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all 11 comments

[–]FatWhiteAmerican 2 points3 points ago

I've somehow managed to stay completely out of debt (paid for car up front, tuition is paid for by scholarship and state college plan) and I'm about to be a senior. Very thankful for my dad's guidance on that one.

[–]--O-- 1 point2 points ago

Credit card debt to not be a bum on the street seems worth it. Or perhaps this comic is trying to make a bullshit point? You decide.

[–]Hypersapien 0 points1 point ago

I own my own home (ok, mortgate, right) and I don't even have any credit cards.

[–]--O-- 0 points1 point ago

Me too, my point is simply that the logic displayed in the comic is silly.

[–]Switche 1 point2 points ago

I never understood this pic or the philosophy behind it. It's cute, but it's not right. The implication seems to be that the bum is better off because he's not in debt, but he's living on the damn streets and can only have what he has cash for.

All those people surrounding him, supposedly burdened by debt, have a lot of things, and so long as they can maintain their debts properly, they will keep and eventually own all of them, because they (should) have income. Ideally you take on voluntary debts because you have faith you can repay your debt and promise to, and your credit is a valuation of how good your word is.

A credit-based society allows all of these people to live outside of their immediate, payable means, and it's their responsibility to manage that privilege reasonably lest it fall away from them until their options are cash-only, or very steep interest credit.

I definitely won't argue it's a perfect system without pitfalls, corruption, and horror stories through little to no fault of the debtor, but this is a gross oversimplification.

Student debt and higher education costs are problems, I can agree there, as with healthcare. Those systems need to be fixed. This, however, isn't really targeted toward student debt, but the entire credit system, the principles of which apparently elude most people.

[–]shelanman 0 points1 point ago

I suspect its because there are lots of folks out there who are pretty bad at managing their finances -- which is why they rack up debts that are large in relation to their assets and incomes in the first place.

I think that some people don't realize that there is another way.

[–]hokie47 4 points5 points ago

That is not net worth, this is debt. Total assets - total liabilities = Net Worth. Granted the individual equation is a little different but is basically the same thing.

[–]efitz11 0 points1 point ago

The only one net worth is true for is the homeless guy. The rest of them obviously have much higher net worths than him.

However, the source is "wrong way comics" so that's pretty funny.

[–]Soldier-Cynic 0 points1 point ago*

You're assuming the numbers over their heads are not the sum of assets and liabilities with the result being the negative numbers. For example, bank loan dude could be underwater on his $750,000 mortgage thanks to the real estate crash. Car loan bubba could have a 40k loan while living at his parent's house. Considering the title is "Net Worth" and we do not have a detailed list of the cartoon characters' assets and liabilities, I'm willing to give the artist the benefit of the doubt that the numbers represent net worth.

[–]skarface6 2 points3 points ago

No screenshots, or pictures with added or superimposed text. This includes image macros, comics, info-graphics and most diagrams. Text (e.g. a URL) serving to credit the original author is exempt.

[–]warrior-rider 0 points1 point ago

Indentured servitude is alive and well.