Why aren't people more financially responsible?

[iv]

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@Anonymous wrote:

i really think they need to teach kids young like in high school just how important credit and saving's and balancing a check book is.

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Yup. And guess what? "They" do!

(And not just in HS - it starts in elementary school...)

[sarge12]

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@iv wrote:

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@Anonymous wrote:

i really think they need to teach kids young like in high school just how important credit and saving's and balancing a check book is.

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Yup. And guess what? "They" do!

(And not just in HS - it starts in elementary school...)

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Ummm...Almost nobody actually balances a checkbook anymore. It used to be common, but I very rarely even write a check anymore. I use Quicken and pay and download transactions electronically. It would be more useful to teach them to create a budget, and the futility of not sticking to that budget. It is such a simple concept that you can not continuously spend more than your income, and every budget needs to allow for unplanned expenditures. Many make the mistake of not planning for the repairs and replacements of appliances, automobiles, televisions...etc. These things are going to fail if you live long enough, and every budget should have at least 10% of income saved for these often unplanned expenses, if not more. It is dooming a budget to failure to pretend the fridge will last forever, and being unplanned and then leading to even more expenses as debt interest, is a very common cause of too high of a debt load.

[iv]

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@sarge12 wrote:

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@iv wrote:

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@Anonymous wrote:

i really think they need to teach kids young like in high school just how important credit and saving's and balancing a check book is.

---

Yup. And guess what? "They" do!

(And not just in HS - it starts in elementary school...)

---

Ummm...Almost nobody actually balances a checkbook anymore. It used to be common, but I very rarely even write a check anymore. I use Quicken and pay and download transactions electronically. It would be more useful to teach them to create a budget, and the futility of not sticking to that budget. It is such a simple concept that you can not continuously spend more than your income, and every budget needs to allow for unplanned expenditures. Many make the mistake of not planning for the repairs and replacements of appliances, automobiles, televisions...etc. These things are going to fail if you live long enough, and every budget should have at least 10% of income saved for these often unplanned expenses, if not more. It is dooming a budget to failure to pretend the fridge will last forever, and being unplanned and then leading to even more expenses as debt interest, is a very common cause of too high of a debt load.

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Yes... and if you read the curriculum summary in the linked message, you'll see that not only is budgeting covered, students are required to have learned how/why to budget by the end of 4th Grade.

Students graduating HS today were generally taught proper financial management skills from elementary school through HS graduation. Do they all retain what they've been taught? No, not all of them, of course not.

But the canard of "why don't we teach kids about money" is just dated and incorrect today. Schools (at least the ones in most civilized states) generally added or expanded these requirements during or shortly after the last housing crash.

[Anonymous]

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@sarge12 wrote:

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@iv wrote:

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@Anonymous wrote:

i really think they need to teach kids young like in high school just how important credit and saving's and balancing a check book is.

---

Yup. And guess what? "They" do!

(And not just in HS - it starts in elementary school...)

---

Ummm...Almost nobody actually balances a checkbook anymore. It used to be common, but I very rarely even write a check anymore. I use Quicken and pay and download transactions electronically. It would be more useful to teach them to create a budget, and the futility of not sticking to that budget. It is such a simple concept that you can not continuously spend more than your income, and every budget needs to allow for unplanned expenditures. Many make the mistake of not planning for the repairs and replacements of appliances, automobiles, televisions...etc. These things are going to fail if you live long enough, and every budget should have at least 10% of income saved for these often unplanned expenses, if not more. It is dooming a budget to failure to pretend the fridge will last forever, and being unplanned and then leading to even more expenses as debt interest, is a very common cause of too high of a debt load.

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Hi! I'm almost nobody!! (j/k)

[TheVig]

If people would think more and feel less, they might have some money in the bank regardless of income level. Or said another way.....sometimes it's not how much you make, but how you manage it.

[Anonymous]

