My Money Scripts

Greed, Blame, and Four-Dollar Gasoline

From Rick Kahler

You know gas prices are soaring. What you may not know is why.

As with most problems, there are no easy answers or quick solutions. Yet in our society, we don’t want to hear that. We want easy answers and quick solutions.

Pandering politicians and the sensationalists in the media are quick to give us what we want—someone to blame and a quick fix for the oil problem. The blame? Greedy speculators. The fix? More regulation.

Recent headlines read: “Obama Vows Crackdown on Oil Speculators” and “McCain Calls for Federal Probe on Oil Speculation.” Even Fox’s Bill O’Reilly has called for the regulation of the evil oil speculators who are hurting “the folks.”

In recent months, I’ve wondered exactly who are these greedy and evil oil speculators who are single-handedly driving up oil prices. Recently, it dawned on me exactly who Obama, McCain, and O’Reilly are referring to. These evil speculators are my clients!

Yes, it’s Dewayne, a retired banker who will turn 100 this year. It’s also Mary, widowed five years ago when her husband died suddenly of a heart attack. And don’t forget Brandon, who’s a senior at MIT. They, and 65 more of my clients, are the “speculators” these pundits are blaming for our crippling energy prices.

How did these ordinary Americans turn to the dark side? They added a commodities index mutual fund to their investment portfolios. I began advising my clients to do this in 1998, long before commodity index funds became popular. These funds, just like stock and bond index funds, are a simple and low-risk way for an investor to gain a diversified exposure to an asset class. The most popular index for stocks is the S&P 500, for bonds it’s the Lehman US Aggregate Bond Index, and for commodities it’s the Goldman Sachs Commodities Index (GSCI).

The argument used to blame these investors for high oil prices is this: commodity prices have soared over the same time that investment in commodity index funds has swelled to 260 billion dollars. Therefore, the increase in commodity prices has been caused by the billions of dollars flowing into the commodity indexes.

It seems odd to me that such blame was never thrust upon the S&P Index in 1999 when stock prices were soaring out of sight. Neither were fingers pointed at those who invested in the Wilshire Real Estate Investment Trust (REIT) index as the cause of the real estate bubble. Even more interesting is that not all of the commodities in the GSCI have increased. Why have the precious metals, oil, and agricultural sectors of the index risen, while livestock and industrial metals have been flat or trending lower over the past year?

Rather than focus the blame on Dewayne, Mary, and Brandon, maybe we could blame rising inflation, artificially low interest rates, a weak national currency, peak oil, supply and demand, and a failed national energy policy as possible influences on our out-of-control energy prices.

Just as most investors came late to the party in 1999 when the stock market peaked and in 2006 when real estate prices spiked, the same will happen with commodities. In the last year or so, as commodity prices spiraled upward, investors who chase returns (I call them timers) began putting more and more money into the commodity indexes. Chances are they’ve come to the party just as it is winding down.

Predictably, these “speculators” (who are nothing more than people trying to time the market) will lose their shirts, just as they did on stocks in 2000 and real estate in 2006. The only thing different about this bubble is that this time it’s commodities.

Does the Whatzit Really Need a New Thingamajig?

From Rick Kahler

A client once told me a story about sitting in the waiting room of an oil-change shop for an hour and a half. During that time, perhaps 12 or 15 vehicles came through for oil changes. For every one, an employee came in to tell the driver the windshield wipers needed replaced.

Legitimate? Possibly. Suspicious? Probably.

We’ve all been in such situations. The mechanic says the car needs a new transmission. The dentist says an old filling is cracked and needs replaced before the tooth breaks. The repairman says that funny noise the furnace is making means it’s time for a new one. The insurance agent says you desperately need to roll your old annuity into a new, improved product.

How do you know the difference between someone offering services to take care of your genuine needs and someone trying to sell you services or products you don’t need? All too often, the short answer is, “You don’t.”

