The International Astronomical Union voted that pluto didn’t meet the criteria to be a planet.
- A planet must orbit the sun- Pluto does this
- A planet has to be roundish–Pluto kinda fits this.
- It must be the dominant gravitational object in its orbit. –This is what got Pluto demoted by the IAU. Watch the video if you’re like me and didn’t understand.
Why Pluto isn’t a Planet Video
What? Yes, everything your teachers told you in school was a lie– a fabrication….OR they told you the best truth based on the facts and knowledge at hand.
Facts change and orbits change and we have to change our way of thinking as the telescopes get bigger– behaviors and rules have to change based on the new paradigm.
Financial Rules That Change
Financial rules also change. Things that were once a given have been turned on their heads with the recent recession.
Let’s look at a few financial rules that have changed.
1) 3-6 months of emergency savings is enough– As a trained Dave Ramsey coach, I believe and have taught this too.
However many others and myself have found that 3-6 months isn’t enough, especially those who have been out of work. The new paradigm for many is 6-12 months of savings for an emergency fund is needed.
2) Finding a job is easy and quick- While this might be true for some fields it takes longer to find a job. Gettting hired in the “new normal takes more work and the competition is more fierce.
3) A college degree equals success- This has never been true, but the recession has proven this.Millions with college degrees are unemployed or underemployed. It isn’t about the degree, but about what value you can bring to your employer.
4) A student loan is ok, everyone gets a loan- Indeed, almost everyone who has attended college in recent years has graduated with debt. The nation has over 1 trillion dollars of student loan debt!
5) Everyone can afford to go to college– The past few decades of subsidized loans have made college more attainable to the masses. But with soaring college inflation costs not everyone can afford the debt that comes with a college degree.
6) It takes a lot of money and loans to start a business- This also hasn’t been true in the past, but people like Chris Guillebeau are highlighting the fact that you can start a business without debt and low start up costs.
Read what I learned from his book The $100 Startup.
We have a “new normal.” The new normal isn’t always as black and white as personal financial experts once thought it was. New shades of grey exist that cause us to examine each personal situation differently.
The only thing that remains the same is change and we all have to keep learning to keep up to date with new financial changes.
If you subscribe to OnTargetCoach.com, I’ll do my best to inform you of any financial rules that change.
What other financial rules has the recession changed or shown to be false?
Photo by Crilix (Creative Commons)