Monthly Archives: October 2017

Need Help With Consumer Purchases, Problems & Complaints?

When I began my position as a financial counselor and educator/trainer at the US Naval Submarine Base in Groton, CT, I realized very quickly how vital current, free resources were to military personnel, their families and veterans.  So, I’m passing along information about a FREE resource book (which is paid for by our tax dollars).  It’s called Consumer Action Handbook.

You can order it by going to www.USA.gov.  Scroll down to the bottom of the page and click on “View Publications.”   You can order a copy online or call 1-844-872-4681.  The publication is also available in Spanish.  Consumer Action Handbook is also available as a pdf copy.

Use the Consumer Action Handbook to get help with consumer purchases, problems and complaints. Find consumer contacts at hundreds of companies and trade associations, local, state, and federal government agencies, national consumer organizations and more.  Just to mention a few of the topics covered: Buyer Beware, Cars, Credit, Education, Health Care, Insurance, Privacy and Identity Theft and many more topics.

USA.gov is your online guide to government information and services, including a section for job openings in the private sector and federal government. This website is a treasure-trove of information, and I hope you avail yourself of this FREE resource.

It is my desire and hope that I will be writing blogs more frequently on my website.  I enjoy writing and passing on financial information which may be helpful to some of you.  This past summer, I volunteered at the Mystic Aquarium.  I worked many more hours and days than I had anticipated, leaving less time for writing.  However, the experience was most enjoyable especially seeing families and particularly young children get so excited with all the fish and marine mammal exhibits.  Lessons on conservation and our environment I hope will be long lasting for them – same thoughts I have about lessons on financial literacy!

Thank you for visiting my website and reading my blog.  I congratulate you for continuing to pursue more knowledge about financial issues.

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Filed under consumer information

myRA.gov changes need immediate action

The U.S. Department of the Treasury is phasing out the myRA® program. I am truly sorry to see this program end. I read, whether true or not, that the program is ending because it has been deemed too costly to operate.  I would very much like to add comments about the waste within our government, but I believe I could accomplish more by providing useful financial information to those of you who read my blog.

If you have invested in the program, go to the myRA website http://myRA.gov for important details about your account and the next steps you need to take. There are several options you have to transfer/withdraw your money.  I would prefer that you NOT withdraw your money without reinvesting into a Roth IRA.

And here’s my major reason why – the power of compounding interest.

                                                                                                                              

The money you save in a savings, retirement, or other account can earn interest or investment earnings.  When you leave the money there, over time you can also earn interest on your interest, or earnings on your earnings.  Although this sounds like a slow process, once you get started it can result in some impressive growth in the money you’ve saved or invested over the long haul.

Here’s just a simple example.  Say you initially put $500 into an investment, you add $25 each month, the money earns 4% compounded monthly.  What would you have at the end of 25 years?  $14,201.12.

You don’t even have to know how to do the math for my example. So, don’t panic.  Access Investor.gov and use the “compound interest calculator.”  Investor.gov  http://Investor.gov is a website of the US Securities and Exchange Commission. One of the objectives of the Commission is to protect investors.  It’s an excellent website and provides resources and financial information in a format that is easily understood.

I believe it’s more important than ever for everyone, even young children, to understand basic financial concepts.  Why? Not only for your personal financial security but also for your understanding of how your municipalities handle their finances – ultimately your money.  If you don’t have a basic understanding of money, how do you know if the people you elect for your government positions are financially savvy!

Thank you for visiting my website and reading my blogs.

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Filed under retirement, wealth creation