Wow the lack of financial education in this country is staggering

[Anonymous]

Anonymous wrote:Yes, this board is full of people born on third base who thought they hit a triple. I’m from a normal middle class background. Single mom, first in my family to graduate from college, took out student loans, paid them back. My kid also has student loans and will pay his back. Even if we cut every corner, I still don’t have enough to pay for everything. I always pay off my credit card debt but until I stop paying for college, it is super tight every month.

This. Most people I know with absolutely zero debt come from privilege that benefits them well into adulthood. Even if their parents aren't explicitly cutting them checks (and many of them are!), they paid for college, wedding, downpayment on the house, family vacations, gifted older cars, etc. One friend talks about how she stands to inherit $4 million dollars. Crazy stuff.

[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.

Hah, this is so funny because my husbands family is split down the middle with their habits. Mom + DH are thrify frugal savers. Dad + BIL are the spenders, the "we can always make more money" type. I think BILs HHI is over $500k (far more than me + DH) but they save almost nothing. He's always buying a new (used) fancy car, drives it for a while and then sells it to buy something else. Always eating out. He asked DH to go with him to an investing/saving seminar thing and DH said all the things they taught were so basic but he wasn't doing any of it.

[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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

[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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

[Anonymous]

Anonymous wrote:

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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

I know plenty with two of them...they also now sell strollers that cost as much $4,000 each and the base Bugaboo is now like $2,000.

It's nuts.

[Anonymous]

Anonymous wrote:

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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

I'm a new grandparent and we didn't buy the stroller because DD travels with it, but we bought a lot of other baby equipment and supplies so that it is easy for DD to visit with the baby. So we have a car seat, crib, high chair, bouncy chair, etc. So I guess this is playing out with 2x the items for one baby.

[Anonymous]

A movie star on TV once was talking that when ever he buys new clothes, gadgets etc he buys two ands ships the second to his Hampton House.

That way he does not need to pack clothes or stuff when he goes there as he has a second of everything.

Only in America.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

I'm a new grandparent and we didn't buy the stroller because DD travels with it, but we bought a lot of other baby equipment and supplies so that it is easy for DD to visit with the baby. So we have a car seat, crib, high chair, bouncy chair, etc. So I guess this is playing out with 2x the items for one baby.

Although for the record I would say I am very financially literate. MBA, significant savings and investments, high income, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

I'm a new grandparent and we didn't buy the stroller because DD travels with it, but we bought a lot of other baby equipment and supplies so that it is easy for DD to visit with the baby. So we have a car seat, crib, high chair, bouncy chair, etc. So I guess this is playing out with 2x the items for one baby.

My kids were toddlers just when the Bugaboo first started showing up in the US. I remember we had a "nice" $150 stroller for the house and a complete, crap $25 stroller we kept in the car. We all thought it was crazy to pay $800 for a stroller.

Now, I walk around the neighborhood and while I am not a stroller expert, I see all these strollers with European names and assume they are all like $1,000+. It's now for every 20 strollers I see in the neighborhood, 19 will be these designer strollers and one looks like it costs like $250.

[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.

I wish all parents were like this. I was fortunate that my parents were like this.

To help the kids whose parents are not financially savvy, I believe that personal finance should be a mandatory class in all high schools. (I have heard that is the case in Virginia, which is wonderful.)

I believe high schools should add 2 important life skills to the curriculum:
1. Personal finance
2. How to cope with disappointment in a healthy way

[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.

sigh, yea. I am frugal and have taught my kids to be. But, only one is like this. The other is "spend spend spend", though they are getting better about it - 17 yr old DC. At minimum, though, DC has been putting money away and saving, just not as much as I think they will need for spending money when they goes off to college.

Older DC, oth, has made and will make a lot from their internships. They will have like $100K by the end of this year saved, and they said that they don't have that much to spend on. Their only big splurge is skiing. They aren't even interested in buying a car right now. I think they are like me, they like to see their savings grow (and yes, it's invested).