As consumers, we can’t possibly know enough to judge the legitimacy of every product or service we may need to buy. We’re forced to rely on the integrity and competence of the professionals we deal with.

Fortunately, there are some ways we can protect ourselves.

1. Deal with reputable companies. Last summer parts of Rapid City were hit by a severe hailstorm. Almost before the last hailstone melted, those neighborhoods were covered with curb signs and flyers advertising roofing services. Some of these companies may well have been legitimate and competent. But wise consumers got their repair bids from established local firms, even if it meant waiting several weeks to get the work done. This greatly increased the odds of getting a skilled roofing job with quality materials.

2. Ask for referrals. If three of your friends have gone to a particular dentist for years, that’s a good sign. If your brother-in-law who knows a lot about cars trusts a certain mechanic, you’re probably in good hands at that shop.

3. Be suspicious of “one size fits all” or “quick fix” solutions, whether it’s new windshield wipers for everyone, financial advisors who recommend certain investments to every client, or medical offices where every patient seems to need the exact same dietary supplement or treatment regimen. Be cautious about anyone who seems more interested in making you fit a particular product or solution rather than designing a solution to fit your needs.

4. Become a regular customer. When you consistently patronize the same mechanic or the same plumber—preferably one who has been recommended to you—you develop a relationship with that person or business. Not only do the employees come to know your particular needs, but as a valued repeat customer, you are more likely to get “A-List” treatment.

5. Do your research. For expensive repairs, it is wise to get more than one evaluation of the problem as well as two or three cost estimates. In addition, you can compare brands, service, and other important factors by using resources such as Consumer Reports and online review sites.

6. Beware of high-pressure sales tactics. Obviously, if it’s 7:00 a.m. on a ten-degree January morning and the furnace is out, you need to make a fast decision. But in other situations, including many medical ones, you ought to be able to take time to make the best choice. Anyone pushing “special one-time offers” or urging you to make a commitment “right now” may not be someone you want to do business with.

We can’t all become experts on auto repairs or dental work. But we can all become experts at using care and common sense to find the services we need.

Making Changes Stick

From Brad Klontz    

Change can be tough. Just ask Joseph. Last month he tipped the scales at 250 pounds and was diagnosed with adult-onset diabetes. His doctor warned him that he will face dire consequences unless he takes immediate steps to eat better, lose weight, and begin exercising. Unless he gets his diabetes under control, Joseph could quickly end up with heart disease, kidney damage, nerve damage, and blindness. But old habits are hard to break- even when we know better. Despite the best of intentions, Joseph just can’t seem to say no to fast food. Drive thru is just so convenient. Besides, healthy foods can be expensive and take a lot of time to prepare. Exercise is tough too. After all, Joseph works long hours and the free time he does have is spent taking care of the kids. It is so hard to get motivated.

Joseph is not alone. Many of us know we should make one or more changes in our lives. Perhaps the change is something we should do more of, such as exercising, eating healthier, or spending more time with family. Maybe the change is something we should do less of or not at all, such as smoking, overeating, or excessive spending. Most of us can identify something we know we should do differently. We can also give a laundry list of all the reasons we should make the change- to improve our health, to increase our lifespan, to improve our relationships. We know exactly what we should do, but we just aren’t able to make the change stick.

Research has shown that for change to occur, three conditions must be met. First, we must be sure that the change is important to make. After all, changing habits can take a great deal of time and effort. If there are no convincing benefits to making a change, it is just much easier to maintain the status quo. Second, we must feel confident that we have the ability to make the change happen. If we don’t believe we have the knowledge or skills it takes to make a change, it is likely that we won’t even bother trying. After all, it makes much more sense to just stay at home than start a journey to a destination we are convinced we can’t reach. Third, we must be mentally, physically, and emotionally ready to make the change.

