U.S. Bank Survey Highlights What Kids Save For
To understand what today's kids are savings for, U.S. Bank surveyed 1,500 of its customers between the ages of 5-12.
Types of Savings Accounts
Opening a savings account is the easiest way for people to save and earn money at the same time. It is the simplest form of investment. There are different types of savings accounts which vary according to your type of needs.
The List of Failed Banks Has Grown, But the Worst May Be Over
There is a lot of talk in mainstream media about failed banks, so we went directly to the source--the FDIC, to find out the full story. Here, you can see clearly that last year, 26 banks failed in total. As you can see from the chart there was very little activity in the first half of the year, then bank failures steadily increased from July through December.
Countdown to Inauguration: Updates on the US Economy
More than a month before he officially takes his seat in the Oval Office, President-Elect Barack Obama's already towering economic to-do list is still growing by the minute.
As anticipated, people are looking to him as the go-to guy now more than anybody else. Even the upward and downward swings of the financial markets are largely dependent on Obama’s moves, rather than on what the current president has to say in his final days in office.
Savings and Money Market Deals
Bank of America has the "Keep the Change" promotion. You need a checking account, savings account, and check card to participate. This program rounds up your purchase to the nearest dollar and transfers the "change" into your savings account. It also matches 100% of the change for the first 3 months, and 5% after that, up to a total of $250 per year. The check card must not be a rewards card to be eligible for this program. Wachovia, now owned by Wells Fargo, has the Way2Save promotion. Way2Save transfers $1 from your checking account to savings each time you make a purchase with your check card, pay a bill online, or set up automatic debits from your checking account. You can also set up an automatic transfer of up to $100 a month from checking to savings. This is a handy way to save if you have your pay direct deposited into your checking account. The program pays a 5% bonus on your savings for the first year, and a 2% bonus on the amount you add each year for the next two years. The program also pays 5% interest on your savings for the first year, and 2% for the next two years. Compare this to earning 2.75% on their money market account, which requires $1,000 to open.
A Guide to Measuring One’s Wealth: Why the Net Worth Alone Fails to Show the Big Picture
A humorous quote of Bob Hope goes "A bank is a place that will lend you money if you can prove that you don't need it." Said in jest though this may be, but in this day and age, nothing else could ring more true.
With all these talks about credit worthiness, rising unemployment, struggling economy, plummeting stocks, defaulted mortgages, and so on, one cannot help but wonder just what being wealthy means these days. Technically, wealth is defined as an abundance of things of economic value, usually in the form of money, real estate, and personal property.
Measuring Wealth: How Rich Are You?
Without exception, everyone experiences a small fraction of satisfaction when they realize their net worth is higher than their contemporaries. This gives individuals a sense of happiness and triumph especially when they exceed their current financial goals. But does a high net worth really mean financial strength or stability? And is it a good indicator of future financial progress? The truth is, while numbers are important, it does not reveal the whole truth. It is also critical to look into the quality of assets you have, its liquidity, and its ability to produce income. For example, consider someone whose net worth is valued at $900,000. He lives in a home with a current market value of $750,000 and his car is valued at $50,000. Is he in a better position than a person who has $400,000 in liquidity but whose total net worth is $800,000 assuming that the growth rates of their liquid assets are similar?
Saving for College
With the market swaying as it is, planning a head has never been more important. If you, like many have children looking to make the leap to higher education, you are aware of the hefty costs associated with today's tuition's. While you or your child is applying and dreaming of a life away from home, we recommend you read up on 529 college-savings plans. 529 plans are an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs. It is named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1998. A 529 plan offers tax benefits, with two ways to invest; (1) Directly with the 529 Plan manager (2) Through a financial advisor. For more on 529 plans visit here, or you can also try Morning Star to help decide the right path for you and your family. Once it becomes time to choose a student loan visit Simple Tuition which offers great tools to help you make the right decision. Feel free to contact My Bank Tracker through our contact page with any additional questions or leave us a comment.
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