Financial Ignorance

Many of the financial problems facing the U.S. can be traced to financial illiteracy among large segments of the population. Consider: 1. If people understood the relation between the economy and monetary policy they probably would not have taken out adjustable rate mortgages at precisely the time the Federal Reserve was set to raise interest rates. 2. If people understood the difference between the effective annual and the annual percentage rate they would likely incur less high cost credit card debt. 3. If people understood the benefits of tax-deferred compounding they likely would begin contributing to their retirement plan earlier in life -- resulting in substantially more wealth when they retire. Financial Illiteracy in America argues that financial illiteracy derives from the absence of personal finance instruction in most U.S. public high schools and a mistaken reliance, on the part of many, that the best way to learn about financial topics is through one's parents or life experiences. The problem is that most parents do not have the financial background to impart financial knowledge to their children, while learning through life experiences often results in costly mistakes or realizing a problem when it is too late. Financial Illiteracy in America outlines what young people need to know to get a head start in putting their lives on a sound financial footing including topics such as: - Using financial services intelligently - Does a young person need insurance? - Opening and operating a brokerage account- Investments a young person should make- Globalization effects on the prices of goods and services purchased by young people Finally, Financial Illiteracy in America� presents a curriculum for teaching personal finance to high school students. Financial Illiteracy in America was written by Eric J. Weiss, Certified Financial Planner PROFESSIONAL who also teaches an "Introduction to Finance" course to college students. Mr. Weiss's experience with clients and students sparked the idea for this book and has convinced him of the paramount importance of increasing financial literacy in the U.S.

If you’ve ever bought a personal finance book, watched a TV show about stock picking, listened to a radio show about getting out of debt, or attended a seminar to help you plan for your retirement, you’ve probably heard some version of these quotes: “What’s keeping you from being rich? In most cases, it is simply a lack of belief.” —SUZE ORMAN, The Courage to Be Rich “Are you latte-ing away your financial future?” —DAVID BACH, Smart Women Finish Rich “I know you’re capable of picking winning stocks and holding on to them.” —JIM CRAMER, Mad Money They’re common refrains among personal finance gurus. There’s just one problem: those and many simi­lar statements are false. For the past few decades, Americans have spent billions of dollars on personal finance products. As salaries have stagnated and companies have cut back on benefits, we’ve taken matters into our own hands, embracing the can-do attitude that if we’re smart enough, we can overcome even daunting financial obstacles. But that’s not true. In this meticulously reported and shocking book, journalist and former financial columnist Helaine Olen goes behind the curtain of the personal finance industry to expose the myths, contradictions, and outright lies it has perpetuated. She shows how an industry that started as a response to the Great Depression morphed into a behemoth that thrives by selling us products and services that offer little if any help. Olen calls out some of the biggest names in the business, revealing how even the most respected gurus have engaged in dubious, even deceitful, prac­tices—from accepting payments from banks and corporations in exchange for promoting certain prod­ucts to blaming the victims of economic catastrophe for their own financial misfortune. Pound Foolish also disproves many myths about spending and saving, including: Small pleasures can bankrupt you: Gurus popular­ized the idea that cutting out lattes and other small expenditures could make us millionaires. But reduc­ing our caffeine consumption will not offset our biggest expenses: housing, education, health care, and retirement. Disciplined investing will make you rich: Gurus also love to show how steady investing can turn modest savings into a huge nest egg at retirement. But these calculations assume a healthy market and a lifetime without any setbacks—two conditions that have no connection to the real world. Women need extra help managing money: Product pushers often target women, whose alleged financial ignorance supposedly leaves them especially at risk. In reality, women and men are both terrible at han­dling finances. Financial literacy classes will prevent future eco­nomic crises: Experts like to claim mandatory sessions on personal finance in school will cure many of our money ills. Not only is there little evidence this is true, the entire movement is largely funded and promoted by the financial services sector. Weaving together original reporting, interviews with experts, and studies from disciplines ranging from behavioral economics to retirement planning, Pound Foolish is a compassionate and compelling book that will change the way we think and talk about our money.

How is it that so many people will make hundreds of thousands of dollars in their lifetime and still live in a financial nightmare? Saving Your Financial Soul is a modern day money parable where newly engaged couple, Ed Bagley and Sasha Brown, are mentored by multi-millionaire business tycoon, Mr. John Roberts, and billionaire janitor, Rev. Ron Simmons, on the simple secrets of real estate, money, business success, and wealth. Along the way they meet friends who give new meaning to how the paycheck has changed from the Industrial Age to the Information Age, and what it means for them now in the revolutionary Financial Knowledge Age.

Presenting a broad array of financial knowledge, this interesting, easily understandable book will aid students and young adults in achieving their desired levels of wealth, success, and overall financial and personal fulfillment. The recent global financial crisis was caused, at least in part, by the financial ignorance of many consumers. Many students and young adults in particular have never been taught the basics of financial planning. Yet, the earlier people move from financial illiteracy to literacy, the greater the benefits that will accumulate over time. As The Student's Guide to Financial Literacy makes clear, practices adopted in the early years of adulthood can have the most dramatic effect on a person's ultimate quality of life, level of success, and age of retirement. This book is designed to convey financial wisdom in terms that are easy to understand with suggestions that are easy to apply. Readers will learn about the importance of budgeting and saving, the compounding of money, and how to create a diversified portfolio of investments. Included is advice on buying a first home, the characteristics of good debt versus bad debt, insurance and tax planning, even choosing the right career.

