What both of you read about is nothing new been going on since the 70-80's and 70% is accurate number.
I call it the keeping up with the Jones's Personal Finance Plan. It started with folks coming of age in the 80's, financial institutions labeled it the instant gratification generation and nothing has changed since. Prior to, it was taught if you couldn't pay cash for it, wait save your money till you could. In the 80's Credit Card interest was tax deductible Fed and State. That set the hook in alot of folks mouths, financial institutions realized this and ran with it.
Glad I never lived that way, I always since I was 20 had a E(mergancy) Fund.
If this 70% pop would live within their means they wouldn't be having problems, though finacial institutions would hate it.
So true! I graduated HS in '87, got a job while going to college and got a credit card. I started shopping like crazy on it, FREE MONEY it felt like! I racked up almost $3K and when I got the bills, I thought "this is going to take me forever to pay back" Got real scared, paid it off and have lived within my means ever since.
Finally got out of the West San Jose area last year, lived there my whole life! North County of San Diego area is NICE and cheap compared to the Bay Area! Great beaches are only 4 miles away, no more Hwy 17 runs to try and get to Santa Cruz!
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