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

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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

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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.

https://www.forbes.com/sites/ebauer/2018/08/13/what-is-financial-literacy-and-why-does-it matter/amp/

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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~

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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:

1. Take online courses
2. List your expenses
3. Investigate passive income opportunities
4. Understand the impact of your credit score
5. Talk to a trusted mentor
6. Track all expenses to get your whole financial picture
7. START SAVING

https://www.forbes.com/sites/forbesfinancecouncil/2018/03/28/money-101-for-millennials-seven-tips-for-improving-your-financial-literacy/amp/

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We all recognize the rising cost of a new vehicle and to repay your car loan may take as long as 5-7 years. Regular maintenance to include oil and filter changes can add to the life of your vehicle. If you are in the market for a new or used car consider the follow model that are more likely to remain on the road for 15 years:

The top 15 vehicles are:

• Toyota Highlander
• Toyota Sienna
• Toyota Tundra
• Toyota Prius
• Toyota RAV4
• Honda Odyssey
• Toyota Sequoia  and more:

https://www.moneytalksnews.com/the-15-cars-youre-most-likely-to-drive-for-15-years/

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If you want to saving money at the pump, use regular gas instead of premium. If you car manufacturer RECOMMENDS premium, by all means follow it. If you have an option, consider using regular to save money. This will keep more cash in your pocket. Each year, American drivers waste a collective $2.1 billion purchasing gas that is a little to good for them. A recent AAA report earlier this year found that these drivers pay for high-octane gas even when it is not required or recommended for their vehicle. If your car makes a pinging or knocking noise on regular gas, however, you should have it checked out by an honest and qualified mechanic and probably switch to premium gas, AAA says.

https://www.moneytalksnews.com/many-drivers-who-make-this-choice-are-wasting-money/

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Several regular people in New York City were asked about the best and worst financial advice they ever received. In most instances people were told by their parents to save money for a rainy day, retirement, and use a budget. In a few cases, individuals were advised to spend while they were young and enjoy life to the fullest – people often ignored this advice and followed their instincts to spend wisely. We get many of our earliest memories about money from our parents and this often informs our views and habits about money for the rest of our lives. We can learn throughout our lives and this will make a difference in how we spend, save, and invest.

http://amp.businessinsider.com/people-in-new-york–city-best-worst-money-advice-2018

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Checking your credit report is the best way to see how you are doing based on the (3) credit reporting agencies, Experian, Transunion, and Equifax. About 20 percent of consumers have a mistake on their credit report. Periodically, check for errors and correct them before you make your next large purchase such as a car, boat, or a home. Don’t be surprised of your loan is denied, especially if you have not check ahead of time.

High credit scores translate to saving money on loans and credit cards. Understanding how your report affects your score can help you push your number higher. It appears, 14 percent of adults don’t check their credit reports due to fear of what they will find.

Fair Credit Score – 580 – 699 will pay about $45,000 more in interest over their lifetime on loans and credit cards versus a consumer with very good credit score of 740 or higher, according to recent research from LendingTree.

https://www.cnbc.com/amp/2018/08/07/not-checking-your-credit-report-comes-with-risks.html

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This is a question many have asked in recent years…What is best for your family depends on you particular circumstances. A fixed interest rate works best for long term mortgages, where the homeowner plans to remain in the home for long term and the interest rate remains stable. Adjustable interest rates on the other hand, are beneficial if the homeowner plans to be in the home for a short duration less than ten years and can take advantage of low interest rates, while they exist. Selling the home, prior to the rise in interest rates, will be important before their mortgage payments increase. When purchasing a mortgage, the buyer must beware of all the parameters they are responsible for before signing on the dotted line.

http://money.cnn.com/2018/08/08/pf/fixed-or-adjustable-rate-mortgage/index.html

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