Money Management

Should Politicians Tell You How To Spend Your Money?

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David Cameron got a little heat recently for “instructing voters to pay off their credit card bills” in a recent speech he was going to give. Because of that heat they changed the line. It was read out of context and I don’t think it was really a financial lecture, but none the less, it brings up the question of whether or not politicians that are dealing with our nations debt problems should be telling you how to handle your finances.

My take is that it doesn’t really matter. It’s just words and you can take the advice or not. It’s really up to you. Some of the best advice is given by people that don’t follow it.

Just because the advice is coming from a bad source doesn’t necessarily mean that it’s bad advice.

Another point brought up is that some people worried that what he was telling people would cause them to stop spending thus slowing down the economy. I say good. What got us in to this mess in the first place was spending too much money. We cry that the government has a lot of debt and needs to cut back yet we shouldn’t do that ourselves?

Of course we should.

Will that cause us to lose more jobs?

Yes!

But it’s not that jobs are just going away, it’s that they’re moving into different sectors and even newly created sectors.

For instance, after the housing boom tons of jobs were lost in the real estate and housing sector, but do you know what grew? Businesses that make money from bankruptcy. They grew at incredible rates, and what were they doing? Hiring people!

Debt consolidation companies and all of the other financial education companies grew too.

If a job goes away, there’s another job popping up somewhere to fill that void.

So what can be done about jobs?

Reeducate people so that they can find jobs in a new field.

All jobs aren’t going to be around forever. If I’m not mistaken, there aren’t any more Pony Express Riders. Do you think they rolled over and died? No they used their skills for something else, or learned how to drive.

So, if you don’t have a job and it’s not looking bright, Google something and learn all about it. Maybe start your own business.

What do you think?

Comments (3)

  • Why not? They are the experts at spending my money.

    Reply
  • I think most people ignore what the government says when it comes to their personal finances. When Pres. Bush, the First, told us to go out and spend money to save the US economy, I don’t think many people did. It would be great if people would pay off their credit cards, no matter who says it! And yes, new jobs appear in other areas. Many people are finding jobs in the health care industry as baby boomers age and need more health services. Some of those jobs take only 1-2 years of education and pay pretty well.

    Reply
  • Well said. I like the part: “It’s just words and you can take the advice or not. It’s really up to you”.
    Rightly pointed out that like Energy jobs are conserved just changes it forms.
    My question is “Who do people listen to for personal finances?” Do people have money sense or it is like common sense which is not so common? Sadly we don’t allow people to drive a vehicle without taking a driving test but we allow them to enter the complex financial world without much financial education?

    Reply

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