Take the Investor Literacy Quiz

Female investors are less likely than their male counterparts to be confident about long-term opportunities in U.S. financial markets, about their own investment knowledge and about making investment decisions.
That’s according to “Mind The Gap: Women, Men and Investment Knowledge,” new research conducted by the Financial Industry Regulatory Authority’s Investor Education Foundation and George Washington University’s Global Financial Literacy Excellence Center.

The recent market volatility related to the global spread of the coronavirus (COVID-19) “sheds a spotlight on the importance of understanding investments and markets and why raising the investment knowledge of both men and women is essential,”
Take the 10 question quiz:
https://www.usfinancialcapability.org/quiz-literacy.php?utm_source=MM&utm_medium=email&utm_campaign=O_FoundationNewsRelease_031920_FINAL

Great Webinars from the Consumer Financial Protection Bureau

  Watch the recordings of CFPB FinEx webinars

You can watch them or read the transcript:

            Federal financial education resources

                        Watch the recording

                        Read the transcript

Take Control of Your Auto Loan

            Watch the webinar

            Read the transcript

           

            Financial rules to live by

                                Watch the webinar

                        Read the transcript

            Evidence-based insights: tips for strengthening financial education curriculum

                                Watch the webinar

                        Read the transcript

            Money as You Grow

                        Watch the webinar

                        Read the transcript

            Financial Caregivers Tools and Resources

                        Watch the webinar

                        Read the transcript

            Measuring Financial Well-Being

                        Watch the webinar

                        Read the transcript

Planning for Retirement

                        Watch the webinar

                        Read the transcript

Owning a Home

                        Watch the webinar

                        Read the transcript

           

Tax Time Savings

                        Watch the webinar

                        Read the transcript

           

Your Money, Your Goals Toolkit

                        Watch the webinar

                        Read the transcript

CFPB Consumer Complaint System

                        Watch the webinar

                        Read the transcript

           

Consumer Credit Reports and Scores

                        Watch the webinar

                        Read the transcript

Financial Well-Being: The Goal of Financial Education 

                        Watch the webinar  

                        Read the transcript

           

Take Control of Your Auto Loan

            Watch the webinar

            Read the transcript

Personal Finance book

How To Make Your Money Last: The Indispensable Retirement Guide.
"With How to Make Your Money Last, you will learn how to turn your retirement savings into a steady paycheck that will last for life." This comprehensive new book covers the latest changes in Social Security and health insurance.
Read the first chapter at: 
http://janebryantquinn.com/janes-books/
Quinn’s guide to personal finance covers the usual terrain: budgeting, consumer debt, mortgages, college funds and investments. However, not every financial writer is blessed with Quinn’s charm-a blend of Pollyanna and Mary Poppins with a snappy wit thrown in-and her sensible approach to streamlining one’s financial life make this a stellar entry in the genre.—Publisher’s Weekly

Checking out on-line education programs

Much of the blame for skyrocketing student education debt can be attributed to for-profit colleges and online programs. It is essential to carefully check out programs before enrolling. A helpful resource is: AccreditedOnlineColleges.org (AoC.org). Use this website as the first step in checking our potential programs.

Plan for higher student loan costs

"Interest rates on federally subsidized college loans, lowered when Congress passed the College Cost Reduction and Access Act in 2007, are set to expire June 30, resulting in significantly higher costs for many borrowers. Rates for up to 8 million borrowers will increase to 6.8% from their current 3.4%, the U.S. Public Interest Research Group said." That increase amounts to $2800 more on the average Stafford Loan 10 year repayment plan. Students are graduating with record amounts of debt which now exceeds the total amount owed on credit cards. Private student loans charge a much higher 9-11%. But with growing federal deficits, it's better to raise the rate rather than further cut Pell grants for the lowest income students according to financial aid expert Mark Kantrowitz. Plan today for higher repayment costs.
For more info: http://moneyland.time.com/2012/03/20/students-your-loan-interest-rate-is-about-to-double/?iid=pf-main-lede#ixzz1pfWRVZzG

