Take a moment and read this story I found on the Bogleheads forum. It is absolutely excellent. It is from user “sperry8”:
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My quick story…
Grew up in an upper middle class neighborhood spoiled by a well to do father who gave me more than I needed. He went bankrupt when I was in an expensive University he was paying for, that I chose. I was 18 and didn’t understand. I stayed in that same University using my credit cards to pay for it and all my expenses. Ran up almost $35,000 in debt (yes, they actually gave a college kid with no history a plethora of credit). Finally at $35k, they wouldn’t give me any more. So I moved home to a local city college. Got 2 night jobs, bartending and valet parking cars for the local Jewish center, where I was embarrassed to park the cars of