Page 10 - The Informed Fed--Hearn (edited 10.29.20)
P. 10
INTRODUCTION
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Education is the Key!
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“If you think education is expensive—try ignorance.”
-Francis Bacon
Most would agree that we live in a much different world than we did
just 10 to 15 years ago. Remember the early cell phone? You were
required to go to the provider, and have it installed in your car. This thing
was the size of a brick; what a marvel of technology, we thought at the
time! Now, your cell phone fits in your pocket, will access the internet,
play your favorite music, has GPS functions and holds your calendar. It
even talks back to you and tells you where the nearest point of interest
is located.
It is an age of expanding and increasing knowledge at our fingertips,
and yet most people do not know how to perform the simplest financial
task of balancing their checkbook! It is also an age of in-creasing
uncertainty. Who would have ever thought that our entire financial
system would be brought to its knees because of a little-known obscure
lending practice known as the “Subprime Mortgage”? There are
approximately 78 million Americans born between 1946 and 1964 that
are retiring at a rate of 10,000 per day. The first one retired in January
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