A great program. Great success. I believe jack gave the first door second speech to the interests he felt very deeply about that. I am part of the advisor report. Ladies and gentlemen, were will go out to the lobby after president mrs. Carter is able to leave and we will have readings from the book shortly,. Expos and the dark side of the personal finance industry which leader you call the industry complex which includes not only investment brokers but also the financial media, seminar leaders, newsletter publishers. You even include yourself as a former columnist with the l. A. Times and the money makeover column. Its part of this complex, and you point out with some guilt that you were responsible for giving people the illusion of control. You talk about that in the book. What do you mean by delusion for control . Guest it starts with Sylvia Porter and it is a spinoff on the selfhelp movement in the 1930s they are known for everything from the of hard Economic Times of the 1930s you see everything from Alcoholics Anonymous to napoleon thinking who get rich to the various social activist movements and fascism and communism. He delivers personal finance out of the fears that this Great Depression will never happen. Its this idea that we can teach people certain skills and that we will all be okay. Its personal finance slowly becomes severed for the pure greater extent so it becomes less about the political backbone of it which was always Sylvia Porter for a good part of her career and as a part of her thinking she was a devout keynesian for example and a list of tips becomes any other form of selfhelp be yet how to cook a perfect stew, how to train your toddler. Following these steps all will be okay and if you dont follow these steps it would be okay. Therefore if you did follow these ten steps, it has to have worked out and if it doesnt then we didnt follow these. Its all on you and if you are happening in personal finance. Host this is the same parallel foot i saw in the financial media. If you dont look like this anorexic model there is something wrong with you or a saving 100,000 year gooding their return looking to retire by age 42 theres something wrong with you. Guest it is perfect in a way because she isnt setting up in her office im going to put this 90pound, 5 feet ten perfect woman in and make some teenager in des moines feel terrible. That isnt what she is trying to do but there is a parallel to that. We do showcase these Perfect People whove done things perfectly and not only have they done things perfectly, they will experience no ill fortune which is another part of that and the same thing can be said. Most people dont have the ability to achieve this. They dont have the right amount of money or to save the money. Misfortunes happen not at good times but so on down the line. So lets give the financial equivalents. Estimate you also mentioned that a generation or two ago we didnt have the same concerns that we have today. I think that you mentioned in the book twothirds of people 30 years ago had the pensions provided by their employers and about twothirds of us at best have an access to the 401k and the employees sponsored rather than employer sponsored plan and they are not working, are they . Guest i want to go to one other thing first which is that the Financial Office becomes so complicated. Its more in the 1960s. Credit cards were less than 10yearsold the idea that i would be expected to know much about my credit card there were no adjustable rate mortgages. There were no retirement accounts. The structure that we take for granted simply did not exist so we were expected, the retirement becomes an issue in the late 1970s first it debuts which as you know is in the Social Security. Then followed by the 401k. You want me to talk about that a little bit more . There was a concern by the executives. They want to be able to get the salaries taxdeferred. Eventually there is a little code put into the tax called the 401k and these high and executives get the right to put their money aside on taxdeferred basis. No one thinks anything of this except for one man who and he sees that why can this be all of us and he gets the administration to agree with his viewpoint on this in the early 1980s. The next part which almost nobody foresaw is the idea that we demand that we dont have to give people pensions, dewey . The 401k could substitute and this is where the corporate cost cutters began and they say even if you are going to match at 3 or 6 is a lot cheaper than funding the pension. Besides a lot of people wont find out any way is so dont worry about that but surely over a period of many years, the numbers drift out to where we are today. Host this is all happening when the stock market was just waging in the 80s and 90s and people thought there were going to get 25 returns a year. Guest there is the opposition except for the fact the stock market increased. Depending on how you are counting in 2000 or 2007, so people began to think this is the natural order of things. The poll in the late 1990s. Not to years but one year. We all have a bias towards the recent past as we all know and people just have this as a guaranteed Investment Scheme but to be fair thats also how it was pitched them. Crusco they are rather destitute and see into the system. Guest at the same time it shows we dont want to get rid of it. The only thing i can think of is that first of course everybody likes to get their money. One