This week, the Food and Drug Administration revealed the new graphic warning labels that will be slapped on cigarettes by next year. These nine grisly images depict things such as a man smoking through a tracheotomy and a corpse of someone who smoked. Other images include a smoker’s rotting teeth, smoke surrounding a baby, and lungs charred by cigarettes.
I wonder what the world would be like if more things came with scary warning labels. What if payday loan stores had a large window decal that said, “May keep you in debt forever!” Or if mortgage companies had to put “Danger of foreclosure if you take out more than you can pay!” on its paperwork.
What do you think–are warning labels the answer for cigarettes? Or risky personal finance tools? Warning labels aren’t as important when you already have a solid education about those things. Increase your personal finance smarts by reading my following 10 favorite blog posts from the past week.
My blog exploring the likelihood that frugality and saving habits are here to stay made the New Year’s edition of the Carnival of Personal Finance.
This week’s personal finance host, Sustainable Personal Finance, chose several blogs that look toward key decisions about taxes, investing and work that consumers will have to make in 2011.
It’s worth a look.
Will 2011 be the year of living frugally?
Or will the buy-it-now and get-the-latest-gadget trend continue? There is much disagreement about whether Americans have really changed their thinking about frugality and spending.
Of course, some people are being forced to change their ways — because they lost their jobs or they’ve gotten in way over their heads in debt. Some economic watchers say once the economy roars back and unemployment declines, many of those who turned frugal will revert to their old spending habits. Others argue that the 2008 Wall Street crisis gave us such a wake-up call and created so much mistrust of the global financial system that we won’t soon forget it.
There’s evidence on both sides of the argument.
Time.com just featured a piece on 10 odd insured body parts. Pittsburgh Steelers football player Troy Polamalu hasn’t cut his hair in years. He stars in Head & Shoulders commercials, and it was just announced that the shampoo company’s parent company, Procter & Gamble, has taken out a $1 million policy to protect the safety’s trademark hair as part of the endorsement deal.
Journalists and researchers question whether the new frugality mentality is permanent or just a fad. From my viewpoint, I think it’s a little of both.
Finance guru Jean Chatzky recently reported on the frugality trend in her “Sheconomics” column on wowowow.com (“Saving — not spending — makes consumers feel smarter”). She wrote about the results of a study by Deloitte and The Harrison Group called “The New American Pantry Study.” The study revealed five new consumer behaviors that developed as a result of the bad economy, according to Chatzky. I considered these five new behaviors and wondered if, indeed, mine had changed with them. What I found is that some I had already been practicing and some did not apply at all: