I don’t watch much television; I’m more of a books and magazines and newspapers kind of guy. But I’ll make an exception this Friday. ABC will be broadcasting a special entitled Un-Broke: What You Need to Know About Money. According to the website:
Schools teach us almost everything, but not “Money 101.” For the basics on finance, turn to UN-BROKE: What You Need to Know About Money. It’s an unconventional look at the fundamentals of everyday finance with all the facts about credit cards, mortgages, stocks and bonds, investing and 401(k)’s, in a fresh new format combining information and humor. The one-hour special airs FRIDAY, MAY 29 (9:00-10:00 p.m., ET) on the ABC Television Network.
The special’s take on basic money sense includes:
- Will Smith, who gets down to basics with a boardroom full of corporate finance executives.
- Samuel L. Jackson, who appears as a bestselling author of self-help books and who is “Broke as Hell and Not Going to Take it Anymore!”
- The Jonas Brothers, who teach screaming teenage girls the mysteries of the stock market.
- Seth Green, who explains the fundamentals of a smart mortgage from his “crib”.
- Cedric the Entertainer, who talks back to credit cards.
- Christian Slater and Rosario Dawson, who visit an office workplace to explain the importance of investing in a 401(k) retirement plan.
- The E*Trade Babies, who meet host Mellody Hobson for an online chat from their high chairs.
Here’s a preview video:
There’s some good info there, but the video seems a little, I don’t know, frantic to me. But who knows? If the message of fiscal responsibility can reach a few more people, it’s all good.
Update: Rumor has it that some folks will be watching this and commenting via Twitter using the #unbroketv hashtag.
[Thanks to Tyler K. and Mrs. Micah for the tip!]
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Hats off to ABC for tackling a unconventional but of course useful topic.
The ‘frantic’ style is likely because it’s a parody of “cribs” on MTV, which is shot in the same style
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Thanks for the heads up. I never watch TV anymore but can’t miss my Sunday night cartoons on FOX and little gems like this I hear about through the grape-vine.
I find it rather interesting that ever since I was a kid I’ve heard the adults in my life complain that money management is never taught at school. Now I’m an adult and I still hear it on a regular basis from friends, family, and around the net. Why does there seem to be so much interest in making this a priority, yet it seems nothing has changed? I feel the same way about teaching sustainability. Sure, my mom taught me how to sort recycling when I was a little kid and as I’ve grown up I’ve seen the whole world seem to take on this heightened sense of importance around the issue, but look at the curriculum of (the vast majority of) our public education system…it’s still curiously missing.
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sound like an interesting concept…however the video is not available for viewing outside the US.
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It’s probably just that segment that’s “frantic”. It’s a parody of MTV Cribs, which is shot exactly the same way.
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Oh my dear goodness I never know what to think of Seth Green. I can’t tell whether it’s hilarious or…something else…
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This is dead on. If everyone played financially by what was explained in the video, no crisis.
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If memory serves me correctly, that clip is modeled after MTV’s “Cribs” which showcases the abodes of the hip and rich. Hence the ‘frantic’ style.
I think this *could* be a good thing. I guess I’ll have to wait and watch it.
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JD… JD… JD…
I know you keep this blog family friendly and all…
But you cant just quote Samuel L. Jackson, and not include the M*F* word even once. That’s sacrilege!
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Well I’ve very glad that they are finally starting to teach kids about money. That’s the number one financial problem we have in the world. Think about it…kids of America graduates year after year without any knowledge on how to budget or invest. At 18, credit card company’s run to give them their first credit card. No these new kids have no idea on how to use the cards properly…then bam! 10 years later then have $30,000 in credit debt, car repossessed, house foreclosed, and looking to file bankruptcy. We need to teach our little ones how to save money the right way!
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I’m looking forward to some prime time money talk that isn’t mind numbingly boring or involve people yelling to talk over one another. Thanks for the heads up!