The fact is, if there is something we know we should change but we haven’t done so, we may not be ready because we are actually ambivalent about making the change. There is part of us that wants to change, and part of us that doesn’t. While we can see benefits for moving forward, there is a payoff for staying exactly where we are. For Joseph, the idea of a longer and healthier life was certainly attractive. On the other hand, he resented the idea of having to cut back on eating the food he loves, one of his favorite pleasures, and just the idea of taking up jogging made his knees ache. To motivate ourselves towards change, it is helpful to acknowledge the benefits for our staying exactly where we are. Ignoring this reality can increase our chances of slipping back into old behaviors, as we may grow to resent the sacrifices we have made. Exploring our ambivalence, perhaps by making a list of pros and cons for making a change, can help us get clear about whether or not the change is important enough for us to make.

Here are some additional considerations in deciding whether to make a change and figuring out how to make a change stick.

 

No one can make you change. Whether you are getting pressure to change from a doctor, boss, partner, parent, or parole officer, no one can make the change for you. Ultimately, your life is your own, and you have the right to change your behaviors or not. Of course, on the right hand of freedom is responsibility. Your body, family, friends, or society might hold you accountable for your decision not to change.

Recognize that setbacks are normal. Ever made a New Year’s Resolution? Research shows that to sustain six months of change, the average person makes 3-5 years of consecutive pledges to change. Knowing that he may slip along the way will keep Joseph from feeling ashamed of himself on the day he says yes to a double cheeseburger. Shame is a poor motivator and typically results in longer and more extreme periods of regression.

Visualize what your life will look like after you make the change. Use words or pictures to create a clear vision of how you would like things to be after you have put the change in place. How will your life be improved? How will you feel? What will you do differently?

Think about a time in your life when you have been successful at making a difficult change. What resources did you use? What personal strengths did you call on to make it happen? Who was supportive of you making the change? How can you use your strengths and resources to help you reach your current goal?

The Tao Te Ching- an ancient Chinese Taoist text- asks: “Do you have the patience to wait till your mud settles and the water is clear? Can you remain unmoving till the right action arises by itself?” Recent research has proven the wisdom of this approach. Successful change is all about timing. Be gentle with yourself. Don’t rush into making a change until you are ready to do so. There are benefits to embracing and exploring one’s ambivalence. There is much to be learned in the space between thought and action.

Blackberry Blues

From Rick Kahler

I am addicted to my Blackberry. It adds ease, connectivity, mobility, and convenience to my life. I could not accomplish the things I do, travel as much as I do, and be as efficient as I am without it.

So when an employee of the Hyatt Regency Bonaventure in Weston, Florida, decided he or she needed my Blackberry worse than I did, it pretty much ruined the better part of my week.

How can I be so sure who stole my Blackberry? When I attend an educational session, I put the Blackberry on the table in front of me. I use it to take notes, give myself to-dos, and communicate by email with my staff. At this session, Ted Klontz and I were the last people to leave the room. As we left, employees were hurrying in to get the room ready for the next session. As we walked down the hallway, I discovered I had left my Blackberry on the table. I returned to find about 20 crew people running all over the room, no tables or chairs remaining, and no one who would admit to seeing my Blackberry, even though less than five minutes had gone by.

The next day I flew home. I haven't traveled without a cell phone for a long, long time. It wasn't enjoyable. Apparently, Northwest Airlines is no longer equipped to help people who don't travel without cell phones. When my connecting flight into Rapid City was delayed, I asked the gate agent if I could use a phone to call my wife. No, they were not allowed to let customers use the phone. Okay, how about a phone card? No, they didn’t issue phone cards anymore. Okay, would you make an announcement and ask if anyone would be willing to let me make a call on their cell phone? No. Okay, where is the nearest pay phone? About half a mile down that concourse. Does it accept credit cards? Yes.

Half a mile later, I learned the phone did not accept credit cards, just coins. I didn't have any coins. It was past 10:00 PM, so all the shops were closed. I hiked back to ask the gate agent if she could make change for a dollar. Of course she couldn't.

