Monthly Archives: August 2018
Recently, Arethea Franklin died without a will and a net worth of 80 million dollars. Experts say that the process of settling the proceeds of this estate is will take a few years and be costly.
Dying without a will, dying intestate requires the government to decide who gets the proceeds from your estate, which requires your family to experience stress until everything is finalized. The family will get what is left over after creditors and debts are paid in full. This may cost the estate millions of dollars and years in court. A will is less expensive than probate court.
https://amp.businessinsider.com/aretha-franklin-reportedly-died-without-a-will-2018-8
Financial literacy is a response to a world that is changing. Companies and corporations look out out for themselves and individuals must become financially savvy to avoid getting scammed. Financial products continue to grow, develop and evolve, and we need to decipher what products are beneficial or dangerous. Read personal finance articles to become more financially literate. Financial Knowledge is Power…
College graduates spent 16 years gaining skills that will help them command a higher salary, yet little time or no time is spent helping them save, invest and grow their money. There are ways for college graduates to learn and teach their parents who may not have had the knowledge to share with their children growing up. Financial literacy is now more relevant than ever.
http://amp.businessunsider.com/financial-literacy-is-a-basic-life-skill-2018-4
Financial literacy is a basic life skill and a need to know – now more than ever. One in 5 teenage students lack basic financial literacy skills, data from the Program for International Student Assessment (PISA) showed. How can it be that Americans live in a capitalist society and understand little about personal finance? It is not taught in most schools or at home. Some employers take the opportunity during pre-retirement planning… By then persons are middle age and are least likely prepared to handle the enormous info they receive at retirement. Only 17 states require personal finance courses, it maybe many teachers are ill-equipped to teach personal finance.
http://amp.businessunsider.com/financial-literacy-is-a-basic-life-skill-2018-4
PayActiv is service offered through an employee’s employer to advance case in the form of a low interest loan versus a high interest payday loan. We located a website the answers questions you may have before you consider borrowing.
What is PayActiv? A financial wellness program that employers can offer employees to help them overcome financial needs between paychecks.
What is the membership fee? Is a flat fee paid by the employees only when they access services.
For more information visit: www.payactiv.com
We all wondered how to solve the issue of payday lenders soliciting the most financial vulnerable among us by charge exorbitant interest rates that end up costing twice the amount borrowed initially. The finance market always fills a void and in this case it may be beneficial to the community. Walmart and other vendors have begun to provide low interest loans to their employees (about 40% fall in this category) by allowing the early access to their paycheck, a few days before payday. It appears most need access to loans in between pay periods to tie them over to the next paycheck. This is new, and we have to wait to see if it works for all parties involved.
https://www.npr.org/2018/08/16/639236531/wlamart-and-others-offer-workers-payday-loan-alternative
The credit card skim reaper is a new device that detects skimmers. It is currently in use by law enforcement to detect skimmers at ATM’s and gas pumps that do not yet have chip technology. Skimmer reapers are welcomed to limit credit card fraud by stealing information. This is good news for us all and hope those who steal credit info are significantly reduced. Stay tuned…
https://www.creditcards.com/credit-card-news/skim-reaper-gas-pump-atm-skimmers.php
Americans aren’t saving enough for retirement. Credit card debt, car and student loan debt is at an all-time high. Americans don’t have the knowledge need to save for retirement. Americans don’t have the self-disciple or the excess funds to save for retirement.
Financial literacy is the catch-all name for initiatives around education that, it’s hoped, will remedy the first of these problems – education that it’s hope, will occur in schools, through high school graduation requirements which exist or are slated to come in to effect in 21 states, according to Pew Research, but also through employer-sponsored programs, which are in place at 63% of employers according to the publication Plan Sponsor
The reality is that Americans are living paycheck to paycheck and are one paycheck from homelessness, or defaulting on car, credit card or student loans. Financial education should occur in school, the workplace, in the community, church, or in the local library.
Social media is used by millions of people daily. Most of the info is social in nature to include what we are doing, what we are eating, fashion and music trends etc. Maybe we can begin to share our best money strategies to begin discussions that will help everyone increase their financial literacy, especially those who are beginning to enter the job market. If finances have not been a shared throughout your life, making financial decisions on your own for the first time can be daunting. Learn as much as you can about finances and pass this knowledge on to your family and friends. Everyone will benefit~
When young adults become fully responsible for their personal finances for the first time, they’re often in for a rude awakening. Financial literacy is rarely taught in school, and if their families didn’t discuss credit scores, takes and interest rates as they were growing up, they can easily get themselves into debt and other financial trouble. Here a a few things millennials can do to increase their financial literacy:
- Take online courses
- List your expenses
- Investigate passive income opportunities
- Understand the impact of your credit score
- Talk to a trusted mentor
- Track all expenses to get your whole financial picture
- START SAVING
Recent Posts
Recent Comments
- Donna Taylor on Why Do I Need An Emergency Savings Account?
- Donna Taylor on Focus Second on Eliminating High-Interest Debt
- Sharon Thorne on Focus Second on Eliminating High-Interest Debt
- Ricky B. Wamble on Why Do I Need An Emergency Savings Account?
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