Im excited to hear NJ formed a finance curriculum as a big part of their education. I lived in NJ throughout my school years, and we didn't have it then and how i wish we did. I might have more $ in savings than I do now, maybe even a better credit score. I knew nothing about money. In fact, I was afraid of credit cards. My parents didn't talk about money in front of me and my sister. My sister was sick so I dont think they wanted us to worry. They didn't give us an allowance bc we did chores. We did chores bc we were supposed to do them and that was it. So thru my later teens and 20's, It wasn't that I was financially irresponsible. It was just that I didn't know anything about money. I literally just got by. Finally, it smacked me dead in the face when a very elderly woman I work with told me why she hasnt retired yet. That conversation scared me half to death, i decided to learn everything I can bc I did not want to be stuck in that position. I went straight to the bank that afternoon and put everything in my checking into my savings lol. I then started an IRA, I bought money management books, joined MyFico, and research, research, research!!!! I quickly got addicted to learning everything I can about money. Credit, Savings, retirement and now I am hooked on learning about Investing. But if I had known this earlier, maybe I would have been more motivated and saved much more. I probably wouldn't have wasted as much cash as I have and I truly would be in a better spot than I am now . That sort of teaching would have seriously helped me. I'm in my thirties, thank goodness, it's not too too late. I just hope I dont 'Have To" work in my '80s to be able to live and pay my bills. Now if I "Want To" work because I get bored very easily, well that's a different story. Maybe I might tell it to some curious 30 year old one day during our lunch break & maybe scare the bejeezus out of them too...lol 😜

[Save-n-Invest]

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@Anonymous wrote:

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@sarge12 wrote:

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@iv wrote:

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@Anonymous wrote:

i really think they need to teach kids young like in high school just how important credit and saving's and balancing a check book is.

---

Yup. And guess what? "They" do!

(And not just in HS - it starts in elementary school...)

---

Ummm...Almost nobody actually balances a checkbook anymore. It used to be common, but I very rarely even write a check anymore. I use Quicken and pay and download transactions electronically. It would be more useful to teach them to create a budget, and the futility of not sticking to that budget. It is such a simple concept that you can not continuously spend more than your income, and every budget needs to allow for unplanned expenditures. Many make the mistake of not planning for the repairs and replacements of appliances, automobiles, televisions...etc. These things are going to fail if you live long enough, and every budget should have at least 10% of income saved for these often unplanned expenses, if not more. It is dooming a budget to failure to pretend the fridge will last forever, and being unplanned and then leading to even more expenses as debt interest, is a very common cause of too high of a debt load.

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Hi! I'm almost nobody!! (j/k)

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Me too

[Anonymous]

I agree that marketing and advertising put a lot of pressure on people. Some can resist the temptation of buying something new and cool, some can't. The other problem is that people care too much about what others think of them. they buy new phones/cars/clothes to demonstrate how successful they are. Also, I guess spending money is an addiction in some way. You get used to that euphoric feeling of possessing something brand new and the happiness it brings you. 

[iv]

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@Anonymous wrote:
Finally, it smacked me dead in the face when a very elderly woman I work with told me why she hasnt retired yet. That conversation scared me half to death, i decided to learn everything I can bc I did not want to be stuck in that position. 

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That sort of reality check can be worth more than any amount of being lectured to...

It's not just the being financially able to retire, either - it's actually doing it, early enough to enjoy it.

My personal reality check on that was several people I knew who worked full time, well into their 70s and 80s - not because they had to (they didn't!), but because those jobs had become who they were.  Without those jobs, they literally didn't know what to do with themselves, and when they did eventually retire, they couldn't enjoy it (the people I'm thinking of only lasted 6 months to 2 years before major medical impairments or death).

Don't end up like that. Plan for the money side, yes. But also plan for the "what to do" side. (Yes, I'm saying "Get A Hobby!")

A job is something you retire from.

Savings are something you retire with.

Make sure you have something to retire to.

[Kree]

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@iv wrote:

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@Anonymous wrote:
Finally, it smacked me dead in the face when a very elderly woman I work with told me why she hasnt retired yet. That conversation scared me half to death, i decided to learn everything I can bc I did not want to be stuck in that position. 

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That sort of reality check can be worth more than any amount of being lectured to...

It's not just the being financially able to retire, either - it's actually doing it, early enough to enjoy it.

My personal reality check on that was several people I knew who worked full time, well into their 70s and 80s - not because they had to (they didn't!), but because those jobs had become who they were.  Without those jobs, they literally didn't know what to do with themselves, and when they did eventually retire, they couldn't enjoy it (the people I'm thinking of only lasted 6 months to 2 years before major medical impairments or death).

Don't end up like that. Plan for the money side, yes. But also plan for the "what to do" side. (Yes, I'm saying "Get A Hobby!")

A job is something you retire from.

Savings are something you retire with.

Make sure you have something to retire to.

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My Dad died at the age of 45. I personally have a few habits that most would consider not "financially responsible", but whats the point of retiring at age 44, if your gonna be dead a year later. I think there is a fine balance between ensuring you don't work until you are dead, and ensuring that you don't regret your financial decisions if you find out you only have 2 weeks to live.