Mind Your Money

 

Welcome to the library's multi-author blog and associated resources for increased financial literacy. This program is made possible by a grant from the FINRA Investor Education Foundation through Smart investing@your library®, a partnership with the American Library Association

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For questions or comments about this program, please send email to mym [at] hmcpl [dot] org.

 

 

Investment 101 for the Military

The Library is partnering with organizations on Redstone Arsenal to offer free Investment 101 classes at two locations, open to all people with access to the Arsenal.

In September, Army Community Services will host the 4-part series on Mondays.  For more information, please contact Kathleen Riester at Kathleen [dot] k [dot] riester [dot] civ [at] mail [dot] mil -- registration is required!

If you're not able to attend the September series, MWR Post Library will host an additional set at the MWR Conference Center in November-December.  For more information, please contact Barbara McGroary at the MWR Post Library, 256-876-4741 -- registration is required!

As you begin thinking about investing, be sure to visit the free financial tools at saveandinvest.org, an excellent website produced by the Financial Industry Regulatory Authority (FINRA).  For instance, they have an article explaining how to check out candidate brokers using the free BrokerCheck service.

Now is a good time to invest in your future.  And there are so many resources to help you get started!

Over One-Third of Americans Have Not Saved for Retirement

A lot of folks have empty nest eggs.

A third of people (36 percent) in the U.S. have nothing saved for retirement, a new survey shows.

In fact, 14 percent of people ages 65 and older have no retirement savings; 26 percent of those 50 to 64; 33 percent, 30 to 49; and 69 percent,18 to 29, according to the survey of 1,003 adults, conducted for Bankrate.com, a personal finance website.

"These numbers are very troubling because the burden for retirement savings is increasingly on us as individuals with each passing day," says Greg McBride, chief financial analyst for Bankrate.com. "Regardless of your age, there is no better time than the present to start saving for your retirement. The key to a successful retirement is to save early and aggressively."

Concerned about your retirement? Read more from MSNBC

21 Winning Attributes of the Wealthy

Peter G. James Sinclair says that wealth "has a far much broader meaning that also includes the richness of friends, family, as well as opportunities" and brings us 21 of the finest attributes that help define a wealthy person:

1. They Love What They Do
2. They Perform With A Touch Of Class
3. They Apply A Winning Attitude
4. They Go Beyond What Is Expected
5. They Are Great Time Managers
6. They Take Initiative
7. They Are Enthusiastic
8. They Are Diligent
9. They Are Self-Disciplined
10. They Are Assertive
11. They Are Team Players
12. They Risk Doing Something Great
13. They Set The Bar In Competence
14. They Establish & Preserve Organization
15. They Show Respect
16. They Are Clear Communicators
17. They Dress For Success
19. They Model Character
20. They Are Committed To Constant Change
21. They Smile A Lot

For insight into these attributes, read more at http://www.pickthebrain.com/blog/the-21-winning-attributes-of-the-wealthy/

 

Avengers Comic Teaches Mad Money Skills!

Join the Avengers and a special guest in this exciting educational comic about saving money and saving the day. The heroes team up to defeat Mole Man and his evil army, all while learning important financial skills. The action-packed comic features a budgeting worksheet, finance terms and more.

The comic  is available in eight digitally in eight different languages, and offers a free teacher's guide as well as a "Budget Blaster Worksheet" to allow kids to print out and track their own emerging budgeting skills. 

Who knew saving money was so much fun?

Saving the Day

Morningstar's 5 Notable Interviews From 2014 Investment Conference

Morningstar's 5 Notable Interviews From 2014 Investment Conference

One-on-one interviews with some of the industry's best investing minds.  On June 18-20, the Morningstar Investment Conference brought together the most innovative minds in investing.  To view the videos and read the blogs from the conference select this link or the linked title above.

There was no shortage of big issues to tackle this year. Attendees heard keynote presentations from PIMCO co-founder and chief investment officer Bill Gross, AQR founder and managing principal Cliff Asness, Franklin Templeton executive vice president and chief investment officer, global bonds, Michael Hasenstab, and Focus Consulting's Michael Falk.

Morningstar analysts also led panel discussions featuring notable investors, such as GMO's Ben Inker, Fidelity's Will Danoff, Ariel Investments' John Rogers, and Oakmark manager David Herro, covering a wide variety of topics, including proven active management strategies, strategic beta, the macroeconomic landscape, unconstrained bond funds, dividend-paying stocks, international opportunities, and more.

Investing for Your Kids

As a parent, you want to teach your children about investing because you understand that nothing can touch the sweetness of long-term growth.

The Motley Fool has a great page to help you get started, with a guide to help you answer many questions you may have about investing for your children. 

"In addition to putting away money for your own retirement, you'd like to have an account earmarked for your child. As she gets older, you'll be able to tell her that she has this account, and at a certain point, having watched it grow from acorn to oak, she'll happily take shelter in its shade. Because you've introduced her to the magical concept of compound returns, and because she's already excited at the fact that her account total has shot up like Jack's magic beanstalk, she will be unlikely to chop the thing down, pull out the money, and splurge it on her "Treasure-hunting Spanish Booty in the Strait of Hormuz" fantasy trip.

In addition, since she's heard how college can expand the mind every bit as much as travel, and since many of her friends are heading off to higher education, she'll come to see that this is her ticket. 'Twould be foolish (not Foolish) to throw away her ticket to a better life.

If, on the other hand, she decides she's going to go to New York, to live in a hovel, to gargle with Drano, and to become the next raspy blues singing sensation, well, maybe you'll have to let her do that. But at least if you've planned ahead you'll have the option -- and you'll be able to let her have the option -- when the time comes.

To this end, we're going to illuminate the following shadowy issues:

  • Who do you want to control the account -- you or your child?
  • What kind of account can you set up? Is a custodial account your best bet, or a guardian account -- and what the heck is the difference, anyhow? How do the various types of IRA accounts fit into the picture? Are there substantial tax benefits? What about restrictions?
  • Once you've decided on the type of account, what can you put into it? Money market accounts? CDs? Stocks?
  • How exactly do you go about setting up an account?
  • How can you teach your child about this great investment oak even as it grows?

If this dizzying panoply of questions hasn't sent you running for the hills, then hold out your hand. We'll take you where you want to go, as far as we can, and then, like the trusty, crusty guide who must turn back and head for his own hearth and home; like the Momma who tearfully kisses her little boy goodbye as he boards the bus to college (or to seek his fame and fortune with the rodeo, for that matter) we'll send you on your way. You'll be well-armed for skirmishes on the playing fields of finance.

All right then. Buckle up. Strap on your chainmail and ready your mace. The clarion call to action fills the air and swells our hearts with brave and clear-eyed foresight. Click, click on, O ye sons and daughters of the Commonweal!"

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