Wow the lack of financial education in this country is staggering

[Anonymous]

What I find more disgusting honestly are people with high income living paycheck to paycheck. I am a single parent with a child and I make $110k/year. We obviously don't have an extravagant lifestyle. I have no debt, on track for retirement and definitely not living paycheck to paycheck.

I have a single excel spreadsheet where I track my monthly expenses. Using elementary math, I know how much I have left every month, how much I need to save for emergencies etc, what kind of car I can afford (I have a used mazda 3), etc.

[Anonymous]

Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

[Anonymous]

Anonymous wrote:Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

I moved to the US 2 years ago. I got a first glimpse of consumerism when I was watching a cartoon with my kiddo and there was a commercial that was telling kids "tell your parents you want blah blah..." I was like wow lol

[Anonymous]

Anonymous wrote:Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

Agreed. The stores push it so consistently that you know it’s not in your best interest.

[Anonymous]

Anonymous wrote:Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

100% this. And when you are a minority and you say No they look like you like you are crazy and sometimes are angry. I am like why are you trying to force me into debt. What the hell dude?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

100% this. And when you are a minority and you say No they look like you like you are crazy and sometimes are angry. I am like why are you trying to force me into debt. What the hell dude?

I have also had a TJ maxx cashier get an attitude with me over the credit card. Apparently they cut their hours if they don’t get enough sign ups.

[Anonymous]

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

No. Just no. This doesn’t explain all the dynamics where one kid is great with money and the others aren’t. Just read the family relationship forum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

No. Just no. This doesn’t explain all the dynamics where one kid is great with money and the others aren’t. Just read the family relationship forum.

Yep. My dad had to declare bankruptcy, go to credit counseling, and cut up all but one of his credit cards.

He’s doing okay now but it was a rough road.

[Anonymous]

Anonymous wrote:I think most people learn from their parents. My parents were always frugal and good with money. They passed this down. I have done the same.

Not really. My father and my husband’s father were excellent with money. My husband and I not so much. Parents can try their best in teaching about money but it’s up to them. On the other hand there are kids who grow up to be excellent with money when their parents were deadbeats.

[Anonymous]

Just read on Reddit this AM someone bragging about a great deal they had on a car. By the second comment someone pointed out that they had a 29.99% APR. The OP was confused why it was an issue. They said the payment was manageable so it was a great deal.

I bet you that OP has a college diploma and probably from an acceptable school.

I am all for personal responsibility and all, but the degree to which we freely f**k clueless people (with the backing of the government) is truly disgusting. Why anyone think payday loans, 29.99% APR on car loans, taking advantage of younger female buyers who work hard for their money is absolutely disgusting. We are better than this. But it seems to me that in this country actually taking advantage of someone who isn't as financially educated is a sign of healthy functioning economy. And the scary part is a big portion of our economy operates this way.

[Anonymous]

Anonymous wrote:I was watching a show and people were calling in regarding their finances.

This one lady in her 60s wants to buy a home, rolled over negative equity from an old car loan into a new one and she doesn't know how much she owes ...wow just wow

I assume from your post that you think the government or schools should provide this education? Why? Why can’t some people be ignorant t about some aspects of like without you subscribing it to a “national “ mindset. There are the same amount of financially ignorant people in other countries. If people are unwilling to read it go online and learn something, you can’t help them, but that attitude is worldwide.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Debt and consumerism is pushed on us just like fast food and sports gambling. I refuse to get any store credit card. I just don’t see the point, but clearly people do it and carry a balance otherwise TJ Maxx and Ulta wouldn’t push it every time you bought something in the store. There are industries in this country that profit solely on the fact that a sucker is born every minute.

100% this. And when you are a minority and you say No they look like you like you are crazy and sometimes are angry. I am like why are you trying to force me into debt. What the hell dude?

I have also had a TJ maxx cashier get an attitude with me over the credit card. Apparently they cut their hours if they don’t get enough sign ups.

I just them I already have the card.

[Anonymous]

Anonymous wrote:Just read on Reddit this AM someone bragging about a great deal they had on a car. By the second comment someone pointed out that they had a 29.99% APR. The OP was confused why it was an issue. They said the payment was manageable so it was a great deal.

I bet you that OP has a college diploma and probably from an acceptable school.

I am all for personal responsibility and all, but the degree to which we freely f**k clueless people (with the backing of the government) is truly disgusting. Why anyone think payday loans, 29.99% APR on car loans, taking advantage of younger female buyers who work hard for their money is absolutely disgusting. We are better than this. But it seems to me that in this country actually taking advantage of someone who isn't as financially educated is a sign of healthy functioning economy. And the scary part is a big portion of our economy operates this way.

No, we aren’t better than this. This country is run by big businesses that absolutely depend on a huge number of people not being fiscally literate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just read on Reddit this AM someone bragging about a great deal they had on a car. By the second comment someone pointed out that they had a 29.99% APR. The OP was confused why it was an issue. They said the payment was manageable so it was a great deal.

I bet you that OP has a college diploma and probably from an acceptable school.

I am all for personal responsibility and all, but the degree to which we freely f**k clueless people (with the backing of the government) is truly disgusting. Why anyone think payday loans, 29.99% APR on car loans, taking advantage of younger female buyers who work hard for their money is absolutely disgusting. We are better than this. But it seems to me that in this country actually taking advantage of someone who isn't as financially educated is a sign of healthy functioning economy. And the scary part is a big portion of our economy operates this way.

No, we aren’t better than this. This country is run by big businesses that absolutely depend on a huge number of people not being fiscally literate.

+1. Look at how many people bought an iPhone just because they didn’t want their texts to show up in green.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just read on Reddit this AM someone bragging about a great deal they had on a car. By the second comment someone pointed out that they had a 29.99% APR. The OP was confused why it was an issue. They said the payment was manageable so it was a great deal.

I bet you that OP has a college diploma and probably from an acceptable school.

I am all for personal responsibility and all, but the degree to which we freely f**k clueless people (with the backing of the government) is truly disgusting. Why anyone think payday loans, 29.99% APR on car loans, taking advantage of younger female buyers who work hard for their money is absolutely disgusting. We are better than this. But it seems to me that in this country actually taking advantage of someone who isn't as financially educated is a sign of healthy functioning economy. And the scary part is a big portion of our economy operates this way.

No, we aren’t better than this. This country is run by big businesses that absolutely depend on a huge number of people not being fiscally literate.

Think about all of those bankers that made off like bandits effing the global economy pushing subprime mortgages off on schmucks in the early 2000s. If you go into poor neighborhoods there are still payday and car title loan places that only desperate and clueless people would use.