All Articles Tagged "personal finance tips"
Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
Michelle Thornhill will provide personal finance tips to get you and your family on the right track when it comes to money management. This financial tip is sponsored by Wells Fargo. Here’s Michelle Thornhill.
Wells Fargo is providing tips to help your children learn about money
management. At each stage in your child’s life, consider ways in which you can help them prepare for a successful financial future.
1.) When you have newborns, be sure to update your own health and life insurance policies to benefit them or even start a college fund.
2.) When your child gets older, start teaching them about saving, budgeting, and setting small financial goals that they can reach.
3.) Give teenagers more money management activities and teach them about how credit works. High school students can benefit from learning about financial aid, student loans, scholarship qualifications and salary ranges for different careers.
Set your children up for financial success tomorrow by setting the standard today.
For more financial tips and information, visit www.handsonbanking.org
(msn.com) — You may not be ready to go entirely paperless, but chances are good you’re hanging on to a lot more dead trees than you should. Now is a great time to remedy that. After you’ve filed your tax return, you can get serious about reducing your financial clutter — now and in the future. Here’s what you need to know:
There’s nothing special about scraps of paper. The Internal Revenue Service accepts electronic records, so you can scan receipts and download documents rather than hanging on to the paper versions. Often, you don’t even need to download, now that many financial institutions offer quick access to statements online. My bank, for example, gives free online access to my statements for the past seven years. My credit card issuers offer the same for six to seven years, while my brokerage offers free access for 10 years. Check with your institutions to see about their policies.
“Seven” is a magic number. That’s how long the IRS typically has to audit your tax return. Your biggest risk is in the first three years after a return is due; the 2010 return that’s due this April can be audited under normal circumstances until April 2014. The IRS can extend that deadline by three years, to April 2017, if it suspects you underreported your income by 25% or more. There’s no deadline if you committed fraud or failed to file a return, but we’ll assume you’re not a crook and have stayed up-to-date. If you write off a bad debt or claim a tax break for worthless securities, you need to keep proof for seven years after filing — or until April 2018, for your 2010 return.
(Network Journal) —
- A used car will be just as good as a new car, as long as you do your research and make sure you don’t buy a lemon. It will save you a boatload in both payments and insurance. Personally, I don’t ever plan to buy a new car again.
- Buy renter’s insurance. That is one expense that is definitely worth it.
- Be careful about how much you go out with your friends. Everyone wants to be social, but $50 a night times three nights a week adds up fast, especially on an entry-level salary.
(Black Enterprise) — Have you ever taken $40 out of the ATM and a few hours later asked yourself where that money went? Or, do you use your debit card to make purchases but don’t keep track of them…and then wonder how your balance got so low? While everyone can benefit from learning about money management and taking a more hands-on approach with their finances, young adults — including those just starting a career or a family and others still in high school or college — have plenty to gain by learning to be smart about money, and a lot to lose by making uninformed decisions.