Phoenix mom misses deadline for kids' trust fund

[catrose]

107. Bingo!

for the term "financially illiterate." My first thought on hearing the deal was "How the hell is she going to know how to set up a trust fund?" I wouldn't myself, except that it would involve paying lawyers and bankers.

I worked with Red Cross after Hurricane Katrina. Everyday there was a new system for putting money in people's hands. At one point, they were opening bank accounts for people at a bank a few blocks from the shelter. And six months later (or sooner) these clients were in courts for bounced checks. They'd never had checking accounts. Or a lump sum. The debit cards didn't work any better. If you're not used to handling money, how can you learn the instant you actually get some? I hadn't realized that New Orleans for many people was a cash economy.

I'm not sure what the answer is, but there sure were a lot of problems.