Paying bills versus going on vacation or other non-essentials

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A friend of mine recently asked me to help her plan a trip to WDW for her family, she didn't listen to a thing I said but that is neither here nor there.

They had recently gotten a settlement from a car accident her husband was in a few years ago. She had also told me a little while ago that they had stopped paying on their credit cards and were considering filing bankruptcy and apparently the settlement could have paid off a chunk of their bills but they were currently living off that money because her husband wasn't working as much as he usually does for various reasons and they had decided that something good needed to come out of that money so they said forget the bills we're going to Disney World. I mean I do get that urge but good lord. I can't imagine being that irresponsible.

When they got back she asked me to teach her about DVC because they want to join.

Whatever, I guess.

 

[ronandannette]

A friend of mine recently asked me to help her plan a trip to WDW for her family, she didn't listen to a thing I said but that is neither here nor there.

They had recently gotten a settlement from a car accident her husband was in a few years ago. She had also told me a little while ago that they had stopped paying on their credit cards and were considering filing bankruptcy and apparently the settlement could have paid off a chunk of their bills but they were currently living off that money because her husband wasn't working as much as he usually does for various reasons and they had decided that something good needed to come out of that money so they said forget the bills we're going to Disney World. I mean I do get that urge but good lord. I can't imagine being that irresponsible.

When they got back she asked me to teach her about DVC because they want to join.

Whatever, I guess.

What compelled her to tell you all their business? In fairness, maybe you should let her know it colours your opinion of her, and that your relationship would be healthier in future if she exercised better discretion and not burden you with such details.

 

[mylilnikita]

A friend of mine recently asked me to help her plan a trip to WDW for her family, she didn't listen to a thing I said but that is neither here nor there.

They had recently gotten a settlement from a car accident her husband was in a few years ago. She had also told me a little while ago that they had stopped paying on their credit cards and were considering filing bankruptcy and apparently the settlement could have paid off a chunk of their bills but they were currently living off that money because her husband wasn't working as much as he usually does for various reasons and they had decided that something good needed to come out of that money so they said forget the bills we're going to Disney World. I mean I do get that urge but good lord. I can't imagine being that irresponsible.

When they got back she asked me to teach her about DVC because they want to join.

Whatever, I guess.

Oddly enough if she goes bankrupt, soon she will be getting offers for more credit cards at very high rate lol

 

[MrsPete]

... My kids have taken CC classes during summers to save money, plus they are a lot easier, many in 4 year colleges take classes like calculus at CC and take the P.

This is something I've tried to impress upon my high school seniors, and few of them grasp the idea. For example, math does not come naturally to my youngest -- she barely scraped by with a bottom-of-the-barrel C. BUT since she transferred the grade to her university, that C came in as a Pass. She still graduated from university with a 4.0 .

17 years of experience teaching at a University. A very large percentage of college students do this, otherwise we wouldn't have the crippling student loan crisis that we do.

Yes, a large percentage of college students borrow, but -- as a professor -- do you know which students borrowed vs. which ones didn't?
Absolutely we have a huge student loan problem. Personally, I think the biggest issue is that 18-year olds just don't have the long-view of finances that would allow them to understand what they're doing when they borrow -- and borrowing is pushed upon them pretty hard. My kids didn't borrow, but every year they received unsolicited loan offers; it becomes, "Why shouldn't I just take the money? It would make today easier."

 

[barkley]

This is something I've tried to impress upon my high school seniors, and few of them grasp the idea. For example, math does not come naturally to my youngest -- she barely scraped by with a bottom-of-the-barrel C. BUT since she transferred the grade to her university, that C came in as a Pass. She still graduated from university with a 4.0 .

Yes, a large percentage of college students borrow, but -- as a professor -- do you know which students borrowed vs. which ones didn't?
Absolutely we have a huge student loan problem. Personally, I think the biggest issue is that 18-year olds just don't have the long-view of finances that would allow them to understand what they're doing when they borrow -- and borrowing is pushed upon them pretty hard. My kids didn't borrow, but every year they received unsolicited loan offers; it becomes, "Why shouldn't I just take the money? It would make today easier."

i know personal finances are a highly personal and touchy situation in most u.s. households-i grew up in the generation where we had no idea what income or debt our parent(s) made/had b/c it was just NOT a subject that was spoken of (along with cancer only being referred to in whispered tones as 'the c' and the term 'pregnancy' being considered offensive akin to a curse word). that said-i sincerly hope/wish that these days people-parents, grandparents...would share with their YOUNG teens the impact student loan and other immense debt has on one's long term life and long term life choices so BEFORE they start getting the big college push, the glossy ads, the college fairs....they are idealy forming some idea of a reasonable education/lifestyle budget.

we have extended family whose kids opted for high cost educations in large part b/c their parents and other family attended similar and their entire growing up lives they never knew (likely don't know to this) the true extent to which their parents/extended family are STILL drowning in student debt-debt that they never made enough/will never make enough in their careers to justify let alone payoff (they could have done public university at a 10th of the cost-not careers that the name of the university carries any weight). they have no idea how much their parents drained their own parents financialy to help make ends meet and then continued to make wreckless financial decisions ('i want a masters, a, i don't need it but everyone else is getting one and it's faster to go through the expensive program, i already have student debt it will just add a few more years to it' ). i suspect it will become apparant in a handfull of years when the parents age to the point of being unable to work and may turn to their already financialy overextended children b/c i'm doubtful there's much if anything in retirement savings. young families with a mountain of student loan debt may find that in addition to that financial burden they may be called upon or feel obligated to support an entirely separate household.

 

[TheIncredibles!]

Horrid situation. I am a 6 year cancer survivor. I beat the cancer that killed my mom. I will outlive her young age next year. It's important to ME that I live my life to it's fullest and going on vacations every year is part of my plan. My parents died young, messages received. There's no promises on tomorrow.

However.... I am very fortunate to not only have insurance but to have the means available to NOT be in medical debit like that vast majority of cancer patients.

It's a hard pill to swallow that somebody like me "deserves" to live life to it's fullest in this way after beating death only because I am not in medical debt. KWIM? There's no easy answer for this one.

 

[Maistre Gracey]

Anyone heard of a budget?

 

[Starport Seven-Five]

Anyone heard of a budget?

How much do you budget for cancer treatment?

 

[anjuan]

hands down the least expensive way to go here is for a kid to opt for 'running start' in highschool-get their first 2 years done during their jr/sr year of high school w/ the only cost being books. despite having the number of units to qualify upon completion as a college jr. they are considered incoming freshman for the purpose of all forms of scholarships. there are a few bachelor's degrees offered at community colleges here which can be a savings for a student as well.

My daughter did this and just started her freshman year with 33 credits so based on credits she was well into her sophomore year.