Someone had to do the wiring in the first place.
I think it was God. Seriously, brain research does show that teens
don't fully have the ability to think through long-term consequences and recognize risky behavior yet. Don't miss the qualifying statement: This ability isn't
fully developed until 22, 23, 24 -- and later for men than for women. Don't twist that into an extreme statement. And obviously a child who's taught to accept the consequences of his actions is going to stronger in this regard than a kid who's been coddled and allowed to blame everyone else.
Every season in life is high-spending if you are a high spender.
I agree with that. It makes me think of the SpongeBob cartoon where they each have a candy bar that has to last them
the rest of their lives, and Patrick says, "I think I'll eat mine now." So typical of our society's spending: I want ____ now, and I don't care about later.
However, I'm a little older than most posters here, so I've lived through the college years . . . and the newlywed, just-bought-a-house years . . . and the small children years . . . and now my youngest is about to start college, so I can say this with some authority:
It's not so hard to be frugal in college. You're expected to be broke.
It's not so hard to be frugal right out of college. You're expected to earning an entry-level salary and saving for a house. You're expected to furnish it in hand-me-downs-and-thrift store.
The small children phase is expensive, but you get through it.
Your kids' elementary and middle school years should be prime savings years.
Your kids' teenaged years are going to be expensive; you really need to have your financial act together by that point. It's harder to find used clothing, they eat more, braces are expensive, their activities are expensive, and you need to teach them to drive. All that adds up.
Those were our most expensive years -- more expensive than day care, more expensive than college. Your kids' college years will be expensive, and borrowing only postpones/increases the cost. This is pretty much equal to the small children phase -- you're spending money all the time, but I can see an end to these years.
Yes, yes, you can choose not to do this or that -- that's not really the point here. Some times of your life really are more expensive.
I read this article on my commute this a.m. and found myself shaking my head at some of the people they interviewed, like the young woman who went to the destination bachelorette parties. I wonder where they find these people. Of course, if this behavior is the norm, it may not be that hard.
Some of my coworkers attend these things. I do think today's 20-somethings are offered more opportunities to spend recklessly.
Deano, I don't think it is taught in american schools though, not much at least. But if I had to guess a lot of the class taught how to balance a checkbook? Or did it teach investing for future as well?
Personal finance is taught in a number of classes -- not in one lump, but individual ideas in numerous classes. I can see two reasons it "doesn't take": 1) Use it or lose it. Yeah, they do a whole unit on credit cards and debt in 10th grade Civics, and they do worksheets on how credit card interest can bury you . . . but since they don't have credit cards yet and can't actually USE the information, it's forgotten by the time they really do have a chance to practice it. For some of them, money first seems to be "real" when they're considering college costs -- and that doesn't even seem real to others. 2) In high school kids have the general idea that they're going to make TONS of money, and all this stuff about interest and budgeting just won't apply to them. Seriously, they seem to think that all of them are going to be singers, football players, pharmacists, neurosurgeons, etc. -- even the kids who don't like school, don't read on their own, didn't get a staring role in the school musical, and played second string on the football team.
For some reason a $30k loan on a mid-level Subaru is considered fine to pay off over five years, but $30k for an education that should drastically increase your earning power for the next four or five decades is an insurmountable, lifelong burden.
1. I don't think a 30K car is a wise choice.
2. The real issue is that most people are going to have the 30K student debt ON TOP OF the car payment and the house payment and whatever else. It's not an "instead of" thing.