Financial Management for Us
Posted by johnsoncm on March 23, 2008
My last post was about our young people and financial management, but I may have gotten ahead of myself. It is vitally important that we figure out what we are doing at our level first, before we can expect our children to do it. They will emulate what we show them more than what we tell them. The most recent data from the US Census puts the average household income at $48,201 but the Federal Reserve puts the total amount of US debt at $8,200 per person. For a family of four, that equals $32,800. And according to Lundquist Consulting, a research company based in California, there were 2,043,535 bankruptcy filings in 2005. This is because we don’t have a good system in place to learn how to manage our money and what to do with what we have.