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I can’t watch the video as I’m not from US. I really doubt that a short TV shows like this can really help people to change their old money habits and mindset…
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Like Tyler, I’ve heard a lot recently that money management isn’t taught in school. Which is puzzling, because I did have this in school myself!
Both my Jr High and High Schools (public) that I attended in the 1970′s had classes in Practical Economics. I remember learning about stock market investments, how to balance a checkbook, and how to fill out a 1040A tax form, among other things.
We also had classes in the more traditional form of Accounting that a great many students took as electives.
I’d be surprised if all of these classes have been eliminated during the past 30 years.
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*winces*
I dunno…after sitting through that preview video (painful) I don’t think this is going to favorably reach the sought-after demographic.
The teens and young adults are going to see this as a big fake thought up by the ‘older people who don’t have a clue about the lifestyle’, and the rest of us are just going to either wince or laugh and not take it seriously. It tries too hard to be ‘cool’ but really just falls flat on its face. Reminds me of Weird Al’s video “White and Nerdy” (which I love, but because Weird Al is awesome and it isn’t meant to be serious)!
A pity. There has to be a better way to reach teens/young adults. Or maybe the actual show is better?
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Regarding the classes in schools, at least for the US, the answer is simple. The standardized tests don’t cover how well prepared kids are for the world.
Since the school district money is partially connected to the kids’ performance on the tests, there’s a strong incentive to teach to the tests. Some teachers have enough extra time and personal energy to go beyond that, but every year they lose more control over their own curriculum.
Solutions? I don’t know. Some ideas, like I’m sure others do. Hats off to the teachers who still try, though.
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Already have the DVR set. I’ll be curious to see how this turns out.
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The high school my husband teaches at has a personal finance class, but I’m not sure what is in the curriculum. I took a lame “Consumer Math” class in high school ten years ago and just recall learning how to balance a checkbook, but nothing that really stuck with me. And it was optional and I only took it to fill the hour…I was taking Calculus too!
I think video segments like this could be good segue for teachers/parents to go into more detailed conversations with their students/children.
I don’t think the nation’s problem is that schools don’t teach personal finance. I think the problem is that discussing money is a societal taboo so most kids start adulthood flying blind. When you add a healthy dose of “it won’t happen to me” syndrome, even kids that know the concepts just don’t want to admit they really *need* an emergency fund because job loss, etc is something that happens to other people!
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That video was hilarious!!!
It was much better than I expected and had good information. It will connect with some kids, but one size never fits all. This seems like a good start. I say kudos to ABC.
I don’t remember there being any personal finance elective in my high school but even if there was I probably would not have taken it unless it was required. However I do agree that at some point early in life it would be very useful if people got schooled in the best way to handle money, and the poorer you are the more important it is to know this stuff.
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I *love* the video! It’s hilarious. From some of the comments above I get the feeling that it’s not obvious to everyone that it’s a parody.
What I love about it is that it speaks directly to the image that we mostly get from television (and especially from Cribs) — that everyone lives in gorgeous, palatial mansions and that you should, too. Here’s Seth Green, a movie star, and he lives in a tiny, ungorgeous house. He actually has priorities, and will not be filing for bankruptcy like many of the people we see on Cribs.
Fabulous! Can’t wait to see the show! Thanks for the link, JD!
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@Trina (#18) – Maybe that’s where I was lost.. I’ve never seen (or heard of) ‘Cribs’ before this blog post… and i didn’t fully realize this was a parody of that TV show until I saw your comment. I thought the video was an excerpt from a stand-alone financial education video for teenagers trying to ‘get down at their level in their culture’ and the entire educational show was done in that style as a way to ‘be cool’. As a parody though, it’s pretty funny.
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For those that do not get the parady and why this format is actually important to reach kids, check out the you tube video “mtv cribs – lil Romeo”. In this video he is 12 years old son, he’s a young rapper and the son of producer Master P. He “lives” in a mansion. This is what the kids of today see and why they end up broke. The parody Seth Green did is a knock on this and shows that even succeful actors don’t waste money like it seems on shows like CRIBS.
