As featured in The Wall Street Journal, Money Magazine, and more!

Search: weapons

Spirituality and Money: The Pastor and the Purse

This article was written by in Spirituality. 18 comments.

This article is written by Consumerism Commentary’s new columnist, Ellen Cooper-Davis. Ellen’s column will look at the role of spirituality within the context of personal finance. This first article serves as an introduction to this new column, and your feedback is welcome.

Give me your credit card statement, and I’ll tell you your theology.

Well, I may not be able to say for certain whether you believe that Jesus was the literal son of God, or just a good teacher, or whether you believe in God at all, for that matter. But the choices we make about where to spend–and not to spend–our money offer insight into what we really believe is important, what we value deeply, and what we think the world needs. Some people do this by shelling out extra cash for organic vegetables. Some do this by patronizing local businesses over chains. Some do this through direct political or charitable donations.

Sometimes, there is a gaping chasm between what we say is important to us, and what we actually spend money on. For example:

  • We might say the environment matters, but buy bottled water.
  • We might proclaim ourselves pacifists, but let our retirement funds be invested in weapons manufacturers.
  • We might claim concern for and solidarity with the world’s poor, but purchase clothing manufactured by sweatshop labor.

In other words, our spending can say something about how we are or are not living out our spiritual values.

Whether or not you have a religion that you practice, every human being on this planet has spirituality. Our spirituality is our relationship with the big picture. What is most important? What matters? How should I live? What are my responsibilities? Human spirituality is the capacity we have to explore our connection to that which is, in the words of 20th century theologian Paul Tillich, of Ultimate Concern. For a Jewish person, that might be God. For a secular humanist, that might be the whole of humanity. Either way, our spirituality points us beyond our own selves to wonder about our connectedness to something bigger.

Money and spirituality are not always easy companions. In many religious communities, money is practically a taboo subject, until the annual fund drive comes around. Similarly, I’m pretty sure that gathering a bunch of Wall Street hedge fund investors for a candid conversation on how their spirituality plays out in their work probably wouldn’t go over well. But the reality is that both are important tools in how we build our lives as human beings, and both can be important indicators of what we think that life ought to be about.

So nevermind the taboos, the sideways glances, the polite chit-chat. Once a month, we’ll meet here at the intersection of spirituality and money, and try to get the two talking about life, the universe, and everything. Let us know if there are particular questions or conversations you’d like to see explored here. And in the meantime, the next time you swipe that card, ask yourself how many points you still need to rack up in order to get to heaven.

What is most important to you? Does your relationship with money reflect those spiritual values?

Editor’s note: See the “About the Author” section below to learn more about the author, Ellen Cooper-Davis. Ellen’s column will appear monthly on Consumerism Commentary.

Photo: meemal

{ 18 comments }

Don’t Tell Others How To Spend Their Money

This article was written by in Financial Advice and Advisers. 26 comments.

This is a guest article by Outlaw, who lives and works in New York’s financial district and writes on the blog Credit Card Outlaw.

I don’t believe in conspiracies.

A few weeks ago someone I vaguely knew from college forwarded me an email about how the World Trade Center was likely destroyed by government “beam weapons.” I don’t even know what a beam weapon is, but it sounds absurd. Then, more recently, I was watching a special about Roswell on the History Channel.

Interesting stuff… But I just don’t buy any of these conspiracy theories, and here’s why: people love to talk. We can’t resist talking, in fact.

No employee or government official can be trusted for long before he or she gives in to the urge: a high-traffic whistleblower blog, an interview on CNN, a tell-all book. No matter how far up the food chain you go, people love telling others about their “hot” information. This is why insider trading is a problem. This is also why viral videos go viral.

free adviceIt is this same human compulsion to share exclusive info that sometimes convinces me I have to spread the personal finance gospel. Now that I am totally immersed in personal finance — I blog about it, I read about it, I try to live it — I want others to get in on the action, too. I want others to see their money working for them, rather than only working for money.

