“Knowledge without justice ought to be called cunning rather than wisdom.”
(See robyn’s article on Financial Predators)
Archive for December, 2006
Financial Crusader Term Of The Week
December 29, 2006Starting a new weekly feature – preempting Resolution week. Send any Term of the Week requests to robyn (see email address in the sidebar) and she will do her best to decode it.
I hear this word thrown around in finance magazines and advertisements. As I understand it, a fiduciary is supposed to act in the benefit of whomever he/she is working for. This person is most likely in charge of someone else’s assets and is obligated to act in that person’s best interest. Legally. So basically, it’s a legally binding term that should help someone not to get metaphorically screwed when someone else is handling their money.
Defined here by freedictionary and here by investor words.
These guys seem to overtly embody the fiduciary responsibility in their practices. Plus they have a great name (and I’d be lying if I didn’t say their name inspired the Naked Finances Crusader pseudonym).
A message from no sponsors
December 19, 2006
Merry Christmas, Happy Holidays, Hug the people you care about, Don’t shop too much, (credit card bills in January should not be any different from credit card bills in July).
>>End Nakedfinances Soapbox Transmission<<
Your daddy don’t know….what your mama’s gonna do tonight*
December 12, 2006In the ohmigod-it’s-less-than-two-weeks-til-Christmas spirit, a link and a thought.
Should you go into more debt to fulfill the present duty? Or just stress out and stay up late making awful homemade presents that everyone will feel obliged to keep forever, despite their suckiness? **
Here’s someone pondering the presents=debt problem. Here’s something that 4932 people want to do and 309 have already done.
* Originally by Toronto, covered by The New Pornographers. Used as a title, because, well, it’s playing right now.
** As a poor art student, on the day before Christmas break 2003 started, I stayed up all night painstakingly making 
Basquiat inspired paintings for each of my family members. They were terrible. But it’s the thought that counts, right?
Who’s Your Rich Dad(dy) Pt.II
December 1, 2006This article is interesting. Well, the title is, anyway, don’t bother with the article unless you care about post-Enron insider trading and corrupt trading practices (SNORE). Rich Dad Poor Dad Robert Kiyosaki’s title sums up how I feel about financial “educators” who use their bestselling author fame to sell products. Exactly the things they seem to warn against in their bestselling personal finance books.
I watched a pledge drive with clips from a Rich Dad Poor Dad seminar on PBS a few months ago. I was hoping to garner some useful information. Instead, I got a three hour lecture on accounting basics (same info was covered in 2 pages in my Accounting text book) and the importance of an education. Not once did Kiyosaki give any information that might be considered “education”, other than the primer on assets and liabilities (the accounting textbook 2-pager).
Occasionally, when Hubs and I are feeling exceedingly nerdy, we will do our best Kiyosaki impression. “My Rich Dad taught me that rich people use….words….and they use…w-o-r-d-s to become rich.” (Yes, I am paraphrasing, but I’m not far off). Gee…thanks Rich Dad. How much did you say your bestselling book, oh, excuse me, “books” cost?
I am glad there are people out there raising awareness about financial education, but raising awareness, and actually teaching people how to get rid of debt and start building wealth are two different things. And if your solution to educating the public only includes promo-ing your books, or will kits, or seminars, or whatever other products you are peddling, you are no better than the financial predators who get paid fat commission cheques by skirting around the details of an investment vehicle. This columnist looks at the critical views some took of Kiyosaki’s PBS pledge drive special. (Scroll down to “On Robert Kiyosaki”.)
There are some smart, honest, do-gooder type people out there. But, those people are hard to find. When you think you have found one, tread carefully. Everyone…and I mean EVERYONE has an agenda. (Anyone want to know what mine is?)
