Bankruptcy - Financial or Personal

The Business Courier reports Ohio is ranked 7th in the nation for Bankruptcy (business and personal) - 5.61 filings per 1000 residents up 20% for the year ending June 30th.  How does one react?   Compassionate or Critical?  Either way it's not just financial -  and it's not just business ----   IT"S ALL PERSONAL! 

Ever story is a personal one with ripple affects around their personal and professional network.  It's tempting to talk about the cause - the job, the lifestyle, the money madness, the risk, the list goes on and on.  But like any problem, "you are where you are" and today is the time to look forward.  Those in bankruptcy are being forced to do the Five and Five Exercise  (from yesterday's blog).

I can be thankful for the legacy of my parents and grandparents in teaching me money management.  The stories my Grandfather mentioned about the Great Depression; my Mother's stories of growing up poor but happy; the recessions that affected my Dad's employment ....  they all go on to frame my money personality.

And it is my responsibility to pass that legacy on to my children.  We have so little time with them as children and I hope my kids see the correct 5 items of value and save their money for times like now.