Whining Is Not a Financial Strategy – NYTimes.com

 Our Comment by J. David Lewis – Over the last few weeks or months, I have seen several enjoyable Carl Richards cartoons and columns about very basic personal financial issues.  The column with this cartoon, particularly the few sentences I have excerpted below to recommend it, is worthy of space on our blog.  I expressed a similar sentiment in Economic Perspective – January 4, 2010.  “Yes, the people making those loans were completely irresponsible.  Mortgaging the home for vacation money wasn’t particularly bright either.  It seems everyone contributed.” Richards’ says more on the subject. 

“Focusing on the actions of others and the impact they had on us does little good. Sure, it might make us feel better for a while, or give us something to talk about at parties. But if we’re not careful, blaming others can lead us to continue many of the same habits that got us in trouble in the first place.

It’s a bit like the moral hazard problem that Wall Street faces in the era of bailouts; when we start to believe that someone will save us from the consequences of our actions we act differently than we normally would. We engage in more risky behavior, thinking all along that someone will rescue us if we get in over our heads.”

Read this example from Carl Richards via Whining Is Not a Financial Strategy – NYTimes.com.  Carl Richards, a certified financial planner, regularly publishes new sketches at BehaviorGap.com that try to simplify complex money decisions.

Contact J. David Lewis directly with david.lewis@resourceadv.com or share your thoughts on this topic below. He founded Resource Advisory Services in 1985.  National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986.  He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family. 


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