Will our kids be dumb and broke? MSN article - Jemsite
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post #1 of 11 (permalink) Old 05-29-2008, 12:36 PM Thread Starter
 
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Thumbs up Will our kids be dumb and broke? MSN article

This is very good article on DFA. Please read and lets debate!!!! Ding Ding LOL

http://articles.moneycentral.msn.com...bAndBroke.aspx
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post #2 of 11 (permalink) Old 05-29-2008, 12:50 PM
 
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Re: Will our kids be dumb and broke? MSN article

We have lost the idea of working for the long-term. Everything is now, now, now! Lenders didn't "discourage" borderline borrowers from taking their money in the interest of short-term profits. In the end, it bit many of them (and the borrowers!) in the ass!
Savings? What's that?
As for education, it's kind of getting watered down in the interest of selling degrees. Sure, there are still lots of professionals out there, but fewer people qualified to fit jobs that require greater attention to detail. Many seem to lack the patience to learn. Even in construction, where I work, you see this from the top down. Unfortunately in construction, sometimes missing the details can be lethal.
I really hate to be one of the a-holes saying this but it needs to be said.
It also doesn't help when our government doesn't seem to encourage science and math by funding important scientific endeavours. In the US, it seems we used to have one eye out to the future, but now I see less and less of that bold spirit that helped keep us strong in the 20th century.

Now the Chinese. Those folks have long-term plans!
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post #3 of 11 (permalink) Old 05-29-2008, 01:22 PM Thread Starter
 
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Re: Will our kids be dumb and broke? MSN article

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Originally Posted by mike570 View Post
We have lost the idea of working for the long-term. Everything is now, now, now! Lenders didn't "discourage" borderline borrowers from taking their money in the interest of short-term profits. In the end, it bit many of them (and the borrowers!) in the ass!
Savings? What's that?
As for education, it's kind of getting watered down in the interest of selling degrees. Sure, there are still lots of professionals out there, but fewer people qualified to fit jobs that require greater attention to detail. Many seem to lack the patience to learn. Even in construction, where I work, you see this from the top down. Unfortunately in construction, sometimes missing the details can be lethal.
I really hate to be one of the a-holes saying this but it needs to be said.
It also doesn't help when our government doesn't seem to encourage science and math by funding important scientific endeavours. In the US, it seems we used to have one eye out to the future, but now I see less and less of that bold spirit that helped keep us strong in the 20th century.

Now the Chinese. Those folks have long-term plans!
You hit the issue right on the head. People want top dollar for wages but dont want to get the skills. Our way of living is going to go down if this trend is not stopped!
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post #4 of 11 (permalink) Old 05-29-2008, 01:39 PM
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Re: Will our kids be dumb and broke? MSN article

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Originally Posted by ranman2u View Post
People want top dollar for wages but dont want to get the skills.
not really true.

if anything we are under-educated upon graduating high school and totally over-educated (and yet unskilled) after.

skills does not equate to pay scale for the most part.

also people want top dollar BUT they can also be totally overqualified. this will be a huge trend as schools stick freshmen on 5-6 year plans and talk them into multiple useless degrees. get those later and let your job subsidize the cost of education. noone will be hire you with one or three degrees as the jobs are just not there.

there are less and less jobs that require and demand skill. and those jobs don't necessarily require advanced degrees. there are multiple issues here, being "dumb" is not really accurate... glen
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post #5 of 11 (permalink) Old 05-29-2008, 02:05 PM
 
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Re: Will our kids be dumb and broke? MSN article

I had an excellent course in 7th grade with a year long project where you were assigned a profession that gave you a particular income on specific days... we had bills proportionate to our income level and basically we had to balance our checkbooks and make sure that everything got paid. Sometimes there were surprises like car repairs that hit everyone all at once. There were some people who loaned money to others to help them pay their bills... it was our own like microcosm of economics in our classroom. I did great on that project.

The sad part is... it didn't help. The only concept I really learned is that you need to make the most money possible so you always have it to spend. If your expenses are greater than your income... simply make more money. I have next to no impulse control. I think most people understand the basic concepts of money. But as long as someone is willing to keep giving you a safety net (credit companies offering more credit to switch your balance, or line of credit type situations, or worse the bankruptcy system) what on earth is the point of really controlling yourself?

You can educate someone all to hell, but if that person has no impulse control they'll just keep making the same mistakes over and over.
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post #6 of 11 (permalink) Old 05-29-2008, 05:52 PM
 
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Re: Will our kids be dumb and broke? MSN article

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get those later and let your job subsidize the cost of education.
+1, but that's not how it works in the real world, unfortunately. Ideally, people would enroll into some sort of higher education program, get the basics for a year or two and then go off and do some real work for 5 years or so, and then come back and finish their education knowing what they need to learn to be successful in their future careers.