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I’m curious what people think *would* be in a good personal finance class for High Schoolers? Why is learning how to balance your checkbook not enough?
Maybe we need to just tell them over and over “don’t spend money you don’t have”?
It’s not like it’s very complicated!
I am kind of mystified by all the adults out there who claim they had no idea they would have to pay back what they spend on credit cards, who claim they had no idea what interest would cost them, who claim they had no idea that going into $500K debt for a huge house isn’t a good idea if you don’t have a job.
Seriously, what kind of a class would help these people?
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Karen said: Seriously, what kind of a class would help these people?
I think people understand the math, but don’t understand the emotions involved in spending money. Personal finance is much more about behavior and emotional decisions and societal pressure to have *stuff* than it is about know how to calculate compound interest. The problem is in only thinking about the hear and now instead of the future and not wanting to admit and understand that bad stuff happens to everyone. Then add in a population of parents function as an unlimited ATM to their kids and you end up with people that don’t have any clue about budgeting their money or making decisions on what is important to buy now and what should wait because they’ve just never had to make a decision like that.
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lol that seth green video is so unbelievably corny, that it’s brilliant haha
i might have to catch this.. i’ll throw it on the dvr
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Brenda,
It isn’t trying to be cool – it is a parody. It is poking fun at the ‘coolness’ of MTV’s Cribs. Like Weird Al, this isn’t meant to be serious.
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@Melissa (#24) – Yeah, I got that finally when Trina (#18) commented, hence my “oh yeah” comment at #19.
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That clip was awesome. I have a sad feeling that the people who it is targeted at are the same people who are least likely to listen to it.
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He gots some awfully nice kitchen appliances, yo.
Where my hose at?
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I think it’s great…I’m still a bit skeptical, but if it makes fiscal responsibility cool, then I’m all for it.
Though I really think the idea of schools teaching personal finance is a good one, I think us parents are forgetting that it’s a life skill, and something that should be taught at home first. If your school offers it, awesome – makes your life a bit easier. If not, don’t wait for it to happen, do it yourself, at home. Open up your books, and start teaching your kids yourself.
Ultimately, we as parents are the ones responsible for making sure our kids are prepared to handle the real world, not the schools. Whether they’re public schooled, home schooled, privately schooled, or un-schooled, it doesn’t matter. WE are their primary teachers. Yes – be active for change in your child’s school, push to get financial curriculum if you feel it’s needed – just don’t assume that the schools will be able to do it.
For the record, I am a parent of four, the oldest of whom just turned six. We’ll be starting him on a small allowance this month, and we’ll be teaching him from the ground up about all this ourselves. So, I’m not just talking.
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Seth Green is a genius. The parody is brilliant. I would guess that this segment at least is going to reach young people, because Seth Green has a huge fan base and he’s a really down-to-earth guy that people can respect. And also a genius.
I look forward to seeing the whole thing. I am also a huge fan of Will Smith and Samuel L, and can’t wait to see what their segments are like.
Thanks for sharing JD!!!
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hahaha!!
I have had it with these monkey fighting bankers and this Monday to Friday bailout!
http://www.youtube.com/watch?v=z4t6zNZ-b0A
JD, you do not know ‘frantic’, I think your child-mind was coddled by slow-moving kid shows of the day. Try riding on the Hershey’s Chocolate World ride in Hershey PA. As a kid, I went when it was still a tour of the factory. Now it’s a flashy animatronics-fest that manages to throw about 50,000 brand images in your face in 5 minutes. I would recommend it for 5 year olds with ADD who are tripping on acid.
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I don’t think that’s really his house, but does anyone know for sure??
I find it funny that the tiny house is located in what seems like a really nice neighborhood.
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Thanks for the reminder.
I hope I’m home to watch it.
Although I understand the parody of Seth Green’s segment, the information was provided so quickly I think those new to the area of personal finance may not be able to adequately digest it.
Can’t wait to see how other topics are presented. I’m probably not a member of the target audience, but I might just learn something.
