What Personal Finance Issues Does The Media Neglect

[jeffrey]

What, in your opinion, are some of the personal finance / money issues that the mainstream media neglects that you'd like to see more written about?

[tinapbeana]

Re: What Personal Finance Issues Does The Media Neglect

comparing the 'american' views/habits of personal finance with other places in the world.

starting out being responsible, as opposed to cleaning up the mess afterwards.

[JanH]

Re: What Personal Finance Issues Does The Media Neglect

I would like to see the media showcase successes at frugal living where people live deeply rewarding lives while being responsible, like tina says. Instead, the media seems to showcase more of the "rich and famous" lifestyles. Not that there aren't rich and responsible people, but I'd like to see more of the other kind of living and how they do it.

[poundwise]

Re: What Personal Finance Issues Does The Media Neglect


Personal responsibility in personal finance

[LuxLiving]

Re: What Personal Finance Issues Does The Media Neglect

Literal how-tos.

How to set up a bank account. Walking people by the hand thru budgeting similarly to how Jesse does it over on YNAB.com. How to get a bit of capital together to invest. Mindset involved in gathering wealth vs. mindless squandering. How to get off welfare. Stewardship of money - investing & living for sustainability.

Some of these the banks are quietly doing on their websites, I just don't see mainstream media covering it though in enough depth to permeate the brainfog that is advertising for self-gratifying consumption.

You & Nate were/are? doing it w/the videos and your work here.

[BCHGRL]

Re: What Personal Finance Issues Does The Media Neglect

It really bothers me in sitcoms when the characters live beyond the means of what someone who held the same job in real life would.

For instance, my husband I enjoy "Ghost Whisperer." She owns an antique store and he is a paramedic. I find it hard to believe that the character's income allows her to have brand new clothes every single episode, but the main character is sporting new outfits every episode.

[creditcardfree]

Re: What Personal Finance Issues Does The Media Neglect

The value of compound interest in investing vs on your credit card statement.

Mainstream media puts a lot of emphasis on individual stocks vs mutual funds or index investing. For most people, they don't know how stocks work let alone whether one went up or down that day.

[PrincessPerky]

Re: What Personal Finance Issues Does The Media Neglect

It really bothers me in sitcoms when the characters live beyond the means of what someone who held the same job in real life would.

For instance, my husband I enjoy "Ghost Whisperer." She owns an antique store and he is a paramedic. I find it hard to believe that the character's income allows her to have brand new clothes every single episode, but the main character is sporting new outfits every episode.

Ditto! (though I have never seen that show)

[disneysteve]

Re: What Personal Finance Issues Does The Media Neglect

I agree with all the previous posters.

I think the media gives people a false sense of what a normal, affordable lifestyle is. On TV, characters live remarkably well despite having pretty basic jobs. Friends was famous for that.

The media seems to focus on two types of people: the rich and famous who live lavishly and have what most of us can never, ever hope to afford and then they show the folks who have dug themselves into debt by living beyond their means. Oprah or Dr. Phil or whoever will periodically do a show on debt, like Oprah's Debt Diet series, and talk about how to fix those problems, and I think that is great. But you never see any focus on people who are doing okay and have managed not to get in that trouble.

The financial press doesn't totally ignore this, though. A few years ago, I wrote to a national financial magazine in response to something they had published. I explained that unlike the family they had profiled that was earning a high income but had minimal savings, my wife and I were 10 years younger, earned less and had 5 times as much in savings. A short time later, the editor called me and asked if they could do a story on us. The editor said she speaks with a great many physicians and it was rare to find one who wasn't caught up in status and appearance and luxury cars and fancy houses. She later interviewed me about how we cook most meals at home from scratch, shop at thrift shops, buy used cars, take budget vacations and various other frugal habits. A photographer came to our home and took pictures of us cooking, went with us to a thrift shop we frequent and took photos there, etc. A 4-page article appeared in an issue of this magazine along with a balance sheet of our financial situation.

