Why are people so reluctant to talk about their personal finances?
Archives For June 2011
I caught a documentary on Netflix this weekend entitled “The One Percent”. It was created by a young member of the Johnson & Johnson family fortune, Jamie Johnson. It was produced by Jamie Johnson and Nick Kurzon.
Review:
What is it?
It’s about the growing wealth gap between the have’s and the have not’s. And it presents the idea that the richest 1% of Americans own roughly half of the entire nations wealth. The film was made by a man who’s family is in the richest 1%. He’s in the film asking his dad why this wealth gap exists and why it doesn’t bother him.
Things I Like:
The film didn’t make apologies for the ultra rich. It was made more from the perspective of the rest of the 99% of us. The fact that ultra wealthy people buy votes by lobbying Congress is shown plainly. Some who favor that are candid about it in the film.
More than one wealthy person, when confronted by the young film maker, is visibly disturbed he’s making the documentary. They act as if he’s being a traitor or selling out and making wealthy people look bad in the process.
It’s obvious that very rich people pay advisors to help them manage wealth and pass it on to their heirs. I agree with them on that one.
Things I Would Change:
I can’t say I’d change how the film was made, since I don’t come from wealth.
The film makers own narration was weak and lacked conviction. His voice was flat and void of emotion. That made it a bit hard to connect with his side of the story. We never really get to know him as a person or hear his true feelings. His stance on the subject comes out in interviews with wealthy people, but he just seems on the fence and lacks conviction.
He weakly stands up to his father. The whole time you can’t help but think the film is a juvenile attempt at rebellion or unresolved guilt for being so wealthy. You see the father son drama and think, this kid isn’t going to really stand up to his dad. He might get disinherited.
Overall, it’s still an interesting film.
If you believe the rich are getting richer and the poor getting poorer, this film will definitely bring that idea to the forefront of your mind. However, it’s not a “Lifestyles of The Rich and Famous.”
Rating: 3
Highest rating will be 5 Stars.
To Your Financial Freedom
Greg Whitaker
© 2011, All Rights Reserved
What to do if you have unpaid collections. This video explains how to handle getting those pesky collections paid off. Don’t avoid them. Be responsible and get them paid. I share my own story of how I paid off a medical collection.
What to do if you’re struggling to pay your bills. The “Pro Rata Plan” can save you and get that nagging debt out of your life once and for all.
Did a little fact finding recently. First I found a list of US states and how they rank for bankruptcy filings as of 12/31/2009. I’ll use the top 10 for this discussion. (source: American Bankruptcy Institute)
Then I found a list of how many US states have a lottery (Wikipedia). Then I found a list of the 25 most dangerous US cities (crime).
Of the top 10 bankruptcy filing states in The USA, all but two have a lottery. Of the top 10 bankruptcy filing states in The USA, 7 are listed in the 25 most dangerous cities in America.
Anyone who is smart enough can prove just about anything with statistics if they know how to argue like a sharp witted lawyer. And I think these simple statistics reveal a bit about the connection between financial literacy, risk taking, and crime.
Don’t get your panties in a wad and think I’m jumping to conclusions here. The state I live in, Tennessee, is ranked #2 in bankruptcy filings and has Memphis listed as the 13th most dangerous city in America. So I’m not pointing fingers here by any stretch of the imagination. This stuff is happening in my own back yard, and them some.
I want you to understand how important it is to become financially literate. The more ignorant you are about money matters, the more likely you are to handle your finances poorly. People who handle their finances poorly can certainly be at risk of bankruptcy. Maybe gambling (risk taking) would be more appealing. And maybe crime would be more appealing, who knows?.
There are, of course, exceptions to every rule. But the point is, I want you to think about how everything in your life is strongly connected to the way you think about money, behave with money, and act with money.
Get financially literate and experience financial freedom. The more you know the less likely you are to be taken advantage of by someone who knows more. With all that’s available for free on the internet, there’s no excuse to stay uneducated about your money matters. Get smarter, get wiser, get wealthier.
To Your Financial Freedom,
Greg Whitaker
© Greg Whitaker, 2011. All Rights Reserved
http://youtu.be/Yl78G6EtEU0
Your economy is the only one that matters. Seriously, do you really care what current interest rates are? Only if you’re about to buy a home. Seriously, do you really care if your stock went up or down? Only if you’re a day trader.
Remove yourself from the sound bite laziness of your favorite TV news infotainment. You can’t change any of it. What you can change is YOUR economy. That’s right. Get your own house in order first. Then you’ll have the luxury of complaining about how Congress is so inept at managing your tax dollars.
Be prepared. When you’re finances are in order you’re recession proof. That’s a good place to be, especially in these trying economic times.
To Your Financial Freedom,
Greg Whitaker
www.debtshepherd.com
© 2011, All Rights Reserved