Aug 6, 2012

Classic Bill Cosby On Budgeting: A comedian's wisdom and a financial challenge for the cause of our young people and our nation.

This clip from the first episode of The Cosby Show is great. Bill sits down with Theo to discuss money as his son prepares to leave home.

Bill sits with Theo and walks him through personal finance using Monopoly money. I love watching as the comedian educates his television son.

What an important conversation to have with our kids, even from a young age. Our young people (my generation included) have some major headwinds threatening their personal finances. With a bit of education, and some true wisdom on how money works, and its place in life, they will have a fighting chance.

Politics aside, there are major headwinds to reclaiming our nation’s wallet. Some of the basic comedic wisdom here is applicable. As we educate ourselves of the dire financial picture in our country it can seem overwhelming.

What if we were to own our situation as citizens? What if, in my personal finances, I added the portion of the national debt to my family’s debt snowball? What if I looked at this as an investment in my future and my children’s future? What if I looked for needs in my community, and tried to meet them, not out of obligation, or through a tax, but because I felt called to do it.

Just one person acting like this would seem crazy! Folks would think they had gone off the deep end.

But what if a whole community started living this way; investing in their future and being generous toward others?  

A challenge for you…

Rework your financial plan (just hypothetically) and include our country and your community as an investment. Run your budget at a bare minimum, cutting discretionary spending to help others. (“I can get by on bologna and cereal,” as Theo would put it.) Imagine that your entire community did the same. Think of ways to save together and improve your community together. Dispel all thoughts of a communist society; that’s not what we are talking about. Imagine paying off debt, and claiming all of your capacity and then using those resources wisely and generously, at your discretion, to improve your finances and your community.

What would happen?
Would it be worth it?
What lesson would our children learn and how would it affect their finances and our nation’s future?

Perhaps Bill Cosby should run for office?!
Share your comments below.
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