Financial Literacy Gap among U.S. Students

American students have been found to be way too behind in the financial literacy arena. According to a recently conducted study, U.S. students’ financial literacy scores were below average. Although this study was for high school students, the findings among students beyond high school was the same. While students are pushed to towards higher education, in spite of them being unable to afford it, they make some very basic mistakes due to their lack of understanding regarding finances – and this ends up costing them even later on in life.… [Read more]

Why Are More Americans in Need of a Budget?

Financial woes are burdening the majority of Americans, which is why it’s more important than ever for people to get their budgets on track.

If you’re a victim of today’s sluggish economy, then it’s time to turn things around by making your personal budget your top priority.

With money management in mind, here are just a few tips that will help you steady your budget and make your money last longer:

Personal Budgets and the Economy

If you’re still feeling the fallout from the financial crisis of late 2007 and 2008, you’re not alone.… [Read more]

Bank on Better Savings

This article looks at how Americans can get better returns on their banking investments. Are more people using credit unions? If your bank offers low interest returns on savings accounts etc. is it time to move to another one? Many banks collected an enormous amount of fees from customers yearly. How can consumers cut down on these?… [Read more]

The State of the Mortgage

Looking to buy a home? Believe it or not, it might be easier than it’s been during the last two decades to secure a mortgage from financial institutions.

According to a survey of senior loan officers commissioned by the Federal Reserve, at negative 18.3 percent, the net percentage for prime mortgages was the lowest it’s been since the central bank started tracking it in 2007.… [Read more]

The True Cost of Cashing out Your 401(k) – And Some Better Options

A leaky roof, a damaged septic system, a child getting ready to go to college—if you are facing any of these expensive propositions, you may be thinking about taking money out of your 401(k). Before you call your HR rep, check out the true cost of tapping your retirement account and these valuable alternatives.

You’ll Pay Penalties

If you are under the age of 59.5, you can withdraw money from your 401(k) for hardship distributions.… [Read more]

Top 5 Tips to lodging a successful workers compensation claim

If you are injured at work, you may find you are entitled to a certain amount of compensation. However, it is never as easy as simply claiming this and it then being awarded to you. You will have to go through a procedure to prove that not only were you injured, but also that it was the fault of your employer.… [Read more]

The Crisis in Pensions and Retirement Plans

Despite being considered the financial centre of the world, it’s still very possible for the United States to learn from other countries. See the infographic below; it presents a brief history of retirement plans in the U.S. including state and local government pensions and Social Security. Now let’s put things in perspective: Countries with strongest pension programs (based on 2013 pensions, both public and private) rank the U.S.… [Read more]

Tax Traps to Beware of in 2014

When Americans all across the country rang in the New Year, many breathed a sigh of relief for more than a few reasons. First of all, taxpayers no longer have to wait for Congress to finish constituting the tax laws that impact their 2013 returns and, secondly, the American Taxpayer Relief Act — which went into effect last spring —  will extend many advantageous provisions for recently filed returns.… [Read more]

Retirement Saving: Steps for the Sandwich Generation

Maybe you’re one of those people who has two major responsibilities right now – your kids and your aging parents. Of course, your folks can probably depend on Social Security and their personal retirement funds for a little while longer, but your children are wholly defenseless. At the same time, you have to start seriously considering your own future savings.… [Read more]

Teaching Kids about Budgeting

Our economy is still not doing as well as expected. Growth forecasts have been revised downwards and interest rates are less than 1% for fixed deposits in most banks. Even the savings accounts have a really dismissal interest rate of 0.05% here in Singapore. You may be better off keeping your money under your mattress like during olden times instead of letting it be subjected to the various account-keeping fees incurred by leaving it in the bank.… [Read more]

Nine Resources to Change Your Relationship with Money

I assume you get all your personal finance news and nuggets from me, and need no other information ever… ha!  But if you WERE to want more than what you see here each weekend, I present to you nine of my favorite resources for managing your money, your career, and your life.… [Read more]

Making Your Money Matter: Part 2 of 4

This is part two of a four-part series on aligning your personal finances with your values.  Click here for part one.

Last week we talked about the first step in aligning your personal finances with your values, which was identifying your life values in the first place. If you don’t know what you want to accomplish, you won’t be able to make your money work for you.… [Read more]

Retirement and Recession, Where Do You Stand?

Millions of people spend years planning for retirement. Many invested their income into stocks expecting investment returns of at least 8% and others expected their homes to have appreciated in value by 10% each year. Their expectations have been shaken to the core during this recession and long periods of economic uncertainty.

Because a large portion of people nearing retirement are not going to have as much to retire on as they initially thought, many are facing some serious questions that must be answered: How much more will I have to save?… [Read more]