A report that was released by the banking industry towards the end of last year and spawned concerns that students in the United States are not receiving enough information or education about handing their personal finances. While most students spend hours and hours each week learning about their various subjects, officials state that when it comes to their personal finances many of them are totally clueless. Moreover, there are concerns relating to the issues that may arise from this lack of knowledge, prompting some to push for increased education when it comes to personal finances for students.
The study results were released late last year by U.S. Bank and showed that 65 percent of students would give themselves a C, D, or F with regards to how successfully they could manage their own finances. The results indicate that many students do not have the confidence, knowledge or resources to help them to manage their money, which could lead to serious financial issues in later life.
The need for more education
The presidents of the Society of Financial Awareness, Jim Chilton, said that he was shocked that students and children weren’t being taught about personal financial management in schools or colleges. He said that he had to take it upon himself to teach his children, which was viable because he has over three decades of experience in the field. However, for parents without any real expertise in personal finance, this could be a difficult task hence the importance of teaching this in schools and colleges.
A survey was carried out by USA TODAY College via Twitter, with officials asking followers whether they had received any personal finance education when they were at school or college. However, the vast majority said that they had received little or no education or information relating to personal financial matters.
Another official rooting for the introduction of personal finance education in schools and colleges is john Pelletier, who is the director at the Center for Financial Literary at Chaplain College. However, he said that this type of subject matter needs to be interwoven throughout the education of students including both high school and college rather than being taught at just one or the other. He said that this type of education should begin at high school and should continue during the college years of each student.
All over the world, particularly in the United States and Great Britain, the payday loan industry has come under intense fire from regulators and consumer activists. As a result of numerous complaints and multiple reports of debt spirals, elected officials are looking to regulate the industry more than it does now.
A new report entitled “Credit 2.0” from the Consumer Finance Association (CFA), a group representing British payday lenders, argues that greater rules and stricter regulations applied against bad credit loan companies are forcing consumers to tap into loan sharks.
“The bad credit loan industry already has strict regulations and the majority of lenders abide by those rules. Tightening of this noose will have a negative impact on lenders forcing them out of business while allowing loan sharks to take their place”, said Chris Lions.
We haven’t seen the loan shark industry since the time of the bootleg era and numbers racket (1920s to 1940s). Loan sharks would provide you with money at a very high interest rate. If you didn’t pay it back then loan sharks would break your legs. Anyone who has ever seen a Warn Bros. gangster picture would know. Read More
2014 appears to be not a good year for the automobile manufacturing company Fiat Chrysler. Fiat Chrysler is not the only to be suffering because the overall sales of all Big Three have declined in the current year.
However the World’s seven largest automobile manufacturing giant has recently started to improve and modify its Chrysler 300 to revive its declining sales. The company is facing a strong competition in and outside of the US. The company has to come up with new and effective warfare marketing strategies to survive in the market.
However the parent brand of the company has seen a slight increase in its sales in 2014. The Chrysler group sold a total of 1,726,539 vehicles with a 15% increase in its total sales during the first 10 months of the current year. While the Fiat Chrysler brand has undergone a decline in its sales dropping by 4% with only 250,612 products being sold this year.
It’s bad news for the company and now its hope for this year’s revenue is its new Chrysler 300 flagship car. The company only managed to sell 44,419 Chrysler 300s with a decrease of 9% in sales.
The company’s management seemed to be pretty confident and hyperbolic regarding their flagship Chrysler 300. They were confident regarding its state of the art eight speed torque flite transmission, which has now been declared as a standard for every model; the Uconnect evaluated services latest generation with a DID full color 7 inch driver information system; the advanced AWD all wheel driving system, giving the best fuel mileage 31 miles per gallon; with an impressive new designed model and sixty years of American innovative experience. Read More
Inflation is one of the biggest enemies that your retirement plan is likely to face because money has a time value attached to it. As you grow older, the value of currency decreases due to increase in prices of goods and services. I’m sure you have seen the way inflation grows year after year and makes it a bit difficult to gauge how exactly it will affect you during your retirement years.
Some good news is that if you educate yourself on financial topics and commit to making wise choices throughout the years, you will be looking very good during your retirement years.
What is Inflation?
