What IS Financial Responsibility?
“Be Responsible. Take responsibility for your actions.” It sounds simple, right? But what responsibility means to me has changed over the course of my life.
In fact, there are so many definitions of responsibility that Wikipedia doesn't even have a definition listed on its main responsibility page! There are over fifteen types listed there with links to their respective pages (though to be fair, one is a song).
Since I have approximately $100,000 in student loan debt, I now find myself faced with the task of becoming financially responsible. But what does that mean? What type of responsibility do I face?
Responsibility as Legal Obligation
The law of obligation is the most straightforward. When I took out student loans, I entered into a legal contract wherein I got money up front and in returned assumed an obligation to pay it back at a later date. In some ways, student loans are a pretty onerous and inflexible responsibility because they can't be discharged in bankruptcy.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV