Date Filter: 2017/2/

How Can You Protect Your Online Accounts from Hackers?

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Feb 28, 2017
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Identity Theft, Current Events, Article
Some great advice from WSJ (subscription) as identity thieves continue to develop more sophisticated strategies to steal your identity. Moral of the story: You are your own worst enemy when it comes to giving up information when you should not be. A few highlights and some strategies to protect oneself: Phishing is the most common online scam: Online cons are called phishing. If you’re sure you already know all about them, think again. Those grammatically challenged emails from overseas...

What If...You Had Invested With Warren Buffett in 1965?

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Feb 28, 2017
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compound interest, Activity, Investing, Current Events, Chart of the Week
Interesting thought experiment (wishful thinking!) that demonstrates the power of compound interest and also that getting the market return over a long period of time hasn’t been a bad strategy either. Warren Buffett is out with his annual letter for 2016  which is a must-read for investors because of the common sense, homespun advice from the best investor of our time. For those not familiar with Mr. Buffett’s investing prowess, check out the first page of his report which has...

Question: What Percentage Of Workers Contribute To a 401(k) Plan?

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Feb 26, 2017
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Article, Question of the Day, Investing, Savings, Current Events, compound interest
Answer (courtesy of Bloomberg): About 1/3 Why is this important? Pensions are becoming increasingly scarce for young people, so the 401(k) will likely become the primary source of financial support for retirees outside of Social Security: According to a Pew Charitable Trusts analysis of survey data released Feb. 15, only 10 percent of workers over age 22 have a traditional pension. Just 6 percent of millennials have a pension while 13 percent of baby boomers do. Why are so few contributing to...

A Few Podcasts To Get You Thinking...

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Feb 26, 2017
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Behavioral Finance, Research, Investing, Current Events, Audio Resource
I had a few long car rides today and wanted to share a few Hidden Brain podcast episodes that you might find useful: Misbehaving (24 minutes): Interview with behavioral economist Richard Thaler of “Nudge” fame. Discusses how traditional economics misses the boat when it comes to the foibles of human behavior (e.g., lack of self-control). Discusses research findings that explain why cabs aren’t available on a rainy day, why we use money differently depending on its source,...

What Do You Say When You Only Have 90 Minutes To Talk Money With College Students?

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Feb 23, 2017
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Personal Finance
I had a great time at Paul Smith’s College (Paul Smiths, NY) earlier this week meeting with about 40 students to answer their questions about money. Thanks to President Dove, Jill Susice and Terry Lindsay for organizing the event and giving me a great opportunity to engage with your students. They were actively involved in the conversation and shared some great money management ideas that they are using in their lives. Planning for this talk forced me to get to the essence of what I felt...

Chart: How Have World Stock Markets Changed Over The Past 100 Years?

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Feb 23, 2017
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Chart of the Week, Question of the Day, Research, Investing, Stocks, Current Events
Interesting graphic from a Credit Suisse report comparing the relative size of stock markets in 1899 vs. 2016 (great for a history course): Questions to ask: Which country was the big winner in the last century? Which country was the biggest loser? Are there historical events that you are aware of that led to this situation? Which countries didn’t appear in 1899 but did in 2016? If you had to predict what this chart would look like in 100 years, what would you guess? Do you think it...

Question: Who Has The Best Cell Phone Plan?

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Feb 23, 2017
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Purchase Decisions, Question of the Day, Research, Budgeting, Current Events, Math
We know your students love their smartphones. How about putting that obsession to use by having them read this article from the NY Times “Picking a New Phone Plan? Here Are Your Best Bets?” As the article notes, every few months the carriers update their pricing models (check out our earlier posts on the topic here and here): Shopping for a phone plan can be as daunting as picking a health insurance package. The rates and options constantly change, and it feels impossible to make...

How Is The New FAFSA Timetable Impacting College Offers?

