Comments on: This is why I have a personal blog… http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/ Fri, 19 Mar 2010 14:54:59 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Heather http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-361 Heather Wed, 09 May 2007 17:52:13 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-361 Great Post. Why not take it to the next level? Send a note to these senators stating that you are opposed to a bail out in the subprime market. Attach the campaign contributions and question who they are really trying to bail out. I did.... surpisingly, I still have not received a response. Great Post. Why not take it to the next level? Send a note to these senators stating that you are opposed to a bail out in the subprime market. Attach the campaign contributions and question who they are really trying to bail out. I did…. surpisingly, I still have not received a response.

]]> By: Donna Papacosta http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-232 Donna Papacosta Sat, 14 Apr 2007 21:45:56 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-232 Very well done post, Chris. You did your research! Very well done post, Chris. You did your research!

]]> By: Whitney http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-229 Whitney Sat, 14 Apr 2007 18:43:50 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-229 Part of the problem is that many people don't really understand money. Oh, they understand they exchange it for things they want, but they don't understand economics of long term debt- they only understand "I want it now". I worked for a student loan co as a customer service person during college; I have dealt with college students and contractors and the like failing to pay their bills from a legal perspective, including eveictions and foreclosures, and it all comes down to Chris's basic message- Don't sign anything you don't understand, and live up to the obligations you have knowingly taken on. Understand that if you want a new ipod, you have to pay the rent and the mortgage first, and deferred gratification is a good thing. But I also think we need to start teaching real world economics and money management skills to kids starting in middle school. Not just "balance your checkbook" stuff, but "This Number of dollars is needed per month to cover your most basic needs. Then you need to save in case you can't work because you get sick. After all of that is paid for, then you can start talking about ways to manage the gravy." I know too many grownups who get themseleves into debt because they don't understand how expensive compounded interest is, what they can really afford, or how to say no. Banks will always lend you as much money as you want if you have a decent credit rating- you'd be STUPID to say yes. Part of the problem is that many people don’t really understand money. Oh, they understand they exchange it for things they want, but they don’t understand economics of long term debt- they only understand “I want it now”.

I worked for a student loan co as a customer service person during college; I have dealt with college students and contractors and the like failing to pay their bills from a legal perspective, including eveictions and foreclosures, and it all comes down to Chris’s basic message- Don’t sign anything you don’t understand, and live up to the obligations you have knowingly taken on. Understand that if you want a new ipod, you have to pay the rent and the mortgage first, and deferred gratification is a good thing.
But I also think we need to start teaching real world economics and money management skills to kids starting in middle school. Not just “balance your checkbook” stuff, but “This Number of dollars is needed per month to cover your most basic needs. Then you need to save in case you can’t work because you get sick. After all of that is paid for, then you can start talking about ways to manage the gravy.”
I know too many grownups who get themseleves into debt because they don’t understand how expensive compounded interest is, what they can really afford, or how to say no. Banks will always lend you as much money as you want if you have a decent credit rating- you’d be STUPID to say yes.

]]> By: Amy http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-228 Amy Sat, 14 Apr 2007 14:02:49 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-228 I think you are right on. I think you are right on.

]]> By: Aqueduct » Payola? http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-227 Aqueduct » Payola? Sat, 14 Apr 2007 14:00:58 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-227 [...] Penn has a fantastic take on proposed bailout for homeowners facing foreclosure. Good job [...] [...] Penn has a fantastic take on proposed bailout for homeowners facing foreclosure. Good job [...]

]]> By: Chris Brogan... http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-226 Chris Brogan... Sat, 14 Apr 2007 11:33:05 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-226 I have nothing significant to add, but wanted to say that the way you laid out the information was very informative, and matching that to your emotions and thoughts on the conversation was excellent. In other words, great post! I have nothing significant to add, but wanted to say that the way you laid out the information was very informative, and matching that to your emotions and thoughts on the conversation was excellent.

In other words, great post!

]]> By: Jason White, CSCS http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-225 Jason White, CSCS Sat, 14 Apr 2007 03:03:57 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-225 Hey hey hey, Let's not get too hasty about legislating against stupidity. The very thought that a government can/would/should take some responsibility for a person's intelligence level is flawed to the core. We are all here, right now. You are here and you are responsible for your self and your intelligence. you can make it better or not. Learning is what happens when people make mistakes and people need to make mistakes in order to learn (generally speaking) attempting to prevent this prevents a fundamental part of the process of being human and learning your lessons. Like signing on the dotted line... Hey hey hey,

Let’s not get too hasty about legislating against stupidity. The very thought that a government can/would/should take some responsibility for a person’s intelligence level is flawed to the core.

We are all here, right now. You are here and you are responsible for your self and your intelligence. you can make it better or not.

Learning is what happens when people make mistakes and people need to make mistakes in order to learn (generally speaking) attempting to prevent this prevents a fundamental part of the process of being human and learning your lessons.

Like signing on the dotted line…

]]> By: Ted Demopoulos http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-224 Ted Demopoulos Sat, 14 Apr 2007 01:17:39 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-224 The people living on floodplains might disagree . . . Now, I'm somewhat responsible. I pay my bills, I take on debt I can service, and I realize that maybe, just maybe, something will happen and I won't be able to anymore. But I'm an adult, and don't expect anyone to bail me -- or my debtors -- out. The people living on floodplains might disagree . . .
Now, I’m somewhat responsible. I pay my bills, I take on debt I can service, and I realize that maybe, just maybe, something will happen and I won’t be able to anymore. But I’m an adult, and don’t expect anyone to bail me — or my debtors — out.

]]> By: Jay Moonah http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/comment-page-1/#comment-223 Jay Moonah Sat, 14 Apr 2007 01:09:45 +0000 http://www.christopherspenn.com/2007/04/14/this-is-why-i-have-a-personal-blog/#comment-223 Don't hold back Chris, how do you really feel? ;-) What I think might really be need here are better requirements for the lenders to disclose the possible outcomes (such as foreclosure) to potential borrowers if they are not able to pay. While I agree people need to be responsible and understand what they are signing, it's not possible to legislate against stupidity (but that would be great, wouldn't it?) It is possible, on the other hand, to legislate against big lenders obfuscating the terms of their often complex agreements and thus allowing people to think they can afford something they really can't. Don’t hold back Chris, how do you really feel? ;-)

What I think might really be need here are better requirements for the lenders to disclose the possible outcomes (such as foreclosure) to potential borrowers if they are not able to pay.

While I agree people need to be responsible and understand what they are signing, it’s not possible to legislate against stupidity (but that would be great, wouldn’t it?) It is possible, on the other hand, to legislate against big lenders obfuscating the terms of their often complex agreements and thus allowing people to think they can afford something they really can’t.

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