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Originally Posted by Johnny199r
This ^. They can cover the monthly bill if nothing changes, which they don't ever consider. Divorce? impossible. Job loss? Impossible. Major illness? impossible? Disability? Impossible. Interest rates could rise? No way! 1 vehicle only for our family? We're not poor!!! No way! A cottage? We owe it to our kids! Plus, they'll be paying the mortgage off until age 70, with really nothing saved for the retirement. How is that going to work?
Then what happens? A whole bunch of people complain to the government that they don't have enough to comfortably retire on, and that somehow it is the government's fault, due to "taxes and other things" and demand the gov't cater to them, which they will, because old people are vocal and vote, then the new policies/programs ends up punishing people who have lived responsibly their whole lives.
Hell, look at the power of the senior vote, there is no full OAS clawback until $129,075. You can make $125,000 in income a year as a senior and the government will pay you money just because you are old! You are entitled to the full OAS benefit if you had less than $79,054 income in 2021. The government will give you $7,362.36 for the year if you make $79,000, just because you're old!
That's right, the government gives money to seniors making more than $100,000 a year, for no other reason than they are old. How does that make any sense???!!!???It's because they vote.
It starts in university - for example - friend can live at home with their parents in the same city as the university, but wants to move out near university with their friends so they can party and "get the college experience" including for some, but not all, going out several nights a week, and then posting pictures of their spring break trip to Mexico.
Universities raise tuition every year but promise more money for "needs based bursaries". Guess who gets those needs based bursaries because they are really in debt now? The person who chose to live the "adult life at 19" when they had other more fiscally prudent options.
Who gets punished with tuition getting raised and have no access to needs based bursaries? The people who are responsible.
I remember being 18, and having a friend who said they spent all their money from their part time job on clothes, food and partying, because "What else is there to spend it on". I remember thinking, how about saving it for university (which they were going to attend after summer). I just thought, am I living on a different planet than this person?
I'd say our schools needs to teach personal finance to all students, but it would have no effect. They will ignore it and just do what their parents do.
One of my favorite new developments is using the term "for my mental health" as a blanket answer for fiscal irresponsibility.
Why'd you quit your job with no backup? "for my mental health". Why'd you quit your summer job 3 weeks early before school started, don't you have a big student loan? Everyone else is working until the day before school? "but my mental health". How did you afford to go to Mexico for a week when you said you were broke and could only eat kraft dinner every night "I needed it for my mental health". How did you spent $700 on new clothes at the mall when you are up to your eye balls in debt "I needed it for my mental health"
Is mental health a legit concern for some people these days? Absolutely! Is it increasingly now used a blanket justification to dismiss something that is fiscally ridiculous? You bet.
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Simple answer: Entitlement.
In other words they see so-and-so have some material good, or experience, and without realizing the actual cost (or opportunity cost) feel they should also be allowed. Because, after all, The Man should have it stuck to them. As I keep saying to people, it's consumerism and materialism that's killing most folks these days. It's not how much you make, it's how much you spend. Just look at all those who "upgrade" their phones every year or two, or vehicles, or homes, or whatever toy, or eat out all the time, or have a sh*t ton of clothes.
My kid, at school, did apparently go through some class for "financing life"... OMG was it ever useless and over simplified. Part of the problem is that the teachers don't even know this stuff. Yeah money isn't all for spending, and it isn't all for saving either, however why do so many have problems with money management??!! Because our society is ALL about spending and then blaming others for their self-selected life choices. Go figure...