Thousands of U.S. troops are being barred from overseas duty because they are so deep in debt they are considered security risks, according to an Associated Press review of military records.
You can read the article here.
The military is concerned that troops who are heavily in debt might sell military secrets. It’s pretty scary to think that debt is a national security concern.
The question of the day is:
What can we do about it? CAN we do anything about it?
According to the article,
The problem is attributed to a lack of financial smarts among recruits; reckless spending among those exhilarated to make it home alive from a tour of duty; and the profusion of “payday lenders” – businesses that allow military personnel to borrow against their next paycheck at extremely high interest rates.
The first thing that comes to my mind is to get rid of payday lenders. MAKE PAYDAY LENDING ILLEGAL! The second thing that comes to mind is EDUCATION. But, is education the answer? Of course a person must KNOW how to manage their money and everyone should be schooled in the basics of money management. However, they also must be taught to practice self-control. I think self-control (self-discipline) is the real key. Let’s face it:
There will ALWAYS be more WANTS than there are MEANS to fill those wants!
Obviously these lessons that people are missing out on must be taught and exemplified in the home by parents. In fact, I have read recently (sorry, I don’t know where I read it) that even high school personal finance classes aren’t doing the job of changing kids’ attitudes towards personal finance because the lessons come too late in life. So, parents who spend time showing kids how to budget their money when they are little (4-10 years old) are doing a lot more good than high school personal finance classes.
Read the article and leave your thoughts. I’m really interested in hearing what you have to say. I would really like to hear Dimes to Dollars’ thoughts on this matter since she is the wife of a military man.
August 2006 is now nearly history and that means the Question of the Day Marathon is too! I have had a lot of fun working with everyone on this venture.
Today’s question is hosted by GetRichSlowly. J.D.’s question is:
What does money mean to you?
So, please head over to GetRichSlowly and answer THE FINAL QUESTION in the Question of the Day Marathon. After this, I promise to never ask another question again! I’m only joking.
Today’s Question of the Day is hosted by City Girl’s Financial Blog. Her question is:
In the past 24 hours, what have you done in relation to money?
Interesting question! To answer, head over to City Girl’s Financial Blog.
ONLY 3 DAYS LEFT!
The month of August has flown by. It is hard to believe that we will be talking about Fall within the next couple of weeks!
Today’s host for the Question of the Day Marathon is PragmaticFinance. Jason’s question is:
What factors affected the career you chose? Was it purely about the pay or were there other aspects that influenced the decision?
I have been impressed by the thought that went into everyone’s questions. Some of them really make me think. Anyway, I hope everyone has enjoyed answering the questions and reading everyone else’s responses. Please take a moment and head over to PragmaticFinance and give his question a shot.
This week, the Question of the Day Marathon winds down. There’s only 4 days left in August, which means there’s only 4 days left in the Question of the Day Marathon. Today’s question is hosted by Money & Values. Her question is:
Do you involve your values in your money decisions? If so, what are some examples? If not, why not?
If you have a minute, please stop by Money & Values and answer her Question of the Day.
Today’s Question of the Day is hosted by udandi & the Craft of Money. Her question is:
What is your hobby and how much money do you spend on it?
So stop by Andi’s blog and answer her Question of the Day. One lucky commenter will win a handmade prize.
Sorry this is late.
Today’s host for the Question of the Day Marathon is Chipping Away. His question is:
If tomorrow you were to suddenly find yourself unemployed, what would your action plan be and how much trouble do you feel you’d be in?
We would love to have you stop by and answer today’s Question of the Day. It is always fun to read the different responses.