Start planning early for college costs

"Experts say parents and students should start shopping for colleges when a student is a sophomore in high school, and they should include price as one of the chief factors. Often, parents defer to their children's college choices, regardless of the cost. Families should be savvy about finding financial aid, and students should know going in how much debt they'll have upon graduation. Total debt should be less than a student's expected starting salary, one expert says."
I highly recommend this article for parents of college bound kids: Debt can trump dreams: Experts say to start planning early for college costs
By Amy McConnell Schaarsmith, Pittsburgh Post-Gazette, February 16, 2012
“When deciding between colleges, most families should consider cost, and their own financial realities, to make a sensible choice that will make everyone happier in the long run, according to college finance experts.” I especially like this perspective on student loan debt:
"Before you spend student loan money on anything, double the price and ask yourself if you would still buy it at twice the price, because that's what it's ultimately going to cost you," Mr. Kantrowitz said. "That $10 pizza just became a $20 pizza ... but if you live like a student while in school, you won't have to live like a student after graduation."
Read more: http://www.post-gazette.com/pg/12047/1209198-298.stm#ixzz1mfj94YbO

The College-Aid Shuffle

Just be glad your child is not going to Sarah Lawrence College to the tune of $59,170... per year! The January 21-22, 2012 Wall Street Journal has a great article on ways to obtain more financial aid for your college-bound kids. Examples include postponing income, accelerating tax deductions and "moving assets from one account to another." The strategies work best if you have a couple years before junior or juniorette heads to campus. "But even families with incoming freshman can make moves to maximize their aid and scholarship packages." Best of all the article emphasizes the importance of placing your retirement security first. It's a mistake to not apply for financial aid assuming you won't qualify. Fill out the Free Application for Federal Student Aid (FAFSA)! "If your child is attending a private college, families also must fill out the College Board's CSS/Financial Aid Profile, which schools use to determine how to distribute their own aid funds." The article contains multiple suggestions for maximizing financial aid.
If it's too late to pick up today's WSJ go to www.wsj.com and search for "College-Aid Shuffle." You may need to subscribe to have access to the full article. Or check to see if your library carries the WSJ.

What Kids Should Know About Money and When

Money Milestones by Dan Kadlec

• Ages 3-5 A child should come to understand that you need money to buy things; you earn money by working; you may have to wait before you can buy what you want; there’s a difference between what you want and what you need.
• Ages 6-10 understand that you must make choices about how to spend your money; you should shop around for the best deal; it is dangerous and costly to share too much information online; putting your money in a bank account will protect it and earn interest.
• Ages 11-13 understand that it is smart to save 10% of what you earn; entering credit card or Social Security numbers online puts you at risk of identity theft; the earlier you save the more you’ll have in the long run; a credit card is a loan and you will owe more than you spent if you do not pay your bill in full each month.
• Ages 14-18 understand that college is expensive and you should choose a school and student loans based in part on your career expectations; you should avoid using credit cards for things you cannot afford in cash; you pay taxes on your income and should budget for take-home pay, not gross pay; a great place to save and invest is a Roth IRA.

Quoted from & Read more: http://moneyland.time.com/2012/01/09/money-milestones-what-kids-should-know-about-money-and-when/#ixzz1j5Dic0kw

Weathering Tough Economic Times—12 Tips for 2012

"Tough economic times have taken a toll on many Americans over the last couple of years. But making sound financial decisions and saving for the future can help you weather financial storms. The start of a new year is a great time to take stock of your finances, so the FINRA Investor Education Foundation has put together these 12 practical tips that can help keep your finances on course in 2012."