Aside from the emotional aggravation and a week of down time, the cost of this misadventure will be about $600. The Blackberry model I have retails for $600. I was able to reduce that to $400 with a phone upgrade credit and a two-year extension to my contract. I spent $200 to have my IT person set up the new phone.

I hadn’t ever thought about insuring my Blackberry. When I purchased the new one, I was given the option of buying insurance for $5.95 per month, or roughly $72 a year, with a $50 deductible.

I checked with my insurance agent about adding the Blackberry to my homeowner’s policy. She told me it would cost $15 a year with no deductible, but she recommended insuring through Verizon instead, since a couple of claims would probably increase my homeowner’s policy by far more than $72. S

ince you must sign on for the Verizon insurance within 15 days of purchase, I went ahead with it, knowing I can cancel at any time. I typically keep a phone for three years. At $72 a year, I would spend $216 in premiums, plus another $50 if I lose it, for a grand total of $256—which would probably buy me a new phone.

In order to make this insurance a good deal, the sooner someone steals my new Blackberry, the better.

Money and Meaning

From Rick Kahler

Can money give meaning to your life?

I was one of a group of financial planners who explored that question during a session at the recent FPA Retreat in Fort Lauderdale, Florida. Our speaker was Jacob Needleman, professor of philosophy at San Francisco State University and author of several books, including Money and the Meaning of Life (Doubleday Business, 1994).

To answer the question, we need to understand that money is inherently a social agreement. Money is whatever a particular society decides it is. In the United States, we have agreed that money is the dollar, represented by various denominations of coins and pieces of paper with certain designs and colors. In Europe, those various coins and pieces of paper represent the Euro. In past societies, money has been represented by many things, including salt, beads, gold, silver, tobacco, and shells.

When we understand that money is a social agreement, represented by an inanimate object, it’s fairly easy to conclude that money by itself is incapable of giving meaning to our lives. As Dr. Needleman wrote, “It is impossible to obtain meaning from that which is incapable of giving meaning in the first place.”

However, while money in itself will not give meaning, there is very little likelihood that we will find meaning in our lives without it. The purpose of money is to serve and support the search for meaning in our lives. Dr. Needleman told us in his talk, “We must take money more seriously.”

Dr. Needleman’s world view around money and the meaning of life is fairly straightforward. He contends that humans are hardwired with two general conditions, the need to survive and the quest for meaning. The need to survive is represented by our physical needs such as food, shelter, clothing, health, and work. The quest for meaning is represented by our yearning for truth, enlightenment, love, service to others, and the divine.

His studies lead him to conclude that our material needs have to be satisfied before we can ultimately satisfy the quest for meaning. The bridge between these two conditions is money. Dr. Needleman says money is a modern medium that touches everything we do and organizes the physical side of our existence. Therefore, good money skills are necessary to insure that money will support our quest for meaning. Without those skills, the quest is much more difficult, if not impossible.

Dr. Needleman told his audience, “As a profession, you have discovered an area that is really special. You perform very close to a spiritual work.” He added, “I never dreamed the foundation of this quest for meaning in life would be found in the profession of financial planning.”

Dr. Needleman suggested in his talk that one of the first places to begin building good money skills is to examine all the opinions you have about money. He compared our beliefs about money to an antiques store, where occasionally you find a priceless treasure, but which most often is filled with junk. He contends that we need to open the contents of our minds and examine our opinions and beliefs about money, asking each one “How did you get in here?” That concept was excitingly familiar to me, given the work I do to help clients uncover their “Money Scripts.”

And even philosophers, it appears, have undiscovered money scripts. Near the end of the presentation, moderator George Kinder asked Dr. Needleman if he had a financial planner. He did not. Kinder asked him why. “I never thought of it until this moment,” he said. Pausing to reflect, he continued, “Now that I think of it, it makes perfect sense that I should.”

What Is Money?

From Rick Kahler

I have a simple question for you. What is money?

