POOR SHAMING: WHAT IS IT AND IS IT WRONG? Chase Bank got a ton of blowback for a tweet in which they offered advice to people with "low bank balances" on how to save more money. So they apologized. But wait: is that really wrong? Is shaming the poor wrong?
Here is the article that Tom refers to in this episode.
Got a money question or your own take on this topic? Write Tom directly: tom@blowmeuptom.com.
HOUR 1
Comments
People Are Stupid About Finance
They really don't care. You know Tom, they can't even tell you what percentage rate they have on their credit lines, their mortgage, or even an idea of what their monthly spending is.
Chase made fun of this, and predictably every idiot was offended. Boo-hoo. I educated myself and I'm financially independent. It takes work to get somewhere, and have zero sympathy for those that won't put in the time for their own financial future.
Sen. Warren needs new material.
It looks like Senator Warren is still trying to blame a financial crisis that started over ten years ago for people's problems. Ten years is plenty of time to pick up a new skill, get more education, find a job, and even pay down some resulting debt. Hell, it even allows time for a moderate amount of gratuitous wallowing in self-pity. Seriously, if someone hasn't picked themselves up, dusted off, and taken advantage of the relatively booming economy and job market of the past few years, that's on them. Take some ownership of your situation. The beautiful thing about ownership is once you own up to your mistakes, you also own your success. That's my issue with the idea of "privilege." It relieves you of responsibility for your problems, but robs you of responsibility for your successes. If all that matters in life is the hypothetical "privilege" you were or weren't born with, why even get out of bed in the morning?
These "poor shamed" people need to read the book..
'Start Late, Finish Rich' by David Bach - it describes many of the same things Tom has said regarding cutting your expenses, improving your financial life and making your future better. The section on owning a home doesn't agree with Tom's advice but eliminating the spending mentality that consumers have drilled into their brains by advertising and the economy is a great choice. It was published in 2005 and while this precedes the 2008 real estate crash/bank bailout debacle, much of the advice in this book is still sound to this day. I am applying it to my own life and hope at least one person reading this will take a look at the book. :)