Financial Illiteracy and the Occupiers
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Thread: Financial Illiteracy and the Occupiers

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    Default Financial Illiteracy and the Occupiers

    http://fullcomment.nationalpost.com/...the-occupiers/

    What do you think? Is there a generation (or two) of adults who are financially illiterate? Are the financial disasters that many are facing the result of govt/economy/etc and worthy of protest, or is a lot of it just a lack of planning, foresight, and savings, so when hard(er) times hit you're screwed.

    The Baby Boomers are a financial wreck, apparently so are many of their children.... But their parents make up the wealthiest generation ever. What happened?

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    Posting Addict GloriaInTX's Avatar
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    I think they need to take a class on government too since they don't seem to understand those concepts either.

    http://www.therightscoop.com/ows-spo...hought-of-yet/
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    I don't understand how people don't realize how things work. If you are doing good, you put aside for when you are doing bad; you don't borrow more than you have when you are doing good in the hopes that things are going to get even better. You don't get a degree that you can't pay back with the salary you'll earn with that job after you are done. You don't make 90,000 on average in your 20's.

    I hope the next generation is taught by someone (if their parents aren't capable) that you don't spend money you don't have on things that don't hold their value.

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    I think it is complete BS that the entirety of the problems we are having are because the 99% are just financially illeterate. We have gone from a system that made sense (you earn, you save, you buy a house, you put your kids through college) to a system that has so many loopholes and fine print and atrics that no one can learn the language (which is what the people on top are hoping for).

    Just out of curiosty, if the top moneymakers who think they are the literate ones are the ones who needed a bailout, doesn't that prove that the systme is a failure for everyone? They just were able to get help from the illiterate tax payers.

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    Posting Addict culturedmom's Avatar
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    Quote Originally Posted by wlillie View Post
    I don't understand how people don't realize how things work. If you are doing good, you put aside for when you are doing bad; you don't borrow more than you have when you are doing good in the hopes that things are going to get even better. You don't get a degree that you can't pay back with the salary you'll earn with that job after you are done. You don't make 90,000 on average in your 20's.

    I hope the next generation is taught by someone (if their parents aren't capable) that you don't spend money you don't have on things that don't hold their value.
    To the bolded, I think that is an unfair statement. The message I got when I was young was the way to make it, to get the American dream, is to get an education. To study. That is why my family came to this country. Do you know how many people with degrees can't even find A job let alone the job they thought they would have? You don't expect to make 90,000 in your 20's. But you also don;t expect to not be emplayed with a degree either. And even taking inflation into account, the cost of college is so much higher then it was back in our parents days but the "dream" is the same. No one told me that my education won't hold it'svalue. Actually I was told it was the one thing that would appreciate.

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    Prolific Poster ftmom's Avatar
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    Quote Originally Posted by wlillie View Post
    I don't understand how people don't realize how things work. If you are doing good, you put aside for when you are doing bad; you don't borrow more than you have when you are doing good in the hopes that things are going to get even better. You don't get a degree that you can't pay back with the salary you'll earn with that job after you are done. You don't make 90,000 on average in your 20's.

    I hope the next generation is taught by someone (if their parents aren't capable) that you don't spend money you don't have on things that don't hold their value.
    The problem I see with this, is that we are told there are jobs out there. Even if you do the research and choose a field where you should be able to pay off your debt, you are competing with so many other people for a job. Some of those people are going to lose out. To use my field as an example, as a teacher I should make a decent wage (although I disagree with the articles reflection on that), however, my college alone pumps out about 150 teachers a year. That doesnt count the other 10 or more teaching programs in the college. The competition for jobs is crazy, and we all have at least 6 years of schooling! In the instance of my profession I totally blame the colleges and universities for not scaling back their programs.
    Quote Originally Posted by culturedmom View Post
    To the bolded, I think that is an unfair statement. The message I got when I was young was the way to make it, to get the American dream, is to get an education. To study. That is why my family came to this country. Do you know how many people with degrees can't even find A job let alone the job they thought they would have? You don't expect to make 90,000 in your 20's. But you also don;t expect to not be emplayed with a degree either. And even taking inflation into account, the cost of college is so much higher then it was back in our parents days but the "dream" is the same. No one told me that my education won't hold it'svalue. Actually I was told it was the one thing that would appreciate.
    Yes.
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    Quote Originally Posted by kris_w View Post
    The Baby Boomers are a financial wreck, apparently so are many of their children.... But their parents make up the wealthiest generation ever. What happened?
    I think a lot happened. Some things that I can think of are:

