Category: Financial Literacy
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Essential Bank Accounts for Building Wealth
When starting your financial journey, choosing the right bank accounts can feel overwhelming. I remember thinking just a checking and savings account would cover all my needs—until I discovered the wide range of options available. Each type of account serves a unique purpose, from handling everyday expenses to planning for long-term goals like retirement. By…
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HENRYs: Why High Earners Still Feel Pressure
Earning a six-figure salary might sound like guaranteed financial comfort, but that isn’t always the case. Meet the HENRYs: High Earners, Not Rich Yet. These individuals or families typically earn between $100k-$500k yet still feel financial pressure. Why? Rising living costs, high student debt, real estate prices, and lifestyle inflation often leave them feeling stuck…
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Switching Jobs? Don’t Forget About Your 401(k)
Starting a new job is exciting—a new paycheck, new people, and new opportunities. But in the whirlwind of change, it’s easy to forget something crucial: our retirement savings. According to a Vanguard study, many job switchers lower their retirement savings, often without even realizing it. Over time, this oversight can cost them up to $300,000…
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Why Setting Up Your 401(k) Early is Essential
When I first started working, I didn’t think too much about my 401(k), but I’m so glad I enrolled right away—it made a huge difference. That retirement money has the most time to grow, thanks to compound interest. If your employer offers this benefit, taking advantage of it early can help you build a strong…
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Finding the Right Budgeting Rule for You
When I first started budgeting, I felt overwhelmed by all the choices. I knew budgeting was important because I wanted to be responsible with my money, avoid debt, and build good habits from the start. Like many, I wanted to make sure I wasn’t spending more than I earned. Should I follow a strict formula…
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Why Are Hispanics More Likely to Be Unbanked?
Growing up, I remember hearing about families who didn’t trust banks or have access to them. It wasn’t until I started learning more about personal finance that I realized how common this experience is, especially for many in the Hispanic community. In fact, 12% of Hispanic households are unbanked, compared to only 3% of white…
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What Is Inflation and Why Does It Matter?
Inflation is when prices for goods and services increase over time, meaning your money doesn’t stretch as far as it used to. It’s why your groceries, gas, and rent might seem more expensive now than they did a year ago. Inflation matters because it impacts everyone—when prices rise faster than incomes, it becomes harder to…
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What is Annual Percentage Rate (APR)?
What does annual percentage rate (APR) mean? It represents the yearly rate charged for a loan, like a credit card. When you apply for a credit card, you’ll see a section called the Schumer Box, which outlines key terms and details about the card. The box, named after a congressman, was created to ensure transparency…
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How to Prepare for the Fed’s Next Rate Drop
So, you’ve heard the buzz—the Federal Reserve might be lowering interest rates again. But what does that actually mean for you? Don’t worry, we’re here to break it down in a way that won’t make your eyes glaze over. Whether you’re thinking about saving, borrowing, or investing, here’s how you can prep for the Fed’s…