Comments on: The Money Book For The Young, Fabulous, And Broke: Chapters 1 – 3 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/ Simple, applicable personal finance advice for the modern world Thu, 18 Mar 2010 03:09:50 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Terry http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/comment-page-1/#comment-7088 Terry Wed, 21 Feb 2007 04:00:15 +0000 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/#comment-7088 My credit score is in the tank (extended illness with two months in hospital and unable to work for a year, all active accounts closed and charged off, plus a judgment and a tax lien). I am back to work, earning minimum wage and unable to resolve the credit issues on my pathetic income. 18 months with no activity on my credit report raised my Equifax score a whopping 8 points. (Interestingly, my other two scores went up 50 and 100 points respectively.) So I know my score but don't know how to improve it. My credit score is in the tank (extended illness with two months in hospital and unable to work for a year, all active accounts closed and charged off, plus a judgment and a tax lien). I am back to work, earning minimum wage and unable to resolve the credit issues on my pathetic income. 18 months with no activity on my credit report raised my Equifax score a whopping 8 points. (Interestingly, my other two scores went up 50 and 100 points respectively.) So I know my score but don’t know how to improve it.

]]> By: Rob http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/comment-page-1/#comment-7080 Rob Wed, 21 Feb 2007 03:28:01 +0000 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/#comment-7080 Same. I know that over here - a bank will take into account your available credit in determining if you can get a loan.. so having a lot of unused credit cards is a *bad* thing - Since you have $20K of available credit - the bank treats that as a $20K debt you have to pay for - and processes your mortgage application accordingly. Same.
I know that over here – a bank will take into account your available credit in determining if you can get a loan.. so having a lot of unused credit cards is a *bad* thing – Since you have $20K of available credit – the bank treats that as a $20K debt you have to pay for – and processes your mortgage application accordingly.

]]> By: BigBuddha http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/comment-page-1/#comment-6994 BigBuddha Wed, 21 Feb 2007 01:05:36 +0000 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/#comment-6994 I have come across how "important" credit scoring is in american financial circles, I can't help but feel that the american thinking towards credit assessment seems to be extremely archaic and encourages personal debt just for the sake of having debt. Sounds rather stupid to me. I have come across how “important” credit scoring is in american financial circles, I can’t help but feel that the american thinking towards credit assessment seems to be extremely archaic and encourages personal debt just for the sake of having debt. Sounds rather stupid to me.

]]> By: VG http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/comment-page-1/#comment-6965 VG Tue, 20 Feb 2007 21:28:08 +0000 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/#comment-6965 Ive worked in IT for the last 10 years. I'm 28 years old and would love to get into finance since its really been my interest for the last 2 years or so. I'm just now finishing my first year of college and im going to change my degree from IS to Finance. I don't expect to make nearly as much money in finance as i do in IT, but working for a e-trade/goldman sacks/fidelity company really interests me.... Ive worked in IT for the last 10 years. I’m 28 years old and would love to get into finance since its really been my interest for the last 2 years or so. I’m just now finishing my first year of college and im going to change my degree from IS to Finance. I don’t expect to make nearly as much money in finance as i do in IT, but working for a e-trade/goldman sacks/fidelity company really interests me….

]]> By: Sarah http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/comment-page-1/#comment-6952 Sarah Tue, 20 Feb 2007 20:17:58 +0000 http://www.thesimpledollar.com/2007/02/20/the-money-book-for-the-young-fabulous-and-broke-chapters-1-3/#comment-6952 <i>For most people, going back to school is a crutch to lean on because they can’t get it done.</i> I'm troubled by your ongoing disparagement of education as a vocational asset (we'll say nothing of minor issues such as happiness)--it appears that you're really not aware of the practical implications of degrees. With college degrees so common, many people without those degrees find their advancement stalled out. Furthermore, many professions require advanced degrees for entry. Are you suggesting that when I, in my mid-twenties, decided I didn't like my current job and wanted to be a lawyer instead, it was using a "crutch" to go to law school and get my degree? That if I had tried hard enough, I could have "gotten it done" and gotten hired by a law firm lacking the basic educational credential which is required for certification to practice? Every lawyer, every doctor, every M.S.W. should have just skipped over their required education by willpower and hard work alone? It's one thing if you just want to go back to school to chill, but who has the money for that? "Most" adults spending their hard-earned cash on their degrees aren't looking to screw around; they're either looking to advance their careers or (in some cases) are comfortable enough that they no longer have to worry about advancing them. For most people, going back to school is a crutch to lean on because they can’t get it done.

I’m troubled by your ongoing disparagement of education as a vocational asset (we’ll say nothing of minor issues such as happiness)–it appears that you’re really not aware of the practical implications of degrees. With college degrees so common, many people without those degrees find their advancement stalled out. Furthermore, many professions require advanced degrees for entry. Are you suggesting that when I, in my mid-twenties, decided I didn’t like my current job and wanted to be a lawyer instead, it was using a “crutch” to go to law school and get my degree? That if I had tried hard enough, I could have “gotten it done” and gotten hired by a law firm lacking the basic educational credential which is required for certification to practice? Every lawyer, every doctor, every M.S.W. should have just skipped over their required education by willpower and hard work alone?

It’s one thing if you just want to go back to school to chill, but who has the money for that? “Most” adults spending their hard-earned cash on their degrees aren’t looking to screw around; they’re either looking to advance their careers or (in some cases) are comfortable enough that they no longer have to worry about advancing them.

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