Posted on 07/11/2025 2:14:00 AM PDT by Libloather
Unfortunately, they’re going to learn Basic Economic 101 - the non-Marxist version - the hard way.
How did they not understand that taking out a $100,000 college loan is a LOAN and not “free money” - or that using a credit card has responsibility, such as paying it all back + all the interest tacked on.
They’re in for a whole world of pain...
I was taught finance by my dad and the lessons stick to this day - paid off the house, car was bought with cash, haven’t had a credit card since the 90s. Passed this advice on to my kids and they’re doing same.
You want your $$ working for you and not against you. Too bad this lesson is so difficult for people to understand.
Exactly right!
I am retired and recently read that the average retired person is $12,000 in debt to credit cards - was really shocked so I asked my friends - and sure enough, they all had huge credit card debt - really stupid after retirement.
Most had mortgages still - even after 40 years. Was really surprised.
Now I’m not.
So this is trying to tell me that a whole generation of people ranging in age from 13 to 28 have an average personal debt of $94,000? You gotta be kidding me.
If there were a standard distribution of birth rate the average age of this cadre would be 20.5 years old with an average personal debt of $94,000? They are doomed by their own stupidity. So are their creditors who are equally stupid and who have little chance of getting their money back.
You are far too kind. Most people I encounter are just plain stupid when it comes to anything having to do with numbers let alone finance or the economy. In fact, they are so ignorant they are mostly blissfully unaware.
I was never a mathematics whiz kid but most likely the majority of engineers I encountered in my nearly 50 year career at best forgot most of the mathematics they were taught. They could not even do algebra let alone higher math.
I can’t be anymore generous then I already am on the subjects.
I have been paying taxes and into social security since I was 13. So, likewise.
I learned quickly what FUTA and SUTA were as I pushed a lawnmower around the lake in the summer with humidity so thick you could cut it with an axe or laid carpet and vinyl, swung a hammer pounding nails or threw hay bales that could weight as much as I did. Working in the pharmacy at WalMart after school was a piece of cake. All through college I threw hay, deckhanded on tow boats, worked construction when I could, harvested and then planted wheat. Spending what I earned has never come easy. Neither has borrowing or lending money.
Huh?
I’m in my 70’s. I don’t think I ever had a course in Economics.
DO THEY DEDUCT INTEREST ON THEIR 1040”S????
EVERYTHING YOU ARE SAYING IS SCARY.
CANNOT BE “OVERDRAWN” AT THE BANK:
“I STILL HAVE CHECKS”!!!
WAIT UNTIL THEY GET A TAX AUDIT & FIND OUT THE BANK ONLY KEEPS THOSE RECORDS FOR ABOUT 6-9 MONTHS.
“WAIT UNTIL THEY GET A TAX AUDIT & FIND OUT THE BANK ONLY KEEPS THOSE RECORDS FOR ABOUT 6-9 MONTHS.”
Banks are legally required to keep most records related to deposit accounts, like checking and savings, for at least five years. This includes records like check images, deposit slips, and bank statements. For loan and lease records, the requirement is often extended to seven years. Banks may choose to retain records for longer periods, and some may keep statements available online for up to seven years.
I have a brother that will be 71 in a couple of months, he still has a mortgage, he’s pulled the equity out of his house multiple times over the years by refinancing. If he ever pays his house off, he will have paid for it 2.5 or more times.
I recently spoke my long time agent who handles my 403b and Roth IRAs - he said the biggest problem he has is that people won’t stop pulling money out of these accounts. A lot of the time it is for stupid stuff like new cars or travel.
My financial advisor said one of the dumbest things anyone can do is pull money out of retirement funds.
Parents hold the ultimate responsibility.
We know folks who are paying 4 to five figures in property taxes annually.
Imagine what could have been done with that money if it has been properly invested.
You are probably better off without the course.
I remember asking my Economics 1 college professor about the national debt—should I be concerned about it.
He assured me it was a non-issue (as people around here like to say “a distraction”) because we owe it to ourselves.
That’s right.
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