Are you building your small business? Having good financial controls in place can make the difference between success or failure. Attend June's Small Business Workshop on June 30th to get the information you need to keep your business on top! Financial Management - understanding this critical practice |
After completing this module, the participants will be able to:
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June Small Business Workshop
LifeCents Online
Take a free online financial assessment to see where you stand financially. LifeCents is offering a drawing of $25 each day for people who will do a financial assessment, a weekly drawing of $100 and a grand prize drawing to take place in July. All you have to do to get started is visit LifeCents!
https://bankonhr.mylifecents.com
https://bankonhr.mylifecents.com
Plan for Your Someday
Working hard, paying bills, and putting money aside for your needs and
wants in the “now” are so often automatic in our day-to-day lives – so why
aren’t we thinking about or planning for the future? According to the 2015
Retirement Confidence Survey from the Employee Benefit Research Institute,
nearly one-third of workers have almost no retirement savings or investments
(< $1,000), and a staggering 57% are underprepared with less than $25,000
for retirement.
It’s clear that anyone not using the present to plan for retirement will
likely be setting themselves up for a less than golden future. But it’s never
too early or too late to save for retirement. Try one – or more! – of these
three ways to take advantage of retirement savings opportunities right now to
build yourself a more secure future:
1. Open Up a my Social Security Account
Social Security benefits play an important part of planning for
retirement. Don’t forget about your my
Social Security account! This free account can help you determine what your
benefits will be and when will be best for you to start receiving them.
2. Save Early and
Save Often, No Matter How Much You Earn
Starting retirement savings early is the best way to take advantage of compound
interest and establish good savings habits. Take advantage of any workplace
opportunities, like a 401(k) or 403(b), and never turn down “free money”
that comes in the form of employer contributions or matches. Individual
Retirement Accounts or IRAs are also a great way to save, with some tax
benefits in the process. If you get paid by direct deposit from your employer,
you may also be eligible to participate in the new myRA
program. myRA is a simple, safe, and
affordable retirement account created by the United States Department of the
Treasury for the millions of Americans who face barriers to saving for retirement.
Need help finding ways to save? Turning off your phone or cable could
save you $5 a month. Find a penny, pick it up; by saving $.50 in change a day,
you will save $15 a month. For more ideas like these, visit America
Saves online.
Starting early isn’t possible for everyone, but that doesn’t mean you
can’t play catch-up. Calculate what you will need to save in order to live
comfortably in retirement. Once you have turned 50, you can make “catch-up
contributions” – an extra amount beyond the normal limits that you can
contribute to tax-deferred retirement plans.
3. Take the
America Saves Pledge
Those who make a commitment to themselves and their family to save
usually save more than those who don’t. Make your commitment to retirement
savings today and receive regular advice and support via email and/or texts while
you save money. America Saves will provide you with the motivation and advice
you need to reach your savings goal.
Tammy Greynolds works
for America Saves, managed by the
nonprofit Consumer Federation of America (CFA), which seeks to motivate,
encourage, and support low- to moderate-income households to save money, reduce
debt, and build wealth. Learn more at AmericaSaves.org. America Saves is proud to be part of the “Campaign
for a Secure Retirement: Helping Millions of Americans Plan and Save for
Retirement” joint,
national educational retirement campaign to encourage retirement planning
and saving and to promote the online Social Security Statement, available
through mySocial Security, as an important retirement planning tool.
Are you Credit Invisible?
The Consumer Financial Protection Bureau recently released a report about the millions of Americans that are "credit invisible" having no reportable credit information at all or "credit unscorable" meaning they have few active lines of credit preventing our commercial credit scoring models from generating a valid credit score.
If you are one of the 45 million Americans (19% of adult population) with no credit or limited credit, you may find that traditional avenues to obtaining loans are closed or difficult to navigate. Many of these Americans have been responsibly paying their financial obligations, but have no record of their payments recorded on their credit report.
Bank On partners offer citizens a path toward better credit. By working together with our Bank On participants, our financial institutions can help you overcome your lack of credit history and help you build a positive credit profile that assures you have access not only to lower interest loans, but also to housing, jobs and better insurance rates that are available to citizens with solid credit.
To read more:
http://www.consumerfinance.gov/reports/data-point-credit-invisibles/
If you are one of the 45 million Americans (19% of adult population) with no credit or limited credit, you may find that traditional avenues to obtaining loans are closed or difficult to navigate. Many of these Americans have been responsibly paying their financial obligations, but have no record of their payments recorded on their credit report.
Bank On partners offer citizens a path toward better credit. By working together with our Bank On participants, our financial institutions can help you overcome your lack of credit history and help you build a positive credit profile that assures you have access not only to lower interest loans, but also to housing, jobs and better insurance rates that are available to citizens with solid credit.
To read more:
http://www.consumerfinance.gov/reports/data-point-credit-invisibles/
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