Yesterday an article was published entitled, 4 Things Financial Reform Won't Do For You. In this article they stated, "Regulators from Washington will now sniff out financial scams, rein in usurious lenders, unearth hidden fees and limit loans to people who can afford them. Jubilation. Washington rides to the rescue. Again.
But a new army of protectors won't make consumers smarter, and the mere presence of a fresh government watchdog could persuade some people that they don't need to worry about protecting themselves. People still need to do the work themselves and learn how to spot scams, manage debt, invest safely and resist foolish enticements."
It is great to see that steps are being taken to helps ensure that the country does not find itself in the same spot again, however, it truly does come down to us. With all of the watchdog groups, and prosecutors looking to expand their practices by "helping" to hunt down and prosecute these vultures, it will come at a price.
So my question to you is, is it smarter for us to regulate ourselves, or trust our futures will be well managed by financial overseers?
As always, thank you...The Runner.
We, as individuals, need to protect ourselves and our investments. We trusted our financial "overseers", and lost most of our investments a few years ago. This will not happen to us again. It was a terrible and hard lesson to have to learn. I hope everyone will become a bit wiser and smarter - and not have to learn the hard way.
ReplyDeleteObviously we should be in charge of our own finances, making informed decisions about where and how to invest, very rarely can a big, instant profit be had. I can not imagine being remorseful for money spent poorly. I encourage all to know when to spend and when to save.
ReplyDeleteI agree, we should be in charge of our own finances and I have definitely learned not to put all of my eggs in one basket due to losses that I have taken in the past. When something seems too good to be true, it usually is. There's no such thing as an authentic get rich quick program.
ReplyDeleteBunny, that is terrible to hear...and I hope it certainly does not happen to you all again. What is the strongest part of the lesson you learned that you would pass along to futhur generations?
ReplyDeleteAnonymous, your statement of, "I encourage all to know when to spend and when to save", is certainaly a great point, and I hope that most of us learn to do so in a stronger sense going forward.
Heather, absolutely, getting rich quick is something that is definitely not possible, and if people are looking to do so, I would encourage them to think about whether it would take more energy to come up with that million dollar idea, or whether it would take just as much energy to find a business model that allows them to make millions over their life time, and by which never having to work a day in their lives.
All, great responses!
As always, thanks you...The Runner