| Young and fiscally uneducated |
|
|
|
|
|
kate032
Preferred Member
Cash: $ 22.35
Posts: 111
Joined: 25 Feb 2011
Location: Michigan
|
| Young and fiscally uneducated |
 |
|
Making mistakes is how we learn. However, it's evident from many of these posts that some people really have no clue about money and do not learn from their mistakes. Some seem to wake up one day in shock that they're $25,000 in debt. (Maybe those same people are shocked that McDonald's made them fat.)
How should society help those who didn't have good role-modeling about finances from their parents?
Perhaps a better question is, how should society deal with those who didn't have good role-modeling about finances from their parents?
It seems that people can re-negotiate terms of their mortgage and also can escape their debt via bankruptcy. Therefore, how we can best teach those most in need of learning how to manage their money?
|
Thu Aug 11, 2011 4:18 am |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
Single or divorced parents, mom struggling, and no dad in sight (loser or a player). Grandparents in the picture: Loving, but also green. The high school curriculum should include such nurturing (pest or social controls).
Video: Camilla Batmanghelidjh - on London Social Unrest
http://www.youtube.com/watch?v=Ksk6VdgoQfM
.
Last edited by eastmn on Thu Aug 11, 2011 2:00 pm; edited 1 time in total |
|
Thu Aug 11, 2011 11:54 am |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
quote:
I just think that things are looking up for this up-and-coming generation, and I think maybe this generation will be the generation that does get things back on track.
I see that. The workers of my generation were the first investers, before that 'retirement' meant 'pension;. The 401k/IRA plans became readily available in about 1982. The response rate was in the 35% to 40% range, that was millions of workers who had never owned a stock before, ie, billions of dollars of new money. And as such, the new investoers had very little guidance, HRs encouraged investing but had no advice (illegal to give advice?). And index funds & ETFs hadn't been invesnted, so unsophisticated workers were faced with stock picking & mutual funds.
Now, as you say, we see questions from 22 yr-olds about retirement planning - and just the fact that young people think about it is miles ahead of where I was 50 yrs ago.
|
|
Thu Aug 11, 2011 1:40 pm |
|
|
MrNewEngland
Full Member
Cash: $ 20.85
Posts: 98
Joined: 04 Nov 2009
Location: The QC
|
quote:
Originally posted by oldguy
Now, as you say, we see questions from 22 yr-olds about retirement planning - and just the fact that young people think about it is miles ahead of where I was 50 yrs ago.
This is also a money message board. I don't know if that's a representative sample. I doubt that you get many questions like this on sports/motorcycle/bodybuilding/music message boards.
|
|
Thu Aug 11, 2011 1:54 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
|
 When I got my degree in 1963, my big financial decision was - 1964 GTO or wait for the 1965 Mustang ? (Altho I did buy stocks in 1964 or 65.)
|
|
Thu Aug 11, 2011 3:01 pm |
|
|
eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
|
All of the recent television finance and stock shows have also created a trend (fad).
Show me the money!
|
|
Fri Aug 12, 2011 1:01 am |
|
|
|
