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      10-15-2019, 12:25 PM   #114
zx10guy
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Originally Posted by natahoa View Post

Bravo to you. It takes a village and it’s important to share our wisdom with the next generations.

I have two daughters in their 20s and my husband is a fiend about teaching them financial responsibility. So they are doing very well and I expect them to do that going forward.

However, most of their friends, and our relatives of similar ages, are idiots. They all have college degrees but can’t crunch simple numbers.

One thing I’m hard over on, when talking to young people angsting to buy a house is - watch out for flood insurance. If you have a mortgage you must get it in quickly expanding locations. It can cost as much as the damn mortgage.

Always ask the realtor if the house requires flood insurance. Factor that into your costs.

The larger problem is that the flood insurance situation is dire. They simply don’t pay out many claims since the Sandy storm. Totally corrupt.

After watching a documentary about a man who lost his home in New Jersey, could not get any flood insurance benefits, and STILL has to pay his mortgage AND flood insurance on an empty lot - we RAN to the phone and cancelled our flood insurance.

We live right on the water, and our neighborhood floods regularly but never high enuf to damage the homes (it’s flatland and the water just spreads out). Since we don’t have a mortgage we had the option.

Most people are stuck paying ever increasing premiums, that they are unlikely to ever be able to collect on - like flushing their money down a toilet.

So, if you have kids or other young people in your life, please help them understand this horrid situation before they buy a home. Houses are not investments. They can take you down quick if you buy more than you can handle.
Education has no bearing on financial responsibility. My mother has no higher education....actually she doesn't have any education past elementary/junior high. Explaining her situation would require a whole separate post. Regardless, she managed to save quite a bit of money and put both myself and my brother through college. All of this working labor intensive jobs.

I dated a young lady a long time ago who has a degree in accounting and worked at a large corporation's HR department. She was doing work around the company's 401k plan and did the talks to the employees about enrolling in the plan. The ironic thing was she didn't believe any of the stuff she was told to message. She YOLO'd.
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