That's what I think we need more of in the media.

[markio26]

Re: What Personal Finance Issues Does The Media Neglect

relatives, ex spouses, godparents, whoever, who buy you kids really expensive gifts and never stop.... we have to put things in the closet and not give them to lexie and chase... until the appropriate time... i mean an ipod for an 8 yr. old, cheerleader, soccer player... she has no free time... already... i bought her a stero set for xmas.. but, she uses it to play cds from her school, and such.... anyone else have this... i have watched the godparents pay for a weekend at a water resort at xmas time and drop a couple thousand... unbelieveable.. we are the responsible ones.... not just fun gifts for them... we have trusts set up for them at the bank.. send checks for all the holidays, ecards, cards with single dollars, gum, love notes, etc.... i just don't understand why the media does not recognize this stuff...... and did i mention the combined families, one niece has been wed 3 times, one nephew 3 times.... i mean one wedding is enough.. to ask ppl. to go to...

[jeffrey]

Re: What Personal Finance Issues Does The Media Neglect

Thanks for all the comments. I will be trying to weave these suggestings into some of my writing - I have been asked to write articles for <a href="http://www.thestreet.com">The Street.com</a> which is a large financial website that focuses mainly on market investing - they asked me to write more about "personal" personal finances. Keep the suggestions coming as I will be referring to this thread often.

[disneysteve]

Re: What Personal Finance Issues Does The Media Neglect

I think we hear an awful lot about the evils of credit card debt and not enough about how beneficial they can be when used properly. I earn hundreds of dollars each year in CC rewards, which I consider a way to beat the CC companies at their own game. Used intelligently, CCs offer some really great perks.

[PRICEPLUS]

Re: What Personal Finance Issues Does The Media Neglect

It would be nice to read positive stories of those who are responsible withtheir finances. It is sad to say that train wrecks draw more readership though. We are somehow drawn to disasters financial or otherwise!

[Scanner]

Re: What Personal Finance Issues Does The Media Neglect

I like the idea reporting of how kids get so much in the way of material possessions today. Grandparents pile on the toys at Christmas and birthdays. I hate to admit it - but it's one reason we have felt compelled to get a McMansion (4bdr house on a postage stamp lot in NJ) - so we could have a basement to put all the "stuff" - a Thomas the Tank Engine tent, a railroad table, legos, blocks, race tracks, etc.

The thing is, my wife and I rarely buy for ourselves. . .so I don't know. . .I feel we have gotten caught up in it even when we are relatively responsible.

Other than that, and this is probably cheating, I feel the most undereported issue is our National Debt and how nobody wants to assume responsibility for it on a political or personal level.

The politicians have generated it. The conservatives deny they had a hand in it but look at the "Reag-o-nomics" we have applied the last 6 years. The liberals don't mind it with a "tax and spend" policy. The last responsible person to speak out on it was Ross Perot, which was 15 years ago. On a personal level, everybody wants nothing to do with it with a "Don't tax me" attitude, leaving it for our kids to pay.

Once in awhile, the US Comptroller or Bernacke will say something about how serious it is but everyone shrugs it off. . .I guess this is national politics, not personal finance but the way I see it, if all those dollars you have been squirreling away become a world-wide joke, it becomes very, very personal.

[markio26]

Re: What Personal Finance Issues Does The Media Neglect

the cost of cemetery graves maintenance, and the floral cost for birthdays, holidays and such... my spouses family does nothing... we live the closest to his parents graves, so, they ask us to do this and that and never pay a thing... we even paid and had installed inground floral vases for both of them..
my 2 siblings and a cousin, attend to the floral displays and upkeep of my parents graves in another state.. we give them from $20 each event to $150 per year... sometimes, they email us pictures included of what they have done to show us, which is very nice.. my dad was a wwII vet and a huge flag filies above his grave on a tall pole, the flag has to be replace a couple of times with a new one per year... does anyone else have these kind of expenses i am referring to?