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I have to admit the video was pretty funny. (And I’ve ever only liked Seth Green when he was voicing Greg the Bunny). If this is his actual place, then the video is absolutely genius.
Unfortunately if people like myself (early 20s) are the target audience, I don’t think they’re going to catch us at 9:00pm on a FRIDAY!
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I’m a business teacher. We were going through the standard curriculum (goal setting, how to get a job, checking accounts, blah, blah)
Then that little financial crisis hit. I pretty much threw out the book and taught from real life. Stocks, savings, banking, loans, investing, insurance. It’s all there.
We’re finishing up the year with an entrepreneurship unit.
The best thing I think I did was a stock market simulation. The kids still check just about every day to see how their “portfolio” is doing.
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I’m 30 years old, and I learned personal finance from myself and my parents more than I did at school. Sure, I learned basic math and calculating %. I also took an Econ class. Note: I learned the stock market is like gambling, the rule of supply and demand, and a bit about inflation and deflation…basic general ideas.
Outside of school, what’s a mortgage? variable rate? savings? CDs? common credit card company behavior to screw customers (although this will change next year)? Heck, I didn’t “get” the Great Depression until now!
My parents always said money was scarce whenever I wanted something. Everybody else got to go on school field trips, but I couldn’t go if it cost too much. They wore name brand clothes and shoes, and I felt I was made fun of because my clothes were cheap. That taught me to regard objects with emotion. I actually learned BAD things in school!
As soon as I got my first job, I budgeted $ for rent and food and tried to make up for a lost childhood by buying things I didn’t need. Sure, I saved some $…about $100/month, because I knew better than to charge up the credit card. However, I should have done better.
When 2001 recession came around, I struggled for the next two years. THAT was my biggest educator. It’s not just about math, finance is about emotions. The fact that this blog exists attests to the fact that many people still need education, and most of the media is actually doing more harm tan good.
Looking back, struggling is a good thing. If you’ve never struggled, you have no idea how bad it could be. You have no idea that you should be putting money into savings (so THAT’s why we learned how to calculate %) because bad things don’t happen.
I have a friend who lost most of her belongings due to an apartment fire. Now she places important things closer to the doorway in case another fire happens. I should learn to follow this practice, but I admit, I don’t. Do you? Someone mentioned above about people thinking it won’t happen to them, I agree.
Because of what happened in 2001, I am much better prepared for it this time around. I think the students that are graduating this year will learn this important lesson too if they end up struggling.
I think these videos, using famous actors, is a great start. Maybe kids won’t take it seriously, but some deprogramming needs to occur anyways.
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I just watched part of this show and it seemed to be some type of government funded infomercial to invest in our stock market. Did anyone else get this out of it?
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J.D. – I’m hoping you’ll address this, because I’d like your take on the show.
I definitely thought it was pushing people to buy stocks.
Other thoughts:
The show said only own ONE credit card. Why do they push having even one? You can rack up tens of thousands in debt on one card.
I also thought it was…amusing?…that they gave a brush off to the things that people are worried about. That the “confusing” issues about bailouts and recessions and the US owing money to other countries, these will be taken care of (i.e., somebody else’s problem). You just do your part of getting out of debt and start saving and buy stocks and it will all be okay.
There was good content, but some of it was cheesey in presentation – the celebrity drama sketches, the “Cribs” segment. There were times I was so distracted by the gimmicks (the Christian Slater/Rosario Dawson segment) that I had to keep reversing the recording to catch what they were really saying. I also felt the ending with Samuel L. Jackson felt a little brain-washy.
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This was hilarious! Too bad I didn’t know about it before the weekend.
Anyone know if/when it will be rebroadcast or available on-line?
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I watched about 10 minutes of this show on my DVR. If this show reflects the level of intelligence in this country, and the level of pandering/entertainment required to reach them, we are all doomed.
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We had a personal finance required class in highschool. SO it IS being taught.. just not listened too.
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