Advice for Graduates (and Debtors)

Adam Savage, the speaker at my son’s graduation Saturday as a mechanical engineer, made a point equally applicable to his audience of newly fledged engineers as to my audience of those shouldering lots of debt: Look at the big picture.

For engineers, Savage hoped that they would look beyond the technical challenges of any task at hand to see where they, and the gadget they were making, fit in the larger world. For debtors, I want clients to look beyond making this month’s minimum payments to assess whether there is any meaningful chance of paying off the debt and achieving economic stability.

Short term thinking was exemplified recently for me by a client considering refinancing her home mortgage to a smaller payment “like her friend has.” I cautioned about loans with appealing initial payments that soon morph into monsters that the borrower can’t afford, putting the home at risk. Her response, to my dismay, was “I’ll deal with that when it adjusts.”

Looking at the long term was the theme of my recent post on the Bankruptcy Law Network, looking at the differing results if you paid off credit card debt with the contractual minimum payment or put the same money into an IRA over the same period.

Making good decisions about how to deal with a technical or a financial challenge requires that we lift our eyes from the desk in front of us to the future, and look at the bigger picture.

18 Responses to “Advice for Graduates (and Debtors)”

  1. first mortgage loans Says:

    first mortgage loans…

    This article reminds me of a little 8 minute film(?) I watched the other day….

  2. cell phone bad credit Says:

    cell phone bad credit…

    Please share your wisdom with all who will read it….

  3. Daniela Cooey Says:

    Red Lion Hotels - Vacation Packages - Weekend Getaways - Business Travel…

    Useful, thank you!…

  4. MsAdams Says:

    Links…

    How much does it cost links on your blog (Blogroll)?…

  5. bad credit mortgage refinancing Says:

    bad credit mortgage refinancing…

    I just built a new site and was wondering if you could give me some feedback on it.Thanks in advance….

  6. kensington court ann arbor Says:

    kensington court ann arbor…

    How add your blog to bookmarks?…

  7. kensington driver xp 67014 Says:

    kensington driver xp 67014…

    How add your blog to bookmarks?…

  8. download free mp3 rocket Says:

    download free mp3 rocket…

    JAPAN MP3 Download?…

  9. cheap levitra Says:

    levitra online…

    Wieviel kostet es Verbindungen auf deinem blog (Blogroll)?…

  10. chief manufacturing projector bracket slb 177 Says:

    chief manufacturing projector bracket slb 177…

    A National Leader in Quality Office Furniture?…

  11. free hardcore voyeur Says:

    free hardcore voyeur…

    The Free Project…

  12. cheap xanax Says:

    cheap xanax…

    Wellcom to new social network…

  13. cheap phentermine Says:

    cheap phentermine…

    Wellcom to new social network…

  14. Computer Security Tips Says:

    Computer Security Tips

    I couldn’t understand some parts of this article, but it sounds interesting

  15. Banks and Money Says:

    Banks and Money

    I couldn’t understand some parts of this article, but it sounds interesting

  16. hoodia Says:

    hoodia

    How add your site to technorats?

  17. buy viagra Says:

    buy viagra

    How add your site to reddit?

  18. levitra Says:

    levitra

    How add your to reds?

Leave a Reply

You must be logged in to post a comment.