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Presidential advice on gaining financial security

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The President's approval ratings are at 50 percent, leading many experts to believe that the economy has many people skeptical of whether or not he is leading the country in the right direction, according to a recent Gallup poll.

While it may remain to be seen if his economic strategy will work, the President was offering financial advice at the White House's first ever Personal Finance Online Summit last week.

One of the President's main points of contention was that people should not spend all of their money. He recommended living within one's means and being smart about debt in order to maintain financial solvency into retirement.

The chairman of the Council of Economic Advisors, Austan Goolsbee, urged citizens not to be discouraged by the latest jobs report. The unemployment rate was back up to 9.1 percent, but experts are hoping this is only a minor setback. Goolsbee is concerned that people who make drastic decisions about their life insurance or annuities as a knee-jerk reaction to this report may regret it down the line.  

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