Little Money? Live Rich on Simple Financial Wisdom

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The down economy has Americans up in arms and politicians at each others throats. But who's to blame?

Author and teacher Danny Kofke says the problem runs deeper than government or even Wall Street. He suggests the solution starts at home.

Throughout the country angry mobs continue to vent their anger with the economy and, in particular, with Wall Street.

"This isn't only happening to me but to a lot of people, so do something to make America live again," protester Allan Clark said.

Hundreds swarm major cities like the Big Apple to protest.

"We're getting budget cuts, we're getting job cuts, and the very wealthy are getting tax cuts, that's not fair," protester Michael Kink said.

But are Wall Street and what many Americans call corporate greed entirely to blame?

"The number one thing that has gotten people into trouble is that they don't know where their money is going," Author Danny Kofke said on "The 700 Club."

Kofke argues it's up to every American to look out for his or her own financial future, especially when the government can't.

He and his family live comfortably on a modest $40,000 teacher's salary, not even close to the $250,000 that some in Washington define as rich.

In his book, A Simple Book of Financial Wisdom, Kofke explains how a family of four can:

  • Live on a single salary
  • Save over $5,000 a year
  • Establish an emergency fund
  • Set aside money for college and retirement.

The father of two delivers a full-proof plan that he believes can solve the economic crisis, one household at a time.

Danny Kofke returned to "The 700 Club" to talk more about how he and his family thrives on his modest income, and how you can succeed on such a plan, on Monday, Oct.17. Click play to watch.

--Originally aired October 17, 2011.

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