July 28th, 2008

America's young people are trapped in a dysfunctional paradigm that is robbing them of the oppotunity to succeed. 

"The June 2008 Greenberg survey, entitled "Young People: Living on the Edge" illustrates the severe impact of the current economic crisis on 18 to 34 year olds...

"Of the young adult participants, 75 percent say they have gone deeper in debt over the past year. Nearly 19 percent of respondents report having their phone, cable or utilities cut off, and more than 15 percent have faced repossession or have had their credit card cancelled due to non-payment.

"Additionally, about 33 percent of those who owe money on a credit card owe more than $10,000 overall..." - [my emphasis]

If you have children, nieces and nephews, grandkids, or friends with kids, teach them about money and how to handle it. They won't learn it in grade school, high school and especially not in college, where they learn instead that credit is easy to get and delivers immediate gratification through alcohol, drugs, and sex.

The GAO said recently that financial literacy among Americans is appallingly low. If it's low in general, its at the bottom of the scale for our young people.

What else could we expect after almost 30 years of misinformation about saving, home equity, mortgages, investing and money in general; misinformation provided in commercials, sound bites, and one hour TV specials that claim to be informative but never scratch the suface of financial issues. Information from the Behemoths whose only goal is to move money from your pockets into their accounts.

TEACH YOUR CHILDREN. And, if you think you know what to teach them, look at your own financial situation. Debt up to your eyeballs? Don't teach them that. Investments that are going nowhere? Don't teach them that. Money in all the wrong places at al the wrong times? Don't teach them that.

First, learn yourself. Discover what the Financial Founding Fathers knew but that the Behemoths and their minions have shrouded in confusion. Discover that saving comes first, home equity is very, very important to you and using it as an ATM machine is not in your best interest. Discover that whole life insurance is a great place to put your foundation money. Discover that every successful personal economy has exactly the same foundation - money that you control, with no strings attached - and  the same framework too:

• freedom from debt
• secure income to last your lifetime
• ready cash to deal with life's surprisingly unsurprising surprises
• a legacy of wisdom and wealth to pay forward to those you care about

______________________

www.YouBeTheBank.com

______________________

Tags: agon fly, annuities, annuity, bank, banker, banking, banks, be the bank, become your own bank, becoming your own banker, bonds, book on money, books on money, books on personal finance, circle of wealth, debt, debt elimination, debt management, debt reduction, debt to others, disability income insurance, Dr Agon Fly, Dr_Agon_Fly, financial, financial advice, financial advisor, financial planner, financial planning, health insurance, housing market, how to thrive, infinite banking, insurance dividends, investing, jeff reeves, jeffrey reeves, leap system, life insurance, long term care insurance, mass mutual, mass mutual insurance, massachusetts mutual life insurance, millionaire, Money, money book, money books, money for life, money under management, money wisdom, morningstar, morninstar report, mortgage, mortgage management, mutual funds, mutual insurance, mutual insurance company, nash, nelson nash, new york life, new york life insurance company, northwestern mutual life, passive income, personal financial books, pirates of manhattan, r nelson nash, Retirement, retirement income, retirement planning, saving, stock dividends, stock market, stocks, Tags: 401(k) plans, Tags: 801(k) plans, Taxes, term life insurance, The Four Pillars, the guardian life insurance company, thrive, universal life insurance, variable life insurance, Wall Street, Whole Life Insurance, Who's helping you, why buy whole life insurance, why whole life insurance, wisdom about money