A Financial Health Quiz

WHERE ARE 3.3 MILLION PEOPLE GOING TO FOUND A JOB IF THEY'RE GOING OVERSEAS???

Everyone I know , are in some financial problems .......

If I had to guess I'll save more than 70% of people

are in debt ..........it could be higher in percentage.

If the mortgage companies didn't do these subprime loans

couples wouldn't be lossing there home . If the credit card

companies wouldn't raise there rates especially "APR"

people would do fine . IF there's 7.3 million people unemployed

and there's only 4 million jobs available , then where are 3.3 million

people going to get a job ?????

If companies wouldnt move there jobs overseas , and give it to

foreigners to have , then the other 3.3 million people would've

a job in USA ..........The companies / businesses are selling there

own country out .........Plus they should be fined for moving in the

first place ..........Everything I said is true , there's no lying .

It's just a fact in what's happening ......SO WAKE UP AMERICA .....

WAKE UP AMERICA

WAKE UP AMERICA... It's all true, but who is going to do anything about it? Le't just pray another republican doesn't make it into office.

Save or don't save

70% or more of the US GDP is consumer spending. Which means that if consumers got smart and started saving, our country would be worse off, and so would the people who started saving (reccession, job loss etc...)

The problem with America is it is a debtor nation, and as such, it needs everyone to spend more then they can pay at any moment and continually over-extend themselves financially to expand the overall economy.

Either way, there is a day of reckoning coming when either credit freezes up, or people get wise and save: both will produce bad times. If you're lucky, you were already a saver.

Capitalism, (anwser to wake up america)

The question is would you work the field my friend? that´s the type of job foreigners do; picking vegetables and fruits, manufacturing all types of goods, at minimum wage of course. It´s imposible to think of a country full of wealthy people because they all depend on poor people to exist, that´s capitalism for ya!!! that´s how it works!!

financial crisis

I agree with companies are selling out, but dont we have a responsibility also? We dont have to buy the over sea products, but we do why? because you wanna save a buck...so if we all stopped buying these products or atleast cut back and demanded for more american products, they would have no choice, but consumers are spoiled, they want it cheap and now....

I do think its a shame that the government and other agencies are trying to tell us how to CUT back, i think its a shame you have to decide on wether or not you can afford to go to a movie now and again... I spent 10,000 in medical this year, just as much as i paid for my house payment...then when you take out taxes, buy food, utilities, and etc....there is barely enought to live off of, and thats with 2 making 60,000 total....but the government has no cure for my medical needs, i make to much to get universal care, or anything....tell me how is it fair you see a singel mom, get back 6,000 on tax refund, when she only made 25000, for the year? big brother needs to quit giving money away, then that solves the problem, but theres more i can say, but not enought time. this government has gone to the pits.

Jobs in America

I think that it is true companies are moving their jobs, and theres no way people are going to find a job if that keeps up. Second now they only want people with experience like in my case I've been looking for a job and havent had any luck ,because they only want people with experience I think we should all get a chance to start somewhere.

too simplistic

to wake up America, I am not trying to be mean , nor snippy , here, but part of the problem with this country's ignorance and xenophobia can be found in the very poor grammer you wrote your comment with. The angle you approach the problem is way too simplistic. I am not saying i don't agree with the fact that companies are taking jobs overseas, but that is the price one pays for a capitalistic economy. duh! It is all about the dollar, yuan, yen, euro, whatever. Not about whether or not you or your friends are able to survive. Those are the facts and for tool long Americans have been lazy and spoiled, thinking they deserve a good job, simply because they were born here? Where does that come from?T he WW2 generation busted there butts and saved and didn't use credit cards and thus were able to enjoy their lives in a modest, albeit enjoyable, way.Now, everybody wants a New 30,000$ car, the latest cell phone, coolest Mp3 player, etc, ad nauseum. I see way too many young kids in debt already becuse they want, want, want. instead of just being happy with a car, it has to be cool. the problem is NOT with the credit card companies raising their rates( they can raise them all they want if you don't use them you won't care) but rather with people thinking it is ok to be in debt. Credit cards, equity loans, cars, vavtion loans, etc., these are the problems. Wake up America and stop spending more than you make. Where else can we go but implode?Yes, it is OK to spend like George Bush does, because he is spending house money, most of us aren't yet think, for some reason we are.

