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The Single Biggest Threat to Your Personal Finances

dangerWhat do you think it could be?

Don’t peek!

Or did you already? You did, didn’t you!




marylynnAs we prepared for this show and George threw out this idea, my first thought was: “Overspending.”



georgeIt’s funny – I thought of that one as well. However, most people have really reigned in their spending. On top of that, I think we’ve all relearned some valuable lessons about frugality.



marylynnOkay, so then I thought: “High interest rates.”



georgeEven though we’re in a period with historically low interest rates, I think it’s reasonable to assume that we’re going to see higher rates in the coming years. You make your own assumptions but that’s what we’re betting on.


We’ll give you another hint: the answer may be related to high interest rates.

So what do you think it is?

We think that it’s government at all levels and of in all variations:

•    Federal government
•    State government
•    Local government
•    Agencies of government
•    Quasi-governmental institutions

Business as usual in a changed world

The world changed in 2008. We faced a self-created economic catastrophe.

As individuals, we had borrowed too much to spend too much. We had risked too much. We cut back.

In our businesses, we had let costs creep in that we didn’t need. Besides that, consumers cut back. With the decrease in demand, we had to find ways to save money.

So here we are nearly a year-and-a-half later. And in government, it’s business as usual for the most part.

Why did it happen?
Government spending at all levels has been out of control for years. It’s a result of many factors – mission creep, a lack of accountability and our own apathy.

We let it happen because we weren’t paying attention. We were busy living our lives – paying the bills, trying to make a better life for ourselves and our families.

So government has become the single biggest, current threat to your personal finances.

Their solution
Government is struggling at all levels. It’s less apparent at the federal level because they have some tricks up their sleeves that other governmental entities don’t.

So what’s their solution to these travails? It’s becoming more and more apparent that their preferred solution is to increase our taxes – explicitly or implicitly through fees, tougher enforcement and the like.

That’s why we’re talking about this subject today. We think that “we the people” must demand better solutions.

Our solution
We need to demand that our respective governments do what individuals and businesses have done. We need to insist that they cut back.

We need to get government officials to think entrepreneurially!

Entrepreneurs make the most of the resources they already have. Is it too much to expect government to do the same?

Small business owners know they are the seventh in line for the fruits of their labor. Government is second (and first, and third …).

It’s primary season. We need to vote for people who have a track record that demonstrates that they can operate more efficiently.

We need politicians who will only retain those employees who have shown they can cut costs. If there aren’t enough of them, get rid of the dead weight and hire new people who do have a track record of managing resources effectively.

There are a lot of great people like that looking for work right now!

This isn’t about Republicans or Democrats, conservatives or liberals.

It is about demanding that our public servants take their fiduciary responsibilities seriously.

We need all of our public servants to think like entrepreneurs!

What do you think? 


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(Image in today's post by cobrasoft)