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.
Diana
of
@
Feb 05, 2008 13:24:34 PM
Talk about grammar; ace, your last comment was full of grammatical (spelling and sentence structuring) errors, as well.
of
@
Feb 05, 2008 13:20:56 PM
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.
Stephen Johnson
of MS
@
Feb 05, 2008 13:19:27 PM
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.
look ahead
of NJ
@
Feb 05, 2008 13:06:17 PM
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.
Rosa
of TX
@
Feb 05, 2008 12:53:25 PM
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.
bill
of IL
@
Feb 05, 2008 12:36:05 PM
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!!
Ignacio
of CA
@
Feb 05, 2008 12:33:37 PM
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.
Mark
of VA
@
Feb 05, 2008 12:31:56 PM
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.
Rosemary Sartini
of CA
@
Feb 05, 2008 12:30:56 PM
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 .....
Companies in USA are selling America out ......
of VA
@
Feb 04, 2008 14:29:57 PM
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
Diana of @ Feb 05, 2008 13:24:34 PM
of @ Feb 05, 2008 13:20:56 PM
Stephen Johnson of MS @ Feb 05, 2008 13:19:27 PM
look ahead of NJ @ Feb 05, 2008 13:06:17 PM
Rosa of TX @ Feb 05, 2008 12:53:25 PM
bill of IL @ Feb 05, 2008 12:36:05 PM
Ignacio of CA @ Feb 05, 2008 12:33:37 PM
Mark of VA @ Feb 05, 2008 12:31:56 PM
Rosemary Sartini of CA @ Feb 05, 2008 12:30:56 PM
Companies in USA are selling America out ...... of VA @ Feb 04, 2008 14:29:57 PM
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