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Feb 22, 2017
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Article, Paying for College, Question of the Day, Student Loans, Current Events
I was wondering about this question. so was happy to see this article in the WSJ last week (subscription). Our post last September described two of the major changes to the FAFSA. First, families could now complete the FAFSA starting October 1st (previous deadline was January 1st). Secondly, the financial information provided on the FAFSA now will come from prior prior (not a typo) year’s tax return. Let me explain. Those families completing the FAFSA in October 2016 for the 2017-18...

Snapchat Is Going Public. Would You Buy Their IPO?

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Feb 21, 2017
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Investing, Behavioral Finance, Question of the Day, Research, WebQuest, Teaching Strategies, Current Events, Entrepreneurship
First an admission. I have never used Snapchat. Despite that, I thought their upcoming IPO would be a good hook to get students interested in how the stock market works. Before diving into the specifics of Snapchat (actually it is their parent company, SNAP, who is going public), here’s a good video from Wall Street Survivor that explains what an IPO is: Questions: Describe in your own words, what an Initial Public Offering (or IPO) is. What role does an investment banker play in the...

NGPF Podcast: Tim Talks to FinLit Mover and Shaker Brett Burkey

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Feb 21, 2017
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Podcasts, Investing, Current Events, Professional Development, Tips for Teachers
He’s written personal finance workbooks, successfully lobbied Florida legislators, trained hundreds of teachers and taught thousands of students in his career. Oh, he also was a pioneer in bringing a blended learning model into his classroom. Who’s “he”? That would be educator Brett Burkey who took time to appear on the NGPF podcast to share insights from his incredible career. From the statehouse to the classroom, Brett describes how he was able to engage his...

Happy Birthday Dad!

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Feb 21, 2017
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Savings
I often get the question “Why did you start Next Gen Personal Finance?” It usually comes after I describe an eclectic career which has found me driving shredding trucks, analyzing executive compensation packages and making investment decisions at a mutual fund company. To answer the question, you have to start with the man who would have celebrated his 88th birthday yesterday. He was raised during the Depression and forced to the countryside when the Nazis bombed his home city of...

Implementing "COMPARE: Making Credit Decisions" Amanda Volz-style

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Feb 20, 2017
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Activity, Credit Cards, Lesson Idea, NGPF Fellows
NGPF Fellow Amanda Volz took a fairly basic activity from our bank — COMPARE: Making Credit Decisions — and made it her own. Now, she’s sharing the strategy, guaranteed to liven up your classroom, with you. As an added bonus, the activity she’s referring to is now available in Spanish, too, so some of your English Language Learners can participate fully in this discussion-based fun. Read on for Amanda’s guest blog post… __________________________ As a personal...

Video Resources: Avoid Those Checking Account Fees

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Feb 20, 2017
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Video Resource, Research, Checking Accounts, Debit Cards
It’s often the first financial product that a young person will use. Maybe they start with a savings account but eventually they graduate and pair their savings account with a checking account. In that process of setting up this new account, the customer will be asked (or they should be) whether they would like “overdraft protection.” The term sounds innocuous and better yet lures them in after all who doesn’t want to be protected. Have your students watch one or more of...

Question: How Much Does Bad Credit Cost You With Auto Insurance?

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Feb 16, 2017
Answer (from Consumer Reports): $2,090 A two-car couple with poor credit will pay an extra $2,090, on average, compared to a family with excellent credit. That’s more than what it usually costs to add a teen driver or even the penalty for having two DWIs. Many people are surprised to discover the various ways that credit scores are used to gauge an individual’s trustworthiness (note that I didn’t say creditworthiness). Now, here’s some evidence that auto insurance companies...

Schools in the News

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Feb 15, 2017
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Schools In News
Altoona teacher awarded for her work with personal finance (Leader Telegram) An Altoona High School teacher won a statewide award Thursday for her work as a personal finance instructor and involvement in a financial literacy program for high school students. Kelly Ostrander, in her 27th year at Altoona High School, received the 2016 Financial Literacy Award in the legacy category.  What high school freshmen are learning could save you thousands of dollars (WBAY) It’s easier than ever to...

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