Reply #67: My point is simpler than that.. [View All]

[sendero]

... yes, I did "come of age" in the 80s. It was easier then.

But this is not just a problem with people making $20K or $30K a year. This is a problem with folks making 40, 50, $60K +. They are not saving any money. Every dime they make, they spend.

They borrow for everything they own, car, entertainment, clothes, restaurants. They look at their expenditures in terms of "can I make the payment", not in terms of "am I getting value for my money, interest considered" or in terms of "if I save up and pay cash for this, it will cost a lot less". They lease their cars being easily sold on the myth that it is a good long-term deal for them to.

I understand some folks have medical expenses or other factors that make it impossible to save. But mostly, it is pure inability to delay gratification, one of the basic building blocks of "emotional intelligence", which Americans just lack in droves.