Not long ago I was asked that question by financial futurist Dick Wagner, CFP®. My response was, “energy.” Wrong. Dick responded, “Rick, you just described a function of money. What I am asking you is, ‘What IS money?’”

In the April issue of Financial Advisor Magazine, Dick brilliantly answered the “What is money?” question in a manner even I could understand. He listed some of the responses he had received from financial planners: money facilitates the exchange of goods and services; it is a storehouse of value; it is an accounting tool.

He also wrote that some “will tell you with straight faces and wistful new-age gazes that money is ‘energy.’” Oops. I had to laugh. I must admit I’ve never thought of myself as having a “wistful new-age gaze.”

All of these answers, Dick explained, would be correct if he had asked for the function of money. Yet he found no one who could tell him what money was.

Actually, his definition of money is simple. Money is an agreement. Money is whatever a community, society, or country says it is. As Dick said in his article, “Without agreement, money simply does not work. Proof? Consider all the objects that have served as money throughout history. Try taking any of them to the aforementioned grocery store. Select something. Get in line. Attempt to pay. See what happens.”

In past societies all sorts of things were used as money. Some examples are salt, wampum, maize, beaver pelts, iron nails, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, gold, silver, copper, paper and candy.

I imagined myself at Safeway with a cart full of groceries, attempting to pay for them with a sack full of salt. No? How about glass beads? They apparently worked for Peter Minuit, who bought Manhattan with them. Imagine the response I would get from the checker. Heck, I could offer her a fist full of Euro bills or a gold bar and still not walk out of the Safeway store with a thing. In Rapid City, South Dakota, “money” means dollars—paper bills with specific green, black, grey (and now orange) printing and design work. Nothing else will work.

As Wagner put it, “If you and the grocer do not agree about the money, no matter how much energy it represents, no business takes place.” Touché!

Money is simply what we, as a society, say it is. If a bunch of folks agree to use a particular item as a vehicle of exchange, that item, within that group, is money.

Okay, this is all interesting stuff, but why should we care? First, money knowledge has become a 21st century survival skill. If you don’t understand money, (how to get it, spend it, use it, and invest it) you are going to have a painful existence on the planet. Money touches everything in our lives. It would seem natural, then, that the first step in obtaining money skills is to fundamentally understand what money is.

Once we understand that money is an agreement, it’s easy to understand what money isn’t. For example, some folks will tell you that money is “good” or “bad.” How can a bag of salt, a pile of beaver pelts, or a briefcase full of paper dollars be inherently good or bad? After all, it’s just stuff, just inanimate objects.

Certainly, what we do with money could be considered “good” or “bad” The money itself, however, is neutral. Printed paper, gold, salt, or skins, money is whatever we agree it is.

If you’re interested in reading Dick Wagner’s full article, click here.

Survey Your Money Scripts

From Rick Kahler

How do people manage their money when nobody’s looking? What is behind the financial choices—good and bad—that we make?

Many of those choices are shaped by our “money scripts,” the unconscious beliefs we all hold about money. Most of these beliefs are partial truths, which we tend to follow blindly even though we aren’t consciously aware of them. Like a script for a play, these beliefs are often “written” by someone else and we end up memorizing them for delivery in the financial “play” of our life.

The problems start when the play—our financial situation—changes, but our lines, or beliefs, don’t. Money scripts deeply influence what we do around money. They are especially significant in keeping us stuck in self-destructive cycles of financial behavior—such as overspending, hoarding, accumulating burdensome debt, being overly fearful about the future, or failing to plan for the future at all.

One important aspect of the integrated financial planning work I do is to help clients identify and understand their money scripts. Once we learn about these hidden beliefs, we can look at the aspects of them which are not true and begin to “rescript” them. This is an important step toward making healthier, more balanced money choices.

Now, for the first time, a survey has been designed to help identify more clearly which money beliefs are tied to specific money behaviors. My colleague and co-author, Dr. Brad Klontz, has developed the survey, which will be distributed online to several thousand people.

