okay, it's not all bad...

I got a bit too carried away on my last rant, the truth is that many in this generation do have their heads on straight. Like my co-worker who told me that he's looking into starting a retirement fund (he's 20). And a friend of mine who judiciously manages a nice portfolio of Wells Fargo stock and a mutual fund. Natalie and I are doing our part, saving about 50% of our income and keeping our hands off our Roth IRA and REIT mutual fund. We graduated college without a lick of debt and with a positive cash flow. Despite the fact that we're uninsurable by the scam artists in the health insurance world, we're doing ok for ourselves. And the solution to so many problems is so simple- live beneath your means. Sure, hard times do hit, but in most cases, saving money and being fiscally conservative are surefire ways to prevent financial catastrophe. The hard part is being conservative when the money is flowing in. But a little bit of self-restraint goes a long way.

Lots of debt...

The news today reported that Hillary Clinton's presidential campaign not only ended unsuccessfully, but $22 million in debt. And of course she wants people to help bail her out. First of all, is this someone we wanted to have in office? Someone who accumulates that kind of debt certainly doesn't have the financial sense to preside over the nation. Bush has already made record gains in the country's debt, and the democrats say they would do better. I'm not convinced. This reflects the nation's current philosophy on finances- rack up as much debt as you want, and then either file for bankruptcy or hope Uncle Sam will bail you out. Hillary should cough up the dough from her own coffers (which are substantial) and not expect someone else to pay up for her failed presidential bid. But like I said, this is the same financial approach that so many Americans have. I was listening to the radio tonight, one of those personal finance shows, and this couple had two mortgages, $87,000 in credit card debt, a $20,000 car loan, and various other financial obligations. There was another story I heard last week about a housekeeper who was "conned" into getting a loan for a $400,000 house. Does this make any sense? The fiscal irresponsiblity of these people is appalling. And we're not talking about poor single mothers who are facing hard times, no, we're talking about double income, $300,000 per year couples who spend like drunken sailors, and people with no financial sense getting themselves strapped down by huge mortgages because they don't do a single bit of research or homework. Like the woman CNN interviewed that was losing her home because she couldn't make the payments- and her quotable statement, "I dint know nuttin bout whats an adjustable rate mortgage". Excuse me? You don't understand, even conceptually, what an ARM is and you think you can buy a house? These stories aside, the fact that a presidential candidate runs up a multi million dollar debt is a scathing indictment that America has no financial sense, from the bottom all the way to the very top.