20 September 2008

Response to Financial News

I spent yesterday in Fort Worth. I went to a hearing on higher ed legislation (my primary lesson: hearings are for access and when no one signs up to speak in the afternoon session, then the hearing setting is just for reading newspapers).

The more interesting part of the day was a young woman's comments to me about our country's financial crisis. I didn't mean to probe but I did remark on something that I had heard on a talk show, that by November the American voters may conclude that they are picking up the tab. The woman was quick to respond, "I know that now. I can tell you what my husband and I did. We picked up the phone and changed our 401Ks from 15% to 5%. At least we'll have control over our own money."

OK. Got my attention. This is a couple in their mid 30s. I was impressed at their commitment to savings—well, up until this week. I was also surprised that they made an immediate decision about their finances based on the week's events. It's not what I would have suggested but I kept that to myself.

My own response to money management has turned to color scheme. (See my advisor's blog about this.) I won't be happy about investments for a while. But at least I'll have a pleasant palette for the report on them.

© 2008 Mary Bold, PhD, CFLE. The content of this blog or related web sites created by Mary Bold (www.marybold.com, www.boldproductions.com, College Intern Blog) is not under any circumstances to be regarded as professional, legal, financial, or medical advice. Or education advice. Or marital advice. Or even a tip.

No comments: