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Young Adulthood and Financial Literacy

Young adulthood and financial literacy So, you have crossed the threshold into adult life. These years bring many first..... the first job, getting married, first home, and first child. If you don’t learn to manage your own money, other people will find ways to manage it for you. These people may be ill-intentioned or well-meaning. Either way, the best course of action is in addition to seeking advice is to learn the most you can on your own. Read books, watch videos, read financial articles online. There are many forms and outlets for getting a financial information. If you are not sure where to start consider talking to a teacher, counselor or the librarian at school.  Additionally, you can talk to a mentor, relative or someone you admire for valuable insight.  Lessons can be learned in the media as well.  You can watch CNBC or FOX business on cable. The internet also has websites like FDIC, CNN’s Money 101 and Khan Academy offers free financial online courses.  Go old school and read the Wall Street Journal or local papers like New York Times and Washington Post.  These days podcasts are becoming a prominent venue to learn.  Try listening to Freakonomics Radio podcast or Afford Anything.  The point of all these choices is to understand that information is all around us.  You need to keep your eyes open, your mind curious and a bit of skepticism too.  The more you learn the more confident you will be as you move forward [Read More...]

Young Adulthood and Financial Literacy2021-05-04T22:33:08-04:00

Life and Finances in Your 20’s and 30’s

Your first “real” job is probably an entry-level position. It may not pay very much but   your first paycheck is almost sure to be significantly larger than any you have earned    in the past for part-time or summer jobs. If you do not have one yet first thing is to open a bank account and set up direct deposit. Consider looking for free checking accounts that either don’t charge monthly maintenance fees or waive said fees when you set up recurring direct deposits or maintain minimum daily balance requirements. Another option to look at is overdraft protection. Overdraft fees often exceed $30 per item – an unwelcome hit for anyone, but especially for young workers without much financial cushioning.  In addition, don’t forget your savings need to be a priority.   Aside from your salary your first job may compensate you with benefits.  While this may be new and overwhelming it is important to review and make good choices. Health insurance is the most well-known and used benefit.  There may be options to choose from they usually include health, dental and vision plans. Company-sponsored retirement plans are also a particularly great choice, because you get to put in pretax dollars and often companies match part of your contribution, which is like getting free money. Your company may not offer this option, or you may be self-employed.  Do not worry you also have some options to set up retirement plans. You can you’re your own IRAs,  and set up an automatic withdrawal from your savings account into your [Read More...]

Life and Finances in Your 20’s and 30’s2021-05-04T22:32:33-04:00

Financial Literacy Tips from BEW

Learning to manage your financial house is an important lesson to learn.  It may seem overwhelming as you start looking at all the things you want to learn more about. To quote Confucius “A journey of a thousand miles begins with a single step” Here are some tips to get started. Review your bills Look for monthly automatic charges to your credit card or bank account that you are no longer using or getting any benefit from.  These are often overlooked as small things, but they can add up quickly. Finding little ways of saving can happen every day.  Try walking to do some your errands or monitor the thermostat at home. Window shop and then plan your purchases, no impulse buys. Finally, Look at your interest rates on your credit cards. You may have various levels of interest rates in your wallet.  Transfer high-interest credit card balances to low interest ones first.  Once you are maintaining low interest rates the next step is to commit to paying them off completely. Credit Reports A credit report is a detailed breakdown of an individual's credit history prepared by a credit bureau. Credit bureaus collect financial information about individuals and create credit reports based on that information.  Lenders also use the reports along with other details to determine your creditworthiness. The three credit reporting agencies are TransUnion, Equifax, and Experian. Because of their reporting methods, it is common to have different credit scores across all three bureaus.  All consumers should be aware of the FACT [Read More...]

Financial Literacy Tips from BEW2021-04-22T08:55:42-04:00

What Should I Know About the COVID-19 Vaccination?

So many questions are arising about the rollout of the COVID-19 vaccination. When can I get one? Where? Is it safe? Here are some answers and resources to find additional information! Who Can get the Covid-19 Vaccine? The answer to this question usually refers to phases and where you fall into them. Phases are suggested groups, loosely guided by the federal government that states use as priority guidelines for who should receive the vaccinations and when.  The aim with the phases is to control the spread of the virus while aiding in the preservation of basic function of society.  In other words, the higher-priority groups are people who are at higher risk with severe COVID-19 symptoms or death and people who are needed to continue working. As we move through the phases, the populations become less at risk or less necessary during the current crisis. The general phases and groups are: Phase 1-A Residents in Care Facilities and Health Care Personnel       Phase 1-B People 75 and up and Frontline Essential Workers                            Phase 1-C People 65-74 or 16-64 with High-Risk and Other Essential Workers  Phase 2 General Population-People 16 and up without High-risk conditions When Can I Get the COVID-19 Vaccine? Due to the decentralized approach of the current COVID-19 vaccination rollout and the supply of available vaccines it is difficult to estimate about when you will have the ability to get vaccinated.  Your doctor may also be able to help you find out when you’ll be eligible. Where Can [Read More...]

What Should I Know About the COVID-19 Vaccination?2021-02-01T18:25:19-05:00

What is BEW Doing During Covid-19?

We have been dealing with some strange times here in New Jersey since March.  We are now all familiar with a new pandemic in our midst.  Covid-19 has changed the way we live our everyday lives tremendously.  We all had to quarantined to keep safe at home. Sadly, we had many in our area deal with being sick, hospitalized or even unfortunately losing their battle to Covid-19.  We want to extend our deepest sympathy to those who have lost family and friends.  Knowing they are in our thoughts and will not be forgotten.  Businesses have been shut down and kids are unable to go to school or play in the parks. Our lives have changed but we are all strong and will get through this together. Thanks to an overwhelming effort on the part of all our fellow New Jersians we are progressing to the next phases, and we are adjusting our business practices.  During quarantine we started expanding our technological abilities and were able to service clients virtually.  As things start opening up again, we are preparing to open the office.  At this time, we will be working by appointment only.  We will be installing sneeze guards which are plastic dividers which will serve as a barrier between you and us for our mutual protection.  For our safety and that of others we are now accustomed to washing hands, wearing face masks and staying  6 feet apart.  These practices will continue in the office and we will have a [Read More...]

What is BEW Doing During Covid-19?2020-09-24T11:32:47-04:00
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