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Old 05-31-2014, 10:01 AM
mlb
 
Location: North Monterey County
3,197 posts, read 2,868,733 times
Reputation: 4902

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Well - Utah rates high in that list of financially literate.

I think not.

SCAMS are us. People are falling for the dumbest get-rich-quick scams here - mostly at the hands of their fellow churchpeople.
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Old 05-31-2014, 02:32 PM
 
Location: Albuquerque NM
1,664 posts, read 1,533,374 times
Reputation: 3650
My state is rated 5th dumbest for financial literacy and 7th for food that you can eat without teeth (but those enchiladas and chile rellenos are delicious!). I work with financially conservative professionals and live in a middle class neighborhood so I don't feel that those around me are irresponsible with their money. But it is a poor state, especially the rural areas, and social services are limited and the state government is not doing that well fiscally. Most of the states on the top 10 smartest states do not appeal to me as they are too cold or too crowded - Idaho would be the most appealing. On the other hand, NM, Arizona, and Nevada all appeal to me on the dumbest list. So each to his own.
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Old 05-31-2014, 02:35 PM
Status: "Support the Mining Law of 1872" (set 20 days ago)
 
Location: Cody, WY
9,599 posts, read 10,959,078 times
Reputation: 19266
Quote:
Originally Posted by mlb View Post
Well - Utah rates high in that list of financially literate.

I think not.

SCAMS are us. People are falling for the dumbest get-rich-quick scams here - mostly at the hands of their fellow church people.
I know that Utah people have excelled in financial literacy. Utah had the highest bankruptcy rate in the country before the change in bankruptcy laws. Those folks sure knew how to use that to their advantage. They don't have the highest rate anymore, but they're still near the top.

People are motivated to get rich. I actually saw a billboard advertising flyers at the rate of $119.95 for 10k. I was in a small downtown mall and saw three automobile giveaways at lead collecting booths. Janet Reno called Utah the fraud capital of the country. I love Utah people.

Bankruptcy Rate
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Old 05-31-2014, 03:22 PM
Status: "Support the Mining Law of 1872" (set 20 days ago)
 
Location: Cody, WY
9,599 posts, read 10,959,078 times
Reputation: 19266
Quote:
Originally Posted by ABQ2015 View Post
My state is rated 5th dumbest for financial literacy and 7th for food that you can eat without teeth (but those enchiladas and chile rellenos are delicious!). I work with financially conservative professionals and live in a middle class neighborhood so I don't feel that those around me are irresponsible with their money. But it is a poor state, especially the rural areas, and social services are limited and the state government is not doing that well fiscally. Most of the states on the top 10 smartest states do not appeal to me as they are too cold or too crowded - Idaho would be the most appealing. On the other hand, NM, Arizona, and Nevada all appeal to me on the dumbest list. So each to his own.
I think that Mexican food has a lot to do with rating high with the toothless youthless. But I'd rather eat chili rellenos than raw vegetables. I'm surprised Louisiana didn't score a higher spot because all of the varieties of Cajun food as well as New Orleans Creole have many soft foods. If we rated states by food Louisiana would be Number One. If we rated cities New Orleans would take top honors. Food is a religion there.

I'm with you and Escort Rider. I don't care what people's financial literacy is in general. I do, however, care about legislators and executives.
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Old 05-31-2014, 07:31 PM
 
14,276 posts, read 24,038,486 times
Reputation: 20111
Here is what I am concerned with when people talk about "financial literacy."

I agree with the assertion that we have a problem with financial literacy. When you have people making $50k and buying $500k houses, we do have a problem.

What is the solution?

Some say "teach it in the schools." Well, one advantage of that is you get broad coverage. The problem is WHAT DO YOU TEACH?? I can already see "Financial Literacy" by JPM Chase and John Hancock that steers kids to using credit cards and the like.

If you involve professional groups like the AICPA or Junior Achievement to get the message out, who will quickly find that most teachers will "embrace" at the beginning, and cancel your sessions whenever they can find anything to replace it. I know that because I have volunteered for such a program just to have the teacher cancel 9 out of 12 weekly sessions (often with under 20 minutes notice).

I wish references to "Top 10 lists" would be banned from CD as they get more inane every week.
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Old 06-01-2014, 01:10 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,696 posts, read 40,074,231 times
Reputation: 23854
Seems interesting to surmise the criteria.

SD, UT, NH have a disproportionate number of workers in the finance field, but not all in these states PRACTICE financial literacy. (Evident in the 3 reporting stats)

I was glad to re-assure the least costly states for LTC. I'm gonna need that, I can still utilize tornado prone OK, or 'in-home-care' friendly TX. This will be handy. Same with buying 'quality of care'... I am not about to utilize the states at the very bottom due to racially divisive populace. (I thought we were over that,,, but not in my lifetime). I hope I'm able to do a 'Dorothy exit' and go by air, rather than a grave!

RE: Teaching financial literacy... Both I, and my kids were set financially independent at age 12. If we wanted money for clothes, cars, insurance, school, food... Get a job or sell a calf (we all were farm raised). If you sold too many calves... you never would have a COW, and thus... BIG problem,,, in further income stream, then you starve and die, just as you daily saw wild animals do who would not care for themselves or their young. (Food Chain material...!)

BTW, my kids do much better with their investments than I. They started ROTHs at age 12 and I matched their earned income $:$ till they turned 18. They are very disciplined in research after taking serious haircuts by listening to me.

Something that disturbed me about the Think-Advisor site was prominence of 529 college plans. I definitely am not keen on that scam. (But works for many). I think it was just a way to keep subsidizing failed USA EDU institutions. I completed another grad program post age 50, and I still teach PT in 3 colleges. USA colleges are very sad in EDU delivery. With my kids paying 100% of their own way... They were really insistent that the Profs delivered a quality product. Usually paid off for the entire course, to raise the quality of edu delivery.
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