Virtual currencies like Bitcoin are the newest buzzword for more and more investors–even if you can’t exactly explain what a Bitcoin “is,” you may still recognize the potential for return. However, as with all new technologies and financial endeavors, the fraudsters are keeping pace in their unrelenting mission to separate you from your money! One place to start before taking the Bitcoin plunge is at the Commodity Futures Trading Commission. As Bitcoin and other virtual currencies are classified as commodities, the CFTC is the government agency tasked with regulating them. Subsequently, they provide a wealth of information on their website HERE for consumers to help avoid being defrauded and make safe investments in legitimate companies. If you’re considering getting into this financial area, cruise over and check it out!
News from the Reference Desk Category: Business
Did you know that the Illinois Treasurer serves as the state’s chief investment officer? It invests approximately $25 billion on behalf of the state, units of local government, and families saving for college. Illinois State Treasurer Michael W. Frerichs maintains, however, “that we must also invest in people. The best way to do that is to provide people the tools to invest in themselves.”
One way is to capitalize local banks and lending institutions. The Treasurer’s office provides money at below‑market rates in return for their commitment to loan that money to individuals and businesses trying to better themselves and, by extension, their community. Farmers are familiar with their popular Ag Invest program which has provided more than $1 billion in loans over the years. Some homeowners are familiar with the Finally Home program that helps homebuyers who barely miss qualifying for a conventional mortgage. This year, it has added a new program to the portfolio to help small businesses still wading through the ripple effects of the recession. The Community Uplift Program commits $500 million in new money to flow through local banking institutions to help individuals obtain loans at below-market rates to fund business growth or expansion. The program provides capital in a manner that supports community development while meeting primary investment objectives of safety, liquidity, and return on investment.
Currently, 300 lending institutions are qualified to participate. Growing the number of institutions willing to participate in just one of these loan programs will help strengthen Illinois. If you are a business owner, farmer, or potential homeowner, click here for more information. Bankers and other lending institutions can click here.
President Trump is poised to sign the recently passed tax bill, and the first question on many folks’ lips is: when will the tax cuts start? Because the legislation is complex, it’s hard to know exactly when it will effect taxpayers across the U.S. Some of the bill’s impact will begin at the start of 2018, though other elements won’t take effect until 2019 and beyond. For instance, when you file your 2017 taxes in April, you’ll already be getting some benefits like lower tax withholding, but other perks won’t show until you file your tax return in April 2019. Luckily for us, the experts at Fortune magazine have broken it all down quite nicely HERE.
The National Endowment for Financial Education (NEFE) is the leading private nonprofit 501(c)(3) national foundation dedicated to inspiring empowered financial decision making for individuals and families through every stage of life. With more than a quarter-century of dedication to the public good, NEFE continues its legacy of service with commitment to providing financial education and practical information to people at all financial levels, including high school and college students, folks planning for retirement, and overspenders. NEFE provides objective and credible information through its programs and partnerships. Their materials continually evolve with the changing financial climate, technological advancements, and societal trends to meet consumers’ shifting needs. All NEFE resources and teaching materials are provided at no cost: consumer and educational resources, current financial news, programs and initiatives and more–check it out at www.nefe.org today and find something to help your own financial literacy grow!
We’ve all seen the fire extinguishers in our workplaces, but how many of us actually know how to use one in the case of a fire? Well, help is available–did you know that the Mount prospect Fire Dept (MPFD) offers free fire extinguisher training for businesses in Mount Prospect? Participants will learn how to prevent fires within the workplace, the different types of extinguishers and their correct usage, as well as get practical experience using one on a live fire! Classes are offered on site at no charge, limited to 20 participants per session, contact Cory Pikora the MPFD (847.818.5260 or firstname.lastname@example.org) with questions or to schedule a session!