The McDonald’s Worker Budget And The Tyranny Of Personal Finance

Is there morality in personal finance?

I took this argument apart in my book published earlier this year, Pound Foolish: Exposing the Dark Side of the Personal Finance Industry. I highlighted such people as latte factor originator David Bach, who is convinced that our daily coffee habit and other small gimmes are driving us into financial desperation. The so-called small things on which we waste money every day can add up in a hurry to life-changing moment, he once wrote. This animus also drives the financial literacy movement, which posits that our financial problems are not a result of an increasingly shaky economy for all too many people, or a ratcheting up of the complication of many bank-based products that seem almost hardwired to trip people up, but instead insists our personal financial ignorance is the cause of our woes. Yet the people who designed the McDonalds sample budget are the ones likely in need of financial literacy class.

TEXT-Closing communique from G20 finance ministers meeting

Benjamin Franklin listed frugality as a virtue, after all. Shutterstock Enlarge photo Summary A lot of financial lessons are life lessons, too. Taking responsibility is the key lesson, and its a virtuous one that can definitely be applied to other aspects of life. More Coverage Part of being frugal, at least the moral part of it, is not taking more than what you need not just because you can’t afford it, but because you want to leave more for everyone else. Kirstin Wong Editor’s note: This article by Kristin Wong originally appeared on the personal finance blog, Get Rich Slowly .

Pope Francis Names Panel to Overhaul Vatican Finance Structure

3. The global economy remains too weak and its recovery is still fragile and uneven. Unemployment remains excessively high in many countries. There are signs of strengthening activity in the U.S. and Japan, the recession in the euro area continues even though there are signs of stabilization and growth in many emerging market economies continuing but at a slower pace.

In 2012 the Holy See , the Vaticans central administration, posted a profit of 2.19 million euros ($2.83 million) even as donations from Catholics throughout the world fell, according to a July 4 statement. Last years earnings compare with a 14.9 million-euro deficit in 2011, the Holy See said today in a statement . The Vatican bank, formally known as Institute for the Works of Religion or IOR, last year gave the Pope a contribution of 50 million euros, the Holy See said. The new body set up by the pontiff will be led by Joseph FX Zahra, currently chairman of Middlesea Insurance Co Ltd.


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