The financial crisis demonstrated that the poor financial decisions of other people are EVERYONE'S problem. Sadly, said people are in the overwhelming majority, even among the well-educated and well-off. Even more perversely, the world economy pretty much wouldn't run if it weren't for excess spending and other poor financial decisions. One might argue that other peoples' poor financial decisions are directly responsible for the high level of luxury that we currently enjoy in the Western world.The money problems of stupid people with their excess spending and other poor financial decisions should not be my problem.
An idea completely lacking in both compassion and fiscal sense. Welfare may be in need of sensible reforms, but abolishing it entirely would lead to huge spikes in crime and incarceration, along with a massive contraction in the economy as large swathes of the potential workforce would be trapped in the justice system, either behind bars or in front of them guarding the others, and therefore not producing the goods and services that drive the modern economy. Welfare is a bargain compared to the alternative--would you really want to pay the taxes for the extra incarceration costs AND the extra child-rearing costs that the state would incur upon the abolition of welfare?Welfare needs to be ended.
I seriously doubt the first claim, and while the second may be true in certain cases, it is not the general case.They live better than I do and spend far more than I do.
There is an element of truth to this, but while you are probably more self-sufficient than they are, you too are almost entirely dependent on society to provide many of your needs. You may partially pay for your food, shelter, safety, and goods, but they are only available to you (at a convenient location and price) because society has been structured so that people have the opportunity to freely and safely learn a specialized trade and pursue it, for compensation, while other specialists provide the other needs in your life at a low cost.Yet I am self-sufficient while they are not.
Lol @ everyone saying just get rid of the car like it's so easy. I can guarantee you she's probably upside down on the car and she'd still owe a ton of money on it anyways, plus how are they going to get around without a car? Public transportation sucks for the lot of places in the country. The chick is probably just paying the interest on the car since she already had horrible credit to begin with so she got raped on the interest rate. It's not like she has any extra money to buy a new cheap used car. When financing a car, don't you need full coverage of insurance? Plus in many places, you HAVE to pay for parking so probably no way out of that either. Obviously this chick screwed herself over by buying a new car but she's basically stuck with it.
still doesn't add up IMO (I don't know what kind of car they have, but you can get a cheapo car for $200 a month...insurance and other expenses shouldn't be $500+/mo
EDIT: the video shows the mom? driving a newish Honda Accord...not the cheapest car on the block.
Why are you trying to figure out what someone who gets free money should do to have more at the end of the month? If they were any good with money they would not need mine. It is much easier to spend money you don't have to earn.
*I didn't watch the video; but based on the info the OP provided, here's my $0.02:
405 rent for 2 beds apt
315 food
40 laundry
734 car expenses/insurance
658 credit card/hospital/student loan
165 parking
42 check cashing fee
280 cable, internet, phone
181 gym, shoes, gift, entertainment
50 cat food and liter
30 loan for medicine
1.5 coffee
1.5 mother day card
2 lottery ticket
2905 TOTAL EXPENSE
Rent is rent; you need to have a roof over your head. 315 for food for three people is fine but what are they eating to ensure proper nutrition with two growing boys? Laundry is laundry; you need clean clothes. The car expenses are ridiculous. Turn in your car and try carpooling with someone else for a bit, contribute gas money and bank the extra dough to save up for a beater. If the mom and other son don't work then does that mean only one person is using it? Also I hear insurance for males is pretty expensive. If you absolutely need a car, put the insurance in the mom's name and list the kid as a secondary driver to save some cash. They need to trim their debt repayment to 15% of their total net monthly income. That there would save a couple hundred per month. Cable, internet, and phone, living in subsidized housing? Aw, hellz no. Cable goes, reduce your internet and phone package too. Phone is necessary for communication and internet is useful tool for job hunting. Get rid of any cell phones. Rehome the cat and get rid of the gym membership.
Honestly, it isn't rocket science.
What would you do...financially?
Wouldn't it be nice ... if we could all live within our means?
I have a few questions for the ATOT rich condescending elite.
1) Do you acknowledge this family is "working poor"?
The "boys" are grown ass men. 30 and 21. Helps to watch the video. OP left that part out.
The mother also doesnt even have a GED.
And she got a job, but quit because it didn't pay "well". How the hell do you get unemployment after getting laid off, then getting a new job and then quitting that new job?
I think you have to be working to be considered "working poor."
29% interest for the computer purchase is predatory and dumb to agree to.
Its sad that they don't have jobs but honestly if you had a choice would you hire a woman who can't even budget well I.e. that car and those cell and cable bills to work for you?
Fuck these people
29% is the standard rate for credit cards now.