That translates to: no actual plan for the future
The new American way instant gratification---- don't worry about tomorrow
Live like no one else so later one can live like no one else. A person that lives for instant gratification won’t have a clue how to lead that kind of life. However the slaves to debt lifestyle and mindset is what fuels our economy.
Now factor in options outside the bubble which didn’t exist in 2005 and were bolstered dramatically when Disney foolishly eliminated DME.
Very different context there. “Don’t worry” is not the same as “YOLO”.
The number one cause of bankruptcy in the USA is medical debt. In Canada one would ask - what’s medical debt ? In our busy lives generally folks worry about a lot of things in their current lives. When faced with a serious medical condition that same person generally worries about only one thing and all other issues in their life takes a backseat.
I don't know where you get that statement about the number one debt in the US is medical?
ABI American Bankruptcy Institute Survey , health care costs number one cause of bankruptcy in the USA.
It’s real estate, consumer credit and college debt
Their imagination ?
Or someone in denial of ABI surveys and instead make up their own narrative .
Are you aware? of costs for a loved one to be in assisted living / nursing home etc, continual rehab at home/ outpatient facility after being released from the hospital , etc . I assure you insurance will not take care of what you thing they cover.
Not to go down the rabbit hole, but it's actually completely true. Harvard study showed 62% of all personal bankruptcy cases were due to medical expenses, despite most having insurance. It's not hard to have that happen. My child was born in the first week of January. Since we had miscarriages before, we had all sorts of testing/checks/etc. from about 15 weeks on. Medical insurance had a max out of pocket at $5k. BUT, that resets the first of the year. Long story short despite medical insurance, we ended up paying $9k over the course of about 6 months WITH insurance. Anyone with family members with medical issues will easily owe $5k a year in medical on just their out of pocket max, not including other family members. AND, lets add another fun one from a friend who was going off about this to me literally 2 weeks ago. Screenings are covered by insurance. But diagnostics are not. So, the mammogram was covered 100%. When they felt something and wanted the X-Ray or MRI (sorry, not something I know a ton about), that was considered diagnostic, and fell to your deductibles and out of pocket maximums. Plenty more I could on with (had a family member who was having some sort of issues with their legs where they could not get out of bed, the ER sent them to an inpatient facility, and insurance would only cover 1 week. They could not figure out the issue or fix it, but after 1 week, insurance says you pay yourself or you go home. Unable to get out of bed and with doctors having NO idea why yet, needing a nervous system specialist to help who couldn't get there til the next week).
No doubt medical expense/debt is a huge issue…
Yes I concur. Also an ABI survey noted that out of the 2 million bankruptcies filed annually , 62% of the 2 million is due to medical debt.
Yeah, I hate to point out the obvious, but it is an incredibly privileged (and wrong) position to say "most everyone has medical insurance, etc", which is not remotely true.