I know if this were the case, I'd get a lot more mileage out of the years spent in the university. Instead, what happens is you enter the school, and you neither know what you'll be doing 10 years from now, nor you care. You just care about not getting thrown out in your first couple of years (if your school is hardcore) and you care about getting laid.

I would kill to be able to go back and take the last three years worth of classes again. It's about 80% applicable to what I do at work now (machine learning, statistics, math), and, sadly, almost a decade after graduation I forgot quite a bit of it. So I have to painfully relearn it on my own in my spare time.
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post #7 of 11 (permalink) Old 05-29-2008, 06:09 PM
 
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Re: Will our kids be dumb and broke? MSN article

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Originally Posted by Silver Sable View Post
You can educate someone all to hell, but if that person has no impulse control they'll just keep making the same mistakes over and over.
Funny you should say that, a friend of mine put to me simply...."the more you make, the more you spend..." for a person that cannot resist an impulse, that statement will ring true.

Really in any matter, not just finances....

As far as education....I work for a French-owned, worldwide company and I speak to our European employees everyday....our education system is so different than theirs, IMO ours is crippled in comparison.

(and sorry if I rant here....)

Their children learn to speak several languages - this is common everyday learning, they're trained in several disciplines and professions....IMO better prepared for a global economy.

What is being produced and consumed are things being made in what we in the USA first considered to be 3rd world countries, many of which are now somewhat quite developed.

Here the importance of owning something irrelevant is so great that if you don't, you're an embarrasment. The "need" to buy something for the quick fix or sue someone for the quick buck is bred into our children by what they see everyday....the quick fix, the quick dollar, instant satisfaction, instant everything and anything....the sense of a dollar earned isn't there anymore...."I want a $500 video game player" that's all the majority know....not how to get it, not how long it took in OT for their parents to earn that $500 to get it...are our children preparing for when the same thing will cost $1500 for their children ?? Hell no....

Too much is emphasized on owning....on right now....not preparation, not being meticulous and thorough, not on dedication, or loyalty, or other dignifying, honorable traits, not on tomorrow period. Who stands to benefit from our childrens education anyway ? Not the people that are in power today....they'll be dead, the country in shambles, debt (personal and globally) far worse than we can ever imagine today. Only an enlightened few and those that have suffered (read: sacrificed their wants of today) to earn their keep will make it.

Is our education system or laws protecting (read: sheltering) the children preparing them for the brutal world that awaits them, hell no....those in control only want their money NOW. As for the children....well, they're too busy wanting what's being ingrained into their minds not with concerning themselves that 150,000 people abroad want his/her job when they apply for it.

Again, this is IMHO.
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post #8 of 11 (permalink) Old 05-29-2008, 06:23 PM
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Re: Will our kids be dumb and broke? MSN article

I dont get why they need a school program to teach smart money handling. Parents should be doing that, then it doesnt cost tax payers anything.
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post #9 of 11 (permalink) Old 05-29-2008, 07:39 PM
 
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Re: Will our kids be dumb and broke? MSN article

I disagree with you, Freedom777. I think the higher education system in the US is roughly on par with the rest of the world, better in some respects than many others. You're pretty much free to shape your curriculum as you see fit.

The misconception here is that everyone needs to be well educated or well off financially. If being "dumb and broke" is their choice, that's fine with me, as long as there's upward mobility - i.e. a talented kid from a "dumb" family can still rise to the top without any artificial glass ceilings. The way I see it (and this may sound "cold" to impressionable public around here), in any country there needs to be a large population of folks who are OK with washing dishes and cleaning toilets in return for not having to learn anything new. Not everyone will spend their life sending landers to Mars or advancing the state of the art in science. That's just a fact of life.

Ultimately, though, I think proper parenting is critical (+1 on elcid's point). I can 100% guarantee you that my kids won't be "dumb and broke". I put in a lot of effort into my son's upbringing and development. Yeah, it's hard work. Yes, my career could have progressed faster if I didn't do it, but in the end, that's the way I set the priorities for my family. It's nice to see that he can read in two languages, despite him being just 4.5 years old. He is also taught impulse control, "need" vs "want", and (rudimentary, so far) money management. Yes, he has his piggy bank. I can be a hard ass on him at times (just like my father was on me), but in the end he will appreciate it.
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post #10 of 11 (permalink) Old 05-29-2008, 07:40 PM
 
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Re: Will our kids be dumb and broke? MSN article

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Originally Posted by elcid View Post
I dont get why they need a school program to teach smart money handling. Parents should be doing that, then it doesnt cost tax payers anything.
This.
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post #11 of 11 (permalink) Old 05-29-2008, 08:30 PM
 
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Re: Will our kids be dumb and broke? MSN article

I think the problem with people is the way they spend their money. Many of them tend to spend beyond their means. With the availability of easy credit like credit cards and zero downpayment on purchasing of many items and so forth, people tend to "think" that they can afford these items.
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