Financial Quiz???

Here's a clue, I answered NO to each question!! Wanna know why? Because I LIVE WITHIN MY MEANS and I SAVE MY MONEY!!! Wow, it's really that hard.

Talk about grammar; ace, your last comment was full of grammatical (spelling and sentence structuring) errors, as well.

Financial Responsibility

I guess it all starts at home. I was blessed with parents who taught us financial responsibility. When I was born, as was the case with each of my siblings, 7 of us in total, my parents opened a savings account in my name. Each month they would contribute a small amount, only $5, but it was something. As we grew older we were assigned chores and provided a weekly allowance. It wasn't much either, but we were taught to put 20% of it in our savings account. We were taught to spend only what we could afford to pay cash for. I am now in my mid-40's, a single mom with four children and I am not even close to being in any type of financial crisis. I was taught to budget, spend only cash (my house is the only exception), invest wisely and to save money for future financial security. I have followed those principles and even in today's topsy turvy financial markets, I do not have financial worries. I have tried to instill the same knowledge in my children. If more of us were taught financial responsibility and worried less about appearances of what we do or don't own, our country would not be where it is today. It's actually quite simple, spend what you earn, not what you hope to earn or what your neighbor earns. Quit blaming big corporations, banks and governments for problems you have helped to create and take on some responsibility for yourself. Only you can make the change.

That is great to hear, Diana - it sounds like you grew up in a great environment.

QUIT WHINING

The majority of the comments above are FAR too simplistic in their approach, and it seems to me that everyone wants to blame their problems on somebody or something rather that take responsibility for their own actions. Don't get me wrong, I have many of my own complaints regarding the government and big business, namely that the former seems to run by the latter via lobbyists, instead of being a goverment "...for the people, by the people..." However, (in most cases) they are not to blame for anybody experiencing financial hardship. A claim such as "the problem with this country is all the jobs are going overseas" is just plain ignorant.

Look. I'm still a relatively young guy (late 20's), and I'm in a very large financial pinch myself. BUT I DID IT TO MYSELF. I over-extended myself and tried to live beyond my means, and now I'm paying for it. I have virtually nothing, my credit is trashed, and I am faced with the arduous task of basically starting over and rebuilding my life. I'm not blaming the government or corporate America; its MY OWN FAULT. The comment repeated above of "wake up America" should be directed at all the whiny, lazy, individuals in this country who were never taught to take responsibility for their own actions. Quit blaming YOUR problems and YOUR short-comings on other entities. If you don't like your situation, then change it. Maybe if more people in this nation would lose the "entitlement" attitude and work for something once in a while, we'd all be better off. Have some character; have some substance.

Financial Responsibility

To anyone with a financial or accounting degree all of these comments are simply conservative retorhic. What credit cards do for you is provide you with free money. What people do not do with them is ues the free money and get money with thier cash. For those of you who do not pay off the balances with your cash from yrou job, then you are doing it wrong. Here is the basic. Save yrou money in a high interest savings account and allow the money to sit to earn you interest. Use your credit card to pay bills, pay for groceries and eat out. At the end of the month PAY OFF the credit card with the money you saved in the savings account. Oh Did you forget to save the money. That is how one makes moeny with the cash they earn every month. But since people are not educated about how to spend money, or save money, or maybe even live within a budget credit card companies are making a fortune. If I owned a credit card company, I would probably earn enough money to buy a tiny island in the Bahamas too.

Amen Mike!

Where we are today

I agree with many of the comments made including the fact that jobs go overseas because Americans do not want to do field labor or work in factories for low incomes. I also agree that some companies are greedy and uses cheap overseas labor because they want to live in luxury with no regard for the economic health of the USA, the country which made it all possible for them. That said, there's much to be said for our poorer counterparts, such as India, where young people are taught the value of a good education and where being brilliant in school is seen as a positive and students are not mocked and shunned by their peers because they do well in school. All too often US companies look overseas because the labor force here does not have the math and science skills required to get the job done correctly and in a timely fashion. Our government has not been the best, and the homeland policies that should have been implemented to help US citizens improve their lives were thrown by the wayside or watered down due to ill conceived plans to undertake a war that was not worthy of the lives of our soldiers. However, we do have an obligation to educate ourselves in everything we do, such as making sure to read the fine print before signing unfavorable mortgage loans, and ensuring our children have the skills they need to better the citizenry of this country. We need to change our habits of spending every penny we have, and even those the creditors offer to us, and consider what my grandmother used to call a “rainy day” because that “rainy day” inevitably will come. I believe if we all start there we will be well on our way to being the successful nation we want to be.

