Personal Finance: Nickel for your thoughts?
News from Chattanooga Times Free Press:

Another great debate on a burning issue is being joined: shall we eliminate the penny? Economists have advocated scrapping the one cent piece for years, but the question gained currency (excuse the pun) when President Obama mentioned it at his Google hangout last week.

The penny actually outstripped its own value some time ago, as the price of the metal plus fabrication and transportation costs relentlessly accelerated. According to the U.S. Mint, the cost of producing a 1 cent coin is 2.4 cents, arguing for either elimination or a radical redesign (plastic pennies anyone?)

In fact, the constituent elements of U.S. coinage have changed frequently over the years in a continual effort to contain the cost of production (and to combat the financial incentive to melt down the coins for their intrinsic value). The copper penny with which we are so familiar is in fact comprised mostly of zinc, with a small amount of copper plating. It weighs about one fourth as much as the first 1-cent piece and its composition has changed 10 times. During World War II, steel pennies were circulated to conserve precious supplies of copper for the war effort, and prototype aluminum pennies were coined in 1974 but never issued.

Of course, one argument against ditching th…………… continues on Chattanooga Times Free Press

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How the Personal Finance Industry Is Failing America
News from Motley Fool:

Many Americans are struggling mightily with their personal finances right now. We aren’t saving enough for our retirement, and our knowledge of investing basics is poor.

Recently, we learned from an SEC study on financial literacy in the United States that “American investors lack essential knowledge of the most rudimentary financial concepts.” We also know that the condition of our retirement portfolios is downright anemic. The Washington Post reports that “53 percent of American workers 30 and older are on a path that will leave them unprepared for retirement.” And just 14% of American workers, according to the Employee Benefit Research Institute, are very confident they will have enough money to live comfortably in retirement.

How is it possible that we have end…………… continues on Motley Fool

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