Student Loan Hell

[jessiegrrrl]

Should be taught in school, I reckon.
I know schools have enough on their plates, what with parents expecting them to teach kids how to be decent human beings and all, but some financial literacy should be gone over at least yearly in one or two lessons.
I have friends who in one breath will say how they can't afford petrol til next payday, then in the next say they're getting a new car because "I'm paying off a loan already, adding to it wont matter much".

Yes, this is very frustrating to me. I know so many people who will whine for EVER about how broke they are, how they have no money for anything, and yet will somehow manage to buy completely NON ESSENTIAL stuff, even when they have important things that should be priority, like families! Ohhhhhh it really pisses me off.

[just_icarus]

Should be taught in school, I reckon.
I know schools have enough on their plates, what with parents expecting them to teach kids how to be decent human beings and all, but some financial literacy should be gone over at least yearly in one or two lessons.
I have friends who in one breath will say how they can't afford petrol til next payday, then in the next say they're getting a new car because "I'm paying off a loan already, adding to it wont matter much".

Yes, this is very frustrating to me. I know so many people who will whine for EVER about how broke they are, how they have no money for anything, and yet will somehow manage to buy completely NON ESSENTIAL stuff, even when they have important things that should be priority, like families! Ohhhhhh it really pisses me off.

^mmmmmhmm.

[LilyBathory]

Isn't that kind of behaviour basically the root of this recession? my finance-savy friend explained that to me once. fictional money being spent. something like that. I don't know, I was raised to only spend money that I have, so that's been working pretty well for me.

[jessiegrrrl]

Isn't that kind of behaviour basically the root of this recession? my finance-savy friend explained that to me once. fictional money being spent. something like that. I don't know, I was raised to only spend money that I have, so that's been working pretty well for me.

Yeah, "credit". Spending money you don't actually have can put you in a seriously dark spot that is sometimes impossible to get out of! This is why I refuse to get a credit card except for absolute emergencies. And I will only go into debt for important things: house, car, EDUCATION.

[namelesswonder]

I don't think it should be a mandatory thing in school, it just doesn't make sense to me. These are life skills, not the kind of stuff you would learn in a school. Life schools are things that should be taught at home.

Well, maybe not *should*, but that's generally how I've seen it done and so it's familiar/common to me. Maybe it would be appropriate in a school (it does *seem* appropriate), but it seems an odd thing to spend time on, when parents could be incorporating financial responsibility into, you know, daily lessons or whatever. My parents SUCK at saving money, but they still encouraged me to do so, and I am now infinitely better at saving than they are. I also keep my room fairly clean and get rid of my junk several times a year, no thanks to their example. Ending tangent. To incorporate how to survive in life financially in school would be great, just like better health classes that actually teach you about your options, but a lot of it is about what you choose and what's best for you, and that seems very different than most other things you learn in school, all based on pre-existing formulas, events already occurred, books already written etc. Make any sense? Probably not. It just seems like something that should be taught by example, if not just learned on your own.

NOT TRYING TO RIP ON ANYBODY'S PARENTS, JUST THOUGHTS OK?! I feel the need to fend off angry remarks.

[CamilleDevine]

^I get what you're saying.
Ideally, these sorts of things should be picked up from your parents. They should also have open conversations regarding alcohol/other drugs and set a good example in that regard, ditto contraception, relationships, safe driving... problem is, some parents have poor form in these areas, so aren't the best of examples.
So many people rely heavily on debt, it's no surprise that each generation is more ill-informed, or reckless, or whatever is causing them to rack up large amounts of consumer debt in areas where it's unnecessary.

Not sure how it is elsewhere, but here, there's a phenomenon known as "McMansions". People who aren't in the financial position to do so "buy" (take out a huge mortgage on) houses much bigger, fancier and in more desirable locations than they really need. The banks let them because, hell, interest ahoy!

Sooo... not to get too off-topic, but understanding the seriousness of debt/interest, the importance of work ("I'm studying, I can't work AS WELL!1!"), the difference between wants and needs and the value of saving money seem to be lost on more and more people.