Earlier this week, American Express published my second article for the company’s new community website, Currency. I used to think that philanthropy was an activity for the rich. Though anyone can donate a portion of income to charity regardless of their financial health, starting a foundation requires at least a million dollars. Some services offer similar benefits of a charitable foundation without the need for paying staff salaries or excessive administrative fees. Read about it here.

Also, on US News & World Report, I share 5 budgeting myths that prevent financial success.

Here are some more articles for your reading enjoyment.

Donna Freedman asks why physical education is mandatory in schools while personal finance education is not? Phys. ed. is required for a number of reasons:

• to develop psychomotor skills
• to encourage physical health, which is good for
  • society as a whole
  • building a strong national defense

It is in the country’s best interest to have a healthy and active populace. The same may not be true with financial responsibility. While saving money rather than spending recklessly may be a good plan for any individual person, it is sure to derail an economy on the larger scale. As we’ve seen with various personal economic stimuli over the past decade — in which the government sends its citizens checks or tax credits with the directive to spend, spend, spend — economists believe spending, even beyond your means, is how the economy expands.

While some may argue that saving money in a bank also expands the economy because banks lend out a multiple of every deposit they receive, that’s only true if banks approve loans and if the companies they lend to actually spend that money rather than using it to strengthen their balance sheet.

Furthermore, a full curriculum makes it difficult for schools to cover all the topics they should be covering without extending the school day or extending the school year. I’d like to see classes in personal finance management available as electives in middle school and high school, with some concepts of basic financial responsibility incorporated into other classes like home economics.

Lastly, Darwin’s Money takes a look at why there will be no cost of living adjustment for Social Security payments in 2011 and what this means for people relying on Social Security to pay their expenses. The CPI indicates cost of living has been steady and seniors have received bonuses recently, but real expenses may be increasing.

The Festival of Frugality included my recent article about the benefits of drawbacks of being an ambivalent person. For more articles about personal finance, check out the Yakezie list of personal finance blogs and pfblogs.org.

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More ING Direct $25 bonus links are now available. I’ve posted more referral codes received from Consumerism Commentary readers on the waiting list. In a few weeks, I plan on opening the waiting list again, so subscribe to the RSS feed so you can respond quickly to add your name before the list is closed again.

Holiday Shopping Bargains Reel in Big Sales. The National Retail Foundation says that despite low expectations for Black Friday, retail sales were up this year. According to NRF’s figures, shoppers spent an average of $372.57, up 7.2% from last year, and 172.9 million consumers visited stores, purchased items online, or through catalogs, up 17% from last year.

If Dad Can Do It Himself, Maybe He Shouldn’t. In the Wall Street Journal, a dad teaches his son about the role and responsibility banks hold when they manage your money. Watch out for invalid fees, and complain enough to get their mistakes reversed.

Stocks are Less of Your Net Worth Than You Think. If you are 65 and expect to receive $2,000 a month from Social Security, add $327,000 — the amount that converts to a lifetime monthly distribution of $2,000 — to your bond position. Taking this phantom inflation-adjusted bond into account, your stocks represent a lower percentage of your income-generating portfolio for retirement. Stay invested in stocks.

Carnival of Personal Finance, Cyber Monday 2008 Edition. Check out the latest edition of the Carnival. Some of the more interesting articles include What Should a Privatized Social Security System Look Like?, 3 Rules to Giving the Good Gift, and 6 Ways to Argue Less About Money.

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