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Finance, Personally Speaking

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That it's been a tough economic climate these past few years is undeniable. Pundits debated whether people were in a global recession or an actual depression. When the economy tanks, people think more about their personal finances. When thinking of online resources to provide financial guidance, and to create sensible future planning, it's easy to become overwhelmed. Everyone and his brother, maybe even the family dog, wants to give advice on personal finance. The trouble is, those bits of advice can vary tremendously from one source to another. When it comes to financial advice, unlikely as it may sound, the government is here to help. The US Financial Literacy and Education Commission maintains a Web site, MyMoney.gov, which is filled with practical information on budgeting and taxes, credit, financial planning, paying for education, retirement planning, saving and investing, and starting a small business. Many finance portals incorporate personal finance advice. Yahoo Finance is a prime example.

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									       >the dollar sign                                                                        Marydee Ojala
                                                                                                Editor, ONLINE




                                            Finance, Personally Speaking


                         T    hat it’s been a tough economic climate these past few years is undeniable.
                              Pundits debated whether we were in a global recession or an actual depres-
                         sion. We had a credit crunch, the bailouts of large companies by national gov-
                         ernments, and corporate bankruptcies. Jobs disappeared; industries shrunk
                         drastically; housing prices went into free fall; and consumer spending dried up.




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                         What’s an area of growth? Giving advice on personal finance.
        When the            When the economy tanks, people think more about their personal finances.
                         No longer does money just come rolling in. Investments lose value. Furlough
     economy tanks,      days and salary cuts mean less disposable income. Prices go up. Where will peo-
                         ple find the money for retirement, for educating their children, for basic living
    people think more    expenses? What about how to handle medical expenses? Is this the right time to
                         buy a house? What investments are recession-proof, if any? What money man-
                         agement techniques actually provide tangible benefits? Can you afford a vaca-
       about their       tion? What’s the best way to put together a budget?
                            When thinking of online resources to help answer questions such as these, to
    personal finances.   provide financial guidance, and to create sensible future planning, it’s easy to
                         become overwhelmed. Everyone and his brother, maybe even the family dog,
                         wants to give advice on personal finance. The trouble is, those bits of advice can
                         vary tremendously from one source to another.

                         PERSONAL IS AS PERSONAL DOES
                            The first thing to recognize is that personal finance is just that—personal.
                         Advice that is relevant to a single 25-year old person will be inappropriate if
                         applied to a married 65-year old person. Existing conditions can affect the valid-
                         ity of personal finance advice. Someone who has lived in the same house for
                         years and has paid off the mortgage is in a very different financial situation from
                         someone of the same age and income bracket who just bought a home and is
                         looking at mortgage payments stretching out 30 years.
                            Secondly, personal finance is often governed by where you live. If you’re in a
                         country that has national healthcare, you don’t have the same financial consid-
                         erations for medical care as you would in a country that lacks national health-
                         care, such as the U.S. Stock-picking tips for your personal portfolio, however,
                         usually transcend national borders.
                            Advice about personal finance often centers on the tax implications of actions
                         taken. Tax laws, regulations, and rates differ from country to country. Thus,
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                                                                              JAN | FEB 2010                51
                                                                    your-money), although not produced by the Federal




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                                                                    Reserve, is featured. A similar site from the Council for
                  When it comes to                                  Economic Education (www.councilforeconed.org) provides
                                                                    lesson plans and suggestions for teaching basic financial
                                                                    skills to grades K–12.
                                                                      What about 
								
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