1. Start a Rainy Day Fund
2. Handle Credit Cards With Care.
3. Check Your Credit Report and Score
4. Shop Around For Financial Products.
5. Don’t Leave Money on the Table: Contribute to Your 401(k).
6. Avoid Payday Loans and Other Money Drains.
7. Don’t Overdraw Your Checking Account or Debit Card.
8. Do a Background Check on Your Financial Professional.
9. Keep Your Insurance Coverage Current.
10. Diversify Your Investments.
11. Save for College Using Tax-Advantaged Accounts
12. Find Free, Reliable Financial Education Resources in Your Community: like Financial Planning for Women! (my addition)

For details and links to helpful websites: http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/MoneyManagement/P125281

Give a child a college savings account

This holiday season give a child you love a gift that they will remember for a long time- establish a college savings account. The accounts offer tax savings and are an excellent way to save for college. There is no minimum contribution so no excuses.

Skip the gift cards and toys imported from China. Check out the website of the Utah Educational Savings Plan.

Ruminations on Gift Cards

After reading numerous articles about the pitfalls of gift cards and the estimated $1.9 billion (yes, that’s a b) that are never redeemed, I can't help but wonder why people don't just give cash (or even checks).

It is critical to teach children to save and you'll teach them the exact opposite message by giving a gift card. With cash (or equivalent) parents can encourage their children to save some and even set some money aside for donations. One lament I hear from women is how they wish their children would learn better financial behaviors. Think about what lessons you are teaching your children this holiday season (and I don’t mean just about gift cards).

Secondly, in today's economy many adults need money to pay the rent, mortgage, or utility bill, although it may not be obvious and they may be trying to hide their situation. I guess I'm conservative and old fashioned but I view gift cards as simply a very effective marketing strategy to encourage Americans to spend more than is prudent.

Retirement Planning Tools from SSA

One of the best ways to begin retirement planning is with the Social Security Administration’s Retirement Planner at www.socialsecurity.gov/retire2. The Retirement Estimator at www.socialsecurity.gov/estimator gives you the ability and flexibility to test different retirement ages and learn how to maximize retirement benefits by delaying retirement.

Another great resource is www.mymoney.gov. This government site has a wealth of information from multiple agencies covering an array of topics—from buying a home to paying for college.

New Developments affect Student Loans

On October 25, the Obama administration announced its plan to “make college more affordable and to make it even easier for students to repay their federal student loans.”

The new initiative has 3 goals:

1. Allow borrowers to cap their student loan payments at 10% of discretionary income.
2. Improve ease of making payments and reduce default risk by consolidating loans
3. Provide consumers with better information to make college selection decisions

If you or someone you know has student loans or is contemplating taking out loans, check out the details:
http://www.whitehouse.gov/the-press-office/2011/10/25/fact-sheet-help-americans-manage-student-loan-debt

April Is Financial Literacy Month: Test Your Investing Knowledge

“April is Financial Literacy Month, an opportunity to brush up on your financial knowledge and pass along what you've learned to someone else. Take the FINRA Investor Knowledge Quiz to get started. When you're done, we'll show you the correct answers and provide you with links to more information.”

http://www.finra.org/Investors/ToolsCalculators/P116940

Have fun!

Guide to saving for college for all income levels

 The best resource on saving for college is Joseph Hurley's website: http://www.savingforcollege.com/  The site is crammed with helpful, authoritative information on why to save, how to save, where to invest, how to use the money most efficiently, and even info on matching state funds to help low income families save in 529 (tax advantaged) college savings plans.   

The Utah Educational Savings Plan (UESP) http://www.uesp.org is one of the best plans in the nation (avaialable to non-residents as well as Utah residents). Utah taxpayers can direct their Utah state income tax refund to be deposited into their Utah Educational Savings Plan (UESP) 529 account(s) by simply marking the UESP savings option box (line 46) on their individual Utah state income tax returns.... If it's too late to do this but you received or anticipate a refund, sign your kids, grandkinds, nieces, nephews up for the UESP plan. What better gift than to start their college savings account and encourage them to learn the savings habit?  There is No minimum investment required to open or maintain a Utah Educational Savings Plan college savings account so NO MORE EXCUSES! Save on federal and state taxes.

Think you can't afford to save for your kids' college educations?  UESP will match up to $400 annually on contributions for low income families. See details at Fast Forward Matching Program http://uesp.org/matchingprogram.html Put that tax refund to work and start saving today! And ask the grandparents to contribute, too.