In very simple words, inflation means a general increase in the prices or goods throughout the years. What it means is that value of one dollar today may differ from the value of one dollar 20 years down the line. In other words, as and when the prices rise over a period of time, each unit of currency can buy fewer goods and services. Inflation is generally measured in percentage. Read More
As you commit to experiencing more financial freedom, it is important to educate yourself on personal finance issues. Learning how to create more income and reduce expenses will help you to experience less stress and more freedom.
If you have loans, which most of the population does, it is worth your while to learn how you can pay down your loans faster than you have been. Whether those loans are mortgages, auto loans, student loans, loans for bad credit or credit card loans, a little bit of knowledge will go a long way.
Here are some tips on how you can pay down any loan faster than what you have been.
If you send half of the amount of your monthly loan payment twice a month, you will be paying down your loan faster. In doing so, you will be paying less interest and by the end of the year you will have made one extra payment, which over time will shorten the amount of length you must pay on your loan. Go ahead and pay on the 1st and 15th if that schedule works for you. Read More
Retirement provides you the opportunity to relax and spend quality time with your loved ones and doing activities that you really enjoy. It ought to be a time to relax and enjoy the fruits of hard work that you have been doing for your entire life. However, improper retirement planning can snatch such peace from your life and the trouble can ruin the comforts and good time. Whether you have planned for your retirement early or not, the following tips may help you manage your money and life better if you are planning to retire this year. Read More
Retirement ought to be the relaxing and unwinding phase of your life. You can turn it into an enjoyable one by planning for the retired phase beginning early in your life. Many people pretend that they are prepared for their retirement and they are saving the required monetary digits to enjoy a comfortable living in their golden years (retirement), but studies show that actually only one in ten is prepared for retirement.
The purposeful decision to save for retirement is one of the toughest decisions an individual will ever make during his lifetime. Many people know that it is important, but do not take the correct actions toward it. Studies have shown that women are least prepared to their retirement when compared to men. It also points out that one should save more than seven to ten times their annual paychecks for a good retired life. This is because even if you minimize your spending to a great extent, you should realize that the costs of all the goods are always rising year after year. Read More
In order to be at your best financially, it is important that you learn the art of budgeting. Budgeting is a financial tool that will help you understand your flow of money and if you commit to sticking to your budget, your financial future is likely to be positive. Without a budget you may be forced to apply for various types of personal loans online which is neither good for your credit or savings account.
Create a budget
If you have not created a budget, I’d advise you sit down as soon as possible and create one. It really is quite simple. Go ahead and write down all of your income sources and add them up. Then make a list of all of your expenses and add them up. Be sure to include all areas that you spend money, such as your main expenses like mortgage, auto loan, groceries, and utilities.
Additionally, include other categories like eating out, vacations, recreation, medical bills, and anything else that you have to spend money on. Including a miscellaneous category is recommended as well, as unexpected things do come up. Read More
If you don’t take your financial future into your own hands, no one is likely to do it for you and your personal finances will be tossed back and forth like a ship with no sails- going nowhere. It is no one else’s responsibility to handle your personal finances. It is yours and you must take control by great discipline and wisdom in order to experience success in your finances.
The first thing you can do to take your financial future into your own hands is to create a budget. List all of your income and expenses and get a clear picture of where you are financially. As you do this, I want you to take each category and decide the amount that you want and/or need to spend in that category monthly.
For example, if you want to allot money each month for eating out, specify what that amount is and stick to it. Keep it reasonable. If you want to purchase one new outfit per month, specify it and stick to it. Of course you will want to list all of your bills and make sure that you have enough income to cover all of them before adding recreational categories. Read More
It is important to be mindful of the dangers of credit cards before getting one or continuing to keep what you have. Credit cards are fairly easy to acquire and almost every store accepts them, so you ought to understand the fine print of the credit card terms before using them.
Credit cards are not bad in and of themselves. When used with discipline and awareness, they can be viewed with a positive mindset, but when they are abused and the fine print is ignored, they are viewed negatively.
When you use your credit card and charge an amount of money, it is best that you pay off that amount when you get your monthly statement. If you don’t, you will be charged an interest fee. If you continue to use that credit card and only pay a minimal amount each month, it may become difficult for you to pay it off. What you may be paying each month is simply the interest charge alone, which will not decrease your bill in any way. Read More