Government Interaction

A sub prime loan is a type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Quite often, subprime borrowers are often turned away from traditional lenders because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment.

The loan is called sub prime because the person being loaned to is a higher risk then the bank would usually loan to.

For instance, Bonqueesha has 5 kids and is on welfare making $28,000 a year from the government. Other then that she has no income. She is in credit card debt $3,000 because she wanted her 5 kids to have a fun Christmas last year. She drives a 1996 Chrysler Van worth $600, and it is the most expensive thing she owns.

Before 2003:

Bonqueesha went to the bank and wanted to get a $150,000 loan for a house. To see if she qualifies for a loan, the bank goes through her finances and does a credit check. The bank realizes that with her current income, there is no way she can pay back a $150,000 mortgage so she is denied the loan, or given an interest rate higher then usual to compensate for the risk of her defaulting on the loan.

2003: The United States called in most of the major banks and tells them to stop denying people loans and do not make them pay higher rates, even if they are higher risk.

After 2003:

Bonqueesha went to the bank and wanted to get a $150,000 loan for a house. To see if she qualifies for a loan, the bank goes through her finances and does a credit check. The bank realizes that with her current income, there is no way she can pay back a $150,000 mortgage and considers her an extreme risk. The United States government said that the bank has to give Bonqueesha the loan, even though she is an extreme risk, so the bank gives her their $150,000. Bonqueesha can not pay back the loan because she only makes $28,000 a year. After 6 months of impossible payments, Bonqueesha defaults on the loan and the bank loses the $150,000 they did not want to give out in the first place.

It is the governments fault, not the banks fault the sub prime loans are crashing now. The banks did not have a problem until the government started thinking they could run the bank better then the bank can run the bank. The government is seizing power in all parts of every Americans life, and it needs to stop now!

Vote against government control. Vote for freedom.

VOTE RON PAUL 2008!

The suggestion on ways to save money; taking a Bubble-Bath was first on the list. I was expecting some real answers to saving money.

This is the best the Financial Advisor could come up with. Elderly people living off Social Security are eating cat food, gasoline has gone up 400%, jobs are lost to overseas companies because they can work children for nickles, my electric bill this month was $450.00 and the

same time last year with the same weather was $150.00. So Diana

maybe you have been luckier than most but debt is not always for things people don't need, it sometimes is the only way to feed their

familes. Washington is out of control with the national debt that we have borrowed money from China!

One more venting; John Edwards who was always pleading "poor" and what we should do and how can we help, he lives in a

280,000 sq ft house. You don't understand living from paycheck to

paycheck until it happens to you and then I sure as hell don't think

taking a "Bubble Bath" is going to make it all better.

Young Gun Spending

I think there is a solution for young people like me, because thats where the problem starts. When you young if you can see the money you spend it. I know im 21 I make roughly 30 k a year. I have no money in my savings. 3 digits in my checking (already spent on bills). A truck thats cost 17k and is worth 12k. And am 3k in debt from a broken lease.

As i read your comments and look back on my decisions. I've come to the conclusion that the only way i can save money is if i didnt see it. When i see my money i think of what i can spend it on and then i do it. And i end up with neg balances and scrounging to pay bills that pop up.

So ive decided to start Filing 0 on my taxes. Meaning ill get less money each paycheck. But a nice check at the end of the year. what about prepaying my rent when i get a nice bonus? Or the easiest one to do Overpaying on my truck payment by 20 maybe even 40 dollars to principle a month. These force you to save for the future. And the best part is you dont see the money saved!

When we are young we think about the here and now. Ive decided to start thinking about my future.