How to take money out of 529 (college savings) plans

The April 4 Wall Street Journal explains some of the finer points of the best way to use the money in 529 college savings plans. If, for example, tuition is $10,000 and you are eligible for the $2,500 American Opportunity tax credit (applies to the first $4,000 in tuition), don't withdraw more than $6,000. Who should the check go to? Checks from 529 accounts can be written to the student, the account owner (typically a parent) or the school. The article warns that some schools may reduce financial aid if a student receives funds from a 529 account (according to Joseph Hurley, http://www.savingforcollege.com/. For spring tuition be sure to pay the expenses in the same tax year as the funds are withdrawn (generally not a problem for fall semester). If someone other than a parent owns the 529 account, and if your child is eligible for financial aid from the school, it may be best to save those 529 funds for the last couple of years of their undergraduate degree to maintain eligibility for aid. Any excess can be used for grad school or by a sibling.

By the way, 529 plans aren't limited to kids. Anyone of any age can save for college tuition (you don't need to sign up to earn a degree). Adults who plan tot go to grad school in the future or just want to take a course or two can benefit from the tax advantages of 529 college savings plans.

Why your kids shouldn't go to Harvard

Regardless of where your kids are thinking about or applying for college, read this enlightening article supported by academic research that will help you reassess how much to go in debt for a college education.
"Why your kids shouldn't go to Harvard" by Marty Nemko
http://www.martynemko.com/articles/why-your-kids-shouldnt-go-harvard-even-if-they-could-get-in_id1247

Last minute gift idea for child: college savings

Give the gift of a college savings account.

"The Utah Educational Savings Plan is offering a $25 bonus for those who open new college savings accounts between Monday, Nov. 29 and Friday, Dec. 24. You must make a contribution of at least $25 and meet other criteria to be eligible for the offer, which is courtesy of Zions Bank…"  Be sure to use the promotion code "1012HOLI" when setting up the account to receive the matching funds. UESP website: http://www.UESP.org

Read Lesley Mitchell’s Salt Lake Tribune column for details on why Utah’s college savings plan is one of the best in the nation:
http://www.sltrib.com/csp/cms/sites/sltrib/Search/index.csp?search=UESP&x=35&y=2&scope=sltrib

The Wall Street Journal Sunday

Each Sunday the Salt Lake Tribune includes The Wall Street Journal Sunday in the "Sunday Money" section of the paper. WSJ Sunday is a fabulous free source of personal finance and investing info. It's available online at WSJ.com/Sunday and then click on the newspaper of your choice. get in the habit of checking the site each week.

A couple items that caught my eye include Medicare Enrollment 101 (under "The Aggregator" section which includes a variety of helpful subjects each week.

Also of value: "How to give children the gift of investing." I can't tell you how many times women have said to me that they wished they had learned about basic concepts like the Time Value of Money (compound interest) when they were younger. Educate your children by giving them the gift of investing this holiday season instead of the latest techno toy that will soon be outdated and end up as toxic waste in the landfill.

Giving thanks is good for your mental & physical health!

Don't stop giving thanks now that the T-day turkey is history (or soup). According to an article  in The Wall Street Journal, "a growing body of research suggests that maintaining an attitude of gratitude can improve psychological, emotional, and physical well-being."

"Adults who frequently feel grateful have more energy, more optimism, more social connections and more happiness than those who do not."

"They're also less likely to be depressed, envious, greedy or alcoholics. They earn more money, sleep more soundly, exercise more regularly and have greater resistance to viral infections."

New research shows that gratitude provides similar benefits for kids. Cultivating gratitude is a type of "cognitive-behavioral therapy." For tips on helping raise kids to be grateful check out this link: http://online.wsj.com/article/SB10001424052748704243904575630541486290052.html?KEYWORDS=grateful+people
("Thank you. No, thank, you," by Melinda Beck, WSJ 11/23/10, p. D1)