My week’s reading started off with Mrs Micah’s question Would Debtors Prisons Make People Take Debt More Seriously? She admits to not actually being in favor of debtors’ prison, but wanting people to take their debt obligations more seriously. I say “amen” to that. Clearly there’s a distinction to be made between people who racked up debt on TVs, cars, trip, and entertainment vs those who had medical issues and hospital bills that wiped him out. Her post further references an article from the LA Times that those with high credit scores and presumably high intelligence, are strategically defaulting on their debt. That needs to stop.
Flexo at Consumerism Commentary (who has no children yet) is planning ahead with his Ten Things I Will Teach My Children About Money. As the father of a (soon to be) 11 year old, I’m always on the look out for inspiration on the lessons to teach my daughter. Of this list, two examples and my favorite bit of advice are, “Companies want your money,” and “If you are in a position to help, you have an obligation to help.” From the insight shown here, I know Flexo will raise children with strong values.
Jason at Redeeming Riches suggests the 5 Roadblocks to Reaching Your Financial Goals. Eliminate these, and surely you will be more successful. I’ll share one quote from Jason’s article and invite you to read the rest; “If you’d rather go to the dentist and get teeth pulled than deal with your personal finances than it’s a clear sign there is a roadblock that needs to be hurdled.”
In April, I wrote an article titled “The Next Depression Babies?” This week’s Some Thoughts on a Cultural Shift Towards Frugality written by Trent at The Simple Dollar echoes my thoughts and provides a bit more insight as to how the current state of the economy can shift our mindset for some time to come.
Last, Mike at The Oblivious Investor shares his Reasons Not to Rollover a 401(k). With my recent guest posts on Roth IRAs, Traditional IRAs and Tax Rates, I’d been jotting notes on the interplay of 401(k) rollovers into this mix, and have drafted a post of reasons to convert and to not convert from the 401(k) to an IRA. Mike does offer excellent food for thought as to why rolling over isn’t always the best decision.
Another good week.