of the things it is interesting about social change is that when it is complete the example of when i tell people that a married woman had no right thats for people that work in the industry. They cant even conceive of that world any more that it was 40 years ago, less than 40 years ago to see how it once was. One of the things in treated me in the period we would say lets get ourselves pensions again and the data shows we do have pensions when people are saying that but the response hasnt been to organize to get ourselves pension but the response is to get the pension away from the people that have them like the autoworkers union, teachers workers we want that we are saying lets take theres a. Host is the complex seeking to help us with all this complexity. The term of fiduciary standard you talk about how important it is for people to understand what that means. Would you explain to us with the fiduciary the standard means before talking to any financial professional . Guest right. I should say that anywhere between 2 3 to 90 have no clue what this means. It is the idea that somebody that is giving you a financial of device is going to act in your best interest. That is the vast majority of people that call themselves advisers are salesman that have a duty to adhere to something called the suitability standard which is that it ought to be good enough is the best way to describe it. I always like to describe it to say you are going to a store buying a suit. If you go to the store there are going to sell you the suit under the fiduciary standard it would have to fit really well. The caller would have to be flattering if it needed adjustments to find the tayler easily and it couldnt be very expensive and would have to be suitable for the occasion that you are using it for. If he went to a store that was under the suitability standard the suit could just be kind of okay because it wasnt a huge embarrassment. But taylor could be across town and the most expensive one of mount, and it might just look like a light function. It may not be flattering for you. It makes you look to what hippy or something. They are quite aware of the fact the salesman is working under that standard and adjusts for it but in the Financial Products they seem to have no clue and of course what is more important . Was the regulatory financial professional use iain alphabet soup. How do you with a Financial Professionals operating in a fiduciary standard of looking out for my get the best interest or the suitability standard and im going to get a lousy portfolio. Guest you ask. You have to ask. I dont tell anybody to lift it. There are certain things. This is usually a pretty good sign hope. I am unblinking. You have to still be careful because theyve had theres too but one of the things in the industry is people dont ask questions. They often get to their advisers not by giving Diligent Research but the guy at the country club like Bernie Madoff or my cousins best friend or my neighbor that came and presented it at my Childrens School or the old age as a body. So people are discouraged from asking questions because these people come at you as though they are their friend and of course we do not go after our friends hard questions to are you asking about the best interest, how are you asking in the best interest. Are you looking at the fiduciary standard . Host a lot of people need free dinner. Is their anything wrong with getting a free state and a glass of wine for a sales spiels or are you against going in the first place . Guest when i did an interview if there is one thing you would be the free meal. It seems so harmless. You are going to get a nice steak and lobster and you dont have to buy anything. If people sell fees they can tell you that it isnt going to end a very well for you. The problem is our defenses are down when you eat coming you know this, and these people could be very appealing. Im going to explain why. Theres a whole apparatus to teach how to be appealing. You know, there are techniques where they are told to write to people. They sometimes get emails but most of the time it is dealing with the over 65. Its mostly a hotbutton issue like outliving your savings. Ill health that old age, protecting your money from your children to be at that usually comes up. And you are going to scare them, make them afraid that this is going to happen and then in the letter you dont say what to solve. Then when you come into the presentation, and ive had several of these, i have to say i am always scared that my presence is changing the presentation slightly because i dont look like the demo yet. I dont look like an over 65. I look like somebodys angry daughter that is there to protect them, but i try, and often is, and i have seen this, Social Security is going to be cut. The taxes are going to be raised. You have a to a third of your retirement. But talk to me and they prevent their solution. Whether the solution is often something that is a High Commission product like say a variable annuity, and all i can see that the annuitys is there are some good ones and some not so good ones but the chances are they will be presented to you in a free lunch or a free dinner. And these are things that come with extremely high cost base is going on and more to the point that you cant get yourself out of them without that severe difficulty. And the story is of the people being sold under these inappropriate investments and you can do a