In order to understand debt we have to understand where it comes from and the truth is we can speculate that it came from thousands of different places. In recent memory though I have realized where my own personal debt has come from and you will often find me teaching my students using this scenario I personally lived.
My Grandfather was an Italian immigrant from Sicily. He grew up in a slum and had nothing. His family moved to the United States when he was 8 years old and his father was a "Business Man". While I am not sure what that means my Great Grandfather did we can all speculate once again what an Italian Business Man was in the 1930's. My Grandfather however was a hard working man, a World War 2 Army Veteran who was awarded the purple heart after being wounded. He then worked for the MTA in New York and if he wasn't working you could find him visiting his 6 children, spending time at the OTB, or down at the American Legion throwing back a few cold ones. He was a loud man with a message. A message taught to him by his parents and the people that surrounded him.

He purchased a home with the use of a mortgage and for many years he drowned in that mortgage. He then taught my mother the same message that, "You can't own a house if you don't have a mortgage and you have to have good credit. You have to take care of your credit." A lesson that would inevitably be taught to me later in my life as well as my other two siblings.  My Grandfather before he died in 1996 did give me one message at the ripe age of 15 he told me, "If you want to be someone, and if you want to have anything nice in your life you need to get your head in the books and learn everything you can." He continued, "You gotta do good in school, don't be like me." Towards the end of his life I have to wonder if he knew more than he led on. I took his lesson and became the first of my family to graduate High School and then move on to a Masters Degree in Business. I took his lesson to heart and lived it every day. Only problem is... That lesson came with a price!

Financial Literacy Education

The Legacy of Nancy Reagan

I keep writing about the changes we need here in the United States and once again I am forced by the actions of others to react to the lack of compassion the people of our nation show other people. As you all know Nancy Reagan died of Congestive Heart Failure at the age of 94 years old on March 6, …

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