BS Summary: This video contains 29 faulty reasoning types, including Hasty Generalization, Anecdotal, and Availability Heuristic, with Negativity Bias as the most egregious example at 20.6% saturation with 165 hits. Analysis detected 1,656 faulty-reasoning hits from 800 analyzed words, generating a BS Score of 56.8% and a BS Rank of 61% (8,583 of 21,887 videos). This video is worse (more manipulative) than 60.80% of the video peer group.
A new survey is shedding light on millions of Americans who feel stressed
about their finances in spite of appearing financially stable on paper.
A new poll from Edward Jones and Gallup of more than 5,000 adults found only 16% felt financially fulfilled.
More than half said they feel financially conflicted experiencing both stability and uncertainty.
32% were financially stressed.
An article published this week in the Washington Post looks at what's behind the lack of financial confidence many people say they're experiencing.
Joining us now is the author of that article, Washington Post columnist Michelle Singletary.
She's also author of the book What to Do With Your Money
When Crisis Hits.
Maybe something we should keep handy.
Michelle, your report divides this group of people into three categories.
What are they?
>> Yeah, so the financially fulfilled, those are the people who feel that they're doing fine.
Um they've got savings, they have a robust emergency fund.
So if they lose their job, they can make it hopefully until they get the next job.
And then most people fall into this category, financially conflicted.
Meaning they're okay, but they may be just one job away from financial disaster.
These are the people who can take vacations and do extra stuff, luxury stuff, but um they're a little worried.
They are often both stable and strained.
And then the final group is the financially stressed.
These are the people who a lot of what I was reporting lately is this group of folks, you know,
and when we talk about affordability issues like the gas prices going up, they are driving less because they just don't have the extra money for the high gas prices.
We saw inflation numbers going up.
These are the people that are directly impacted that they've got to cut their grocery bill.
Um they having trouble with their housing.
Um they are on the financial edge if not over the cliff.
>> So, what is your biggest takeaway about people who fit this description being sound on paper, but not confident about their finances?
And what are some things that people can do?
>> So, you know, the the things that we talk about all the time that people kind of sometimes roll their eyes and go, "I know that." But, they're not doing it.
And this is the group of people who actually have the money.
When we talk about people living paycheck to paycheck and not making enough, that's not who we're talking about.
But, there's a great deal of Americans who do have enough to save and have an emergency fund.
You've got to have that extra fund.
money set aside.
This year, if and rising gas prices or housing is affecting you, maybe you don't take that vacation.
If you're in credit card debt, if you can't pay that bill off month to month, you are financially strained.
in that case, I would suggest that you get help from a non-profit.
That is so key. Non-profit. They're not going to charge you thousands of dollars to help you get out of debt.
A non-profit credit counseling agency.
And one group I recommend people go to is the National Foundation for Credit Counseling, nfcc.org.
And you can call them, and they'll help you not only just get out of debt, but with a budget.
If you have, you know, maybe you you want to buy a home, they can help you work with that.
So, if you're in that middle group and you're like, "Uh, I'm not quite sure things are well."
This is where you want to go. Um, and and most importantly, just make sure
This is my big thing, you are keeping your debts as low as possible.
So, that if you do lose your lose your job, you don't have to service so much debt while you're trying to get another job.
>> I know that it's not for everybody. I am so militant.
The biggest thing that has made the biggest impact for me is several years ago sitting down and making that budget because you don't realize what's going out.
>> That's right.
>> you go out with your friends one night, and it is crazy.
So, the show
>> other thing is I didn't mention is like do your net worth statement so you know where you stand.
Lots of people think they're doing, especially that fun that that middle group, the financially conflicted.
They think they're doing well because they're earning good money,
but when you look at their net worth statement, you see that their income is okay, but they have a lot of liabilities or debt.
>> Okay, Michelle Singletary, thank you so much.
Analysis
Hover over highlighted words in the article to view the associated bias or fallacy analysis.