Teaching children the value of money and financial responsibility is one of the most practical and important lessons children can learn. Our consumption-driven society has never been more fiscally irresponsible. In 2006, the savings rate was a negative 1 percent! So on average, people not only spent every dollar they made, but also had to either go into debt or draw on their savings to spend even more. There hasn’t been a savings rate this low since the Great Depression. Of course, during the Great Depression, the unemployment rate was at 25% – today it’s less than 5%. Back then, people were forced to spend more than they earned just to take care of their basic necessities.

Read more ...

I needed some money for food and stuff.

I looked into my "impressive" checking account into which my pay gets automatically deposited and saw $2.63 in it and my account for spending had .93 cents in it (which was an improvement from the .84 cents that was in it at another point.) I had some plans to make a trip to go visit a Jewish friend in another state for the week of my birthday that was coming up.

Read more ...

Each year, many seniors fall victim to credit card schemes, forged checks and bad investment scams. Not only are many of them coping with health problems and spiraling medical costs, but they are particularly vulnerable targets for financial scammers. In addition to federal efforts to protect older Americans, many states have put programs in place to try to prevent elderly residents from being scammed.

Read more ...