    • At some point, there was a big change in how children are perceived by both their own parents and by society at large. When my parents were growing up (and me to some extent also), children were not fawned over as they are today. Parents weren't obsessing about making sure there were play dates, lessons for sports, music, swimming, etc. Kids were more of an afterthought in some respects. I know my mother and grandmothers always took good care of the kids, but they were not as hyper involved as mothers are expected to be today. People weren't walking around on eggshells making sure nobody's feelings ever got hurt. Some kids didn't make the team, or get invited to the party, or get a trophy. Kids weren't the center of the family. They were part of it, sure, but definitely not the focus of everything. I think self-esteem has become so high that kids today can't imagine failure, or even imagine that they might have to really struggle to stay afloat. Why would they?
    • North Americans have way too much stuff! Expectations about what is a necessity has become ridiculous. People are making purchase decisions without doing any analysis of whether or not they can afford it. If you are making $23,000 per year, you can have a new car, the best cell phone with unlimited data and all the cable channels, buy all clothes you want ONLY if you live at home and rack up a ton of debt. I see the 20-somethings in my office with far fancier things than I have who make 1/5th of my salary. I know they can't afford the stuff they have on their own, and I doubt any of them are trust fund kids.
    • Universities need students to stay afloat -- of course they all market their programs as much as possible. Caveat emptor! If you don't research before you spend vast sums of money on an education, whose fault is it? Teaching jobs have been scarce here for quite a while, yet the colleges are churning out education majors year after year. The same is true for law schools. There are far more students in law school than there are jobs. Why do people keep enrolling? See my first paragraph: these people assume it's not they who won't get a job, because they are special and have always been special. Not succeeding has never been something they've dealt with.
    Alison

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    Posting Addict culturedmom's Avatar
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    Quote Originally Posted by Strange_Cat View Post
    I think a lot happened. Some things that I can think of are:

    • At some point, there was a big change in how children are perceived by both their own parents and by society at large. When my parents were growing up (and me to some extent also), children were not fawned over as they are today. Parents weren't obsessing about making sure there were play dates, lessons for sports, music, swimming, etc. Kids were more of an afterthought in some respects. I know my mother and grandmothers always took good care of the kids, but they were not as hyper involved as mothers are expected to be today. People weren't walking around on eggshells making sure nobody's feelings ever got hurt. Some kids didn't make the team, or get invited to the party, or get a trophy. Kids weren't the center of the family. They were part of it, sure, but definitely not the focus of everything. I think self-esteem has become so high that kids today can't imagine failure, or even imagine that they might have to really struggle to stay afloat. Why would they?
    • North Americans have way too much stuff! Expectations about what is a necessity has become ridiculous. People are making purchase decisions without doing any analysis of whether or not they can afford it. If you are making $23,000 per year, you can have a new car, the best cell phone with unlimited data and all the cable channels, buy all clothes you want ONLY if you live at home and rack up a ton of debt. I see the 20-somethings in my office with far fancier things than I have who make 1/5th of my salary. I know they can't afford the stuff they have on their own, and I doubt any of them are trust fund kids.
    • Universities need students to stay afloat -- of course they all market their programs as much as possible. Caveat emptor! If you don't research before you spend vast sums of money on an education, whose fault is it? Teaching jobs have been scarce here for quite a while, yet the colleges are churning out education majors year after year. The same is true for law schools. There are far more students in law school than there are jobs. Why do people keep enrolling? See my first paragraph: these people assume it's not they who won't get a job, because they are special and have always been special. Not succeeding has never been something they've dealt with.
    Wow, those are some big huge generalizations.

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    Posting Addict Strange_Cat's Avatar
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    Quote Originally Posted by culturedmom View Post
    Wow, those are some big huge generalizations.
    It was a general question -- what happened. I gave some ideas.
    Alison

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    Quote Originally Posted by Strange_Cat View Post
    I think a lot happened. Some things that I can think of are:

    • At some point, there was a big change in how children are perceived by both their own parents and by society at large. When my parents were growing up (and me to some extent also), children were not fawned over as they are today. Parents weren't obsessing about making sure there were play dates, lessons for sports, music, swimming, etc. Kids were more of an afterthought in some respects. I know my mother and grandmothers always took good care of the kids, but they were not as hyper involved as mothers are expected to be today. People weren't walking around on eggshells making sure nobody's feelings ever got hurt. Some kids didn't make the team, or get invited to the party, or get a trophy. Kids weren't the center of the family. They were part of it, sure, but definitely not the focus of everything. I think self-esteem has become so high that kids today can't imagine failure, or even imagine that they might have to really struggle to stay afloat. Why would they?
    • North Americans have way too much stuff! Expectations about what is a necessity has become ridiculous. People are making purchase decisions without doing any analysis of whether or not they can afford it. If you are making $23,000 per year, you can have a new car, the best cell phone with unlimited data and all the cable channels, buy all clothes you want ONLY if you live at home and rack up a ton of debt. I see the 20-somethings in my office with far fancier things than I have who make 1/5th of my salary. I know they can't afford the stuff they have on their own, and I doubt any of them are trust fund kids.
    • Universities need students to stay afloat -- of course they all market their programs as much as possible. Caveat emptor! If you don't research before you spend vast sums of money on an education, whose fault is it? Teaching jobs have been scarce here for quite a while, yet the colleges are churning out education majors year after year. The same is true for law schools. There are far more students in law school than there are jobs. Why do people keep enrolling? See my first paragraph: these people assume it's not they who won't get a job, because they are special and have always been special. Not succeeding has never been something they've dealt with.

    I agree with this. I see people spending money and buying all sorts of "necessities" when I am certain they can't afford it. I see it all the time among friends, coworkers, etc.

    A few years back someone crashed into our car, insurance wrote it off, and give us a pittance to replace it. We ended up buying another old, ugly, but reliable car. You wouldn't believe the number of comments we got about why we bought such an old car! People told us, "but, you could have afforded a better one, they would have given you a loan!". The concept of doing with less in order to live within our means was completely lost on more people.

    DH and I firmly believe in living debt-free. With the exception of our home, if we can't pay cash, we don't buy it. And we bust our butts trying to pay off our mortgage.

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