move Google Search and you will find tons of this stuff on one page. Host could you didnt say anything about the quality at least. Guest the one i went to was hysterical. Apparently it via the fais is to give up the food after the presentations of people are not listening to you over there for forks. In my experience it left hungry people. I was sitting their waiting and waiting and they said the kitchen is delayed, the kitchen is delayed. The salmon was fine. I wasnt described as a fourstar. There is a series of what kind of restaurant you should go to and should be a good restaurant, not low end. Nobodys taking you to july but its not going to be the highend like the palm and theres things about the different kind of food. One person in the book told me that and george, whose business this is dont do italian, they have a weak stomach and you will lose. Host you mentioned the word commission and people dont know how their financial lead advisors. Talk a little about that payment structure in the financial industry you mentioned as a somewhat skewed in the book. Guest they all too often are picking your pocket but the way that works is when you go to the financial lead advisor there is one of three ways. You can either pay by the hour, pay a percentage of the management or a commission. The first two are pretty selfexplanatory. The commission is again actually pretty selfexplanatory. That is what is a percentage of the sale. The problem with the model is of course people are given different commissions for what they self. Often the best Financial Products for people, lowcost mutual funds do not come with High Commissions whatsoever. So as a result is being sold to people was not exactly often a really great deal for them but they dont know that and the reason they dont know that is because it is almost unheard of for somebody under commission to be selling to the fiduciary standards of the are not working with somebody that has their best interest at heart and weve seen any number of scandals over the years. The New York Times reported just as we were going across we managed in the sentence about Jpmorgan Chase on the very high mutualfund that just wasnt doing very well and was costing a fortune for the customers and that and the banks tvs people, they dont see them as people needing to be helped, they see them as the revenue stream. Host . There is no law that puts this out to be presented dominating assembling the the car resembling to do so you have these mailers were the papers are presented to you and it is 20 pages and in teeny tiny type and its and most people at 65 arent reading that to read who is reading it any way . Im not reading it are you . Nobody knows. And the data shows again depending on the survey, twothirds to 90 of us dont even know how a person is being paid which tells you right now that youre being charged a commission because if youre paying them by the hour the chances are incredible kid is a substantive and positive in the last few years to help consumers with Financial Products . Guest they are making it clear how long will it take you to pay off your credit card. Hilariously that doesnt seem to have helped anybody and one of the problems is disclosure to the people are seeing on their credit card but if you pay the minimum it will take you two years, ten years. And they are going okay. Instead of saying i should look at that as an incentive to pay off. So you are seeing that. I think you are seeing most people what least question the system. Unfortunately, sometimes that questioning is leading people to pull out of the stock market altogether. As we know the figures from last year with the exception of maybe six weeks last year people are putting a dent. That might be a good thing for the people that are elderly and cant afford to take the chance that we know that isnt all of these people. Host one of my favorites is this annual event. Guest anybody that writes about finances has to go at least once so they know how much they are thinking about money. Host i look forward to reading the characters like 8,000 seminar designed to teach the markets. They tell the crowd you must never made a bad trade. A lot of people say oliver can you tell us about some of your losers and i said no. I have none. I had the trade in 2010 but you told your reader and i just loved you say its up to you meaning the consumer to ask the salesman wife the tools and investments are so good they are breaking a sweat trying to sell this to you and me not creating it on the taxfree of the Cayman Islands few people to ask these questions. Are we as global as that . Guest a lot of people are. To be fair there is some greed but theres also a lot of desperation. People retire. The people are 55 and older. Its very unusual to see anybody there under the age of 55. And people are really scared. What i felt over and over again for the middle managers who had been coming you know, left from their jobs to the dows one person told me he was sick of the crappy consulting digs and i can do better, whoever is out there and this is what it is preying on. Its not like the traders of the 1990s who were greedy, these were people that see that their brokers and their advisers are going nowhere. Interest rates and savings accounts have been zero for years now with no end in sight. This is an incredibly scary environment for people and theyve come this way. The financials and their mid to late 50s us something we know. They are