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What Are
Your Marketable Skills?

 

 

 

 

 

 

Detective Frank Money here – do yourself a favor and do a marketable skills gut-check. This post by NPR spells it all out.

http://www.npr.org/sections/ed/2016/07/10/482784573/why-high-school-students-need-more-than-college-prep?

 

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Behind The Scenes With
Detective Frank Money

Financial Literacy Detective Frank Money was busy recently shooting a whole new series of timely financial literacy videos. Check out some fun behind the scenes footage.

 

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What Is The
Return On Your Degree?

I’m Frank Money, your very effective money detective.

I was reading my tablet this morning an came across this post by the blog FiveThirtyEight that I deduced was right on target – check it out!

https://fivethirtyeight.com/features/the-economic-guide-to-picking-a-college-major/?ex_cid=538twitter

As I’ve always said – It’s important to foresee the return on your degree!

I find myself rhymin’ all of the timin’…

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Financially Literacy Doesn’t
Need To Make You Fried!

2016_0430-WhyFinLit

As Financial Literacy Month comes to a close, we hope you have enjoyed all our posts.

If you read through them, you already know the answer to this question:

Why should you be Financially Literate?

A study by the financial services company TIAA-CREF show that people with high financial literacy skills have double the wealth of those who do not. Also, those with low financial literacy skills pay a lot more for things.

So which would you rather be? The person who has more $$$ in their pocket, or the one who does not!

http://business.time.com/2012/04/09/op-ed-improving-financial-literacy-is-essential-to-our-nations-economic-health/

Financial Literacy doesn’t need to make you fried! It just takes a little effort to really understand what you need to know!

Want to keep up with your financial literacy skills? Visit our website, where we post financial literacy tips regularly. Follow us on Facebook and Twitter!

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You’re A Millionaire!

Did you know that YOU are a MILLIONAIRE!

No really, you are. And so is most everyone you know?

How you ask? Well this Talkin’ Money video explains it!

Through your lifetime, you will most likely earn a million dollars, and probably much more! Here’s a chart showing the Median Lifetime Earnings by College Majors. Just look at the return of a high school degree, versus an Associate’s College Degree and All Majors – it’s pretty amazing!

LifetimeEarningsROI

How are you gonna manage your money? It takes responsibility, and, being financially literate!

April is National Financial Literacy Month, Talkin’ Money’s favorite month! There’s just a few days left, but you can always revisit our website to review all the financial literacy tips we’ve posted – and more!

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What’s The REAL Cost
Of Owning A Car?

OK, you need to get around. A car is in order right? Well ask yourself – What is the real cost of owning an automobile?

This Talkin’ Money video tells the story of one millennial who realized after the fact how much a car costs.

This is an example of the look and feel all the videos in our financial literacy series.

April is National Financial Literacy Month, Talkin’ Money’s favorite month! There’s just a few days left, but you can always revisit our website to review all the financial literacy tips we’ve posted – and more!

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.

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What’s the R-O-I On
Your Higher Education?

OK – Listen up! We need to know the R-O-I of that higher education your pursuing?

ROI you ask? That’s RETURN ON INVESTMENT.

Whether it be college, trade or vocational schools you INVEST your time as well as money to get an education. The end result is a career you hopefully will love with yearly earnings being the RETURN.

It’s important to ask yourself – what is the payoff for all your blood, sweat and tears…and cost. It’s time to do the math.

QUESTION 1 – What is the cost of your higher education.

QUESTION 2 – What is the average starting salary of a job in your area of study?

The blog fivethirtyeight.com has a great chart of understanding what the average median earning is for your degree and future job.

http://fivethirtyeight.com/features/the-economic-guide-to-picking-a-college-major/

QUESTION 3 – Now look the first two questions – how many years will you have to work to equal the cost of higher education. In other words, how many years of working will it take you to break even in paying back that cost of education.

That’s your ROI.

Life is about pursuing interests that you love, but it’s equally important to consider the path you take and whether the return will be worth it.

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.

LifetimeEarningsROI

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Savings Is
Good For You!

2016_0426-FrankMoneySavingsGood

Let’s investigate savings. It doesn’t take much detective work to understand that savings is good for you!

And here’s the good news for millennials – you are saving at a rate greater than any generation before you. Fidelity Investments found that 20 somethings are saving on average 7.5% of their income compared to 5.8% in 2013.

We’ve talked about retirement savings, and how important it is to start as soon as you can, along with the benefits of deferring taxes and saving on how much income tax you pay when you invest in a 401k, IRA, etc.

But what about non-retirement savings?

One strategy to employ is to set a goal of savings out of each pay check, and to make that ‘payment’ to you savings account, just like you pay your rent, phone and electric bill. Over time, you grow your savings account and let your money work for you.

What’s the amount you should save? well, it varies from person to person, but a good rule of thumb is to save 10-15% of your gross income (the amount you make BEFORE taxes are deducted) and use that for both your retirement accounts as well as non-retirement accounts.

It takes discipline, but getting used to a regular savings plan is something all millennials need to consider. It doesn’t take much detective work to understand  – SAVINGS IS GOOD FOR YOU!

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.

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The Scoop On
Dollar Cost Averaging

2016_0425-CostAveraging
Dollar cost averaging is an investment technique where you regularly buy a fixed dollar amount of a particular investment, on a regular schedule, regardless of its price.

Dollar cost averaging can be employed in purchasing just about any investment, though it is commonly used in purchasing stocks and mutual funds. It is also called Constant Dollar Plan.

We all know that the stock market goes up, and the stock market goes down. when to ‘jump in’ can be a difficult guess. A lot of people loose sleep over crazy market gyrations. This is why dollar cost averaging makes sense.

Let’s say you make regular monthly payments into your retirement plan. Or, make monthly payments to yourself, in the form of savings. If you are investing in mutual funds for example, purchasing that fund at a monthly interval, is cost averaging. Regardless of what the stock market is doing, you will buy more shares if the market is low and less shares if the market is high. Over time, you are buying an average, and this helps smooth out the fluctuations of the market.

For example, if you make a $100 per month investment in a mutual fund. In January, the share price was $25, so you were able to buy 4 shares. In February, the share price was $33, so you were able to buy 3 shares. Then in March, the share price was $20, allowing you to buy 5 shares. Over the three months, you purchased a total of 12 shares for an average price of $25 each.

There is an old adage, that you can never time the stock market – in other words, the hope that you buy when market is low and sell when the market is high. Dollar cost averaging is a great strategy that helps your investment grow without having to worry about market timing.

Want to read more? http://www.dummies.com/how-to/content/how-to-use-the-dollarcost-averaging-formula-on-the.html

April is National Financial Literacy Month, Talkin’ Money’s favorite month! To celebrate the importance of being financially literate, we’re going to post financial literacy tips every day.

 

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