linklings, who dat edition

The ominous signs of frozen demons emerging from a frosty Hell haven’t occurred yet, although the Saints DID win the Super Bowl.  Who’s next?  The Browns?  Are the Cubs gearing up for a run at the World Series?

Do Kids Inherit Frugality?:  Yes, they do.  I inherited my ideas about money and most importantly my abhorrence for debt from my parents and grandparents.  I didn’t learn it through sad experience, like so many personal finance bloggers.  I never had debt, never touched it, never thought about it.  That wasn’t through my own experience, but through the lessons I learned from the elders of clan Blap.

Underachieve Your Way to Retirement:  An interesting thought that compliments what I wrote about the salt mine.  The highest achievers may not be the first to retire, in my opinion, because they are high achievers who don’t WANT to let off the accelerator.

Credit Terrorist or Twisted Genius?:  I hate anyone who doesn’t pay unsecured debt.  If you run up credit card debt, pay it.  I don’t have as much of a problem with secured debt; if your house is underwater, give up the debt and return the house to its “owner”, the bank.  Technically, they owned it all along and you’re just returning their asset to them.  Credit card debt’s different.  Unless you plan to give Megabank back that dinner at Outback and the Wii, you ought to pay them, or you are a bad person.  Period.

6 comments

  • A family on another blog ran up serious debt, living off their credit cards while spending 2 years looking for work, any work. They have work now, but not enough to even make the minimum payment on that debt. The lenders will not work with them; they are considering bankruptcy to avoid the harassment. Are they bad people? They have no Wii or dinners at Outback; just groceries to feed a family and gas for the job search; utilities to keep them warm through the winter; clothes for growing children. If you judge others without walking a mile in their shoes, you are just a bad person. Period. I know you would handle it differently, because you are perfect, but that doesn't give you the right to judge them.

    • So if the credit card companies extended credit to this family, when they had no-one else (family, friends, church) to give them money, I assume? So they took money from them and now you're saying it's ok if they don't pay them back? No. I'm not perfect, but if you borrowed money, you owe it back. I was too extreme in my statement (“bad” was too strong). But I'm sorry: the lender of last resort, the credit card company, gave that family money to survive, so once that family gets back on their feet, they have a moral obligation to do what they can to pay off that debt.

      I know it's popular to bash the wicked credit card companies, but if they put a roof over the heads of this family, then that family should be glad they had someone willing to lend that money, and should make every effort to pay it to the extent that they can – pay it or declare bankruptcy.

    • I'm just sayin', stuff happens, doesn't make you a bad person. But you're right, that guy is a jerk. 😉

    • @Ely: That was my point – the dude was walking away from an obligation. If you have to incur a debt to stay alive, so be it – but you should try to pay it back if you can.

  • Thanks for the links…. As for the top link I would say you can inherit it but some families are frugal with themselves but not their kids…. Sends mixed messages… Anyway loaded some of the articles in other tabs and off to read them now… Thanks again 🙂

  • these topics looks relevant and will be hoping more from you