financial literacy

Tuesday’s need-to-know money news

May 20, 2014 By Liz Weston

Today’s top story: Why your digital assets should be part of your estate planning. Also in the news: Three reasons to consolidate your 401(k) into an IRA, what the proposed AT&T/DirecTV deal means for you, and twelve things you should always try to negotiate.

Estate Planning 101: Don’t Forget About Your Digital Assets
Your social media accounts and iTunes purchases need to be protected.

Three Big Reasons to Consolidate Your 401(k) Into An IRA
Reducing fees is a big one.

What AT&T, DirecTV deal means for you
Our choices in entertainment providers are becoming increasingly slim.

12 Things You Should Always Negotiate On
Negotiating may be awkward, but it can save you money.

Should you have to pass a test to get a loan?
Would proving financial literacy reduce the number of defaults?

Money rules rock

May 9, 2014 By Liz Weston

The more you learn about personal finance, the more you realize that “one size fits all” advice doesn’t really fit all. There are often too many exceptions, too many differences in upbringing, personality, culture, financial situations and goals to confidently say, “This is what everyone should do.”

Yet at the same time, people want clear direction. Give them too much information, and many just freeze up. Rather than do the wrong thing, they do nothing–which may be the worst thing of all.

So I was delighted to read about an MIT study that found rules of thumb helped small business owners more than teaching them accounting standards. The simple approach produced “economically meaningful improvements in business practices and outcomes,” according to “Keeping It Simple: Financial Literacy and Rules of Thumb.”

That gives me hope that the “money rules of thumb” pieces I write might actually help you get ahead. With that in mind, please click through to read my latest column for DailyWorth, “7 Money Rules You Need to Know.”

What you–and your kids–really need to know about money

April 14, 2014 By Liz Weston

In case you haven’t noticed, efforts to teach financial literacy in schools and elsewhere are a pretty big failure.

As a nation we’re not getting much better at managing our money. Efforts to change that by teaching money skills in schools haven’t done much to improve the situation. Follow-up studies on people who took financial literacy courses in school typically show the education has little effect. So the debate rages on about whether we should still try.

You won’t be surprised, given what I do, that I think it’s essential people educate themselves and their kids about money. So I’m looking forward to tomorrow’s Google Hangout with CFP Neal Frankle, who runs the Wealth Pilgrim site, where we’ll talk about financial literacy, including ways to get it and give it. The event is sponsored by Bankrate and AOL DailyFinance.

If you’d like to join us, our chat will stream live starting at 2 p.m. Eastern, 11 a.m. Pacific. Hope to see you there!

Update: If you missed the event, the link to our conversation can be found here, on the DailyFinance site.

Monday’s need-to-know money news

April 7, 2014 By Liz Weston

Today’s top story: The tax mistake you cannot afford to make. Also in the news: The best time to shop for Christmas (seriously), how to keep your kids out of debt, and how to use your Roth IRA as an emergency fund.

The 1 Tax Mistake You Must Not Make
Making sure your figures match.

Best Time to Shop, Save for Christmas? Now
It’s practically right around the corner!

5 Tips for Keeping Your Kids (and Grandkids) Out of Debt
Teaching the value of money during Financial Literacy Month.

How To Use Your Roth IRA As An Emergency Fund
Not just for retirement.

Negotiate Your College Financial Aid to Get the Best Deal
If done right, the school of your choice could match your best offer.

Wednesday’s need-to-know money news

January 15, 2014 By Liz Weston

Today’s top story: The key factors to getting the lowest mortgage rate. Also in the news: Personal finance trends for 2014, how to make teaching your kids about money fun, and what you can do to make good financial decisions all day long.

The Most Important Factors to Getting the Lowest Mortgage Rate
Your credit score is key.

5 personal finance trends to expect in 2014
Mortgage rates will begin to slowly increase.

Making Financial Literacy Fun
Teaching your kids about money doesn’t have to be torture.

5 Ways to Make Good Money Choices All Day Long
Daily reminders can be a big help.

10 money lessons from elderly Americans
Advice from those who have seen it all.