[Anonymous]

Anonymous wrote:

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.

sigh, yea. I am frugal and have taught my kids to be. But, only one is like this. The other is "spend spend spend", though they are getting better about it - 17 yr old DC. At minimum, though, DC has been putting money away and saving, just not as much as I think they will need for spending money when they goes off to college.

Older DC, oth, has made and will make a lot from their internships. They will have like $100K by the end of this year saved, and they said that they don't have that much to spend on. Their only big splurge is skiing. They aren't even interested in buying a car right now. I think they are like me, they like to see their savings grow (and yes, it's invested).

Is more often than not the younger sibling with the less frugal habits? It’s definitely like that with my kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

sigh, yea. I am frugal and have taught my kids to be. But, only one is like this. The other is "spend spend spend", though they are getting better about it - 17 yr old DC. At minimum, though, DC has been putting money away and saving, just not as much as I think they will need for spending money when they goes off to college.

Older DC, oth, has made and will make a lot from their internships. They will have like $100K by the end of this year saved, and they said that they don't have that much to spend on. Their only big splurge is skiing. They aren't even interested in buying a car right now. I think they are like me, they like to see their savings grow (and yes, it's invested).

Is more often than not the younger sibling with the less frugal habits? It’s definitely like that with my kids.

Not sure how accurate that is, but for my family, it's not true. I'm the youngest of four, and I'm probably the most frugal, and make the most money. Could be why I can retire early, but they can't.

However, it is true for my kids

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

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

I have a buddy who works at a European PE firm that owned one of the European high-end stroller companies (Bugaboo maker I think who was/is Dutch).

He said that you have to analyze the US market completely different from all other international markets...especially Europe. In Europe, a family will buy one of these $1,000 strollers and beat the shit out of it until all the kids are out of strollers and then look to resell it.

In the US, a family will buy three of these strollers...not because they have more kids...but because they keep one on the porch, they keep one in the car so they don't have to be bothered with folding the one on the porch, they will keep one at Grandma's house so they don't have to take the one out of the car and put it back in each time the kid is with Grandma, etc.

The same markets in the US are 2x - 3x the size per capita they are everywhere else (especially in the luxury markets).

I agree generally about the inescapable marketing drumbeat that we are constantly subjected to in the US. We lived overseas with our kids for years and was shocked by it when we returned to the US.

However, given this unprecedented barrage of ads aimed right at us, I think we do better than expected as a society. Not great but could be worse.

Who among us owns three $1k strollers? We own one $200 stroller.

I'm a new grandparent and we didn't buy the stroller because DD travels with it, but we bought a lot of other baby equipment and supplies so that it is easy for DD to visit with the baby. So we have a car seat, crib, high chair, bouncy chair, etc. So I guess this is playing out with 2x the items for one baby.

My kids were toddlers just when the Bugaboo first started showing up in the US. I remember we had a "nice" $150 stroller for the house and a complete, crap $25 stroller we kept in the car. We all thought it was crazy to pay $800 for a stroller.

Now, I walk around the neighborhood and while I am not a stroller expert, I see all these strollers with European names and assume they are all like $1,000+. It's now for every 20 strollers I see in the neighborhood, 19 will be these designer strollers and one looks like it costs like $250.

DD has an uppababy stroller, with many accessories. It is super nice, but crazy expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

sigh, yea. I am frugal and have taught my kids to be. But, only one is like this. The other is "spend spend spend", though they are getting better about it - 17 yr old DC. At minimum, though, DC has been putting money away and saving, just not as much as I think they will need for spending money when they goes off to college.

Older DC, oth, has made and will make a lot from their internships. They will have like $100K by the end of this year saved, and they said that they don't have that much to spend on. Their only big splurge is skiing. They aren't even interested in buying a car right now. I think they are like me, they like to see their savings grow (and yes, it's invested).

Is more often than not the younger sibling with the less frugal habits? It’s definitely like that with my kids.

There are studies on this! Elder siblings tend to be more conservative/risk averse and make more. Youngers siblings tend to be more free spirited and spendy. Only children generally make the most (first borns second) with middle children making the least.