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don t learn how to do a budget. we don t learn how to do our taxes. we don t learn about credit scores. it s incumbent on parents to teach their kids about this in the home. we don t have to be hard on ourselves but we canterbury our heads in the stand just because we didn t learn it in the past doesn t mean rescrew up our future. ainsley: 6% believe missing parents would increase credit score. 17 percent said missing payments could have no affect on their score. 36% have maxed out their cards. 45% didn t know their credit card interest rate. i ve been in debt before it is extremely stressful. you and me both, sister. ainsley: we learn the hardware. i was one of those millennials charging up furniture to buy things that i need he had at the time. what advice do you have that you think parents need to enforce at home and teach their kids. it s really that destructive behavior of adding up debt upon debt. it s the compounding interest that really gets you and missing late payments. t
percent. it is not the same people. oprah went from the bottom to the top. sure. so did sam walton. the product takes jobs. what did he create? it is what every one of us have in our pockets. we have a smart phone. wealthy people, poor people everybody has this. this is a great equalizer. capital of the one percent is going into products like this. why would you penalize that? i think there are serious problems with this book. one for example he says the rich automatically get richer. that is so much bologna. there are so many examples. he uses the forbes 400 richest list. those people are changing constantly. basic compounding interest means if you have a lot of wealth unless you are going to spend a lot of it why is it a problem? part of it is legitimacy of capitalism. if capitalism isn t the generating a lot of reasons people like capitalism is
but the kind of 10%, 10-year maximum that i m suggesting i think would be a better solution. i think it s very important to make sure that all students at the end of 10 years of full-time employment get rid of debt obligations. can compounding interest we have seen many students. say you graduate with a $26,000 debt. you actually through compounding the interest payments on the debt you end up paying $28,000, not just 10 years but 15 or 20 years. it is a huge burden for far too many students for far too many years. it is so great to have you on this. when i reported on msnbc.com i got an outpouring of responses. school teachers paying twice what they are making. it is a big issue. it touches a lot of people.
we also looked at this, the cost in military pay for a 20-year veteran who is disabled, $124,000. how significant is this? brian, thanks for having me on. military families and the men and women that serve in our military consider this a massive breach of faith with the service that we ve rendered to america. that $124,000, that s because of the compounding interest that s relateed to that small, what they call small one percent cut. we have to find a better way of cutting and balancing our budget other than on the back of our military veterans. if everybody was taking a cut, i mean you guys by almost definition sacrificed, you d say we all have to tighten our belts. but right now you guys i say men and women are the only one tightening their belt. for a 28-year-old staff sergeant on an e-5 rank forced to retire after ten years we see approximately $50,000 in lost compensation over the next 40 years.