The foundation for any discussion this Political Season is Personal Finance. The talking points in politics of creating jobs, regulation redundancy in financial reform, education funding for our nation is worthless with an underclass of one in three Americans being out of using mainstream financial services in America. First, small business and innovation is the job creators in the US economy, and a young poor person with a marvelous business idea is less likely to find a sponsor or bank to grant that opportunity as my father was granted thirty years ago. Second, consumer centric financial model in the area of financial services with some 1970′s localism and 2012 technology to make the system around each consumer needs and tailored experience. Third, our education system does educate about safe sex before graduation of high school, but we fail to integrate our children in personal finance, credit, and how to save or start a small business. The financial health of the consumer base is important for overall health of the economy. Empower a person with an opportunity to be financially literate in America, and that trigger will engage people to be savvy in personal finance savings and credit and innovative in small business start up and ownership. That is a win-win for America.
The following items are basics of personal finance to forge a discussion this election system:
1) We must transition to a saver nation instead of a debtor nation from personal finance to government finance.
2) We must prepare our young generation to be educated by the time of high school graduation to understand managing, investing, and borrowing money. Personal financial illiteracy is destroying our nation
3) We must have a consumer centric banking system. We must empower the consumer to experience the financial based on their specific needs. Empower the consumer, engage personal financial responsibility. A financially healthy consumer base does equal a long term sustainable economic growth and assurance of personal freedoms.
4) Access to financial services to onboard the unbanked and underbanked back into the system. One of three adults in America is out of the mainstream financial system. Empower,Educate, and Engage these consumers back into the system. The return is some consumers will be more savvy about personal finance to expand a business, finance a home purchase, buy investment products. Make these consumers bankable if possible.
We can talk jobs, education, and energy, but personal finance is core foundation of the economic system. The financial health of the consumer base drives economic sustainability and growth. The consumers must have a financial world that consumer centric with a cradle to grave attitude on personal finance. Upon graduation of high school, the greatest gift is to know that we have given our children the tools to save, understand credit, and provide knowledge and hope for lower income students in the world of personal finance to manage in lieu of savings. What impact to our society and country would this educational gift be to our students?
This conversation is to be continued in a follow up article later today….
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