Are Friends to Blame for Your Debt?

[SummerSailing81]

Yes, let's not take any personal responsibility for trying to keep up with the Joneses ourselves. Let's just cut to the chase and blame the Joneses for our feelings of inadequacy because we choose to compare ourselves and our lives to their's and then spend ourselves into debt. :gaah

http://money.aol.com/bankrate/general/canvas3/_a/are-friends-to-blame-for-your-debt/20071115164309990001

[Tall Timbers]

Most unfortunately, our free educational system as a rule does not include any significant help with regards to learning how to accumulate and manage our resources... all the while we are bombarded night and day with solicitations to sell us mostly unnecessary and often worthless items.

There are so few who comprehend and do well within the world of financial management, as simple as the principals are, that our system would be hard pressed to find teachers competent to teach in the area if curriculums were to be offered.

It is hard to blame yourself if you know no other way. and you're in debt, and you can't see your way out. Of course, we're still responsible for the messes we get ourselves into.

[frodo82801]

How in the world can you expect people who live in a capitalist society to fare well when you teach them nothing about money? It's silly.

Cynthia Oti, a radio financial person in SF, was trying to get financial education into the schools. She said the legislators didn't want it. They probably don't want people to know how badly the govt is ripping them off.

[tygerkittn]

I was saying that to my husband the other day, I said I felt bad for the people being foreclosed on and he said they had bought houses they couldn't afford, and I said I could empathize with people who hadn't been taught money management suddenly being told by an authority figure at the bank that they could have the house of their dreams, what do you think they'd say?
Schools today only teach how to pass tests, they don't teach anything practical, how to manage, how to make, how to build or how to repair.
I don't care at all if my house looks like a showplace, with six kids that's not gonna happen, I don't care if our mini van is old and dusty, it's paid for, I'd rather rather wear comfy TShirts than anything expensive, and crocs rather than expensive painful high heels or whatever, my only weakness is when my husband or the kids want something, I feel really compelled to do everything I can to get it for them. I don't care about keeping up with anybody, or impressing anybody, but I hate to see my family want something and not get it for them. I'm just not tough enough that way.

[katylake]

How in the world can you expect people who live in a capitalist society to fare well when you teach them nothing about money? It's silly.

Cynthia Oti, a radio financial person in SF, was trying to get financial education into the schools. She said the legislators didn't want it. They probably don't want people to know how badly the govt is ripping them off.

Didn't any of these people have parents? Kinda makes you wonder what the parents were doing when it came to teaching the chilllrin the value of a buck (which ain't much these days, but that's another story.)

Nothing like having an allowance that you are expected to do chores for - and not being able to coerce the adults into buying you stuff outside of the allowance - to immediately teach you how to save money, and how to defer the immediate want for saving for the long term/more expensive want.

This is simple to do, and any kid worth his salt learns it immediately. There's nothing more fun than having a passbook savings account, and watching the balance grow! Why don't more parents do this instead of buying their kids whatever they want, whenever they want?

[praisingHisname]

Didn't any of these people have parents? Kinda makes you wonder what the parents were doing when it came to teaching the chilllrin the value of a buck (which ain't much these days, but that's another story.)

Nothing like having an allowance that you are expected to do chores for - and not being able to coerce the adults into buying you stuff outside of the allowance - to immediately teach you how to save money, and how to defer the immediate want for saving for the long term/more expensive want.

This is simple to do, and any kid worth his salt learns it immediately. There's nothing more fun than having a passbook savings account, and watching the balance grow! Why don't more parents do this instead of buying their kids whatever they want, whenever they want?

I certainly learned from watching my parents...they spent everything they ever earned and more. Hid from bill collectors and we moved a lot. I grew up knowing how awful it is to not answer the phone because it was somebody wanting money. So even though they did not teach money management in school, I knew before I left home that I wanted security before things. If I couldn't pay for it, I didn't want it. And it isn't that I have to have money to be happy, I just don't want to owe anyone money. So I pay as I go, and it sure cuts down on the stress and tension in our house. I don't remember my husband and I fighting about money ever.

[Tall Timbers]

Didn't any of these people have parents? Kinda makes you wonder what the parents were doing when it came to teaching the chilllrin the value of a buck (which ain't much these days, but that's another story.)

Can't teach what you don't know and very few understand and practice good, effective financial management principals.

[mustang]

Agreed. Pay as you go and you will not have to worry about a lot of debt. We have older furniture,, tv. We have watched friends get the newest and latest, and biggest and now they can't afford to do anything or go anywhere. Whereas my wife and I can afford to take little trips and enjoy ourselves because the money we make is ours. We probably will eventually replace our 12 year old couch since it is worn out though.

[DavidNR]

How in the world can you expect people who live in a capitalist society to fare well when you teach them nothing about money? It's silly.

Cynthia Oti, a radio financial person in SF, was trying to get financial education into the schools. She said the legislators didn't want it. They probably don't want people to know how badly the govt is ripping them off.

I've been giving this a lot of thought. If financial education REALLY not taught in the schools?

I wonder... Computing interest rates is a practical matter that goes with teaching logarithms. Making financial decisions, good and bad, can be learned through reading all sorts of books - history, etc. and even watching movies and TV shows with characters in various situations. Learning how to be rich is a matter for college - or getting a copy of the Wall Street Journal and reading the stock papers - that or the financial blogs.

[CelticMist]

Its not others who are keeping one in debt. Self control we must have! I'm not in that self this or self that... but some where along the line, one needs to know when to walk away and stop pulling out the credit card cause its faster, easiers, or whatever to buy for the products. I can't believe the story! If you don't have the money ... don't buy... simple as that. I go without a lot of times, cause I don't want a debt I cannot pay. I back out of dinner engagements because of the place they are held... I can't see paying $40.00 for a wee little steak... fish... etc. What I would pay there, I could eat at least three meals if not more at home.

Many people are going to be shocked if and when our economy falls. They will not even know what a frying pan looks like. Its unreal how lazy and how many have taken the American lifestyle for granted. One day you may have it, the next day its gone!!!