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Theodore Lamar Heiks BA, History/Political Science, Western State College of Colorado, 1984 MBA, Entrepreneurship/Marketing, City University of Seattle, 1993 |
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Methinks we as a society don't do enough to offer people a good financial education before releasing them into society. What can we do about that situation? I get the impression that most people, when applying for a loan, have no idea what their payments will be and that, moreover, they assume that some all-knowing and all-powerful financial person will make a loan decision on the basis of their (the borrower's) ability to repay the loan. And that was a true assumption a generation or two ago. Back in the day, the banks held the line at your mortgage payment could not be more than 25% of total income nor could total debt be more than 36% of total income (hence, you reduce monthly payments on credit cards, student loans, and car payments to no more than 11% of what you're making before you apply for a home loan). Plus, jobs tended to be rather a bit more secure back then.
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Theodore Lamar Heiks BA, History/Political Science, Western State College of Colorado, 1984 MBA, Entrepreneurship/Marketing, City University of Seattle, 1993 Last edited by heikstheo; 09-16-2008 at 04:23 AM. |
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Thanks! I thought I remembered reading in a biography of QEII (back when I was still yet a child) that when the then 26-year-old Elizabeth came to the throne in 1952 she begged Churchill to stay on as PM (apparently, in the British system, the PM resigns with a change of monarchs).
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Theodore Lamar Heiks BA, History/Political Science, Western State College of Colorado, 1984 MBA, Entrepreneurship/Marketing, City University of Seattle, 1993 |
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