Gah, I don't understand how some people fail so bad at money management.

[fuzzybabybunny]

My cousin has a bachelor's degree in EE, doesn't have a job, and is having some immigration issues. He can't seem to get a green card in the US, so he's moving to Canada.

So... doesn't have a job, doesn't have money saved up.

Bought a brand new $18,000 Toyota Corolla. Didn't try to bargain at all (because he didn't know how, apparently) and just took the dealer price.

Paid it all via a 0% APR for one year credit card. Jumps to 20% afterwards.

Admits he has no idea how he's going to pay it all off within a year. If he can't, good-bye credit score.

I don't know about you, but if I had no job and was strapped for cash, I would have bought a reliable $1000 beater. Ugh...

 

[her209]

At least he couldn't get a payday advance check.

 

[JS80]

Originally posted by: fuzzybabybunny
My cousin has a bachelor's degree in EE, doesn't have a job, and is having some immigration issues. He can't seem to get a green card in the US, so he's moving to Canada.

So... doesn't have a job, doesn't have money saved up.

Bought a brand new $18,000 Toyota Corolla. Didn't try to bargain at all (because he didn't know how, apparently) and just took the dealer price.

Paid it all via a 0% APR for one year credit card. Jumps to 20% afterwards.

Admits he has no idea how he's going to pay it all off within a year. If he can't, good-bye credit score.

I don't know about you, but if I had no job and was strapped for cash, I would have bought a reliable $1000 beater. Ugh...

Why do you care?

 

[spidey07]

One thing I've learned is you can't live other peoples lives for them.

 

[jaqie]

Definitely indicative of the idioticness of many people... it is just sad some people are so stupid with finances, and I never understood how people can be like that.

 

[fuzzybabybunny]

Originally posted by: JS80

Originally posted by: fuzzybabybunny
My cousin has a bachelor's degree in EE, doesn't have a job, and is having some immigration issues. He can't seem to get a green card in the US, so he's moving to Canada.

So... doesn't have a job, doesn't have money saved up.

Bought a brand new $18,000 Toyota Corolla. Didn't try to bargain at all (because he didn't know how, apparently) and just took the dealer price.

Paid it all via a 0% APR for one year credit card. Jumps to 20% afterwards.

Admits he has no idea how he's going to pay it all off within a year. If he can't, good-bye credit score.

I don't know about you, but if I had no job and was strapped for cash, I would have bought a reliable $1000 beater. Ugh...

Why do you care?

Why do you care that I care?

 

[Baked]

Yes, because having a college degree automatically makes you smarter than everybody who doesn't. Oh wait...

 

[fuzzybabybunny]

Originally posted by: Baked
Yes, because having a college degree automatically makes you smarter than everybody who doesn't. Oh wait...

I was simply providing some reference to where he is in life. But it looks like he should've taken some money management classes in addition to EE courses. Or at least decided somewhere along the line that it's probably a good idea to figure out this money thing.

 

[tigersty1e]

I don't understand how so many people are in credit card debt.... 10K, 20K, even 100K debt.

Don't people understand that a credit card is not free money?

I was reading an article about how some people were going to use their tax rebate money. Some wife and husband had no jobs for 2 years (or something like this) amassed 25K in debt from credit cards and will pay off the debt.

 

[gamepad]

Originally posted by: fuzzybabybunny

Originally posted by: Baked
Yes, because having a college degree automatically makes you smarter than everybody who doesn't. Oh wait...

I was simply providing some reference to where he is in life. But it looks like he should've taken some money management classes in addition to EE courses. Or at least decided somewhere along the line that it's probably a good idea to figure out this money thing.

Is a money management class required to know not to spend $18,000 when one has no money or income? That's just common sense.

 

[BlahBlahYouToo]

see my thread about how money management is common sense but i got flamed for saying it :roll:

here

 

[Dirigible]

I feel bad for your cousin. He's got some tough times ahead.

 

[JS80]

Originally posted by: fuzzybabybunny

Originally posted by: JS80

Originally posted by: fuzzybabybunny
My cousin has a bachelor's degree in EE, doesn't have a job, and is having some immigration issues. He can't seem to get a green card in the US, so he's moving to Canada.

So... doesn't have a job, doesn't have money saved up.

Bought a brand new $18,000 Toyota Corolla. Didn't try to bargain at all (because he didn't know how, apparently) and just took the dealer price.

Paid it all via a 0% APR for one year credit card. Jumps to 20% afterwards.

Admits he has no idea how he's going to pay it all off within a year. If he can't, good-bye credit score.

I don't know about you, but if I had no job and was strapped for cash, I would have bought a reliable $1000 beater. Ugh...

Why do you care?

Why do you care that I care?

I don't.

 

[flunky nassau]

I thought money management was something really hard to do, so I read a bunch of finance books (ie Personal Finance for Dummies, etc). I thought I would get great insight, but it turns out they all said the same thing:

Save your money, and don't spend more than you make.


I don't think i learned anything from these books that common sense didn't already tell me to do.

 

[George P Burdell]

Originally posted by: spidey07
One thing I've learned is you can't live other peoples lives for them.

Can I have an amen?

 

[dude8604]

Show him this SNL sketch.

 

[spidey07]

Originally posted by: George P Burdell

Originally posted by: spidey07
One thing I've learned is you can't live other peoples lives for them.

Can I have an amen?

Sure you can. But it's a simple truth - you can't live other peoples lives for them.

People will make their own decisions and choices, no matter how stupid they may be depending on your point of view.

What seems like a great idea to one is a stupid one to another. But I do agree that people generally make very bad decisions regarding finances. One needs to look no further than posts on this board about their justification regarding housing, loans, cars, etc. without understanding the consequences of their decisions.

But hey, we were all young and stupid at one point. I'm just older and not so stupid, but still stupid.

 

[Bateluer]

Almost rivals my dad dipping into his 401K and IRAs to pay for frivolous junk such as a new tractor and more HAM radio equipment. For all his trash talk of people on welfare and retirees living on social security, he's likely going to be one of them.

 

[wetcat007]

$18,000 on a Corolla? What has this world come to?

 

[txrandom]

One less financially irresponsible person in America!

 

[spittledip]

Originally posted by: tigersty1e
I don't understand how so many people are in credit card debt.... 10K, 20K, even 100K debt.

Don't people understand that a credit card is not free money?

I was reading an article about how some people were going to use their tax rebate money. Some wife and husband had no jobs for 2 years (or something like this) amassed 25K in debt from credit cards and will pay off the debt.

It is hard for people to resist being able to pay for stuff "later." Most people probably don't figure that they will get in over their heads. It probably happens gradually also.

 

[clamum]

I guess some people are brought up and taught differently with respects to handling money. I ain't no super saver or to be honest really that smart with my money but I'd never fucking do what your cousin did. Hopefully he'll learn in the future.

 

[alkemyst]

that's not just money management, that is plain stupidity.

Proof college is just an extension of high school today.

 

[MikeyLSU]

Originally posted by: alkemyst
that's not just money management, that is plain stupidity.

Proof college is just an extension of high school today.

not really, college does not teach money management and shouldn't becuase like it was said earlier, this is common sense.

You should learn money management skills before you get to college.

 

[Lorax]

Originally posted by: fuzzybabybunny
I would have bought a reliable $1000 beater. Ugh...

link to $1000 reliable beater please.