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.

 

 

$ave $teve

$ave $teve is an innovative, fun way for gamers of all ages to increase their financial literacy. With the help of the Krackle Botz, benevolent robots from another dimension, $teve gains financial knowledge, fiscal responsibility and investment insights on his adventure through secret laboratories and parallel universes.

$ave $teve was developed by Phyllis Schirle and Jim Blanton at The Chesapeake Public Library, in partnership with the Norfolk State University’s Creative Gaming & Simulation Department, as part of the Smart investing@your library program. You can read more about how $teve came to be here.

Morningstar Announced 2013 U.S. Fund Manager of the Year Awards

Morningstar announced the nominees for its 2013 U.S. Fund Manager of the Year awards. The
awards acknowledge managers who not only delivered impressive performance in 2013,
but who have also delivered excellent long-term risk-adjusted returns, and have been
good stewards of fund shareholders' capital. To recognize outstanding fund managers
each year, Morningstar selects leaders in five strategies: domestic stock,
international stock, fixed income, alternatives, and allocation.

For the winners and related article to go:
http://www.reuters.com/article/2014/01/15/morningstar-awds-idUSnPnCGkm5tT+161+PRN20140115

For the video of the announcement on CNBC's Power Lunch
http://video.cnbc.com/gallery/?video=3000236106

 

Just in time for tax season: Download your previous tax returns from the IRS

A small part of doing your taxes might not be so daunting anymore. An official from the United States Department of the Treasury announced today that Americans can now download their tax returns directly from the IRS from the new service Get Transcript. The announcement was made at the White House’s education "Datapalooza," a meeting of hackers and policy leaders that explored how open government data can help the country's education system.

Read more from The Verge

Screenshot of the Get Transcript .gov site

Northrop Grumman hosts the first Mind Your Money Class

Congratulations to our first class! The students, all who are employees of our corporate partnerNorthrup Grumman, enjoyed a light lunch as they began to learn practical steps to a secure financial future. Mohammad G. Robbani, Ph.D., Chair of the Department of Economics & Finance at Alabama A&M University, was the instructor for this session.

Thanks to all who participated, we look forward to the second session on January 28th!

Mohammad G. Robbani, Ph.D. Chair, Department of Economics & Finance. Alabama A&M

Narrow your focus to save money

Great article from Time on an easier way to save money:

The trick to making a savings plan stick is to think about small, specific steps that can be repeated over time," Leona Tam says. "When it comes to putting practical steps into place to make our savings goals happen, the future isn’t a great place to focus. Gazing off into the horizon can leave us tripping over our feet, so to speak.

Read more: Want to Save Money? Stop Thinking About the Big Picture

Narrow Your Focus

From MarketWatch: 5 critical retirement investing mistakes to avoid

A new book titled “Investor Behavior: The Psychology of Financial Planning and Investing” gives us five great tips on saving for retirement. More from MarketWatch:

1. Don’t ignore the detrimental effects of inflation on fixed income and financial assets. For example, as inflation increases, the required rate of return on bonds increases resulting in a decrease in bond prices.

2. Don’t react emotionally to news stories or short-term trends about the stock market.

3. Don’t chase past performance. Mutual funds attract investors by increasing their advertising on high performing funds. Using past performance as a strategy rarely works. Thus, retirees should avoid jumping on the bandwagon and following the herd.

4. Don’t ignore the effect that personality, mood, affect, and cognitive biases shape investment and trading decisions.

5. Don’t fail to have a diversified portfolio. That is, putting all your eggs in one basket is not a good idea from an investment perspective.

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