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Normal to be under the financial gun early in life?

Here's an article from MSN that claims that most 35yr olds and younger are in a financial bind because of money mismanage.

article

Seems to me that the normal cycle of life is when we're young, we have less and need more. But as we get older, we have more and need less.

Do you believe that the reason is not so much of money mishandling, but going to school, having kids, etc..........(just things we encounter as we try to find our feet)?

Answer Question
 
Anonymous

Asked by Anonymous at 12:05 PM on Oct. 16, 2009 in Just for Fun

Answers (5)
  • Not really..I see what your saying but I know alot of people who have nice homes and furniture..looks like they are doing well, but they finance everything. I think the problem is people get married and expect to have ahouse and cars like their parents have. We forget that our parents started in a 2 bedroom house with 2nd hand furniture and thats ok. It took my parents 30yrs to build up what they have now and they were frugal and took care of stuff. Seems 20 and 30 yrs olds today think they deserve it where our parents worked for it and earned it. I think people mismanage money alot. Once you have worked busting your butt for a new couch and saved the money in advance it is hard to let the cash go and you think twice about spending it. People look now at the payment of something and not at the ful cost. You dont know how much $2000 is until you have saved it and it seems like alot of money..when financing its not that much $.
    ria7

    Answer by ria7 at 12:14 PM on Oct. 16, 2009

  • I think you're right. We're pretty careful with our money, but it seems like there's just never quite enough at the end of the month. We have lots of medical debt (I had an ectopic pregnancy in June. Insurance paid for most of it, but we still had $3000 to pay for afterward), and now quite a bit of credit card debt from having to move and from having to put bills on them in order to stay afloat. Alltogether we probably have $8,000 in debt plus our day to day living expenses. Plus we have a 1 year old who's growing like a weed and needs clothes, shoes, etc (she doesn't eat much, so I don't count that expense)

    We're staying off public assistance by the skin of our teeth. We're 22 and 24. It's just that at this age, it's hard to make enough money to support a family completely comfortably. I'm lucky I have a husband who works really hard.
    Ati_13

    Answer by Ati_13 at 12:21 PM on Oct. 16, 2009

  • Ria, I see what you're saying, I guess. You're right for most people. We have worked for everything we have right now. We didn't spend money we didn't have, and we didn't have any debt until moving expenses forced us to charge stuff. We wouldn't have moved but we were told my husband would lose his job if he didn't take the promotion and move. We figured some debt was better than looking for a new job in this economy. Now minimum payments, loan payments, healthcare payments, groceries, rent, gas, electricity etc... we're strapped. And it's not because we got in over our heads by mismanaging our money. It was necessity.
    Ati_13

    Answer by Ati_13 at 12:25 PM on Oct. 16, 2009

  • you would be surprised at how many adults cannot even balance a check book....and that is simple adding and subtracting......IJS
    Anonymous

    Answer by Anonymous at 12:26 PM on Oct. 16, 2009

  • We are very careful with our money. The problem is the cost of everything has gone up but wages have not. And that medical bills are ridiculous these days. We don't have a fancy house with expensive furniture. We don't have one piece of furniture that didn't belong to a relative first. We don't eat out all the time, we do that so rarely, we do all kind of things that are considered to be what I heard recently termed as things "poor people" do just to make ends meet. But we get by and know it won't be forever. So no, not all of us can't manage money or don't know how to balance our checking account.
    wildflowers25

    Answer by wildflowers25 at 12:46 PM on Oct. 16, 2009

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