Comments on: The Relentless March of the Financially Clueless http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/ The Hard Truth about Money and Personal Finance Fri, 24 Feb 2012 15:57:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/comment-page-1/#comment-630 Mr. ToughMoneyLove Thu, 25 Sep 2008 20:05:12 +0000 http://toughmoneylove.com/?p=110#comment-630 MGL: To be honest, I am afraid the people like you and I are talking about are going to be scared into becoming hard-boiled socialists. MGL: To be honest, I am afraid the people like you and I are talking about are going to be scared into becoming hard-boiled socialists.

]]> By: MoneyGrubbingLawyer http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/comment-page-1/#comment-628 MoneyGrubbingLawyer Thu, 25 Sep 2008 19:26:17 +0000 http://toughmoneylove.com/?p=110#comment-628 Wow, an attempt to remove the 401k early withdrawal penalties as a response to an economic downturn? That boggles even my free-spending mind. The most notably clueless lines I have heard lately have been people pulling their money out of the market completely because of recent declines. It's probably the least logical, least efficient response a person could have. My attempts to point this out are met with cries of "You're crazy! I've already lost $xxx!" Yup, and you just ensured that your loss will stay that way. The march continues... Wow, an attempt to remove the 401k early withdrawal penalties as a response to an economic downturn? That boggles even my free-spending mind.

The most notably clueless lines I have heard lately have been people pulling their money out of the market completely because of recent declines. It’s probably the least logical, least efficient response a person could have. My attempts to point this out are met with cries of “You’re crazy! I’ve already lost $xxx!” Yup, and you just ensured that your loss will stay that way. The march continues…

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/comment-page-1/#comment-616 Mr. ToughMoneyLove Wed, 24 Sep 2008 22:16:10 +0000 http://toughmoneylove.com/?p=110#comment-616 @Goldenrail - too bad that you weren't allowed to send them to a personal finance class as a bank giveaway. @Doctor S - I have told my last son (still in college) that he needs to take a personal finance class and he will. @Goldenrail – too bad that you weren’t allowed to send them to a personal finance class as a bank giveaway.

@Doctor S – I have told my last son (still in college) that he needs to take a personal finance class and he will.

]]> By: Doctor S http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/comment-page-1/#comment-612 Doctor S Wed, 24 Sep 2008 17:07:56 +0000 http://toughmoneylove.com/?p=110#comment-612 Great point! It is so envident that the youthful generations (myself included) are so dependent on living on credit or some sort of loan. More emphasis needs to be put on the consequences a person faces when getting in too deep with this situation. It needs to be stressed even before they step foot on college's across the US because how much do they realllllly learn when they go to college? Great point. Great point! It is so envident that the youthful generations (myself included) are so dependent on living on credit or some sort of loan. More emphasis needs to be put on the consequences a person faces when getting in too deep with this situation. It needs to be stressed even before they step foot on college’s across the US because how much do they realllllly learn when they go to college? Great point.

]]> By: goldenrail http://toughmoneylove.com/2008/09/24/the-relentless-march-of-the-financially-clueless/comment-page-1/#comment-608 goldenrail Wed, 24 Sep 2008 13:23:01 +0000 http://toughmoneylove.com/?p=110#comment-608 I worked in the collections department of a bank for a few years and it amazed me how people could be several months behind on their mortgage (and 2nd mortgage) and just tell me they'd pay it from their revolving line of credit (usually also "secured" by the house). Even worse, some people would get upset that we wouldn't accept credit cards as a form of payment for past due loans! I worked in the collections department of a bank for a few years and it amazed me how people could be several months behind on their mortgage (and 2nd mortgage) and just tell me they’d pay it from their revolving line of credit (usually also “secured” by the house). Even worse, some people would get upset that we wouldn’t accept credit cards as a form of payment for past due loans!

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