The survey is an opportunity to participate in research that should help financial planners, financial coaches, and financial therapists work more effectively with their clients. It’s also a chance for you to learn more about your own money beliefs and how those beliefs affect the way you handle your money.

If you’d like to be part of this research, you can access the survey from this post or through the Kahler Financial Group website. Just click here, or go to www.kahlerfinancial.com and look for the link on the home page or through my blog.

Completing the survey will take about 20 minutes. Some of the questions relate to demographic information such as age, level of education, family income, and the like. Obviously, this information is an important part of the survey. But it will be analyzed only as group data. No responses will be identified individually, and no identifying information will be collected or kept.

Any survey participants who wish to do so can register to win one of ten $25 gift certificates. This is a way of thanking people for taking the time to complete the survey. Those who register will be asked to provide an email address or other contact information. We promise that information will not be saved, shared, or used for any purpose except notifying winners of the gift certificates. Participants are not going to get emails trying to sell them insurance, financial services, vacation cruises, dubious discount drugs, or anything else.

The results of the survey will be included in a new book on money scripts that is due out at the end of this year. Dr. Brad Klontz, Dr. Ted Klontz, and I are currently working on this book, which will be published by Health Communications, Inc. I’ll also publish a summary of the survey results in a future column and on the KFG website.

If you’re interested in taking part in the survey, please do so soon. The closing date is June 15. We’ll greatly appreciate your helping us accumulate this important data. We also believe you’ll learn some interesting things about yourself that will help you build a more balanced relationship with money.

How To Become a Millionaire

From Rick Kahler

Have you ever dreamed of having a lot of money? Or wondered how you could get really rich? Probably you have; most of us have such dreams, at least from time to time.

As I emphasize in my work, there is much more to wealth than accumulating money. Having a good income, learning to live on less than you make, and investing wisely are only part of wealth in the larger sense. For the moment, though, having money is precisely what I am talking about. Being rich, according to various studies, is defined as having a minimum net worth of somewhere between one million and ten million dollars.

How do you get that rich? Probably the easiest way to riches is to inherit your wealth. Only about 15% of all millionaires inherit their wealth, however; some 85% of all millionaires are self-made.

I recently read an article by Bob Clark in Investment Advisor Magazine, discussing a new book, The Middle-Class Millionaire, by Russ Prince and Lewis Schiff (Doubleday Business, 2008). These authors list four common characteristics held by people who actually become rich.

1. Be an owner of the company. A street term for this is “having some skin in the game.” The number-one investment a millionaire makes is in his or her own company. Over 80% of all millionaires own all or part of the companies they work for. Mike Haubrich, a financial planner from Racine, Wisconsin, contends your most valuable asset is your career or business. Most millionaires are living proof that he’s right.

2. Make a lot of mistakes. You may be thinking that making a major financial mistake is one way to the poor house, and it is. The average millionaire made 3.1 major career or business mishaps, versus 1.6 mistakes for non-millionaires. The difference is that those who succeeded in building wealth tried again, and again, and again. They didn’t give up. I have a hunch the resiliency of the rich has something to do with the first principle of owning the company you work for. In my experience, when you “have some skin in the game,” you have a strong incentive to keep on keeping on, when others who aren’t owners can simply change careers or employers.

3. Learn to ask for what you need. For most wealthy people, becoming successful was not done in a vacuum. Knowing a lot of people is another commonality among the rich. Whether it’s marketing your business, looking for advice, or needing information, the more people you know, the more access you have to finding what you need. Millionaires are experts at building an expansive network of friends and acquaintances and turning to those in their network for help and council.

4. Work hard. You had a hunch I would eventually get to this one, didn’t you? Indeed, the average millionaire works hard, putting in an average of 70 hours a week. According to Clark’s article, millionaires are five times more likely than their non-millionaire counterparts to be “always available” via e-mail, four times more likely to work nights, and three times more likely to be in the office or store on weekends. While the study didn’t say so, I have a hunch most millionaire enjoy what they do. I also have a suspicion that the willingness to work hard has some connection to having ownership in your company, as well.

