A July 2016 study by the Financial Industry Regulatory Authority (FINRA) shows that 63 percent of Americans are unable to correctly answer more than three of five questions about basic economics and finance. FINRA’s study included more than 25,000 American adults, who represented national population in terms of age, gender, ethnicity and education. It’s no surprise then that the study also shows that 50 percent of Americans don’t have a “rainy day” fund to cover expenses for three months — in … [Read more...] about Acquiring Financial Literacy
Keith Todhunter Schaafsma
Best Plans for Reaching Financial Resolutions
While New Year’s resolutions can be hard to keep, they may also make you much more likely to achieve your goals than if you had not made a resolution at all. Create emergency savings. Life is full of unexpected emergencies, so prepare for unpredictable expenses by putting aside six to eight months of expenses in a cash-equivalent account. Make a monthly budget and stick to it. If you are not tracking your spending, you may be surprised by how quickly it adds up — and which … [Read more...] about Best Plans for Reaching Financial Resolutions
