The Week End Economists Take The Card. Apr 16-17, 2016.

[Hugin]

Is it possible?

All the financial advice you’ll ever need fits on a single index card

April 14, 2016 at 8:32 PM EDT

"At first glance, fiscal planning can seem more complex and time-consuming than it’s worth. But according to Professor Harold Pollack of the University of Chicago, you can fit all the financial advice you’ll ever really need on a single index card. Economics correspondent Paul Solman takes a look at Pollack’s ten easy tips for simple and sensible money management."

From PBS Newshour: http://www.pbs.org/newshour/bb/all-the-financial-advice-youll-ever-need-fits-on-a-single-index-card/

From the video, personally, I find the most important point is this one:

"PAUL SOLMAN: Nine, the most controversial on the card: Do what you can to support the social safety net.

HAROLD POLLACK: To me, it’s incredibly important to appreciate that we all have to protect each other against some of the risks in life that would just crush any one of us if we had to face it alone. And when Vincent moved into our house, we would have absolutely been bankrupted without Medicare, and Medicaid, and Social Security, and all the programs that helped our family."

The wake up call for Harold Pollack was the need to care for a special needs relative and the financial challenges associated with doing so. He answered the call and in the process came up with some simple rules for fiscal personal planning.

Then he wrote an Index Card...



Then a book called:

The Index Card (with HELAINE OLEN).

He admits the rules are simple, the challenge is in finding the discipline and motivation to implement them in your life.