Financial Planning, Retirement Plan, 401k, Investment Blog

Financial Planning, Retirement Plan, 401k, Investment Blog

Posts Tagged ‘personal finance’

Improving Financial Literacy

Posted May 10, 2011 by Bernz

Many people feel that learning how to deal with personal finance is an overwhelming task that they would prefer to avoid. Perhaps that is why so many people end up farther in debt than they ever thought possible. Those without the proper financial education may find it difficult to manage their money and in some situations they may not know where to turn for help when it becomes too much to handle on their own. Thankfully, there are many resources available to teach those who have never learned how to stay out of debt or save the money they earn.

By doing research and finding out the best steps to take when you are struggling with money, you may find out that it is possible to manage your income without an education in finance. It is important, however, to remember that it is easier to stay debt free than it is to dig yourself out of debt. Educating children and young people about how to use their money wisely is the best way to go to make sure that the cycle of bad financial decisions does not continue.

One of the biggest reasons that adults make bad financial decisions is that they are not taught how to deal with their money either as a child from their parents or as a young person in school. If you have children and you want to make sure that they understand the value of a dollar but are not sure where to start, make sure that you take time to teach them about credit cards. So many people, adults and kids alike have a misconception that credit cards are free money. While as adults we know that we have to pay back the money, it can still seem like someone is giving us some extra cash to spend.

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Posted in Financial Education, Saving Money | No Comments »

Dealing With Collection Agencies

Posted April 3, 2009 by Bernz

No one likes to get a call from a collection agency. It’s their job to get you to pay back money you owe to a creditor at a time when you may not have the money to do so. But ignoring calls from a collection agency is never in your best interests. They have a legal right to collect the debt on behalf of their clients and not complying can be used against you in any future legal proceeding.

However, you do have rights when it comes to dealing with debt collectors. Under the federal Fair Debt Collection Practices Act (FDCPA), collection agencies cannot legally do the following:

• Call you at unreasonable times (before 8 am or after 9 pm)
• Pretend to be someone other than a debt collector
• Use abusive language or threaten you with legal action
• Add on additional charges to the debt other than interest stated in the original contract
• Call your workplace if your employer forbids it
• Discuss your debt with third parties who are not directly connected as co-debtors

If any of these practices are happening, you can demand in writing that the collector stop contacting you except to let you know that collection efforts have ceased or that the case is going to trial. Remember, however, that not hearing from a collection agency doesn’t mean that you don’t still owe the debt. You can also file a complaint with the Federal Trade Commission. (more…)

Posted in Financial Education, Loans, Misc | 1 Comment »

Financial Literacy- Does It Still Work?

Posted March 30, 2009 by Bernz

Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.

However, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.

The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.

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Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, Index Funds, Investing Basics, Investing in Real Estate, Investing Strategies, IRA, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving for College, Saving Money, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »

Choosing Personal Financial Software

Posted February 20, 2009 by Bernz

At the beginning of every new year, resolutions are made (and promptly broken) all over the country to get a grip on personal finances and budgeting. Without knowing what’s coming in and going out every month, it’s almost impossible to plan savings and investments in the future.

There are many personal financial software programs on the market to help. It’s important to know what you need out of the program to be able to choose the one that’s right for you. Programs range from very simplistic spreadsheets to elaborate databases that track income and expenses, as well as net worth, savings goals and overdue bills. Some programs even print checks to pay those bills.

The one thing that everyone requires from a personal financial software package is a way to track the money coming in and the money going out. You should be able to enter the outflows of cash from your bank accounts on separate lines with spaces for notes. It is also useful to enter upcoming bills so that you can see what the impact will be on your bank balance.

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Posted in Estate Planning, Financial Education, Retirement Planning, Wealth Building | No Comments »

Bartering Away the Recession

Posted February 5, 2009 by Bernz

As the daily economic news continues to paint a bleak picture of the health of American business, consumers seek out new ways to make the dollars stretch until the end of the month. A very old way of doing business is once again gaining popularity for its frugality and simplicity. Barter has been around ever since the beginning of commerce, only becoming more scarce as money took over as a means of trade. In the past several years, however, barter has become fashionable and organized barter networks have popped up all over the country.

Barter networks bring together those who have goods and services to trade and allow them to do so with pseudo-cash. These “barter dollars” accrue in members’ accounts and can be used to purchase other available items or services offered on the network. The bartering can be done face-to-face at barter meetings or, increasingly, on the internet.

Bartering helps the under-employed use their skills for compensation from customers who might not otherwise have the cash to spend. It then lets members purchase from any other member on the network with the “money” earned.

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Posted in Frugality, Misc, Saving Money | 2 Comments »