Many people can lay claim to one or two of these characteristics. But if you have a dream of getting rich, putting all four into practice in your life will exponentially increase your odds of making that dream come true.

What Gets Fed

From Ted Klontz

This crossed my desk recently and I thought it would be a good idea to pass it on to our readers.  I know I needed to hear this type of thing again.  I would like to give credit to the author, but none was mentioned.

The story goes:

An elder Cherokee Native American was teaching his grandson about life.  One day he said to him: “I want you to know that a fight is going on inside of me.  It is a terrible fight and it is between two wolves.”

“One wolf represents fear, anger, envy, lies, false pride, superiority, and ego.  The other represents joy, peace, love hope, sharing, serenity, humility, kindness, benevolence, friendship, empathy, generosity, truth compassion and faith”.

The grandson said, “Grandfather, how terrible.”

Grandfather paused for a moment and then continued.  “I tell you this because I want you to understand that this same fight is going on inside you and every other person too.”

The grandson quickly asked “Grandfather, which one will win?”

Grandfather replied, “The one you feed”.

He Who Must Not Be Named? I Wish.

From Rick Kahler

I’ve discovered a wonderful new tool that any columnist ought to have. It’s a way to protect myself from anyone who might be inclined to disagree with me, challenge any of my facts, write me nasty letters, or attack my character. Apparently, all I have to do is trademark my name.

I learned this from author and radio talk show host Dave Ramsey. By and large, I agree with and fully support what Dave does. In his show and his books, he encourages people to get out from under crushing debt and teaches them how to build and maintain financial peace. His work has helped thousands of people better their lives. I’ve recommended his material in my own books and columns, and I’ll certainly continue to do so.

A few months ago, however, I wrote a column in which I strongly disagreed with some investment advice Dave had given. As usual, this column was published in print newspapers, on my websites, and as a video on YouTube.

It was the YouTube video that got me into trouble. I received a “cease and desist” letter from Dave Ramsey’s company. It informed me that his name was trademarked and I did not have their permission to use it.

This was something new to me. I’ve written columns and articles for over 17 years. In that time I have quoted, recommended, or disagreed with various public figures. I have also had others quote, recommend, and disagree (sometimes vehemently) with me. That’s one of the consequences of putting yourself out there with your ideas and opinions. It’s true whether you are a nationally-known pundit or an occasional writer of letters to the editor of your local paper. Feedback, both critical and approving, is part of the territory.

Just imagine if controversial public figures like Rush Limbaugh or Dr. Laura Schlesinger had the right to prevent others from using their names. Anyone disagreeing with them would have to get creative with descriptive terms. It would be a bit like the characters in the Harry Potter books referring to the villain Voldemort as He Who Must Not be Named.

Then, of course, there is the question of using the names of public figures when you agree with them. If it’s a trademark infringement to cite someone’s name when you are being critical, then logically it would also be a trademark infringement to praise them or recommend their work. Somehow I think the latter violation would tend to be forgiven more readily than the former.

After several emails back and forth, the Dave Ramsey organization ceased and desisted from their attempts to make me cease and desist. My correspondent from his office told me that my column had been caught up in an attempt the company made to stop some YouTube videos that had been using Dave’s name to sell financial products. I fully agree with their efforts to prevent that type of trademark violation. Ripping off someone else’s work is piracy, and I wish them well in stopping it.

I fully intend to continue to recommend Dave’s books. If I disagree with him in the future, I’ll say so. I hope he’ll do the same. (Well, I half-heartedly hope so. To be honest, it’s painful to get feedback from those who disagree with me—especially if they happen to be right.)

That type of public discussion is not only a consequence of being a public figure. It is one of the ways we learn from one another. It is an important part of the free exchange of ideas that is an essential component of a free society.