The axiom "like mother, like daughter"
certainly holds true in the Warren family.
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| At a glance |
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Not only has Amelia Warren Tyagi followed in the financial footsteps of her high-profile mother -- Elizabeth Warren, the Harvard law professor who chairs the congressional panel overseeing the $700 billion economic bailout -- she has carved out her own niche as an entrepreneur, management consultant and regular commentator on the nationally syndicated radio program "Marketplace."
Tyagi earned her own way into the financial
ranks. She graduated Phi Beta Kappa and magnum cum
laude from Brown University, holds a master's from
the Wharton School and has written for Time, USA Today
and the Chicago Tribune on the economy, health care
and women and work.
The mother-daughter team has written
two no-nonsense best-sellers together, "The Two-Income
Trap: Why Middle-class Parents Are Going Broke" and
"All Your Worth: The Ultimate Lifetime Money Plan."
Tyagi took a tough-love approach to
credit when Bankrate contacted her at the Los Angeles-based
Business Talent Group, which she co-founded and where
she serves as chief operating officer.
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Let's start with the disclaimer: Credit per se is not a bad thing, right? |
 That's
certainly too broad a brushstroke, yes. Credit is
at the heart of our high homeownership rates and an
important tool in seeing millions of people through
college.
That
said, debt lately has become a ball and chain, particularly
for middle-class America. And somehow, there is this
misconception that it's the result of lavish spending.
There is a lot of sloppy thinking where someone goes to the store and says, "Look, there are outrageously expensive big-screen TVs for sale. Therefore anyone who is in trouble financially, it must be because they bought too many of those expensive TVs." Which, of course, is absurd logic and has no data to back it up.
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