happier with life so theres something to look forward to. On the other hand its the many reasons why they are a bit more gullible or some of the mark. What everybody is. But there is a lot of questioning. The third part is there has been a concerted effort so freely since the 1950s i would argue that its gotten more with each passing year. The ten stocks to select which is no enron but its absolutely true the government didnt a bailout enron. Cnbc is legitimate. They are that financially savvy, no matter what they say. And so they come to the show and it looks great. Of thing is of course these people are persuasive. People nobody is Walking Around outside the saying dont trust the word im saying. And these people tell me this is what they believe and they are bred to try these products and see what happens. I spoke to people, i spoke to one person that never forgot this she told me that he lost a couple hundred thousand dollars. What lessons did you take from that . He said the orders and you dont know what to say at a certain point. I was imagining his children at home resting their hair out or something. Host it means biggest drop precipitously its not going to be put to protect them . Guest its one thing i will never forget what order the 2 percent on your bank in 2010 or 2011 you can get 30 a year. Host people lose then so what do they need to sell houses guest [inaudible] when you deal with the people, we all know who they are, the sacrifice building money slowly and cutting back and if you are of the lower income status learn to deal with that, dont go to the movies, dont have a smart the thing about a lot of these and you can call all of these people that the kind of get one basic thing about us. Its not that we need more money. I would say we do need more money and that 40 between 2007 to 2010 its stagnant and falling for decades. We do need more money but instead of saying we need to cut back or accept your fate theyre holding out a solution for us. Hes not telling you to give up the daily trip to starbucks. Hes telling you to buy the ground underneath so that you can afford to buy as many coffees as you would like. So thats part of the appeal. The other part of the appeal is once again this was sold to us. Its very easy to now say you should have known better. You know, buy a house you cant afford. Put 2 or 3 . Its a reputable magazine in 2009. Its a perfectly legitimate strategy. People are not doubting it. You have to go online with. Believe me, they havent heard it in 2005 to understand that maybe this wasnt such a good idea on a daytoday basis you are seeing promoting the strategy. David is the guy famous for the factor how to deal with all support our. She helped a young couple who had next to no money by a house, and he actually identified that he was in the market factor and he identified other factor which i believe is video games. These poor people had to move. They are being promoted as legitimate and we are now turning around and blaming people for it. Host we need to take a short break and i suggest that we go out and get some lattes and i look forward to coming back and talking about your book. Guest host we were talking during the break about some Financial Products that are so bad no one, probably no one should be looking at them the variable annuities, variable annuitys is a Financial Product that offers you a future income stream. They are long, they are sticky coming and you were saying that you didnt believe in them themselves. Guest on of the things that happened after the book is the time they were offering amazing deals to people to buy a variable annuities. Insurance companies. They were offering an extra percentages and earnings so people were watching this stuff up. As it turned out the underlining the models for some of them were not as the Insurance Fund is expected and they began to lose money on them. In other words they have the complicated deal that to even understand them and they are now trying to make offers to the people on these annuities come anywhere from the mid part of the decade to a couple of years ago to buy them back and take lots of payoffs to get them back. That should tell you everything they need to know about the product. What are you going to understand the door on huge commissions and other equity annuities are sold up even higher. They are often the subject of the free lunches and dinners that we discuss. I knew the sales literature for you. It is extraordinary. People have these cruises and trips and exotic locales that they can sell a Million Dollars worth of these things and the reason that they are given these things is that most people dont understand them. Dont get involved in that, very basic. I couldnt believe it. Host before the break we were talking about bowl, maybe im gullible but one point to say that is to take what jim cramer says and do the exact opposite. Guest if i didnt have small kids i might have tried it out from fortuitous see what happens. Somebody in the university of dayton actually ran all the pictures of the various times through the various computer simulations and found that the best thing you can do is shoot in the dimensions and there were some corollaries to this putative was the small where the company will likely that it would work she walked away from them beyond, and he has a huge following. People really liked him. She makes the stocks look like a lot of fun. I watched the show i have to confess to i wanted to