When a friend tells me he is liquidating everything to load up on gold bullion, or that he plans to take his fiancee on some extravagant vacation financed entirely by high-interest credit cards (when he still has massive student loans to pay down), I start to get hives. And chest pain.

Fact of the matter is, I hate watching someone walk into the path of an oncoming bus. Especially if that person is a long-time friend or family member.

Despite this, being the armchair financial advisor no one asked for can lose you friendships. It can upset family. And it can even backfire… If you’ve ever given someone a well-researched stock tip, you know what I mean. If the stock goes down, your buddy blames you for his loss. As if you literally stole the money from his wallet and ran off with it. And if it goes up, you get no credit — he will praise himself for his amazing “find” and sound judgment.

I’ve developed a rule of thumb that seems to work really well for spreading the good word. Here it is:

1. Help close family members (parents and siblings only; grandparents are a lost cause) when you see them doing the wrong thing consistently, or when you know they could be allocating their money better, or saving much more. They’re your own blood, after all, and you have an obligation to help them get on the path.

2. Let friends and co-workers spend their money however they want. You can’t convince someone to lead a financially sound life if he or she has already committed to a delusional “rock star” existence fueled by credit cards. If your friend’s spending habits are truly unbearable, you need new friends. Just as it is hard to stop drinking if all of your friends are stone cold alcoholics, it is hard to remain financially savvy if those around you abuse wealth and do not understand the time value power of money.

When you do stage an “intervention” with a family member, keep it low key. I have personally found that “show, don’t tell” is an excellent strategy here: rather than lecturing to them about interest rates or emerging market ETFs, loan them one of your favorite books on personal finance or investing. “I’d love to get your views on this one when you finish reading through it,” is what I say. It’s low-pressure and laid back. (The Richest Man in Babylon is good for those who seem to have no respect at all for money. For more hopeful cases, try an inspiring Warren Buffett biography.)

If they are ready to see the light, they will. And if not, hey, at least you tried. Now get back to making money.

Photo credit: Solo, with others

{ 26 comments }

Credit Cards and Guns in National Parks

This article was written by in Economy. 36 comments.

While the Senate is working hard to put together their version of the Credit Cardholders’ Bill of Rights some Senators are taking the opportunity of a sure-to-pass bill to tag on unrelated amendments. One example is Senator Tom Coburn’s amendment, S.AMDT.1068, whose stated purpose is “to protect innocent Americans from violent crime in national parks and refuges.” Interestingly, the way innocent Americans are protected according to this amendment is by allowing firearms in National Parks.

The amendment passed with a 67-29 vote earlier this week.

It might be worthwhile to debate whether the statutes restricting weapons from National Parks violate Second Amendment rights, but this doesn’t seem to be the appropriate place. Amendments to a bill should be related to that bill. With this amendment, a congressman on behalf of his or her constituents might vote for the complete bill package while objecting to this amendment or any others.

{ 36 comments }

What Happens After a Spectacular Failure

This article was written by in Uncategorized. 2 comments.

20 years ago, Geraldo Rivera hosted a live television special in which a vault once belonging to Al Capone was opened for the first time. Everyone expected to find a stash of money and possibly weapons, like other stashes found previsouly. During the event broadcasted live, the vault was open to reveal barely anything. It was a huge disappointment for tens of millions of viewers, but even moreso for Geraldo. He was unemployed before being asked to host the special. Needless to say, he was unemployed for long after the failure.

Geraldo writes about the event on his own Geraldo at Large blog. It’s interesting to see how he reacted off camera, later that night.

geraldoOf course, later some skinheads broke his nose, giving us more Geraldo news to talk about.

Failure can be tought to deal with, but it looks like Geraldo Rivera is back with his new TV show, although I for one can only take so much sensationalist media… but until I get fed up, it’s kind of fun.

{ 2 comments }