TSO sent me a Michael Moore email. I never write about Michael Moore because Moore is the biggest hypocrite on the face of the planet, but I thought his financial tips were instructive – the things Moore says you should do but actually, the the things you shouldn’t do to get through this financial mess;<\/p>\n
1. Take your money out of your bank if it took bailout money and place it in a locally-owned bank or, preferably, a credit union.<\/p><\/blockquote>\n
99 banks have failed in the last two years, so Moore says you should put your money in a smaller bank – one that more likely to fail.<\/p>\n
2. Get rid of all your credit cards but one — the kind where you have to pay up at the end of the month or you lose your card.<\/p><\/blockquote>\n
Thus defeating the whole concept of having a credit card. How about taking responsibility for your debts and only borrowing as much as you can afford to repay?<\/p>\n
3. Do not invest in the stock market. If you have any extra cash, put it away in a savings account or, if you can, pay down on your mortgage so you can own your home as soon as possible. You can also buy very safe government savings bonds or T-bills. Or just buy your mother some flowers.<\/p><\/blockquote>\n
Yes, that makes complete sense – don’t buy into the stock market while stock prices are low – buy when stock values are higher. That way Michael Moore can continue to buy lower priced shares. Those Savings bonds might keep up with the rate of inflation – but you have to pay taxes on the growth, so you actually lose money. Those “safe” T-bills lost a lot of their value last year, too.<\/p>\n
I’ve made back most of the money I lost in the last year (over $80,000) because I had an investment plan that I maintained through the downturn despite my urges to sell and run.<\/p>\n
4. Unionize your workplace so that you and your coworkers have a say in how your business is run.<\/p><\/blockquote>\n
Because even though you haven’t ever run a business, you know how to do it better than people who have run a business.<\/p>\n
Listen to everything Moore says and then do the opposite and we’ll all make it through.<\/p>\n","protected":false},"excerpt":{"rendered":"