turn it off in about 30 seconds. Screaming mad, why would anybody want to scream at me about stocks. Host you are screaming talking about them. I get the same feeling. Guest people find this quite entertaining. They can make it seem down to earth. They are going to monitor the stocks the way they need to. People have told me over and over again the story is on investing based on the stock tip from jim cramer and then the stock loses money but if you ask to be fair to jim cramer if you ask them these people felt they could hold on to the stock took a specialty was of course. Cnbc is making money promoting it to get host if you jim cramer performances and check on the number of times there have been numerous things showing very unimpressive schemes. That matter as you point out in the book we might go opposite the advice of david ramsey or susan your men and a lot of people we feel fatal people reveal they are hurting us more than helping. Why . Guest the past several years people feel like we have the economic prevalent of hurricane sandy. Let the people are doing is here are some sandbags come here is an umbrella. Do what we say and you will be fine. They are the ones selling of the umbrellas and the sandbags that say that you are going to be fine and. Guest she said she wouldnt go to the stock market herself and set up the money had navigator newsletter with a small mutual fund adviser getting amazing results allow easier to get Great Results when you are doing that. David ramsey has told people they could expect of on their returns but they did that in 2012 that was one year. That isnt a number of people has ever gotten to the other thing that hes done which i find amazingly hurtful he is urging people not to declare bankruptcy and this is an important point you have to talk about those for a minute to beat bankruptcy access for a reason. You may not like it and no one wants to declare bankruptcy. We know the status and full of people riding of the credit cards and the bankruptcy and the startup businesses which is another number of debt that shows people that start Small Businesses feel theres no Bankruptcy Court and people that have regular corporate jobs. So what i actually looked at on this, i spoke to people for david ramsey and success Success Stories and i found people who in one case have stolen hundreds of thousands of dollars in debt he was an Airline Pilot during what he would have burned in 1991. Most came from an illtimed innovation but before a salary was cut she had his wife started a Small Business and what happened is they ended up with more debt in june dont want to interject to be a reporter to. He says not to. I cant believe what really hurt this person cannot declare bankruptcy. He was never going to get out of this. He was still going to damage his future retirement prospects and the rest that it wouldnt have been worth it to provide just think the idea is that it doesnt work for very many people. Host you pointed to a high level of bankruptcy and consumers who did a study that half the bankruptcys are caused by medical costs. Theyre one of a number of reasons that americans are not saving. You talk about a number of other reasons he and you say that the financial journalists are telling us that its our fault but its really not. Guest well see people spending too much money. We immediately assume this is what is going on. We are on fifth avenue right now. You walk out the door and youll see people carrying shopping guides. Between half of twothirds of people on the survey say they cannot save money. Theyre living paycheck to paycheck. And i felt we needed to turn this problem on its head. The American Public is routinely lobbying to the pollsters on what they are up to. In fact when you look at it, and Elizabeth Warren has, she is the goddess of the Research Statistics is stagnated and men under the age of 45 do not earn. They are not where one income houses were. Education is rippled over the past couple of decades. Housing as we all know famously took off. Rent in major cities still skyrocketing even though people have lost houses. The cost of having housing has increased and its continued to increase for this entire period as other things have stagnated. So the things that people couldnt get themselves out of have gone up considerably. The things that have declined somewhat are the things that used to take over a week of work to buy a television set. Now it is barely a day. Kloden used to be more expensive on the third world now it is very cheap so that is and what our issue is. I did my own experiment with it, not deliberately, in writing the book my husband and i had to cover our expenses and a free probably go through like the New York Times. We are going to cut it out but we can. This is about a 50dollar a month extent and we then get in the mail our Health Insurance is going up by a hundred dollars a month and we are going to pay on top of that. So as opposed to being 50 a head i am now 50 behind and then some and then the final kicker was the New York Times turned around and said, you know, stop the free run access. I need the New York Times. For the record i felt good doing this in the first place and that was the end of its and we cant cut the New York Times every year. You cant every year theres only so much you can cut. Host we can go from the centers. Guest i know. I know. The free dinners cost you. Host you talk in the book about them focusing on women and playing