8/7/2023 0 Comments Financial educatorVice president of client services Kim Buckey at DirectPath, which guides clients through navigating complex medical insurance benefits and medical debt repayment, says people are surprised to learn how devastating medical debt can be.Īccording to the National Bankruptcy Form, medical debt is the most common reason that people file for bankruptcy. Medical bills are the most common reason people file for bankruptcy Never take what's initially given to you without conducting your own research, or worse, leaving benefits behind. Take time to look into your 401(k), or other benefits, and how they can work for you. James warns, "Stop thinking your employers know what's best for your money. James says her students are surprised to learn that they can get a second opinion from a financial planner to maximize the rate of return on their investment accounts. Tiffany James leads a community called Modern Blk Girl for Black women who want to achieve financial freedom through investing in the stock market. You have more control of your 401(k) and IRA investments than you think While simply having an open credit line contributes to the average age of your credit (older is better), on-time payments in particular have a strong positive effect. Huaco says, "If students have federal loans, even if they are in deferment and have not yet made any payments on them, they are building credit history." If you're looking to improve your credit score without opening a new credit card, try directing more attention to your student loan payments instead. Huaco's students are always surprised to learn that student loans help you build credit. Student loans can help you build credit, even if they're in defermentĪt Champlain College in Burlington, Vermont, students have access to a financial wellness program called InSight directed by Jimena Huaco. Pearson says prices tend to level out eventually, and that investing in the market doesn't need to be so stressful.Ĥ. If you're investing for the long term with a brokerage account, or watching returns on your retirement accounts, try not to panic when the market goes up and down. Sure, there are ups and downs, but over time "the market always recovers," Pearson says. The stock market isn't as volatile as you think it isįinancial behaviorist and financial education professor at Kansas State University Blain Pearson, Ph.D., CFP says that students are surprised to learn that stock market volatility is dramatized by news outlets. Aside from a late payment fee, interest rates on any late payments will soar, costing you significant money over time. Store credit cards tend to have significantly higher interest rates than regular credit cards, and they have "very punitive" consequences for late payments. Manisha Thakor, MBA, CFA, CFP of MoneyZen says, "10% off your purchase when you sign up at the checkout counter seems like a smart financial move, but the devil is in the details." Store credit cards can destroy your credit Bad credit can be a red flag for some employers, while others believe it's completely irrelevant to the hiring process. Some employers check credit histories to assess your level of responsibility, or to see if you're fit to handle large sums of money. Daniels taught financial education to college students, primarily at historically Black colleges and universities (HBCUs) and his students were surprised to learn that poor credit history can prevent you from getting jobs. A bad credit score can prevent you from getting jobs
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |