Performing Financial Planning is critical to the success of any
organization. It provides the Business Plan with rigor, by confirming
that the objectives set are achievable from a financial point of view.
It also helps the CEO to set financial targets for the organization,
and reward staff for meeting objectives within the budget set.

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I think the problem is that most people like the author aren't investors and think they can drop some money in some stocks and come back 6 years (really, are you serious?) later and it will have grown enormously. You have to take some personal responsibility for your finances and keep on top of your investments. An understanding of the market doesn't hurt either.

Actually those investments provide the capital corporations need to create. So there is a terrific creation of value simply by investing when it is compared to having that money simply sit under your mattress neither doing anything nor helping others do something. Investors provide an incredibly valuable service to the economy even if they aren't toiling in a field or factory.

Too bad a lot of this was on borderline impractility.

Robert Prechter predicted the crisis with all it's components very well, starting with his 2002 book Conquer the Crash and described why and how it would happen. Read more: http://www.tradingstocks.net/html/financial_crisis.html Deflation was predicted and it is happening and there is more to happen, after the happy recession-is-over rally is done, a major crash is in the books. Also watch Prechter's videos and see how he correctly guided investors to stay in US dollar as he predicted USD would go up due to deleveraging since most of the debt is denominated in USD all around the world. Now he is waiting to signal to move out of US dollar if the conditions warrant it. I would suggest keep an eye on his opinion. It is well worth the time you invest. My 401k is safed and even caught the latest rally thanks to Prechter :-)

Governments can also fail (and are more likely to fail if they take on the responsibilities the author advocates). Indeed, it would be reckless for the government to do anything more for people in financial difficulty until we can control our borders -- the world contains far more poor people than our government could ever hope to support. There is nothing that can be done to make year-long unemployment anything but a personal and financial disaster. Our best defense is to avoid debt and cultivate our relationships with relatives and fellow church members. As for retirement security, that comes with children. If a population suddenly ceases to procreate, there is no level of savings that will give the last generation a comfortable retirement. All the gold in the world will not suffice if all the storekeepers are retired!

I think its should not be happening at this stage, where the economy facing so much of downtime and i think Personal Finance must remain outside of Government. Look at Social Security, the ultimate Government Ponzi Scheme!! 

I think that this assessment has a valid point, but takes it much too far. Okay, so most people who end up in bankruptcy are there because of medical problems. Fine. Now what do we mean by this? We mean one (or both) of two things: They didn't have (good enough) health insurance, or they were unable to work because of health issues. In the first case, a "structural" or systemic solution is to force people to have health insurance. This can be done through taxes, or through simply demanding that each person buy health insurance. Health insurance is "too" expensive for people to buy it? What does that even mean? For the biggest group of uncovered people -- remember that the bottom 20% of Americans under age 65 already get free or nearly free health care from taxpayers, so we're talking about the people that are one or two steps up from that -- it means "I would rather spend $400 a month on a car than on health insurance, because my need for transportation, and my strong desire for *convenient* transportation, will appear every day this year, but I'll probably need heart bypass surgery, or breast cancer treatment, or whatever else might push me into bankruptcy, only once in my life." This "too expensive" line appears in other ways: I'd rather have a big vacation each year than have (any, or better than what I've got) health insurance. I'd rather live in a nice one-bedroom apartment without health insurance than live in a single room of a boarding house with adequate health insurance. These are real choices made by real people, and in a free society, we try to respect those choices -- at least until the moment that these people find their choices so inconvenient that they try to tell us that it's everyone else's moral duty to save them from their own imprudent choices. But the fact is that the medical bills themselves are not the biggest problem with health-driven bankruptcy: it's the loss of employment. Compare, for example, the different rates of bankruptcy between sick children and sick sole-breadwinners in families. You can't recover from heart bypass surgery in five days of sick leave. You might not even be out of the hospital after five days. Sure, someone that skimped on health insurance coverage might have a $5,000 deductible (or even higher) to pay, but what really pushes people over the edge is being disabled by months of recovery, or chemotherapy, or whatever else is necessary, and the loss of income that entails. We also can't expect an employer to hold a job open for six months or more -- or for your small business to sit quietly while you recover -- and it is hard to get employment, or to rebuild your customer base, after being out on a long disability. Unfortunately, for this second point, we can't really expect the government to provide sick leave pay to everyone, and even if it did for most people (like it does with unemployment benefits), it simply wouldn't be enough for everyone. Most imprudent people -- the people that need to stop the inappropriate, emotion-driven financial choices that these books are focused on -- can't survive on the >$2,000/month unemployment checks that are the norm in California, because they spend the full amount of their income each month. Why would we expect them to survive on the same amount as a recovery-from-heart-surgery benefit? The only way to make this painless would be to provide full salary -- and what taxpayer wants to promise that to any person making more money than he is?