the stereotype that women are helpless and hopeless with money. And to take strongly with that. Guest i manage money in my own house and theres this idea that women cannot manage their funds because they are too emotional. Host jim cramer. Guest the are too instinctive and nice about it and say how you graduate high school as a whole other subject. They say that when and whack the geological and strategical thinking. There is a financialservices industry. As it turns out, basic economic fact, women have less money because they earned less than men, they live longer than many and they have more responsibilities on that money than men so there are three problems right there. So, a lot of the stock the first way around is not acknowledging the realities second is the financialservices industry does that you probably dont know and certainly all these women dont know women are likely to turn to the Financial Services industry for advice. Its the way that man had never ask for directions so you are more than likely to get a female client so the end up catching this idea that they can help women the past couple of years theyve gotten more open saying the women do have these issues and women should save more money they did it backwards and highheeled shoes. How do you save money if you are earning. Doesnt make a lot of sense. So it was acrosstheboard. One of the things when i was looking at the dhaka and i was looking at the web site for 20 something women to learn about money sometimes their analogies are fun and i enjoy reading it. They put one together about what the women and men say about money and its very funny except for the factor was all about shopping and it was mentioned on of the reasons the women were having problems with money is the guy at the next desk was earning more than they were with feith. Host ive seen studies that women are better investors than men and turn their portfolios and end up losing 50 . Can you give examples of how. If guest they tried to portray the women as more risk at first. The study comes out on the book on the print the differences are not as extreme as have been portrayed and the differences that are seen to have a lot to do with the fact of who is earning more in he. The more likely they are to take risks on the money unfair. They tend to have that like the men do. Theyre being told that what they want to the financial industry says they arent taking enough risk. The women tend to admit their ignorance more. This is another thing that comes out. You look at the survey data and they get killed off a lot. The women had no slightly less than the men but its not like they are here and women, are there. Its like the men are here at the women are out there. And so they tend to be as a result of the financial fraud issues such as interesting. A number of other people can guess that and ask questions because the women understand how ignorant they are. They actually say what are you doing. There are socialized in this area and as i put it its hard to avoid the money which is 85 present men. There are things that are in a trading. Why would you want to encourage anybody to be part of them . Host you are talking about Financial Literacy, illiteracy in the last several years there is a large movement to teach people Financial Literacy if. To conclude that Financial Literacy class as dont work and you strongly in simulate there are moves that work in the giddings of these glasses. Talk about that. Guest Financial Literacy broke my heart. When i have the proposal for this book one of the things you do is you mentioned among other things the craft is in the Financial Literacy. So why then start to research it for the buck and the next thing im looking at all unlikely the second, that people have been putting these goals for 15 years, 20 years now. Nobody seems to know what to do than we did before hand and the trustees show if you took a class in the literacy no more than the stick is that didnt take a class in the Financial Literacy. Theres probably a lot of reasons. For starters i always say identified the french and indian war and to let why its important to the american revolution. Exactly. So the idea that you would be able to take the class in high school and then 20 years later understand the adjustable rate mortgage. Its probably not the best strategy but it does Something Else is offering the class is and what are they teaching . A lot of the class is are supported by the financialservices industry. The financialservices industry focus on what is behind the push for the Financial Literacy. It is a concept thats been out there for quite some time. But in fact it takes off first in the mid 1990s as a result of the group called jumpstart which is a bunch of corporate interests who were trying to promote the idea of the fiscal responsibility and it is the second point that it takes a huge jump, and again, who is behind it . Well, people like bank of america this is america that brought countrywide mortgage not a Financial Leverage moved. It is a company that is notorious for going after the lower income people, doing things like going after people that have had their discharge and the bankruptcy of the wall street journal reported a year ago and and they still get them to pay host you are suggesting and artillery your motive. Guest it would make products that people understand not to engage in a bad financial behavior. You dont have to give people credit cards, so why would you do