Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

So many financial problems is see- I dont understand why people dont protect thier assets?

Any insight?

Seems people are going to just let stuff roll out of control instead of taking action.

And getting out and looking for a job isn't exactly action.

There ain't enough jobs to go around.

Answer Question
 
IraqiVetWife

Asked by IraqiVetWife at 2:14 PM on Oct. 16, 2009 in Money & Work

Level 16 (3,201 Credits)
Answers (6)
  • I dont understand why people dont protect thier assets?


    Some don't have any to protect.  They live paycheck to paycheck. Credit card debt up to the max at times.

    Anonymous

    Answer by Anonymous at 2:18 PM on Oct. 16, 2009

  • Reason why, if not a lot of assets are lost during the whole mortgage fiasco (example), a lot of younger people are not established with a lot of ownership. As young as we are (and sometimes older people), we build our lives on the proverbial sand. So there is nothing more we can do but to swallow the costs.
    Anonymous

    Answer by Anonymous at 2:22 PM on Oct. 16, 2009

  • Ok, i guess it makes sense.

    They should really teach this stuff in school.
    IraqiVetWife

    Answer by IraqiVetWife at 2:28 PM on Oct. 16, 2009

  • What do you suggest folks do?
    Anonymous

    Answer by Anonymous at 3:24 PM on Oct. 16, 2009

  • PARENTS should teach their children about money! If every person in this country has experienced anything negative due to the economy of the last year, they should make it a priority to teach their child about money so that they don't repeat these same mistakes. Buying on credit is never good. The only exception is when buying a home and even that exception is only ok if the home buyer is putting down 20% on a 15 year mortgage and is still paying less than 25% of their monthly take home pay....on the mortgage, taxes, and insurance.
    Some may say "Then a lot of people won't be able to buy a house" Another way to look at it is that a lot of people need to wait and save a little longer then. Waiting a few extra years could save a family from losing their home if they are paying 25% of their income, if a husband of wife loses their job, they could probably still pull off that house payment because they were cautious.
    Anonymous

    Answer by Anonymous at 4:17 PM on Oct. 16, 2009

  • yes, a good book-I love it!

    Rich Dad Poor Dad. He has a book for parents too to teach their children.
    IraqiVetWife

    Answer by IraqiVetWife at 4:41 PM on Oct. 16, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.