Question : Why are we Americans so uneducated / misinformed about personal finance?
How can so many be so ignorant about something so important? Do ppl acutally think that that the gov't is going to give them 800 bucks; do they not realize that they have to pay it back on next years income tax? Or at least have that deducted from their refund. How can so many fall for the Payday loan scams? How did so many get into ARM mortgages? Why don't ppl educate themselves about personal finance?
- asked by Kiwi bird
All Answers:
Answer #1
Congratulations! You have it figured out. Politicians want to keep voters fat and happy sothey can stay in power. Well educated voterswould throw every last one of them OUT.
- answered by SuperCactus
Answer #2
because we dont teach it in school, having been inthe finance industry for the last 10 years u wouldnot believe the number of doctors, lawyers, andschool teachers, particularly law enforcementofficials who dont have a clue what they are doingreference a mortgage or credit, the things i haveseen folks sign with good credit would blow urmind, no the lenders arent scamming they justarent educating, this should be a course forjuniors and seniors in high school and a freshmancourse in college, "Credit, Financing, Mortgages,and How It Works" dont laugh i am serious and beti could write the course, there isnt 1 in 10americans who know what they are doing with theirpersonal finances.
- answered by donald e
Answer #3
People have been trained that they can, andshould, have everything NOW and not worry aboutaffording it or paying for it.Many of us realizethat if we itemize and get money back on our taxesthe next year we have to pay taxes on it again. Itstinks but there it is.ARMs aren't necessarily abad thing. You have to know all the conditionsand be prepared to follow them. People decidedthat they wanted a bigger house than they couldcomfortably afford at the best of times and didn'tcare that they were taking a teaser rate. Thenmany people went out and pulled all, or most, ofthe equity from their homes and spent it on toys. Not worrying about the slowing housing markets ordropping in values. They had to have their wantsand didn't worry about having to pay thepiper.People fall for the PayDay loans becausethey have no other place to go to get money whenthey haven't been able to budget properly or havesome catastrophe and have no money in savings.
- answered by sporregar
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measure and fulfill your financial needs
