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People who can't manage finances or spending. How does this happen?
Posted on 9/18/20 at 10:55 am
Posted on 9/18/20 at 10:55 am
I stumbled upon a Youtube channel that shows lots of episodes of Till Debt Do Us Part, which is a Canadian show that was airing right before the 2008 crash, from what I read in the comments. The show is kind of goofy (basically if the couple does 3 challenges towards reforming their spending, they get $5k to put towards debt), but only when you get into the challenges part. The first 10 minutes or so, when they go over the couples' behaviors and finances, is insane.
The couple in the video I posted has NO IDEA how much they spend, what their debtload is, etc. This particular couple estimated they spent $6400/month, but they actually spent ELEVEN GRAND A MONTH.
One episode I skimmed last night had a couple estimate they had $20k in consumer debt, but it was actually $56k.
My favorite are the wives who argue "I'm buying this stuff on sale, so we're actually saving money". It happens OVER and OVER on the show.
The couple in the video I posted has NO IDEA how much they spend, what their debtload is, etc. This particular couple estimated they spent $6400/month, but they actually spent ELEVEN GRAND A MONTH.
One episode I skimmed last night had a couple estimate they had $20k in consumer debt, but it was actually $56k.
My favorite are the wives who argue "I'm buying this stuff on sale, so we're actually saving money". It happens OVER and OVER on the show.
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Posted on 9/18/20 at 10:56 am to SlowFlowPro
People want to live for today.
Cashless world plus credit makes us lose touch with the reality of money.
Cashless world plus credit makes us lose touch with the reality of money.
Posted on 9/18/20 at 10:57 am to SlowFlowPro
Some people are stupid. 
Posted on 9/18/20 at 10:58 am to Cosmo
Great show, she also has another show Princess
This post was edited on 9/18/20 at 11:00 am
Posted on 9/18/20 at 10:59 am to SlowFlowPro
Loved watching that show back in the day.
Also the crazy bastards on "can i afford this?" with Suze Orman.
Also the crazy bastards on "can i afford this?" with Suze Orman.
Posted on 9/18/20 at 10:59 am to Cosmo
The one legit takeaway from this show that I found myself agreeing with fully was all the "stuff" these people have. The host lady will go into their house and it's always filled with "stuff". I have been getting rid of a lot of old stuff the past couple months. Made a couple trips to donate to goodwill and filled up the trash can a few weeks.
Posted on 9/18/20 at 11:00 am to Cosmo
quote:
Cashless world plus credit makes us lose touch with the reality of money.
This coupled with consumerism culture means practically everyone sucks at money. "There is no way I can save for retirement" is the biggest lie we tell ourselves.
Posted on 9/18/20 at 11:01 am to SlowFlowPro
When are people taught anything about it?
no time, got to be taught how they are oppressor or victim
Take the % of high school grads who are functionally illiterate and multiple by about 3 to get the innumerate percentage.
no time, got to be taught how they are oppressor or victim
Take the % of high school grads who are functionally illiterate and multiple by about 3 to get the innumerate percentage.
Posted on 9/18/20 at 11:01 am to SlowFlowPro
Poor parenting.
Posted on 9/18/20 at 11:02 am to SlowFlowPro
Limited personal finance education in schools, if any.
20 plus years of debt-fueled, consumer spending driven economy.
Pretty easy to see how it happens.
20 plus years of debt-fueled, consumer spending driven economy.
Pretty easy to see how it happens.
Posted on 9/18/20 at 11:02 am to gthog61
quote:
When are people taught anything about it?
it doesn't require a formal education process to understand you make x a month and shouldn't spend twice that
the people on this show almost always have transferred credit cards, used personal LOCs, or have multiple consolidation loans. they KNOW they can't afford it based on what they had to do to keep having money coming in
Posted on 9/18/20 at 11:02 am to SlowFlowPro
Most people cant handle credit cards. They see they have a $2000 limit so they think they have $2000. With the average APR on a credit card over 20%, their debt just grows and grows
Posted on 9/18/20 at 11:02 am to SlowFlowPro
My dad taught me a lot about finances. Even my girlfriend who is pretty smart never had her parents sit her down and explain a lot of this stuff so I’m trying to imprint better habits on her. Same with a lot of my friends. I just helped my friend set up an IRA. He’d been saving well just not investing. The more people i can help with basic money management the better. It’s not hard especially if you instill the values early on.
ETA: my dad literally used to make me write papers during weekends or after school on financial literacy. He’d give me articles from the paper of stories of people who totally overspent or fricked their lives up by not managing their finances and make me write reports to him on it.
ETA: my dad literally used to make me write papers during weekends or after school on financial literacy. He’d give me articles from the paper of stories of people who totally overspent or fricked their lives up by not managing their finances and make me write reports to him on it.
This post was edited on 9/18/20 at 11:04 am
Posted on 9/18/20 at 11:02 am to SlowFlowPro
Decades ago, the words "file bankruptcy" and foreclosure were about as low as a person could go. Now, it's a safety net that carries no stigma.
Posted on 9/18/20 at 11:02 am to SlowFlowPro
I have no clue what I spend a month. I put aside a percentage of my check and just use my debit card.
Rarely check my balance tbh.
Rarely check my balance tbh.
Posted on 9/18/20 at 11:03 am to SlowFlowPro
It’s so easy to be financially responsible. I don’t get why such a small % of Americans manage to do it though.
Posted on 9/18/20 at 11:04 am to Ping Pong
quote:
They see they have a $2000 limit so they think they have $2000.
one couple last night said they got a card with a $5k limit and it was maxed out before they got the initial bill
Posted on 9/18/20 at 11:04 am to GreatLakesTiger24
quote:
don’t get why such a small % of Americans manage to do it though
Because its effortless to spend more than you make.
Posted on 9/18/20 at 11:04 am to SlowFlowPro
I think finances should be part of high school
Kids have no clue how to balance a check book, buy a house or create a budget
Kids have no clue how to balance a check book, buy a house or create a budget
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