MyMoney.Gov-Should We Take Financial Advice from the Government?

by Matt B

Mymoney.govSince the Financial Literacy and Education Commission was founded in 2003, has been the website to go to for financial education…that is-if you want to learn from your government. The U.S. Government has quite a history of debt, as the last time we owed nothing as a Nation was in 1835…decades before the Civil War even began. Since then, our debt has grown exponentially every decade, so much so, that as of this writing, the United States owes over ten trillion dollars. On this debt, the interest payment for the 2008 fiscal year was over 451 Billion dollars. Just these few figures alone make me weary of taking financial advice from an entity like our Government.

Like a Parent:

If you are the Mother or Father of a child, one of your many responsibilities is to teach them about money. A solid financial foundation starts at a very young age and teaching these skills should mean that you practice responsible habits yourself. This is where one of my issues lie with our government.

As much as our Senators, Congressmen, and President say that they want to look out for the best interests of our constituents, it is not possible. I do not doubt the Government’s intentions, but it is too tall an order to actually work. Furthermore, how can you take financial advice from an institution that is so poor at managing it’s own financial reserves? If you are a parent, you have probably learned that the “Do as I say, not as I do” mentality does not work.

Practicing What you Preach:

Many households are battling with debt…mine included. But, many of us are doing something about our finances. It is too bad that our Government can not say the same. If anything, they are going in the wrong direction and digging more debt for us and our children. It would be much easier to take advice from an entity who was trying to improve their financial situation.

While the advice and knowledge available at is important and valuable, I just do not understand why this is necessary. There are plenty of outlets for us to get help with financial matters…and does the government not run our public school system? They could easily implement courses and workshops in schools for both children and adults to gain knowledge. Do we really need our tax dollars going to programs that provide help and information that is readily available elsewhere? I do not think so. What say you?

Saving Grace:

Although I feel that most of this Government aided advice is unnecessary, there are a few big upsides to this website. There are two sections that I can easily stand behind. Under: Tools & Resources, there are financial calculators that carry their weight. Saving for Education, Investing, Savings Bonds, Home Buying and Mortgage Comparison Calculators are a few of the better and more useful calculators for your enjoyment.

There is also a section for Grants related to financial education. Anyone who has ever been looking for education related grants knows that it is a hotbed for fraudulent activity, and can be confusing and frustrating. This section may prove to be extremely valuable for those looking for funds to further education.

Final Analysis:

When it comes to my own money, I’ll stick to my favorite blogs, news sources and close acquaintances for headlines and financial advice. I just can not justify turning to an entity who has such a poor track record with money management. There will no doubt be more sites and resources sponsored by the authorities in the name of education and health, and I have no problem with that…some people need it. It is just not my thing.

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