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To: patron_anejo_por_favor who wrote (177872)	1/19/2009 11:01:29 AM
From: No Mo Mo	Respond to of 306849

"Maybe personal finance should be part of the core curriculum of all U.S. college programs from now on......<NG>" Two or so weeks into my first finance class back in college I asked the professor the same question. He agreed that kids shouldn't get out of high school w/o a basic understanding of the time value of money. In light of how most people manage their financial lives, that background combined with an understanding of personal goals would lead, by some definitions, a downright subversive populace. <g>

To: patron_anejo_por_favor who wrote (177872)	1/19/2009 11:04:41 AM
From: Poet	Respond to of 306849

That's an easy one. Because "other people" are supposed to manage your money, just like "other people" clean your house, watch your children, paint your toenails. There's a faint whiff of dirtiness associated with the handling of money when you have a lot of it. And this is exactly what made this group of people so vulnerable to a worm like Madoff.

To: patron_anejo_por_favor who wrote (177872)	1/19/2009 11:05:34 AM
From: James Hutton	Read Replies (2) \| Respond to of 306849

"Why are so many intelligent, college-educated people such total idiots when it comes to money? Maybe personal finance should be part of the core curriculum of all U.S. college programs from now on......<NG>" Yeah, a course in high school that included balancing a check book, creating a budget, the amount of interest earned on your money versus the amount of interest paid on a credit card, etc. would be a good idea. But it wouldn't matter. Smart people know they do stupid things like overusing their credit card, but as long as they have a job, can make some payment on their credit card and can buy all of the useless toys they want, they're happy. Scrimping and saving - as many will now have to do - just isn't very much fun or fulfilling.

To: patron_anejo_por_favor who wrote (177872)	1/19/2009 1:58:34 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Why are so many intelligent, college-educated people such total idiots when it comes to money? I have a book for you: Why Smart People Make Big Money Mistakes amazon.com It's about the emerging field of "Behavioral Economics" and details the various known irrational decisions that even well educated people routinely make in regards to how they deal with economic and investment decisions. Some I'm sure you are familiar with some like "ownership bias" and the idea that losing "house money" isn't the same as losing what you see as your own money. Rich people tend to think they are much smarter than they actually are so they are over confident, this makes them perfect targets for guys like Madoff.