Today I was reading an article in Money Magazine that made me angry, it is titled:  WHY YOU CAN’T TEACH MONEY. 

A law professor , who specializes in financial products regulation (mortgages, securities, insurance, etc.) argues that trying to teach people how to manage money is a waste of time and money…she even implies that it’s “dangerous.”  She said, “Financial literacy classes give people the illusion that they can successfully manage their finances.” 

 Excuse me?  Did I read that correctly?  Thought you’d like to hear my steamy letter to the editor…  (I just couldn’t help myself.) 

Dear Money Magazine– I’m a financial planner and I own the company www.spendonpurpose.com an online budgeting resource for families and small businesses.  As an advocate and financial author, I can guarantee you that associate professor Lauren Willis is grossly misguided in her “research”.  In a couple days, I’m going on a 10 city speaking tour around the USA  doing exactly what she says may be “dangerous.”  Teaching people how to manage money.   I will have the privilege to speak  to audiences of hundreds of business owners who want to know how to, turn a profit in business by the careful mastery of income and expenses.  Unlike Lauren Willis (who probably hasn’t taught THOUSANDS of people how to budget, how to decimate debt, how to be financially enlightened) I have seen first hand what happens when someone begins to understand the potential within themselves to master finances.  I have watched people overcome fear around finances (money does not equal math).  As a Financial Planner,  I’ve seen average, hard working American’s turn their dreams into reality by diligently spending a little less than they  make and investing the difference. To Lauren Willis, I adamantly assert the following:   Educating people on how to master money (beyond the 4 day personal-finance-segment in social studies) is consistent with everything American.  It is an insult to a capitalistic, free society to imply that government regulation is going to “fix” the financial problems we have today.  To imply that teaching people how to handle finances, embrace the concepts of investing, risk protection, and budgeting is a “waste” is at best misguided.  Why improve ourselves at all?  Financially educating people does NOT mean that “we” are trying to turn everyone into a financial planner; and it’s not the same as sex ed…not even a little bit.  People are hungry to learn more about finances.  (check the subscriber rate to Money Magazine for a pulse on that one)  Oh, and  guess what? There are a lot of financial planners out there who DO have their best interests at heart.  I am just one of the many. 

 Sometimes, it may be better for the world if I were not a redhead.  But on a positive note, the magazine responded and asked if they could publish my comments…