Overseas jobs-the reason

Joe Smith started the day early having set his alarm clock ( MADE IN JAPAN ) for 6am. While his coffeepot ( MADE IN CHINA ) was perking, he shaved with his electric razor ( MADE IN HONG KONG ). He put on a dress shirt ( MADE IN SRI LANKA ), designer jeans ( MADE IN SINGAPORE ) and tennis shoes ( MADE IN KOREA ). After cooking his breakfast in his new electric skillet ( MADE IN INDIA ) he sat down with his calculator ( MADE IN MEXICO ) to see how much he could spend today. After setting his watch ( MADE IN TAIWAN )&n bsp;to the radio (MADE IN INDIA ) he got in his car ( MADE IN GERMANY ) filled it with GAS from Saudi Arabia and continued his search for a good paying AMERICAN J OB At the end of yet another discouraging and fruitless day checking his Computer (Made In Malaysia ), Joe decided to relax for a while. He put on his sandals ( MADE IN BRAZIL )poured himself a glass of wine (MADE IN FRANCE ) and turned on his TV ( MADE IN INDONESIA ), and then wondered why he can't find a good paying job in AMERI CA .....

To "LOOK AHEAD" of NJ -- your comments in "Too Simplistic"-- are, uh, a far cry from well written English! Where do you get off criticizing anyone else? And, by the way, the corrrect spelling is "grammAr", not grammEr. The last sentence you wrote about Geoge Bush is ... special!

The comment from "COMPANIES IN USA ARE SELLING AMERICA OUT...", however incorrect it may be, is the obvious result of his or her not being a native speaker of English.

So, back off and hit the books yourself!

Find YOUR Solution

I agree with some of both sides. We are, ultimately, responsible for our own actions. We do not NEED Ipods, Coach handbags, $30,000 cars, etcetera; we WANT them. Also, a lot of jobs are being sent overseas, and not just menial labor. For example, I've called my credit cards, and can tell that the person on the phone isn't in the U.S. (I usually ask where they are and how the weather is - people usually can't come up with a quick answer for both if they're overseas). The reason CSRs are being outsourced isn't that Americans don't want the job; it's that companies don't wish to pay a livable wage for them.

What I do, like a person said earlier, is hide my money. I'm fortunate enough to work a job that offers a deferred compensation program. If I get a raise, I raise my contribution. Also, I try to save $.20 on the dollar per paycheck. And, when I pay off something, like my car, I try to live as if I still have the note.

That's what works for me. At the end of it all, each individual has to find his own way to help himself. Maybe people should be taught a little about fiduciary responsiblity in high school or even sooner - couldn't hurt.

To D. Mitchell of Texas - I love your idea. If letting the government hold your money for you enables you to save more, then why not do it.

Americas Jobs

There is a CURE for American jobs leaving our soil and Americans out of work. I think ALL companies that move overseas (our just across the border) should be taxed at 50-75% of their profits. Assuming the other location would also tax them,, they would think twice about leaving America.

Americas Jobs

There is a CURE for American jobs leaving our soil and Americans out of work. I think ALL companies that move overseas (our just across the border) should be taxed at 50-75% of their profits. Assuming the other location would also tax them,, they would think twice about leaving America.

response to Terri re:Americas Jobs

It would make sense to me to not charge corporations such a high corporate tax - isn't that one of the reasons why they go to other countries? The way I see it - the economy has lots of problems due to overspending -I think that's called "pork-barrel" when the gov't. does it. It's called recession when the public does it, but we don't hear what's being done to stop pork-barrel do we?

Financial Health!!!!!!

I heard it described that our economy is now the result of a"Consumer Fueled Recession"! I gather that the only way the economy thrives is for people to buy stuff they don't need with money they don't have (aka: Credit Cards) and then will the economy will improve??????? This is just another way the Government 'shifts' the blame for spending and sending money everywhere else but the US. This statement futher drive home to me the importance of staying out of debt and saving and investing. If this "Consumer Fueled Recession" is caused by the consumer, it is only another form of that divides the have and the have nots!!! I bet the "Rich" pay their cards off each month!!!!!!!!

debt

These whiners evidently have never heard of SACRIFCING TODAY FOR THE FUTURE which the successful do.