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Initial post: Jun 7, 2010 2:23:23 PM PDT
Why do you think it is that, despite consistent messages from the personal finance industry about the dangers of debt, Americans continually find themselves in debt and overstretched? Can my book help?

If I'm So Smart Where Did All My Money Go: Balancing Your Financial Objectives for Lasting Wealth

Posted on Jun 8, 2010 8:52:48 AM PDT
Dick Purcell says:
Doug --

Can you specify what you mean by the "personal finance industry" that warns about debt? Seems to me that from the finance industry as well as other industries, there's a huge roar of spend-spend-spend including borrow-to-spend, and the few small voices warning about debt are drowned out in the roar.

And what I think of as the personal finance industry is paying no attention to normal folks' debt. Instead it is aimed almost entirely at the few who have big bucks from which fat fees can be extracted for "investment advice."

Dick Purcell

In reply to an earlier post on Jun 10, 2010 11:22:15 AM PDT
Yes, I should specify that term better. I am really referring to the journalists, bloggers, and authors who write about personal finance. That group, as a whole, does overwhelmingly warn about debt. Naturally, the providers of debt promote borrowing, as that is their business.

The question I'm raising is whether it is possible for someone writing about the dangers of debt and some techniques for avoiding it can have an impact in the face of, as you put it, the "huge roar of spend-spend-spend" we are all bombarded by constantly.

Posted on Jun 12, 2010 7:59:45 AM PDT
Last edited by the author on Jun 12, 2010 8:04:39 AM PDT
Dick Purcell says:
Doug --

How do we find the community of journalists and bloggers you have found?

I have been looking more at what professors are teaching at our universities in areas of finance, and compared to what you have found it is just terrible. Here are two examples:

In company financial reporting, they teach that it should be fragmented into several financial "parts lists" -- income statement listing some parts, balance sheet listing some other parts, statement of cash flows listing some other parts. By this fragmenting, they make it impossible to understand the logical whole and see how it represents the company.

In investing, they teach an ocean of theory full of one-year-investment abstractions that's suited only for the Wall Street gang and professors' ivory tower entertainment. For the 99% of investors who are individuals, the effect is an ocean of confusion that misleads investors and feeds our life savings into the financial industry fleece machine.

Please let us know where to find the good-guy journalists and bloggers you have found.

Dick Purcell

Posted on Jun 16, 2010 12:25:02 AM PDT
Last edited by the author on Jun 16, 2010 11:06:40 PM PDT
Doug-
It seems to me that millions of Americans are more in need of learning how to live on limited incomes now than figuring out lasting wealth. The lasting wealth may come later, if it comes at all. Future financial stability for individuals and families everywhere is uncertain and those who are financially challenged, or soon might be, need to take all the steps necessary to shore up what they have and learn how to live on it.

Surprisingly, living reasonably well on a limited income is not impossible. It does require vigilance and a bit of tunnel vision that focuses on keeping one's most important financial asset - a good credit rating.

In my book "Squeezing Every Dime Out of Every Dollar" I explain the differences between wish, want, and need, and why anyone wanting to control spending must first learn in which category every potential outlay of money fits. The fiscal philosophy is simple: If it's not in the budget, don't buy it.

Everywhere I look I see unmonitored spending as though the money is free and there are no consequences down the road. When is the last time you visited a gas station and didn't see debit card receipts all over the ground? The same goes for grocery counters and ATMs. Does anyone believe those same people are checking statements when they come in?

People on a limited money leash also tend to go for the "freebies" without realizing that they are not designed to be free. Yet, they may be shy about asking for a legitimate discount at a favorite store or an occasional favor from a banker.

Those same people might stiff a waiter on a tip to save a few dollars instead of foregoing, say, a drink or dessert to justly reward a hardworking wait staff.

Limited money not only has to be managed carefully but with civility, if one is to escape unscathed. No good to live middle class on a pauper's income if it comes with a heart attack.

Susan Russell
Squeezing Every Dime Out of Every DOLLAR

In reply to an earlier post on Jun 26, 2010 12:05:02 AM PDT
Finance For Youth: The Book

It all starts when kids are young. Parents will teach them about saving in piggy banks, but when the youth start working and making money, it seems as though all education flies out the window. Banks and credit unions send "finance educators" who are usually hot guys and girls who look really young and every answer to every question is to go to the local branch and open a service.

My book tries to take on PF topics for young people in an easy to read style that communicates with young people more on their level than some ivy leaguer or some bank hack.

In reply to an earlier post on Aug 12, 2010 12:48:06 PM PDT
Last edited by the author on Aug 12, 2010 12:49:07 PM PDT
For me it was timing... when I was mature enough to realize how money affected everything else, and how critical what we do with it is, I had already taken out sizable loans that I had to work to pay off, bad debt if you would. I mean, I did not even know what a F.I.C.O. score was. Many people could have came to the shrine of financial intelligence too late, to be that pure.

Posted on Nov 15, 2012 11:06:56 AM PST
[Deleted by Amazon on Dec 13, 2012 5:41:35 PM PST]

Posted on Oct 11, 2013 6:24:38 AM PDT
Kay says:
I am posting a message for my daughter, she has a heart so big that she would help anyone that needs her. I am disabled with Crohn"s disease and unfortunately she has ulcerative colitis, but she is unwilling to let it hold her back. She works 2 jobs and full-time student at a local community college. She was accepted at another college but put it off, she said she wasn't sure what field she was interested. The community college teachers has not tried to help students from what she says, the teacher will not explain anything to help her, now on the verge of stopping school, I am at the the to think what to do. Please if anyone can help I would be so grateful. My son in marine stationed in CA has ask if she like to come there, but I can tell she don't want to lean on him like that. Please help whether it is advice or guidelines. She such a good person and I would happy to send revocation. Thank you Kay Clodfelter email kaycl@yahoo.com
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Discussion in:  Finance forum
Participants:  7
Total posts:  9
Initial post:  Jun 7, 2010
Latest post:  Oct 11, 2013

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