Yesterday I participated in a panel discussion on personal finance. The event was held at Mississippi College and was kicked off by Governor Bryant.
Not being a fan of the Governor, I held my tongue as he held forth on financial issues and the state of Mississippi's economy. He pointed to high rankings for Mississippi on business issues. I'm not sure who produced these rankings or how sound they are. After all, we still have one of the highest unemployment rates in the nation. We have the highest poverty rate and the lowest median household income. Nothing to be proud of here. Just about cut my tongue in two listening to him crowing about his accomplishments.
The Governor also used the time-worn phrase, "Government does not create jobs." Of course, this came after listening to his intro. Bryant has spent his entire adult life in public service. Government created HIS job. He mentioned one short stint in the private sector as an insurance agent. He didn't last. Guess some people are just meant for government service.
The first panel was composed of Representative Greg Snowden from Meridian, Treasurer Lynn Fitch, and State Insurance Commissioner Mike Chaney.
Fitch focused on her efforts to include Personal Finance in the K-12 curriculum. This is a laudable effort. She commented on the importance of educating our workforce about money management. I could not agree more. Of course, I cringed a little at her grammar. She might be good with money, but she could use a little more time in English class.
Chaney came out of the shoot talking about Obamacare. He asked the audience who didn't have health insurance. Several hands went up. He encouraged folks to use the website... in December! He gave out the toll-free phone number and talked about the navigator program. I was surprised at his audacity. Of course, I was also surprised that we had both Chaney and Bryant in the same room and no one ended up with a bloody nose!
Snowden was a total unknown to me. Don't know if he's a "D" or "R." I like that in an elected official. He addressed our budget woes and hammered on healthcare. He said the biggest issue we face is the rising cost of healthcare and how it is consuming our state budget. Couldn't agree more.
Fitch later spoke about the two college savings programs sponsored by the State of Mississippi. While MPACT is in decent shape, it remains frozen as we consider ways to fully fund the program. She claimed that Mississippi's MACS program is one of the best in the nation. I took issue with that.
Later, when I spoke personally to her, I voiced my concerns about the poor performance of the TIAA-CREF funds. She looked like a deer in the headlights and couldn't get away from me fast enough. Lost points with me on that one.
Chaney won me over big time when he addressed the flood insurance program. I'm from the Coast, so this is an issue that's near and dear to me. He is suing and is trying to get Congress to reconsider funding the program. He decried the ultraconservatives who believe government has no place in private insurance. He said, "These are regular folks down there. They are building our ships at Ingalls. Working at Stennis Space Center. Just doing their jobs. They need help." He gave figures on the huge increases in property insurance faced by many residents. Some are having to walk away from their homes as a result. You go, Mike!
Finally, it was my turn on a panel with one of my colleagues, Bobby Perkins, and an alum who was with our sponsor, David Landrum. It was a great opportunity to hold forth on one of my favorite topics. I was delighted to have a platform to educate folks about personal finance issues.
I wasn't too sure about this event going into it, but it turned out well. I learned a few things. I got to see our elected officials up close, and I got to spread the word about the importance of sound financial management. All in all, a good morning.
Independent, Fee-Only Financial Advisor
