A recent survey shows one in three Americans don’t understand “simple finance terms and concepts.” Don’t worry, we’re here to help you pass your next financial pop quiz with answers to six basic financial questions!
In this savings series, we will be posting need to know information to help new savers become experts and take charge of their finances! Check back weekly for more stories.
Summary: The good news is 68% of people know what a CD is. However, fewer can answer what net worth is. In a survey of 529 people across all 50 states, one third answered simple financial questions incorrectly. This article reviews those questions (and answers them, too) to help you live your best financial life!
Summary: One of the most pressing questions in the life of a tax filer – when can I expect my tax refund to come? Now, with a IRS e-file, you can get your refund in as little as 8 days from when you file, if you elect for direct deposit. For 9 out of 10 taxpayers, the IRS issued refunds in less than 21 days from the date the return was received last year.
Summary: An emergency fund is an essential personal finance tool. Everyone needs to have some cash reserves for those unexpected moments instead of relying on credit cards or short-term loans to see you through. But where should you keep your money… Hint: not under the mattress.
Summary: A Money Market Account is like your basic savings account’s more mature sibling, and it’s an option worth considering if you’re looking for a safe place to deposit a large chunk of money and earn a little interest.
Summary: No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around. Sometimes all it takes is that first step in the right direction to get things moving in your favor. Just go through the list and find a few that apply to you and use them in your life. When you do, you may quickly find that you’re saving more money than you ever thought possible!
Summary: Have a tax refund coming your way? Consider using it to benefit your personal balance sheet. The average refund has been around $3,000 for the past two years (most people receive their refund within three weeks of filing their returns). That’s a nice chunk of change. Here are ten good things you could do with the money…
Summary: When you’re young, it seems like retirement is too far away to worry about or you don’t know how to get started with a savings account. While you might have decades ahead of you, the one thing you can’t make up for is lost time. And compound interest gives the biggest returns to those who have been in the game the longest.
Summary: A savings account is a simple account that lets you store cash securely and earn interest on your money. However, Banks offer multiple savings vehicles, each with varying requirements and levels of return. Knowing the differences — what’s good about them, what could be a problem — is the first step toward finding the right savings account.