An interesting documentary called “I.O.U.S.A.” premiered August 22nd in a few cities around the country. According to the filmmakers, the country is on the brink of a financial meltdown. I.O.U.S.A. examines the national debt and its consequences for the United States and its citizens. The subject of America’s financial woes is a subject Warren Buffett, who is featured in the movie, has tackled in the past.
Although I have not seen the movie, I will definitely check it out. In the meantime the folks at The Peter G. Peterson Foundation offer some advice on how to handle your personal financial deficit:
- Establish a personal budget
- Create a financial plan that considers your long-term financial objectives, major milestones in your life and what you will need in retirement.
- Act on that financial plan immediately.
- If you must use credit, use it responsibly.
- Pass on what you have learned to your children.