James C. Molet's Blog, page 78

Middle Class Aspirations

Brief: Moving On Up (2013). Contrary to what you make have initially thought, this report is not about George and Louise Jefferson.  Instead, this report from the Pew Charitable Trusts considers the question, “Why Do Some Americans Leave the Bottom of the Economic Ladder, but Not Others?” It observes that one of the hallmarks of the American Dream is equal opportunity: the belief that anyone who works hard and plays by the rules can achieve economic success. Many Americans believe that it is common for a person in the United Read the Full Story

Living Frugally: Paying For Quality

As I have mentioned in other Living Frugally posts, there are several misconceptions about frugality and frugal people.  One of my ‘favorites’ is that frugal folks are “too greedy to spend money.”  The masses have been convinced that frugal people spend as little as possible because we can’t stand to part with money.  How wrong they are! On New Year’s Day, which is also my wife’s birthday, my wife and I enjoyed a laid back drive around town.  We visited a few stores including two antique shops.  In one of Read the Full Story

Friday Night at the Movies

Movie: The Pursuit of Happyness (2006). This biographical drama introduces us to Chris Gardner and his bout of homelessness. As Gardner struggles to make ends meet, he loses his wife leaves him, loses his house, and any financial security he might have had. Forced to live out in the streets with his son, he becomes desperate to find a job, any job. While he is able to secure a job as a stockbroker, he is required to complete six months of training before he gets paid, further impacting his financial Read the Full Story

Improving Financial Literacy in 2014

As you bounce around the Internet, reading various news stories related to finance, business, or the economy, you are likely to come across the phrase financial literacy. Perhaps not surprisingly, attention to the concept and use of the term seems to have increased following the 2008 financial crisis and the resultant impact on individuals and decimation of families. Not only have the news stories about the topic increased, in the year that ended yesterday, numerous states enacted legislation or adopted resolutions with regards to teaching financial literacy in our schools. Read the Full Story

Living Frugally: The Little Expenses Matter

I am an avid reader. My favorite genres are fantasy, sci-fi, action-adventure, business and economics.  I can easily spend eight hours reading and be fully content.  I use both the Kindle and Barnes & Noble apps on my tablet and cell phone.  It is not uncommon to find me reading while following my wife around the thrift store as she shops. I have over 270 books in my Kindle account alone. My goodreads.com account shows I’ve read 107 books…and that doesn’t include the kindergarten and elementary years.  So, considering the cost of Read the Full Story

Two American Families

This series follows two American families over a 21-year period, documenting their struggles in a changing American economy.  While I highly recommend that SavvyReaders take the time to watch each individual segment, the final segment in the series, Two American Families, does provide a recap of events from the first three segments in the series. Minimum Wages: The New Economy (1992) Bill Moyers takes a piercing look at how global economic changes are destroying the lives and livelihoods of hardworking Americans. This documentary follows several individuals and their families in Read the Full Story

In Debt We Trust

Documentary: In Debt We Trust (2009).  While a large number of Americans carry a certain amount of personal debt,  very few are really aware of just how common and widespread the debt crisis has become. This documentary takes an in-depth look at the relationship Americans have with their credit cards and discusses how shopping, and rabid consumerism, has replaced the factory as America’s dominant economic engine.  In 2006, it was estimated that the debt owed by American citizens totaled well over ten trillion dollars.  A common practice among credit card Read the Full Story

Are Financial Planners Worth It?

I was recently involved in a discussion regarding the value of financial planners/advisers.  Specifically, the question was, “How much do you think is reasonable to spend on a professional financial planner per year?”  My response?  $0.  As you might suspect, there was disagreement with my response.  Without doubt there are some that find value – or simply convenience – in using the services of a financial planner – the term used interchangeably with financial adviser.  I thought it might be useful to look at some numbers to really get a Read the Full Story

Living Frugally: The Wedding Blues

Don’t let your failure to manage your green lead to the wedding blues. The wedding industry is booming. Everything from the bride’s dress, the photographer, and of course – my personal pet peeve – the wedding planner, are all big money. Brides-to-be have been convinced, “It’s the most important day of your life, spare no expense.” And many grooms, wanting to please their lady, have fallen for the idea that the engagement ring should cost at least three month’s salary. Seriously, who came up with this stuff? I’m about to Read the Full Story

Broke: Struggling to Remain Financially Solvent

Documentary:The Water Front (2007). This short documentary (53 minutes), tells the story of the Detroit suburb, known as the birthplace of the auto-industry. Before Detroit, its appointed emergency city manager Kevin Orr, and its financial collapse, there was Highland Park. In June 2001, due to the city’s mounting fiscal crisis, an emergency financial manager was appointed under the supervision of the state of Michigan. Residents of this city were receiving water bills as high as $10,000, had their water turned off, their homes foreclosed, fought to retain access to water, Read the Full Story