Those Who Lived During the Depression Have Better Fiscal and Financial Responsibility
Not long ago, a New York State College Professor of economics had made an extremely astute comment about the generational divide on fiscal and financial responsibility in noting that those who lived during the depression and for a few decades after thought of money much different than the current younger generation now.
Indeed, most would concur and even I tend to agree very much that after the depression people were more frugal, saved more money and handled their financial affairs with greater responsibility.
We are now watching the shifting demographics and those who grew up in the depression are the middle to older baby boomers, and it appears the underling generations did not learn that lesson very well.
That's too bad.
Very concerned with the credit card issues, as folks are paying interest the wrong way, instead of allowing it to work for them they are paying often in excess of 18% the wrong way.
That is unsustainable over time, as compounded interest and growth can be your best friend, but in reverse; it's economic enslavement indeed.
Fact is, I wonder if our college professor has noticed at his college that credit card applications show up around campus? I can remember giving speeches on business topics and seeing credit card applications lying around with promises of free-gifts for kids that sign up.
As I understand it the average graduate has in excess of $10K in credit card debt - I bet he could verify that figure, and if so, that's just disgusting really? Of course, as a Friedman economist type myself, they were free to choose, too bad they made such horrible choices? Please use credit wisely, value money, save, and consider all this.
Indeed, most would concur and even I tend to agree very much that after the depression people were more frugal, saved more money and handled their financial affairs with greater responsibility.
We are now watching the shifting demographics and those who grew up in the depression are the middle to older baby boomers, and it appears the underling generations did not learn that lesson very well.
That's too bad.
Very concerned with the credit card issues, as folks are paying interest the wrong way, instead of allowing it to work for them they are paying often in excess of 18% the wrong way.
That is unsustainable over time, as compounded interest and growth can be your best friend, but in reverse; it's economic enslavement indeed.
Fact is, I wonder if our college professor has noticed at his college that credit card applications show up around campus? I can remember giving speeches on business topics and seeing credit card applications lying around with promises of free-gifts for kids that sign up.
As I understand it the average graduate has in excess of $10K in credit card debt - I bet he could verify that figure, and if so, that's just disgusting really? Of course, as a Friedman economist type myself, they were free to choose, too bad they made such horrible choices? Please use credit wisely, value money, save, and consider all this.
