Comments on: 20 Year Olds and Finance http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/ Talking about money, without being boring. Sat, 11 Oct 2008 10:24:11 +0000 http://wordpress.org/?v=2.6.2 By: Steve "The Debt Settlement Man" B http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-23618 Steve "The Debt Settlement Man" B Fri, 16 Nov 2007 18:48:25 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-23618 Wow ananymous sounds like four years really made a world of a difference for you. Wow ananymous sounds like four years really made a world of a difference for you.

]]> By: Stephanie http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-80 Stephanie Mon, 19 Feb 2007 18:51:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-80 <B>Anon:</B> the title of the blog was inspired by the fact that few of my friends (especially film students) actually realized how poor I really am.<BR/><BR/>I was never attempting to be arrogant - snarky, yes, but arrogant was never my intention. <BR/><BR/>I doubt I will be in your position when I am your age - I certainly hope to have a college diploma, a good credit score, a 401k, and a six month emergency fund by then, but I doubt I will be debt free. However, you haven't really given me enough information to answer your question of "will you be able to say the same?" Here's what I would need to know:<BR/>How much did you have to take out in student loans?<BR/>How much is in your 401K?<BR/>Did you receive any outside help, especially from parents or other family?<BR/>What constitutes "a good credit score" in your opinion?<BR/><BR/>Also, I don't even have a wish to have all my student loans paid off in four years. I can think of several reasons not to, including the fact that they have a fairly low interest rate. Anon: the title of the blog was inspired by the fact that few of my friends (especially film students) actually realized how poor I really am.

I was never attempting to be arrogant - snarky, yes, but arrogant was never my intention.

I doubt I will be in your position when I am your age - I certainly hope to have a college diploma, a good credit score, a 401k, and a six month emergency fund by then, but I doubt I will be debt free. However, you haven’t really given me enough information to answer your question of “will you be able to say the same?” Here’s what I would need to know:
How much did you have to take out in student loans?
How much is in your 401K?
Did you receive any outside help, especially from parents or other family?
What constitutes “a good credit score” in your opinion?

Also, I don’t even have a wish to have all my student loans paid off in four years. I can think of several reasons not to, including the fact that they have a fairly low interest rate.

]]> By: Anonymous http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-81 Anonymous Mon, 19 Feb 2007 17:38:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-81 Yes... but are your friends poorer than you? If not, I think you should drop the arrogant tone. When I was 20, I knew very little about personal finance and didn't have a credit card. Now that I am 24, I have a college diploma, a good credit score, a 401k, a six month emergency fund, and $0.00 debt- even my student loans are completely paid off. Will you be able to say the same? Yes… but are your friends poorer than you? If not, I think you should drop the arrogant tone. When I was 20, I knew very little about personal finance and didn’t have a credit card. Now that I am 24, I have a college diploma, a good credit score, a 401k, a six month emergency fund, and $0.00 debt- even my student loans are completely paid off. Will you be able to say the same?

]]> By: Stephanie http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-82 Stephanie Mon, 22 Jan 2007 21:16:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-82 Thanks Ramit! Yes, the most aggravating part of the conversation was when I sent him just two little links, and he brushed me off. I couldn't help but thinking "What? I know you're sitting at your computer, just chatting with people. Don't tell me you'll do it later, do it now! I know you have the time!"<br /><br />People are just stubbornly sticking to their "if I don't think about it, I won't ever have to deal with it" theory.<br /><br />By the way, Ramit, one of the link I tried to send him was I Will Teach You To Be Rich, so we should both be annoyed! =) Thanks Ramit! Yes, the most aggravating part of the conversation was when I sent him just two little links, and he brushed me off. I couldn’t help but thinking “What? I know you’re sitting at your computer, just chatting with people. Don’t tell me you’ll do it later, do it now! I know you have the time!”

People are just stubbornly sticking to their “if I don’t think about it, I won’t ever have to deal with it” theory.

By the way, Ramit, one of the link I tried to send him was I Will Teach You To Be Rich, so we should both be annoyed! =)

]]> By: Ramit http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-83 Ramit Mon, 22 Jan 2007 20:40:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-83 Grr. That's really common among the people I talk to, but it still never fails to surprise me. It's especially aggravating that he wouldn't look at a personal-finance blog (or whatever) to learn more. That Ostrich-like mentality is sad. When people wonder why they have money problems for their entire lives, I wonder if they ever took even 5 hours to learn the basics. It's not just about money, it's about figuring out how to achieve your goals. <br /><br />Anyway, thanks for the shout-out. Grr. That’s really common among the people I talk to, but it still never fails to surprise me. It’s especially aggravating that he wouldn’t look at a personal-finance blog (or whatever) to learn more. That Ostrich-like mentality is sad. When people wonder why they have money problems for their entire lives, I wonder if they ever took even 5 hours to learn the basics. It’s not just about money, it’s about figuring out how to achieve your goals.

Anyway, thanks for the shout-out.

]]> By: Stephanie http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-84 Stephanie Mon, 22 Jan 2007 19:32:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-84 I don't think you're spoiled because of that. Your parents saved up to send their three kids to college, not just you (at least, I hope... or else I think your sisters might have decapitated you by now), and you spent two years at a cheaper college to save a boatload of money.<br /><br />You are doing fine. I don’t think you’re spoiled because of that. Your parents saved up to send their three kids to college, not just you (at least, I hope… or else I think your sisters might have decapitated you by now), and you spent two years at a cheaper college to save a boatload of money.

You are doing fine.

]]> By: Gregory http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-85 Gregory Mon, 22 Jan 2007 17:59:00 +0000 http://poorerthanyou.com/2007/01/21/20-year-olds-and-finance/#comment-85 Wow. I mean, people like that exist somewhere, it bugs me tremendously to hear about things like that.<br /><br />Money is the tool to the good life, whether you value it on its own or not. But I guess it's too much to ask a <em>student</em> to <em>learn</em> anything about money.<br /><br />(Not that I know a great deal of the details of my college financing just yet, but that's because I'm lucky enough to have parents that saved a bunch of money for it. No loans to keep track of yet. And yes, I'm spoiled rotten.) Wow. I mean, people like that exist somewhere, it bugs me tremendously to hear about things like that.

Money is the tool to the good life, whether you value it on its own or not. But I guess it’s too much to ask a student to learn anything about money.

(Not that I know a great deal of the details of my college financing just yet, but that’s because I’m lucky enough to have parents that saved a bunch of money for it. No loans to keep track of yet. And yes, I’m spoiled rotten.)

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