A new approach to understanding money and achieving financial fulfillment Former Vice-Chairman of the U.S. President's Advisory Council on Financial Literacy, John Hope Bryant, delivers an accessible and powerful resource for everyday Americans seeking to build a strong financial foundation. This book is an easy-to-read first step toward a fulfilling financial future, helping you understand your relationship to work and money, and a key component to untangling the surprisingly simple puzzle of personal finance. With an insightful foreword by Doug McMillon, President and CEO of Walmart Inc., you'll learn how to create wealth for yourself and your family, regardless of your educational or employment background, and how to establish a financial mindset that contributes to a sound future. You'll also discover: The answers to tough money questions, including the actual utility of new financial inventions like cryptocurrency How to think about exchanging your time and effort for money and the conditions under which you should agree to work Plain-English discussions of the principles of responsible long-term investing and how it differs from speculation Acting as a critical pillar for those seeking to build a rock-solid financial foundation, Financial Literacy for All is a must-have book for working professionals, blue-collar workers, members of young families, and established businesspeople looking for a better, more secure future for themselves and the ones they care about.

The author in this book reminds us that money is not scarce and that there is more than enough of it for everyone to have a piece of it. He apportions the lack of it to people's ignorance in its acquisition, multiplication and retention. Ignorance regarding the acquisition of money and wealth becomes evident in people's unwillingness to learn the principles governing wealth and laziness in making efforts to search for information and hesitation in the implementation of strategies regarding wealth creation. Illiteracy among the people in developing and underdeveloped countries is the major drawback to financial actualization. While everyone desires to have more money, only the few are willing to stake resources in their quest for financial knowledge. The times we live in somehow encourage instantaneous obtainment of things at the expense of and utter disregard to hard work, patience and know-how. The author in this book echoes the disadvantage of the financially illiterate as that of being vulnerable to those trusted to have their best interest at heart. The financially illiterate easily fall prey to malevolent parties including consultants, financial institutions and their very own governments. To emphasize his utter dismay of such parasitic and predatory tendencies, the author highlights the importance of financial literacy by metaphorically referring to the two types of people, those who go out and make things happen and those prepared to eat crumbs from their masters' tables. The author further explains the importance of life's teachings which are aimed at producing in us the qualities that we could never acquire through or from any institution of learning. In explaining the importance of financial literacy, the author advises readers to start taking care of the basic financial matters that are often ignored in their quest for wealth creation. The author takes the readers through the basic reading and interpretation of financial statements so that they could be able to make informed financial decisions as they begin their journey of wealth creation. He has included questions at the end of each chapter to help readers to test their understanding of the text. The book is written as a guide to acquiring financial literacy in the quest for wealth creation.

Are you in or coming out of financial trouble and want to start over the right way, with a proper biblical understanding of money? Are you looking for a clear understanding of how to manage your finances? Need some critical analysis and practical advice about getting back on track? If so, this book is for you. It tackles questions and topics such as: Stewardship What is biblical stewardship and why is it important in financial literacy? Character traits of a good steward? Earning Professions that are Godly and God given. How do I find my life's work? Spending Mindsets of a dysfunctional spender. Tools and techniques of a value shopper. Borrowing Debt and dysfunctional behavior. Getting debt problems under control and becoming debt free. Giving The power of giving. Three components of giving and cultivating a giving heart. Investing How do I invest and where to begin? Get rich quick schemes and why they don't work? How to recognize schemes? Protecting Planning for worst-case scenarios and for the unexpected. The four areas of life that require disaster planning. David Wood is a banking executive with a leading financial institution. He is passionate about financial literacy and believes the road to financial health must come from combining sound biblical principles with practical financial tools and strategies. He began his career 32 years ago, received training on Wall Street and rose through the ranks of banking and commercial real estate finance. Along the way, he also started and ran a small business, and endured his own journey from financial ruin to financial restoration and health. He shares how he started over and what principals and behaviors helped him achieve complete recovery. For more information about the author and this book, contact: David A. Wood DL Wood Group 213-375-3661 dlwoodgroup.com fromignorancetoliteracy.com

Americans young and old are flunking their finances. A shocking 77 percent live paycheck to paycheck with no savings. And 43 percent of Americans have less than $10,000 saved for retirement, while 49 percent could cover less than one month's expenses if they lost their income. In the face of this bleak financial picture, bestselling author and finance expert Mary Hunt offers 7 Money Rules for Life®. This no-nonsense and encouraging book gives readers the keys to get their money under control and get prepared financially for the rest of their lives. In her warm and engaging style, Hunt takes everything that she's learned over the past twenty years and boils it all down. Presented in a conversational style and readable in a weekend, this book offers applications for each of the seven rules as well as practical advice for how to recover from past financial mistakes. These simple, unchanging, basic rules work in every financial situation, for every income level, and for every stage of life. Money mastery isn't really that hard. 7 Money Rules for Life® can help readers change their futures from uncertain to rock-solid with principles they can apply right away.