For a majority of Americans probably the most important thing that they could learn from a financial planning perspective would be compound interest and the fact that it swings both ways. And maybe secondarily that when the fed keeps interest rates at zero that only means savings interest rates will be at zero, but debt interest rates will still be as high as they ever were.
I would have sympathy for this schlub if he was just some workin' man who came from nothing and was just trying to make ends meet and someday get ahead.
But this guy seems like he did massively dumb stuff. Massively!
I grew up knowing only one financial lesson -- credit cards are bad news!
Everything else I had to learn on my own. Not learning financial smarts when you are a kid from your parents is just a massive setback in so many ways that is largely out of your control until you maybe wise up in time to teach yourself.
I agree with you that willfully not repaying debt you sign up for is wrong. But we live in a world where you are expected to go into debt, and you are in fact constantly bombarded with messages that whatever you want is yours for the taking. Yes, we all have the ability to say no, but it's like taunting someone with cake and then criticizing them when they finds it hard to refuse.
I think religions that consider usury a sin might be on to something, as is Shakespeare: "Neither a borrower nor a lender be." It's not easy to accomplish that in our society, that's all.
Maybe I'll go back and read lessisbest's post.
"Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
www.silententry.wordpress.com
Financial responsibility is ONE criteria I use to judge character, not the only one.Thomas Jefferson has several problems as a man and as a historical figure, but I will not dismiss him as a great man for our country due to these issues.
we are all a sum of our parts.
the Hamptons dwelling author made himself known to me for his financial problems, so of course thats what I will comment on, its all I know of him. Well, I did look up his books and he was published by an academic press so he likely didnt make much from those books. His contributions to scholarship would be important to some, I am indifferent.
Im sure he and the wife throw fascinating dinner parties, so there is that.
I can somewhat sympathize with him on the Eternal Dad Conundrum of wanting the best for your kids while at the same time teaching them by example that life is a matter of difficult choices. He seems to have come down on giving them all they "deserved" and damn the consequences. I'm not sure the benefits of degrees from Harvard and Emory outweigh the example of begging from your parents, stiffing the IRS, and generally consuming more than you can produce over a career to maintain your status.
As the author himself points out, he's probably not a good example of the real struggles that many families have. It's hard to feel empathy for someone who earned the income he did, made the stupid decisions he did, and finds himself in his place.
But there are lots of other families who actually do deserve our empathy, but generally in our society, as Steve pointed out, only blame is forthcoming. The CFPB is a good first step but more needs to be done. After what we did to save the big banks I don't have much sympathy for the whines of "people take on debt, they should be responsible enough to pay it back."
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