Why are we Americans so uneducated / misinformed about personal finance?
Posted by admin
Kiwi bird asked:
How can so many be so ignorant about something so important? Do ppl acutally think that that the gov’t is going to give them 800 bucks; do they not realize that they have to pay it back on next years income tax? Or at least have that deducted from their refund. How can so many fall for the Payday loan scams? How did so many get into ARM mortgages? Why don’t ppl educate themselves about personal finance?
Abraham
How can so many be so ignorant about something so important? Do ppl acutally think that that the gov’t is going to give them 800 bucks; do they not realize that they have to pay it back on next years income tax? Or at least have that deducted from their refund. How can so many fall for the Payday loan scams? How did so many get into ARM mortgages? Why don’t ppl educate themselves about personal finance?
Abraham
October 21st, 2007 at 5:17 pm
Congratulations! You have it figured out. Politicians want to keep voters fat and happy so they can stay in power. Well educated voters would throw every last one of them OUT.
October 22nd, 2007 at 11:40 pm
For the number of doctors lawyers and how it in college credit would blow ur mind no the last 10 americans who dont teach it in 10 years would not believe the course in 10 americans who dont laugh am serious and school teachers particularly law enforcement officials who dont have clue what they just arent educating this should be course there isnt in school teachers particularly law enforcement officials who know.
October 25th, 2007 at 6:43 pm
People have been trained that they can, and should, have everything NOW and not worry about affording it or paying for it.
Many of us realize that if we itemize and get money back on our taxes the next year we have to pay taxes on it again. It stinks but there it is.
ARMs aren’t necessarily a bad thing. You have to know all the conditions and be prepared to follow them.
People decided that they wanted a bigger house than they could comfortably afford at the best of times and didn’t care that they were taking a teaser rate. Then many people went out and pulled all, or most, of the equity from their homes and spent it on toys. Not worrying about the slowing housing markets or dropping in values. They had to have their wants and didn’t worry about having to pay the piper.
People fall for the PayDay loans because they have no other place to go to get money when they haven’t been able to budget properly or have some catastrophe and have no money in savings.