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Financial literacy is not an educational priority in the United States. In fact, only three states require one full semester class on personal finance in high school. Do you know which states those are?
The fact is that teens need information. While one in three have a summer job, more than 80% do not have a checking account which means that most do not know how to balance a checkbook.
Teens are not alone though. Some 47% of adults say that stress over their finances make them sleep less. I’m not surprised, because I have been there. But all isn’t loss though, Americans have reduced their spending every year for the past four years.
Check out the infographic below for more insights on American and their money.
For the past two years I have reviewed the returns of my lending account on the peer-to-peer lending website, Prosper.com. This is year three of those reviews.
First, be aware that I am no longer adding money to my Prosper.com account. As the loans that I have helped to fund are paid off I will withdraw the money. I have chosen to forgo investing in Prosper because of major glitches that I encountered earlier this year that really made me rethink investing specifically through Prosper. I have opened an account with Lending Club and may switch to that company in the future.
Have you logged on to the Healthcare.gov website yet? Yes, the website’s experiencing a few glitches and registration issues, but it’s worthwhile to log on now and poke around the site just to see your options – then go register in two weeks after the registration problems have been solved.
The biggest thing you’re hearing from news organizations is “if you already have health insurance, you don’t have to do anything.” Well, that’s all fine and dandy for people who like to do things the normal way, but it isn’t the best option for people who like to do things the cheap way.
If you’re the kind of person who’s reading this site, you’re probably already skilled at sussing out the cheapest airfare, cuts of meat, and other basic life expenses. Now it’s time to learn how to find the cheapest health insurance under the Affordable Care Act, as well as what to do about other types of insurance.
Every two weeks I’m up at the crack of crack paying bills online. My other half has put me in charge of paying his bills because he admittedly isn’t good at it. One of his bills happens to be a store card that has a promotional deferred interest rate that will expire in two months. He wasn’t sure exactly what that meant, do you?
From time-to-time stores will have promotions that are designed to get you to buy. The are often advertised as “No Interest for Six Months” or “No Interest for One Year”. Have you seen those types of offers? This is called a deferred interest offer. This means that the credit issuer will not charge you any interest during the promotional period.
Ever wondered if moving to another state would put you in a better financial position? It just might! There is a host of financial information available on each state that might help you make a decision on where to live.
Did you know that although the Federal minimum wage is $7.25 per hour a few states offer minimum wages lower than the Federal amount and some have no minimum wages at all? Do you know which states those are?
Do you think that New York or California has the number of millionaires? You’d be wrong! It’s Maryland. Nationally 5.14% of Americans are millionaires. California does have the top position for having the highest number of individuals living below the poverty rate with 22.40% of its residents classified as such.
Nationally, 92.40% of Americans who want to work are employed. North Dakota ranks the highest with an employment rate of 96.80%
Think that you tax rate is outrageous? Welcome to my home state of New York which has the highest tax burden with a rate of 12.80%. This includes what residents pay in state and local taxes. If you live in New York City like I do you can add a city tax to that as well. Living in New York has its perks, but I might need to move to Alaska which has the lowest tax burden at 7% but ranks second for the highest household income.
Would you like to know how your state ranks? Check out the interactive infographic below.
Source: Financial States of America
NBC News interviewed Dr. Nancy Snyderman and Jean Chatzsky about the Affordable Care Act also known as Obamacare and some of the most important aspects of this new law that you need to know. The ladies cover the five important aspects of this new law those most people are confused about:
- Who has to buy into the exchanges.
- You have until December 15 to sign up in order to obtain coverage on January 1. You have until May of next year to sign up.
- Pre-existing conditions will be covered and in fact medical companies can no longer deny coverage due to a preexisting condition.
- Preventative care is now covered at all levels of coverage
- The cost of coverage
The following is a guest post from money expert Andrea Woroch.
Before the recession, living cheaply wasn’t nearly as commonplace as it is today. The economy has forced people to adopt a frugal lifestyle and spend more time finding deals and comparing prices.
Our pursuit of bargains can sometimes land us in hot water, however, and even cause us to overspend. Here are seven common purchasing mistakes and how to fix them.
1. Mistake: Protecting your electronic purchase with an extended warranty.
When it comes to buying expensive electronics, you may be tempted to get the extended warranty to further protect your purchase. Unsurprisingly, extended warranties are rife with exceptions and most electronics have a rapid depreciation value. The fix: Just say “no.” If you want extra protection, look into the warranty provided by your credit card and make the purchase with plastic
It’s October and there’s a lot going on in the world. Unless you’ve been under a rock you’ll know that our elected leaders don’t know how to play together in the sandbox so our government has officially shut down. What does this mean?
Our federal employees are furloughed so they’re not getting paid every day this government is closed. Our national parks and museums are closed. I tried calling the IRS. That wasn’t happening either. Oh, and parts of this thing commonly called Obamacare (which apparently many people don’t know is the Affordable Care Act) went into effect. You should be able to find healthcare exchanges in your local state.
According to The Big Picture, as of 2010, 25% of Americans had bad credit scores which could be extremely harmful if you’re trying to stay debt-free in this difficult time. So what is a credit score? And how can you improve it to ensure you never declined for credit reasons?
What is your Credit Score?
If you want to take out a bank loan, mortgage, a mobile phone contract or even if you want to finance an expensive item, the provider will check your credit score to see whether you’re an acceptable financial candidate for their product.