Michael Moore’s financial planning tips
TSO sent me a Michael Moore email. I never write about Michael Moore because Moore is the biggest hypocrite on the face of the planet, but I thought his financial tips were instructive – the things Moore says you should do but actually, the the things you shouldn’t do to get through this financial mess;
1. Take your money out of your bank if it took bailout money and place it in a locally-owned bank or, preferably, a credit union.
99 banks have failed in the last two years, so Moore says you should put your money in a smaller bank – one that more likely to fail.
2. Get rid of all your credit cards but one — the kind where you have to pay up at the end of the month or you lose your card.
Thus defeating the whole concept of having a credit card. How about taking responsibility for your debts and only borrowing as much as you can afford to repay?
3. Do not invest in the stock market. If you have any extra cash, put it away in a savings account or, if you can, pay down on your mortgage so you can own your home as soon as possible. You can also buy very safe government savings bonds or T-bills. Or just buy your mother some flowers.
Yes, that makes complete sense – don’t buy into the stock market while stock prices are low – buy when stock values are higher. That way Michael Moore can continue to buy lower priced shares. Those Savings bonds might keep up with the rate of inflation – but you have to pay taxes on the growth, so you actually lose money. Those “safe” T-bills lost a lot of their value last year, too.
I’ve made back most of the money I lost in the last year (over $80,000) because I had an investment plan that I maintained through the downturn despite my urges to sell and run.
4. Unionize your workplace so that you and your coworkers have a say in how your business is run.
Because even though you haven’t ever run a business, you know how to do it better than people who have run a business.
Listen to everything Moore says and then do the opposite and we’ll all make it through.
Category: General Whackos
Let’s see, putt $1000 in a savings account for 1.5% so that next year it’s worth a whopping $1015 so that you can only buy $950 worth of stuff with it. Makes sense….
I can’t wait for Micheal Moore’s diet tips……
Well, I refuse to put my money into a largem, national chain bank. I absolutely refuse to support the banks that have taken tax money to prop them up, and who have been cowed into supporting CRA loans and doing Obama’s bidding. they can kiss my patoot.
I have an excellent local bank that I support. They are rock solid and refuse to reduce their standards for loan qualifications. I like being able to walk into the bank and talk to the manager, or President, or any of the tellers, who all know me personally. They treat me like a high-end investor, even though I’m just swimming in the shallow end of the pool.
I also like that the money I put into my small local bank is being invested locally, and that my bank isn’t giving money to La Raza, or Moveon, or any other leftist political group.
There is a Bank of America right next door, and it’s interesting to note how many of their former customers pulled their accounts from them and put them into the local bank I use. I know one of the tellers who works at BoA, and she says they are just waiting day to day to have their branch office closed because of the lack of customers.
I hate Moore. He’s a hypocritical lying bastard, but I would rather see the money taken from the alrge banks and put into the smaller ones and let the big banks fail, and start all over.
I understand that other’s mileage will vary on this, but that’s how I see it.
AW1
I agree with you there, I use the local Credit Union myself but those have to be on a case by case basis. Some small banks took TARP money not because they were in trouble but to be able to lend more to failing business. Once they saw the strings attached, they bailed. I doubt there will be many “local” takers on this next round, especially if their financials are in good order.
My brother-in-law used Comerica until they closed his HELOC on him without reason or warning. He owns a small lake cottage worth about $130k and only owes about $15k on it and his residence is also almost payed for…..he’s swimming in equity. Needless to say he figures they’re circling the wagons for something big and moved his money to another bank.
Micheal Moore as an advisor on anything is ludicrous at best. If that greaseball said that it was daylight, I would want to look out the window to verify it. Sleazy, sleazy bastard. And, if you hear that he is from Davison Michigan; it is a lie. He and mommy and daddy moved to Davison Michigan from somewhere else, possibly Mars. He lived in daddy’s basement, in Davison just long enough to find the Flint Michigan Liberal base so he could help them and the Unions kill the Michigan Auto industry.
Did I mention that he is a big greaseball?
“Learned all I need to know about Islam on 9/11!”
I take most of my financial advise from Dave Ramsey. If you haven’t heard of him he has a daily radio show, a show on Fox business, and you can download his podcasts.
His advice is quite simple pay your bills, don’t get in more debt, and have a good emergency fund.
JPJ
“I give the same advice as your Grandma gave only I keep my teeth in”
“4. Unionize your workplace so that you and your coworkers have a say in how your business is run.”
TRY UNIONIZING THE CREW OF A MIKEY MOORE CROCKUMENTARY!!!
“His advice is quite simple pay your bills, don’t get in more debt, and have a good emergency fund.”
Ramsey is spot on about debt elimination, he is full of bovine feces when it comes to investing in some gold and silver as a hedge against inflation. He is anti precious metals and is wrong as two boys cohabiting in church on Sunday.
Old Tanker…#1 needed a spew alert!!!
We had a small bit of retirement left and we converted to cash, or we really would have lost what was left. Had we not, well, I think we would have been losing the house. I was one of the people who always paid my bills on time…and when I needed help, it appears I needed to be a different persuasion, or already behind…imagine that? No rewards for those who produce, but everything for slackers!! I don’t need no steenkin’ help!
Junior
Gold is up what?? 40% or so sincelast year? Problem is fund managers don’t make squat selling gold!
defend
I hear ya, I was unemployed here in Michigan (sadly, Michael Moore’s home state) for the better part of last year. While on unemployment I still made my house payments so I wasn’t eligible to renegotiate my loan and to broke to qualify for a re-fi! I guess that’s what you get for being responsible.
The guy who made a movie demonizing capitalism in order to make money is now telling me how to spend mine? Er, no.
Well, I actually agree with #1. I went from a tiny locally owned bank (with two branch offices) to a huge one. Nothing compares to small bank service. At the small bank if you had a problem with their online banking you could call the support line. And odds are you’d get the guy that ran their whole IT who thus had authority to fix anything. Man, I miss that bank.
And I sure try to keep my money away from any place that took bailout money. They already got money from me and I didn’t even get anything for it.
“Problem is fund managers don’t make squat selling gold!”
Yup and Ramsey works for the investment industry, that in itself isn’t a bad thing, BUT the dissin’ & hatin’ on gold is due to greed of the investments crowd. They shouldn’t be so chicken-chit, it gives free enterprise a bad name.
Just did some research on Moore. Damn, I can’t believe some of the paradoxical things he’s said and done. Now I’m waiting until the pirated version of his movie comes out.
And, agreed… local banks are a wonderful thing. You feel relatively human when you walk inside and people know you by your first name.