Efforts to make us smarter about money don’t seem to be working. A Harvard Business School study found personal finance classes taught in high school had no effect on “financial outcomes,” such as how much people saved or how likely they were to miss payments on debt. A report for Management Science found that even […]
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Monday’s need-to-know money news
Today’s top story: How to decide if you need travel insurance. Also in the news: Steps to take if you didn’t get enough financial aid, why not being in debt is better than having awesome credit, and 4 things you should know about health savings accounts. When Do You Need Travel Insurance? Protecting yourself and […]
Q&A: How to avoid hiring a Madoff-like financial advisor
Dear Liz: What is the best way to pick a financial advisor to make sure they don’t make off with all your retirement money? I don’t want Bernie Madoff handling my retirement savings. Answer: Even if you turn over day-to-day investment decisions to an advisor, you should make sure your money is invested at an independent […]
Q&A: Guaranteed income in retirement
Dear Liz: Is there such a thing as guaranteed income in retirement? Private pensions are gone and public pensions aren’t far behind. There are calls for pension reform and I’m not sure if anything is guaranteed anymore. As far as annuities are concerned, insurance companies are on shaky ground and the U.S. government had to […]
Q&A: Using two-factor authentication
Dear Liz: In a recent column, you discussed the importance of setting up two-factor authentication to protect financial accounts. My concern about using this method is that if my cellphone is lost or not working, I won’t be able to access my accounts when necessary. What do you think about this? Answer: Two-factor authentication typically […]
Friday’s need-to-know money news
Today’s top story: Mapping your financial journey. Also in the news: What Wells Fargo’s settlement might mean for you, six unusual ways to get out of debt, and surprising Social Security benefits for divorced spouses. Mapping Your Financial Journey Building a roadmap to success. What Wells Fargo’s $185 Million Settlement May Mean for You The […]