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Reading List for July 10-12

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Jul 10, 2020
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Current Events, Employment, Investing, Taxes
Income and Budgeting (pandemic-related) A survey by Bankrate conducted in late June yielded some dire if not unexpected statistics about the impact of the pandemic on incomes. 49% of those polled said the pandemic has negatively impacted their income. Of those negatively impacted, only 17% were back to normal at the time of the survey, and 59% feel it will take longer than three months to recover. 45% were not impacted. This WSJ (subscription) article has lots of great statistics/graphs...

Reading List for May 29-31

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May 29, 2020
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Current Events, Personal Finance, Budgeting, Investing
Pandemic Round Up Weekly unemployment claims totaled 2.1 million last week, bringing total claims to over 40 million. (CNBC) Summer jobs for teens are hard to find this year. (WSJ) (For reference, here is what the job market looked like for teens last summer: unemployment stood at a 50-year low. WSJ) Amazon is looking to make 125,000 of the jobs it added to deal with the pandemic permanent hires. (TechCrunch) USA Today sums up the permanent changes in our economy as we learn to live with this...

Reading List for May 1-3

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May 01, 2020
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Current Events, Economics, Investing
Economics First quarter GDP tumbled 4.8%, the biggest drop since 2008. How bad will the second quarter be? (Marketwatch) WAPO’s Michele Singletary explains what you may need to do if you haven’t received your stimulus check yet.   Federal Reserve Bankrate.com recaps the readout from this week’s Federal Open Market Committee meeting. If you want to watch Chairman Powell’s news conference, here is a link: (CNBC)   Unemployment The unemployment picture...

Question of the Day: What is the average tax refund received by American workers?

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Apr 14, 2020
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Question of the Day, Taxes
Answer: $2,869 Questions: About 80% of workers receive an income tax refund every year. This means that they pay more in taxes during the year then they need to. This is the reason they get a refund. Why do you think workers do this? Is receiving a refund of nearly $3000 good for American workers? Why or why not? The deadline to file a tax return has been extended to July 15th. If you expect to receive a refund, should you file earlier? Do your parents/guardians typically get an income tax...

Question of the Day: What is #1 way that most Americans plan to use their stimulus check? a) Pay bills b) Save it c) Invest it

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Apr 12, 2020
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Savings, Question of the Day, Budgeting
Stimulus checks (of $1,200 for individuals, $2,400 for couples and $500 per child) are expected to be deposited into bank accounts this week. Answer: Pay bills Here's how Americans plan to use the funds Questions: How do you think YOU would handle a lump sum payment of several hundred dollars NOW? What would be examples of “day-to-day essentials?” What is the importance of having an emergency savings fund now? Click here for the ready-to-go slides for this Question of the Day that...

Question of the Day [Updated]: What is the average fee to take money out of a non-network ATM?

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Mar 04, 2020
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Checking Accounts, Question of the Day, Research
Answer: $4.72 This charge includes: Your bank’s fee AND Fee charged by ATM owner Questions: Did it surprise you that the charge includes TWO different charges? Why or why not? Did you know that there is a charge for taking cash out of an out-of-network ATM? Do you think most people who use ATMs that are out-of-network are aware of this charge? Why do you think there is a charge to use an ATM that is out-of-network? Click here for the ready-to-go slides for this Question of the Day that...

Reading List for February 21-23

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Feb 21, 2020
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Advocacy, Personal Finance, Current Events, Investing, Career, Mortgages
Advocacy The West Virginia Senate considers two education bills: a financial education bill requiring a high school class, right alongside one reestablishing cursive writing in elementary school. (Bluefield Daily Telegraph)   Personal Finance Ever wonder what files you should keep and for how long? Michelle Singletary of the Washington Post explains how she used “Homefile: Financial Planning Organizer,” by certified financial planners J. Michael Martin and his wife Mary E....

