Your posts have helped me be more aware of the inherent assumptions I grew up with about debt, and bill payment, etc. . .and it usually had some sort of moral connection. And so it recently occurred to me that a lot of us were raised being taught that paying our bills on time was an act of morality, but what about the morality of people being paid a living wage? There are so many bunk assumptions that I'm just now becoming aware of. And like you discuss in this and other posts, debt can be a tool - and an especially essential tool in a society that doesn't offer the same opportunities to all.
Yes! I'm so happy you're here :) You make such a good point here about turning that morality question around on the system — why do we expect moral financial choices from individuals but not from companies, financial institutions or government services?
This is such an important and refreshing take. Debt is so often framed in purely moral terms — as a personal failure — when in reality, it’s a structural necessity for many just to stay afloat.
One of my favorite insights gleaned from your book is that rich people and corporations aren’t shamed for their debt - no matter how massive - the way middle class and poor people are. For them, it’s a viable tool in a full financial portfolio, even if they never plan to pay it off. But for everyone else it’s somehow a moral failing and the root of America’s problems.
I think about this all the time and am still baffled that in 30+ years of consuming personal finance almost daily, I’ve literally never heard this perspective anywhere else. And while I still struggle to fully embrace it, I’m beginning to reframe my experiences with debt over my lifetime as much more nuanced and complicated than I had previously allowed.
Thank you once again for making me feel normal. It wasn’t until I started reading your book and your article articles that I realized how much morality I attach to money. I too grew up with the notion that having debt and being late on bills made you an irresponsible person. It’s so refreshing to finally see someone writing about these things from a different perspective.
Your posts have helped me be more aware of the inherent assumptions I grew up with about debt, and bill payment, etc. . .and it usually had some sort of moral connection. And so it recently occurred to me that a lot of us were raised being taught that paying our bills on time was an act of morality, but what about the morality of people being paid a living wage? There are so many bunk assumptions that I'm just now becoming aware of. And like you discuss in this and other posts, debt can be a tool - and an especially essential tool in a society that doesn't offer the same opportunities to all.
Yes! I'm so happy you're here :) You make such a good point here about turning that morality question around on the system — why do we expect moral financial choices from individuals but not from companies, financial institutions or government services?
This is such an important and refreshing take. Debt is so often framed in purely moral terms — as a personal failure — when in reality, it’s a structural necessity for many just to stay afloat.
Thank you! So true
One of my favorite insights gleaned from your book is that rich people and corporations aren’t shamed for their debt - no matter how massive - the way middle class and poor people are. For them, it’s a viable tool in a full financial portfolio, even if they never plan to pay it off. But for everyone else it’s somehow a moral failing and the root of America’s problems.
I think about this all the time and am still baffled that in 30+ years of consuming personal finance almost daily, I’ve literally never heard this perspective anywhere else. And while I still struggle to fully embrace it, I’m beginning to reframe my experiences with debt over my lifetime as much more nuanced and complicated than I had previously allowed.
Thank you once again for making me feel normal. It wasn’t until I started reading your book and your article articles that I realized how much morality I attach to money. I too grew up with the notion that having debt and being late on bills made you an irresponsible person. It’s so refreshing to finally see someone writing about these things from a different perspective.