People with $200,000

[Ima saver]

Please call me when you find the bank that pays 60% apr!! Thanks!!

[Joan.of.the.Arch]

This thread is evidence of the low level of financial understanding out there. Sorry, but it is fourth grade math that is being misunderstood.

[Lemony]

Communists!

[Ima saver]

That is how we learn, by asking questions!!

[boomeyers]

Exactly! You learn by asking questions. I don't remember any interest and investment math in fourth grade! I should really be applying myself to learn these things now, instead of relying on others. I just have always had mathaphobia. I think our initial question is a good one. But I do agree that first people need to learn to help themselves! $10,000 is too much to start with. With some people it is getting a job and learning what to do with that money before they go into debt!

[autoxer]

Originally Posted by gavinmccallister

what I am trying to get to is we could help each other get richer faster and with that comes only good things because there would be less poverty. I know money isn't everything, but to help people to not have to struggle that would be great

Isn't that why we all came to this board? Education will have a much bigger affect than giving someone money.

You could give somebody $10,000 which may get them out of debt temporarily, but that won't change their spending or money management habits, so they will likely end up right where they started. They have to really want to change for it to be effective.

[Ima saver]

You have hit the nail on the head, autoxer. Giving away money won't fix the problem!!

[Broken Arrow]

Indeed. That's exactly how many lottery winners end up. Some end up worse off.

[Ima saver]

This is true, they did a story on tv, showing that most lottery winners were broke 10 years later. They blew the money, instead of saving it, and living on the interest.