a matter of fact, I honestly and truly and deeply think the opposite is the problem in our society.
Obsessing over salaries, 401ks, real estate (and rentals), Roth IRA, equities, and pensions. It is FAR more likely to encounter people who are obsessed with those things and pigeonholing as much money as they can as opposed to people who are irresponsible with money.
People are literally DEFINED by how much money they have... even if they can't access most of it for 25 years. If you don't believe me, take it all away from them, and see what happens.
THAT is what I think the real problem is in our society. I have seen what it does to people and what it makes people do to each other. And I'm not talking about jacking an old lady in the street. I'm talking in the white collar, corporate world.
Also, I think cheap and frugal is, on a social level, annoying. I know friends who go out for drinks and they will make sure that they either 1) never had any cash on them so I would always end up picking up or 2) conveniently disappeared when the tab comes around.
Home Ec was sewing. Guys went to wood shop. There was zero financial education, and that continued into high school. I am not current on what is being taught now; just hope at least some emphasis is being placed on money management along the way.
The 'new' education (the internet) glorifies aggrandizing and pigeonholing money as a sport.
Gen Y and younger were basically born into a generation with a kind market and a variety of financial devices which are glorified by various publications and personalities such as Dave Ramsey, Suze Orman, Jim Cramer.
Like I saw an argument the other day that you might not want to pay off a significant amount of debt if you came into some money because you could use use the capital to earn more on investments over that time.
Amassing money for the sake of amassing money I would argue has become more popular than any time in the history of Western society.
We had this back in elementary school 20 something years ago. Washington Mutual had a school savings program and they came and gave us accounts as little kids. We would give money to a WM employee that came maybe twice a month and would take it and deposit it into the account. It was brilliant.
The 'new' education (the internet) glorifies aggrandizing and pigeonholing money as a sport.
Gen Y and younger were basically born into a generation with a kind market and a variety of financial devices which are glorified by various publications and personalities such as Dave Ramsey, Suze Orman, Jim Cramer.
Like I saw an argument the other day that you might not want to pay off a significant amount of debt if you came into some money because you could use use the capital to earn more on investments over that time.
Amassing money for the sake of amassing money I would argue has become more popular than any time in the history of Western society.
Then I would ask what is the right amount of money if amassing money is wrong?
I personally don't see making money in the stock market as wrong, as a matter of fact it has allowed my husband and I to retire early and stop and smell the roses. There will never come a day where we will say let's get out, we have enough. We may change asset allocation and risk, but we will always be invested in the market.
Then I would ask what is the right amount of money if amassing money is wrong?
I personally don't see making money in the stock market as wrong, as a matter of fact it has allowed my husband and I to retire early and stop and smell the roses. There will never come a day where we will say let's get out, we have enough. We may change asset allocation and risk, but we will always be invested in the market.
That post is more referring to people who treat saving money as a sport.
For instance, I've seen guys brag all the time about how cheap they can get cell phone plans, or guitars, or new cars. They don't necessarily have an overall goal, amassing the money itself is the goal. That creates problems, but I'll give you a better example.
Mofos buying up all the real estate and renting it out for maximum rate because they want to aggrandize their nest eggs to infinity drives up the prices of rents. Sometimes for people who don't make a lot but need a place to live. But sometimes for people who are even well educated and very diligent, but chose to do careers that fit them better or serve society.
I mean I get, if some people want to do it. But if EVERYBODY is trying to? Problem...
What does a savings account at the local brick and mortar bank with a 0.35% APY teach a teen about money as opposed to an article that implies you can make a 2900% increase on your initial investment?
What does a savings account at the local brick and mortar bank with a 0.35% APY teach a teen about money as opposed to an article that implies you can make a 2900% increase on your initial investment?
.
I'd say it teaches that the old standard of "a penny saved is a penny earned" no longer fits today's economy. Today a penny saved is worth less a year from now than if it was spent today. Like trying to save money to buy a house means you'll likely never get there. The price of the house will likely go up faster than the money you can save.
Despite what I often hear, it's rare for me to see people I know be wasteful with money.
I mean, perhaps when they were in their teens and 20s, but those were ages ago.
As a matter of fact, I honestly and truly and deeply think the opposite is the problem in our society.
Obsessing over salaries, 401ks, real estate (and rentals), Roth IRA, equities, and pensions. It is FAR more likely to encounter people who are obsessed with those things and pigeonholing as much money as they can as opposed to people who are irresponsible with money.
People are literally DEFINED by how much money they have... even if they can't access most of it for 25 years. If you don't believe me, take it all away from them, and see what happens.
THAT is what I think the real problem is in our society. I have seen what it does to people and what it makes people do to each other. And I'm not talking about jacking an old lady in the street. I'm talking in the white collar, corporate world.
Also, I think cheap and frugal is, on a social level, annoying. I know friends who go out for drinks and they will make sure that they either 1) never had any cash on them so I would always end up picking up or 2) conveniently disappeared when the tab comes around.
Not necessarily. There are segments of the population that care more about what they purchase to show off than actually spending and saving money wisely. They’re trying to live a lifestyle beyond their actual income. I’ve seen people living in run down trailers or low income apartments wearing designer clothes, high end looking jewelry, and driving vehicles far beyond their income level. I’ve seen people above the poverty line trying to do the same with large homes and expensive vehicles and expensive trips to live a certain lifestyle. When I was low income I drove an old Chevy Cavalier. As my income improved I moved from the low cost apartment to a used mobile home in good condition (bought, not rented) and replaced the Cavalier with a slightly used Chevy Malibu. I now live in a modest 2 bedroom 1 bath home with brick exterior and on a concrete foundation and am still driving the 2015 Hyundai Elantra I bought new and it’s almost at 60,000 miles. Wife drives a Hyundai Kona she bought new. We’re spending a small fortune now to replace the roof and convert from spinning roof vent to ridge vent. Our spending is for home improvements. We replaced the AC when we moved in (leaks and other issues), installed storm windows and solar screens for energy efficiency and comfort, and are getting the roof replaced because it’s 20 years old and showing signs of deterioration.
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