Entry bubble Are You Financially Literate?

By: Nancy | November 20, 2008 | Category: Money

I used to think it was just a cliché. But in the middle of this financial crisis we're facing together in the U.S. right now, the phrase "Most Americans are just two paychecks away from financial disaster" seems frighteningly true.

You don't have control over when a job or income loss or a serious illness will throw you into financial trouble. But not having a handle on the basics of saving and investing, taxes, mortgages and insurance can leave you even more vulnerable when bad times—or scam artists—hit.tight money

Right now, more than any time in our recent memories, it’s critical to brush up on financial literacy. My office works with a couple organizations that are helping adults and kids do just that.

The U.S. Financial Literacy and Education Commission operates MyMoney.gov, a site to help you make sense of practical money management, financial planning, saving for retirement, and getting familiar with financial scams so you can avoid them. Their online calculators help you estimate college costs, how much mortgage you can afford, what your Social Security benefits will be at retirement time and a lot more.

Through MyMoney.gov and 1 (888) MY MONEY, you can also get the free "My Money Toolkit," a collection of popular booklets that can help you learn to get your spending, saving and investing on track. You can check out the publications online or order copies for yourself, your friends or family.

The Jump $tart Coalition is involved in providing resources to help students kindergarten through college age grow up learning and exercising practical money skills. Whether you're an educator or a parent wondering how to start teaching your kids about money and financial responsibility, Jump $tart lists a terrific collection of fun websites for kids that'll teach them about saving, investing and making smart choices as consumers.

One other financial literacy website that I like a lot is from Visa. PracticalMoneySkills.com takes a comprehensive approach to teaching adults and kids better money management skills. The site is available in English, Spanish and Chinese and features videos and articles covering topics like setting a child's allowance, financially weathering a divorce, reducing your debt and understanding compound interest.

What do you wish you'd learned earlier in your life about managing your finances?

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Entry bubble BAILOUT

By: Colleen | October 01, 2008 | Category: Money

Wall Street, New York street signTruth be told, I can recite the entire Phillies lineup by memory, yet I know embarrassingly little about finances.

With all that's been going on this week, it's time I educate myself. A good friend of mine is an I-banker in New York, and I asked him to give me an easy breakdown of what's been going down on Wall Street the past few months. He sent me an e-mail using different sports teams as an analogy. On the most basic of levels, I think I'm starting to understand what all the fuss has been about—and it ain't good.

I realize now more than ever the importance of making wise investments. I'm doing some reading to help get a better understanding of how to be smart with my hard-earned cash.

These are just a few helpful resources available to help you feel more secure in these unsteady economic times. Another helpful site is www.mymoney.gov. It gives ideas on how to plan on everything from investing to paying for college.

With a bailout plan still in limbo on Capitol Hill, we're all anxious to see what's going to happen next. What are you doing to protect yourself and your finances?

| View Comments [13] | envelope E-mail This Entry | Tags: bailout   colleen   deposit   finances   investing   money   wall_st