Originally Posted by
Carl Spackler
Totally agree here with every word.
But for the first 10 years after high school graduation, I was one of those poor sots that didn't even have a credit score because I was so broke. It was southern California in the late seventies when real estate was going straight up. I had buddies willing to "hook me up" and get in on it even though I couldn't afford it. I didn't do it. Why? Because I couldn't afford it unless my income never went backwards. All my old buds went broke in the 80's when socal real estate went bust.
The moral of this ever repeating story is simple. If you can't afford it, don't buy it. If you buy it anyway, it's your own damn fault. There will always be financial instruments available to give you the dreams you can't afford. If you fall for it, it's your fault.
Carl
Carl, I totally respect everything you've said regarding finances. I wish everyone had a father or grandfather with your wisdom.
I believe one of the biggest problems with education in America, is that we don't teach teenagers/high schoolers basic life skills ...
-Checking accounts, how they work, how to balance them, what happens when you bounce a check
-Credit cards, the good, the bad, the ugly
-Interest and how it can make you rich or poor
-What is a contract/lease
-What is wage garnishment
-Free resources for financial help, job training, job search, etc.
-The judicial system and you
-How to buy a home
-Renting versus owning
-Savings accounts
-401ks
-Car insurance, medical insurance
etc.etc.