Tag Archives: Financial Literacy Month

What Are The Factors Affecting Your Paycheck?

Posted on by

2016_0419-TakeHomePayIt’s just a hunch but I’m willing to bet that a lot of you earning a paycheck don’t fully understand all the deductions that are taken from your gross amount. First of all, these deductions are actually called taxes. That’s right, you’re now in that exclusive club that helps run our country as smooth as it can.

Depending on what state you live in determines how much in taxes you pay. The basic taxes we all pay are Federal Income Tax, Social Security and Medicare. Federal is just how it sounds. It pays for what’s needed throughout our country including National Defense. Social Security is there to assist you financial when you reach retirement age. Trust me, you’re going to need that. As you will with Medicare, that’s also for retirement age to assist with basic health care.

All states are not created equal when it comes to taxes. A number of states have a State Tax and could also have a City Tax. There lots of other taxes out there but I think you get the idea. Death and taxes…I’ll take taxes!

We’re Halfway, Plus 3 Days,
Thru Financial Literacy Month

Posted on by

2016_0401-FinLitMonthIt’s Tax Day! Normally, Tax Day is April 15th, but this year it’s April 18th! Why the change to April 18th? Well, in typical Washington-DC fashion…it’s complicated…here’s the reason why – http://www.usatoday.com/story/money/personalfinance/2016/04/09/tax-day-april-18-year-not-april-15/82095452/#

If you have filed your taxes and signed on the dotted line, then good for you! If this is your first time it’s not that far-fetched that you have joined society; contributed to keeping the wheels oiled and turning so our country can keep moving forward. Okay, sometimes I can get carried away.

With your return due today, we thought we would share another date with you – Tax Freedom Day – This is the day of the year where everything made up to that date goes to Uncle Sam, and after that date, everything you make is yours. In the United States, it is annually calculated by the Tax Foundation, a Washington, D.C.-based tax research organization. In the U.S., Tax Freedom Day for 2015 is April 24, for a total average effective tax rate of 31 percent of the nation’s income. The latest that Tax Freedom Day has occurred was May 1 in 2000. In 1900, Tax Freedom Day arrived January 22, for an effective average total tax rate of 5.9 percent of the nation’s income.

Tax Freedom Day for 2016 is April 27th! Woo Hoo!

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.

As for the second half of the month of April, each day we’re be covering more financial literacy information such as, just what are the taxes taken out of you paycheck, your credit and the benefits of keeping it at a high number, keeping on track using a budget and a lot more.

No peeking! April 19th is tomorrow, and you have just 361 days till your income tax return is due again!

Consider Alternatives & Consequences

Posted on by

2016_0417-AlternatiesHow many times have you passed by an electronics store and saw the X-Box you always wanted was finally on sale or the newest smart phone has hit the market? Temptations are thrown at us everyday in many different forms of ads. They know how to get your attention.

But where do you stand financially? Are you strong enough to stick to your budget or are you ready to throw caution to the wind? If so, then let’s at least recognize that there are alternatives & consequences to most financial decisions.

Think of setting financial goals so you can purchase these items by saving for it on a monthly basis. But remember, the more you save, the more you have to sacrifice other things like movies or eating out. So there’s your alternative, but if you spend and don’t have it, the consequences means going into more debt.

Get wealthy with regular investments, time, and compounding

Posted on by

2016_0416-CompoundedInterestWe’ve all heard and read a thousand times how we should save on a regular basis and the younger you start the more we’ll have when getting closer to retirement. But as sure as the sun rises there will always be something that happens in your life that will make it difficult for you to part with your money to put into savings. That’s why every paycheck you should have a set portion of your salary automatically deposited into your savings account.

The later you wait to start saving, even a year or two, could mean the difference of up to $200,000 or more! Remember compounding interest? Over time your money will make more money for you.

In fact, if you want to have what we financial literacy fans call ‘fun’ here’s a link to the government’s Securities and Exchange Commission’s handy, dandy Compounded Interest Calculator. GO ahead, plug some numbers in and step back, ready to be surprised!

https://www.investor.gov/tools/calculators/compound-interest-calculator

Good old Benjamin Franklin once said: “An investment in knowledge pays the best interest.” So it’s up to you to be a wise investor with your savings.

April Is Financial Literacy Month!

Posted on by

2016_0401-FinLitMonthApril 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.

When polled, the vast majority of adults will tell you that they were never taught the things they needed to know about money when they were in school, and,they wished that they had the knowledge to be financially literate at a young age.

Being financially literate means examining your attitudes about money. Talkin’ Money is targeted to millennials, but it’s never too late to do a financial literacy ‘check-up’.

Here are a few financial literacy questions to ask yourself today:

  • Do you make informed financial decisions and understand the difference between wants and needs?
  • Have you meet your credit obligations on time?
  • Do you track your expenses with a budget?
  • Do you plan for the future through savings?
  • Have you establish money goals?

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.