| Americans Need Financial Makeover – CFP Board to Help |
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nweaver
First Time Poster
Cash: $ 0.25
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Joined: 15 Jul 2006
Location: Denver, Colorado
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| Americans Need Financial Makeover – CFP Board to Help |
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Financial literacy, education and planning is critical for Americans today – we are slowly be swallowed by debt. More than 40% of households are spending 110% of their salaries. Bankruptcy filings have skyrocketed and it is estimated that more than 5 million families with children will declare bankruptcy by the end of this decade.
This is not only an individual personal debt problem -- it is becoming the culture of our country. Right before September 11, the Pentagon announced to Congress that they could not figure out what happened to $2.3 trillion of the Pentagon’s money. N.Y. Times Magazine recently did a series on the American Debt crisis we are now facing (June 11). It is estimated that collectively we are in $8.3 trillion in debt and that number is expected to rise to almost $13 trillion by 2012.
Consumer credit is at its all time high, personal savings at its all time low. Bottom line: Americans, individually and as a whole, are spending much more than we can afford and often do not know where the money has been spent. The result: a strong, stable business economy with increasingly financially unstable consumers. Why is this happening? Is our income not enough? Are we not working hard enough? Doubtfully. Most likely we have poor financial management skills and are living beyond our means, consuming whatever we feel like at the time.
As a wake up call to Americans about how they are spending their money and how to regain control, Certified Financial Planner Board of Standards, Inc. (CFP Board) is holding a financial planning clinic at the Los Angeles Conventions Center, Friday August 4. Just to show the public how serious we are about fixing this problem, CFP Board CEO Sarah Teslik has made the financial planning clinic completely free. Ms. Teslik recently appeared on ABC Nightline (May 23) discussing Americans’ propensity for overspending. Ms. Teslik asserts “one of the biggest money problems for Americans today is overspending on parakeet funerals.” The fact that Americans spend $36 billion a year on their pets when many can barely pay the bills shows that people clearly do not know how to manage finances.
At the financial planning clinic, there will be discussions about everything from credit card debt to mortgage loans and retirement savings. Keynote speakers Her Majesty Queen Noor, NASD’s Mary Schapiro, Senator Bob Kerrey and Pfizer CEO Hank McKinnell are discussing our country’s financial situation and how various institutions can work together to revive our country’s financial health.
David Laibson of Harvard University is talking about the psychology of spending and how to change our mentality about money. Motivational speaker Elisabeth Donati, founder of The Money Camp, will inspire you to change your money management ways. Mercer Bullard, professor and founder of Fund Democracy, is providing an introduction to mutual funds, the pros and cons, and their future in the American economy. Louis Barajas, a CFP® certificant, writer and inspiration to the Hispanic community is giving his insight to overcoming cultural barriers to money. There are many more topics and speakers, to find out more go to http://www.cfp.net/annualmeeting/2006_sessions_breakout.asp
In addition, more than 150 CFP® certificants will be providing one-on-one information to the public about financial planning. Bring your questions and get advice on personal financial issues and learn about important aspects of financial planning. Again, this is free and there is no pressure or commitment to any products or services. It is strictly to give you an idea about how you can get financial help and in what ways you can be helped.
Americans have a problem with money, despite the fact that we are one of the richest nations in the world. Obesity, extensive pollution and debt are indicators of American over consumption. The path to change is awareness, education and planning. The CFP Board is helping Americans make changes. Now is your chance to be a part of that change.
Please join the CFP Board’s FREE financial planning clinic at the Los Angeles Convention Center, Friday, August 4 9:00am to 5:30pm. Register at CFB Board Free Clinic
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Sat Jul 15, 2006 7:39 pm |
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El Presidente
Full Member
Cash: $ 13.85
Posts: 69
Joined: 22 Apr 2006
Location: Colorado
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| Road Trip? |
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Taking a vaction to Los Angeles would be counter productive to those who are in debt and do not live in the local area. A free alternative would be to visit the library and see if they have some financial books to check out. I would recomend the follow to start with:
"The Truth about Money" by Ric Edelman. (This book introduces the reader to a wide variety of topics about money, debt and personal finance in general).
"Rich Dad, Poor Dad" by Robert T. Kiyosaki (Mostly for the concept of increasing personal financial intelegence, I am not to sure about his investment ideas).
As an added bonus, it is harder to spend money on things while reading a book.
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Thu Jul 27, 2006 9:49 pm |
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go2self
Preferred Member
Cash: $ 26.45
Posts: 129
Joined: 06 Aug 2006
Location: hawaii
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Americans are not the only ones that have problems with money, consumer debt and credit problems have increased in all industry based nations. Heck, even many "rich" governments have the same problem.
The problem appears to be the 'keeping up the the jones' syndrome. whether its fancy cars, instituions of higher learning, shoes or military armament.
Lets see, I got $5 in my pocket but I (want) gotta have the $5.50 hot soy mocha frappa lotsa creama drink, diet (of course). Solution just put in on plastic.
Meaning that the consumer culture is media driven (how else would I have know where to get a hot soy mocha frappa lotsa creama diet drink.
Time is our most volatile resource that if not used immediately is lost instantly
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Sun Aug 06, 2006 10:03 pm |
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