A lot of the recent economic problems have stemmed from people with not enough money buying expensive homes with little or no money down.

I can assure you that Suze Orman never advised anyone to do that. She's all about being responsible with spending.

Orman, Ramsey, and the rest give bad advice and then, as you say, when called on it claim to be actually dispensing psychological help.

That's more than just frustrating. The poor quality of mainstream money advice is a tragedy. One person following bad advice and acting foolishly is a shame, but a nation following bad money advice is a disaster. Can you imagine what would happen if, just to make up an extreme example, tens of millions of Americans bought more house than they could afford becuase the "experts" told them it was a good investment? The resulting bubble could cause a global recession.

Bad Money Advice

Wow, that money archetype stuff in the comment above... That is some *high grade* b.s. You could fertilize an (imaginary) economic recovery with that stuff.

As a viewer of Suze Orman who does not currently make enough money to invest in stocks or 401K (I am young and work for a non profit) I can not comment on whether or not her views on stocks and bonds are valid or not.

That being said much of her advice makes sense, and it uses basic common sense. She tells people to reduce credit card debt, she tells people not to raid their retirement funds to pay for hyper expensive colleges for their kids, she tells people to buy a house they can afford, she tells people to get a second job if they can not pay their bills etc. This has been her MO since I started watching a few years ago, and all of that advice makes perfect sense.

She has the can you afford it segment, which helps validate my own lifestyle. I really do want a nice new massive tv and it helps ease myself to watch her tell someone who makes more then me that they are a dope for not buying a similar item.

Jim Cramer is a bag of hot gas, but I think your swipe at Suze Orman was not fair considering that you based it off of one thing without looking at how she is encouraging people to be frugal in their lives, which makes a big deal of difference.

Helaine,

I am Vice President of The Money Coaching Institute in Petaluma, CA.
The Institute pioneered the introduction of Money Archetypes over a
decade ago and the Institute's founder, Deborah Price, wrote about it
in her book, Money Magic, originally released as Money Therapy, back
in 2000.

We work with eight distinct Money Archetypes: Innocent, Victim,
Warrior, Martyr, Fool, Creator/Artist, Tyrant, and Magician. Each
exists within us and can be triggered by an event or circumstance.
What's key is knowing which archetype is most active at any point
in our lives and which are operating in the background, as shadows
of ourselves that we push against or deny.

Until a person understands their active and passive archetypes around
all aspects of money: practical, spiritual, and emotional; as well as how
to internally respond to what each archetype needs to hear from us at
the time, they will most likely not experience "financial success", as
they have not yet clearly defined that "place of being" through merely
"identifying" their money archetype. There's a need for understanding
the source, the present impact, and the future implications of how
that archetype influences our way of being in the world, especially
when money is concerned.

I invite you to learn more about the earlier money archetype work
at the Institute's website: www.MoneyCoachingInstitute.com. And
if you would like a copy of Deborah Price's book, Money Magic, please
let me know where to send it.

One last note -- the Journal of Financial Planning interviewed
Deborah about the Institute's work and it's in the current issue
at http://www.fpajournal.org/docs/assets/10Q1.pdf

I look forward to reading your future postings.

Sincerely,

Steven "Shags" Shagrin
Vice President
The Money Coaching Institute
www.MoneyCoachingInstitute.com