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> I don't think poor people are poor because they don't know how to pay their bills on time, invest in index funds, or that having a maxed out 35% credit card
by mettamage 5y ago
> I don't think poor people are poor because they don't know how to pay their bills on time, invest in index funds, or that having a maxed out 35% credit card will make your debt outgrow a 8% savings fund.
I know people that don't know:
* How to recover their bank accounts (they told me it's impossible, so I recovered it for them)
* What an index fund is. Even when I do tell them, it seems to be a bunch of hocus pocus to them.
* Ok, I don't know people with credit card trouble. Dutch people tend to not have credit cards.
There are enough people that don't know a single thing about finance. Most of these people are 60+ and middle class. At least, that's what I have seen in my world of anecdata.
- TrackerFF 5y agoI see that - and I think it's quite a cultural thing. Most of the people I know in such positions, are also 60+ and have either retired, or on their path to retiring. Here in Norway most of the older folks either retired at 62 or 67, so being acutely aware of things like diverse investment portfolios, strategic credit card usage, etc. weren't really a thing. They'd get their pensions, and live normal lives.
- allendoerfer 5y agoI am envious of the 250,000 $ every Norwegian has in his or her portfolio, properly diversified over the world economy with 0.16 % TER, just by the virtue of being born Norwegian.
- oblio 5y agoI think most retired people in Europe just live off their state pensions.