Reading List for January 17-19

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Jan 17, 2020
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Financial Literacy, Investing, Economics, Paying for College
Financial Literacy The corporate world is trying to fill in the void in financial literacy among their employees. According to a WorldatWork survey: “70% of the 326 employers surveyed currently offer financial well-being benefits and more than half intend to expand such offerings in 2020.” According to FinTech Times, FinTech businesses are also feeling compelled to fill the financial literacy gap among their customers with education initiatives. Investing/Economics This...

Question of the Day: _____ out of 3 Americans are limiting their spending each month

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Dec 15, 2019
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Behavioral Finance, Question of the Day, Budgeting, Podcasts, Purchase Decisions
 Answer: 2 out of 3 (66%) Here are the reasons they gave for limiting spending: Questions: Have you ever felt like you needed to limit your spending? Why? What do you think are the main reasons your peers would give for following a budget or limiting their spending? What do you think is a better saving strategy? Wait until the end of the month and save what’s left over Set aside your saving at the beginning of the month and spend whatever is left over after saving Do you...

Reading List for December 13-15

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Dec 13, 2019
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Personal Finance, Mutual Funds, Economics, Paying for College, Investing
Only one more reading list before the holidays, so we will start with Personal Finance Gift ideas! If you are looking to add to your holiday reading list (or wish list), here are the six books the Washington Post suggests you read on personal finance. How about gifts for kids that will teach them about money? Here is a list of ten to consider. (Yahoo Finance)   Economics The Fed is holding interest rates where they are, and will probably keep them there. (Bankrate.com) Where will...

QoD: What percent of consumers overdraw their checking accounts annually?

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Dec 10, 2019
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Checking Accounts, Question of the Day, Research
Answer: 30% Questions:  Why do you think that so many people overdraw their checking account?  What steps can YOU take to avoid overdrawing your account? Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (CFPB study cited by Bankrate): CFPB study: "A small group of consumers pay most of these fees. In a given year, only 30% of consumers overdraw their checking account. The 8% of consumers who overdraft more than 10...

Reading List for September 20-22

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Sep 20, 2019
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Current Events, Economics, Investing, Paying for College, Career, Retirement
Financial Literacy/Advocacy Here is a snapshot of the state of financial education in the US by none other than NGPF Fellows, Courtney Poquette and Kayla Bousom, along with NGPF co-founder Tim Ranzetta. (MarketWatch) Arizona State Treasurer discusses the importance of financial education. (Personal Finance curriculum is part of the economics course Arizona high school students must pass to graduate.) (USA Today-AZ Central) Employers are now filling the financial literacy gap with twice as many...

What's New With Careers? (August 2019)

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Aug 31, 2019
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Career
The Changing Work Environment  Knowledge@Wharton details a relatively new field that barely existed a decade ago: data analytics. Data analysis will be required of many employees. Given the tools available, employees don’t have to be statistical experts themselves, but can get information from these tools to give them insight into the job they are doing. For those that are really interested in data analytics, you can pursue a degree in the subject, and aim to be the Chief Data Officer...

What's New With Investing? (August 2019)

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Aug 12, 2019
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Investing
There are largely two story lines driving the news regarding investing in recent months—interest rates, specifically, what central banks are doing about them, and uncertainty over the trade situation and if the economy will turn from growth to recession any time soon. We will address the interest rate issue here.   Interest Rates The Fed cut the Federal Funds rate by 25 basis points at the end of July. This is the rate at which banks and financial institutions borrow money from each...

What's New With Savings--July 2019

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Jul 22, 2019
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Savings
What’s new with savings? Once again, apps and technology are the game changers here. As we move away from cash and piggy banks to digital transactions, it makes perfect sense that we are moving to digital forms of piggy banks. In the old days, you could make purchases with dollar bills and put all of your change in a jar or your piggy bank. When using cards or your phone, you need an app to do the same thing.   Research for this piece turned up several “listicles” of top...

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