it . Why would you suggest on Financial Literacy . And you know, the cynical answer is well, there is a lot more money to be made by assisting the people to be financially literate than by either changing law so that these things can happen or even simply making the products people dont understand. Looks good and then there is one other tiny part that is suggested to me that there is a Brand Awareness to this and this is something that hasnt occurred to me naturally and they show that children can remember things like visa during your name out there like getting your name not just in front, but they bring the product home because so many of the Financial Literacy tools are sponsored by various banks and their names are emblazoned on them and bringing them home and letting the parents see the name of the bank on this but he must go to the first bank or the Financial Literacy. Theyre still going to be emblazoned with the name mcdonalds on the top of the paper. Host what is the upshot we cannot afford the industry complex. How we keep our hands out of the money of the people but desperately want to get their hands on our money . Guest there are two ways. First, the small answer is you have to ask questions constantly to be the second answer is, as i put it at the end of the book, we need to Start Talking about this. There is a huge culture of shane are not of the country in the result that we all feel like we are supposed to retired millionaires and if we split up than it is our fault, never mind the fact the vast majority of us do not retired millionaires, and we need to start sharing our stories and talking about this so that there is protection. You know, we like to think there is a golden age in the financial responsibility in the 1950s and 60s and 70s when the savings rate was higher. What we actually have is the less complex financial universe and a lot of protection. And it is a social safety net for the first part. All of that has slowly but surely been a world away the Financial Products have become more complex. It is the government. Families used to be tighter, too. So many to Start Talking about this and asking what are the next steps we can take so that things are, you know, down so that they help people, because i can guarantee you i can set. You can sit here and ask questions, ask questions and first a lot of people are going to have ways around it into the level of complexity. Host what we tell our children that are going to School Every Day with a seminar on learning good credit habits . Guest dont give them a credit card. The new thing is to give your children money, their allowance on that prepaid debit card. And i have had arguments about people, the worst ideas that ive ever heard is that kids are used to the idea of using credit even though it isnt technically credit its just the idea of lifting out the prospect. The year is the other thing. Try to model behavior. This is the other thing, Financial Literacy. People sitting there with smart phones telling other people not to use smart phones and the parents say my children know the Financial Literacy from of class. Theyre probably going to learn that in the whole lot faster than in the class. Model good behavior. Host we only have a few minutes left. I would like to know where are you going from here. Is their something you wanted to get in that you didnt have the room or the time to cover . What is next, what needs to be revealed . Guest i dont know. I keep saying i need to get through the next weeks first, but in the book there was stuff i wanted to be able to get to in the book and i interviewed a couple in the book i was really intrigued by one of the things the financialservices industry has right now is even as people do need help navigating this on the issue of the fiduciary theyre trying to recruit people that have wealth nobody wants to help the little guy there are very few people that want to help the little guy but if you go to these financial seminars its all about how to get the fiveto10 milliondollar clients there are first of all and second those are not the people that needed the help they are just in the financialservices industry to help them. Its really appalling and people really need help out there but they are not getting at. Host i enjoyed reading this and thanks for chatting. I appreciate it very, very much. Goodbye. That was afterwards mack, booktv said Dutch Program much authors of the latest nonfiction books are interviewed by journalists, Public Policy makers, legislators and others familiar with their material. After words airs every weekend on book tv on 10 p. M. On saturday, 12 p. M. And 9 p. M. On sunday and 12 a. M. On monday. You can also watch online. Go to booktv. Org and click on after words in the series and topics list on the upper right side of the page. The first ladys im drawn to our on the ground floor on the modernday first ladies that i can identify with more like Eleanor Roosevelt and Jackie Kennedy and of those are the women that feel close enough to connect with on the higher floors and the state flores. They seem like characters from a wonderful story because it was such a long time ago. You read it in the books to be in their presence seems a little bit disconnected. The first lady on the ground floor that i remember, i remember their real story is coming and i can picture their lives in an incredible way that makes me think about their challenges and struggles and how they used the space