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The Dumbest Article I've read today

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June 18, 2007 – Comments (12)

Wow.

And Double Wow.

I don't know anyone who is less responsible with money than I am. It's astonishing how fast you can run through the stuff without even trying. I've spent the last two years writing for "Mad Money," Jim Cramer's hit show on CNBC, and have less in the bank today than I had on the day they started paying me. How'd I get that kind of job in college?

Pure merit, I'm sure, but being Cramer's nephew didn't make it any harder to get my foot in the door. (If you're expecting me to apologize for that, get serious, and get a life. How does anyone get a break these days? From their friends and relatives, and that's another topic I will be touching on in the column.)

Don't click unless you want to feed a world class Troll.

12 Comments – Post Your Own

#1) On June 18, 2007 at 5:02 PM, bcwengerter (< 20) wrote:

I'm not so sure.  I think that if you follow Aristotle and adhere to the mean of the behavior Mr. Mason advocates and that which he eschews, that's the best possible result.

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#2) On June 18, 2007 at 5:19 PM, chk999 (99.97) wrote:

That's the dumbest two articles I've read in far longer than a day. This attitude is the personal finance version of the EMH. I sure hope he develops a taste for cat food when he is old.

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#3) On June 18, 2007 at 10:22 PM, artimus101 (93.00) wrote:

Seth, the article on Apple seems hateful? What is that about? I've never seen an article at the fool before that seems so slanted. Is this personal? I'm confused, I've read different articles that have a definite preference for or against a stock but this just seemed over the top? 

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#4) On June 19, 2007 at 1:13 AM, duficity (56.89) wrote:

If I understand Mason correctly, then I agree with his philosophy.  We do put way too much pressure on kids and young adults to achieve early.  Every kid is expected to go to college whether he has the brains or desire for it or not. Push, push, push, then go get a job and be miserable while you load up with a family, kids, mortgage, student loans etc.  If your not going to be wild, reckless and follow your dreams in your twenties, when will you.  That doesnt mean digging yourself into debt with uncontrolled spending, but you dont have to squirrel away every penny for a rainy day.  And this is coming from a 54 year old who is staring retirement in the eye.  Unfortunately, 401k was not available when I turned 30, but I would have started then if I could.  But 25?  Not a chance.  But I did have enough sense to stay out of any real debt and student loans.

You get a pretty free bite at the apple until your 25 or so.  Why non take it, enjoy it, and then become responsible when you turn 30.  Saving, working or playing is not all there is to life.

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#5) On June 19, 2007 at 7:51 PM, Rorsch (80.21) wrote:

This kid is full of crap.  I'm 27, I'm busting my arse, saving responsibly, trying to learn how to become a better investor, and striving for my dream job of becoming a writer and financial analyst.

This kid blows smoke up people's you know whats, and he's dug. 

Isn't there some type of journalistic responsibility?

Is there no sanity left in the world?

I want to know who clicked the digg it button at the bottom of the article.  I'm going to go out on a limb here and say that natural selection will eliminate those dopes.

Cramer is a personality, his sidekick is a clone-drone-dufus, and they're a big reason why the retail investor ends up writing off tax losses for ten years, or the average joe declares bankruptcy.

But alas, I'm reminded of one of my favorite quotes about this great nation.

"America wasn't founded so we could all be better, America was founded so we could all be anything we damned well pleased."

-PJ O'Rourke

 

 

 

 

 

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#6) On June 19, 2007 at 11:56 PM, starkey2 (< 20) wrote:

After graduation, it is totally possible to get a good job, save money for retirement, learn about budgets, and YES! be happy with your life. Saving money does not equal misery.

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#7) On June 21, 2007 at 6:31 AM, carstenjansing (75.73) wrote:

Money does not make you happy, thats old wisdom. So people, especially if they are young, should not spend that much time thinking about their money, Cliff Mason is right about that.

Get a place you like to live, get a job you like to have and from which you get the money to spend your needs (no you do NOT need this big Hummer, believe me :)) and save a little for the time you are to old to work. Do not work your ass off for that 100k extra yearly money, you will not have the time to enjoy your life then!

With the rest of your time, go out, spend your life with the people which are important. Money in such a rich world, we western people live in, should be a sidethought. Even could be left over for a good! financial planner.

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#8) On June 29, 2007 at 3:26 PM, echofilm (< 20) wrote:

When I first read this I thought, what an idiot (I still sort of think this)..Wow, how can thestreet have this kid writing for them, not that I had much respect for Jim C anyway...

When I was in college back in the 80s, I saved pretty much everything. I put money into mutal funds and showed my friends how to do it and showed them charts about how much they would have less if the waited. I felt a sense of gratification when one of those friends got married when she was 25 and used that mutual fund money for a down payment on their house!

I understand what this kid is saying about pressure and he seems angry... but to say it is "irresponsible to save when you are young" is way out in left field... way out there...

a more balanced approach would have been better, to put away some and keep a little to have a normal life.  

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#9) On July 02, 2007 at 11:58 AM, zygnoda (26.83) wrote:

Yikes. 

 

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#10) On July 07, 2007 at 1:32 PM, nonanolet (81.23) wrote:

I think I've hit on the problem here:

I doubt I'll ever be anything but completely irresponsible with my own dough, to the point that my dad lent me money to buy an apartment in order to stop "you from pissing away all your money." He might have added, "Again."

I agree that it's important to have fun when you're young.  But it's also important to have a little fun at any stage of life.  It's also important to make your biggest financial mistakes early instead of later in life.  As they say, you can't make an omelet without breaking a few eggs.  So the "being careful" thing works both ways.

Fiona

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#11) On July 09, 2007 at 9:18 PM, IgnorantFool77 (46.11) wrote:

I'm a financial aid advisor at a university in New York, and this guy's attitude is actually more representative of his generation than you would want to believe. I deal with about 5,400 students, and in general the inability to delay gratification among their generation is scary. Many of them don't realize that the best years of your life can be 20 through 90. Not just the four ( or 5) years you're in college.

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#12) On July 17, 2007 at 4:24 PM, dwot (41.02) wrote:

When I look at the economic difference in how the world has changed I can't say I blame young people for that kind of attitude one bit.  I can't even phathom starting in this environment.

To put it into perspective, a collegue who got caught in education cuts, well, at 32 he found all his life had been was work.  He worked hard and did well in high school.  He did the six years of university you do to be a high school teacher.

He got maybe one temporary teaching assignment where he worked 70-80 hours per week at a salary in the mid $30k region and the cuts came.   Somehow a 70-80 hour work week wasn't enough and so came the cuts and so ended the temporary assignments.

For the next 5 years there were no temporary assignments only oncall work and he barely made 20k per year. 

His younger siblings saw how hard he worked and how little he got in both wages and esteem from his efforts and they completely rejected the establishment and adopted a live for the moment attitude.

They are happy, he is not, and they are richer both in happiness and in that they are at least debt-free, living it up as ski-bums at Whistler.  He still has $30k in student debt.  And lucky him, his wife finally paid off her student loans in 5 years and now she's helping him pay off his.

I'd say the stock market has been for the last little while that it almost doesn't matter where you throw your line in, you will catch a fish.  I'd say that the economy was such that it didn't matter what you did as long as you worked hard you'd do well.

It hasn't been like that for years.  There are countless people who have worked very hard and their fishing line catches no fish, much like a bear market.  And they keep trying new holes.

Young people behind them see the lack of return for the effort and it is natural to reject the establishment. 

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