In June 2018 AARP released its Livability Index which is a tool of the AARP Livable Communities program. This index rates every U. S. city, town and neighborhood in seven categories. The categories include Health, Housing, Engagement, Opportunity, Environment, Neighborhoods and Transportation. The data used to compile the ratings comes from 50 sources. Mount Prospect’s rate is 53. The Livability Index is a great source for people who are moving, planning a retirement location or just for those curious about how neighboring communities compare.
News from the Reference Desk Category: Economic
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!
Well, the holidays are over and it’s the start of another year–and another opportunity to reevaluate your financial life and practices, woo-hoo! The good news is that it just got a lot easier, thanks to all the wonderful resources and tools available at Smart About Money (SAM). Smart About Money is one of the many programs of the National Endowment for Financial Education®. NEFE® is an independent, nonprofit foundation committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals. They offer tips, strategies and information on diverse topics like crisis and fraud, saving and investing, spending and borrowing, housing and transportation, taxes and more.
Click through and take a look at some of the tools like the Life Values Quiz, designed to help you better understand how and why you make financial decisions. Knowing your own habits and patterns is the first step to making positive changes in your financial life!
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!
MPPL has recently added two new and exciting databases from Gale focused on resources ideal for entrepreneurs and small business owners: Business Insights: Global and Small Business Resource Center. Available as part of our Web Resources and accessible to anyone inside the library (and remotely at home for MPPL cardholders), these two powerful resources offer information and help around everything from writing a business plan, market research and industry reports to company information, funding sources and management strategies. If you’re someone working to start your own business or simply looking for ways to enhance your current one, take a moment to explore these rich and user-friendly tools!
The Illinois Department of Commerce & Economic Opportunity’s Office of Energy Assistanced has announced that the Low Income Energy Assistance Program (LIHEAP) will begin accepting applications for winter heating assistance for seniors and people with disabilities beginning September 1, 2016.
For a complete listing of LIHEAP’s local adminstering agencies and additional information about the program, click here, or call the energy assistance toll-free hotline at 1-877-411-WARM.
Managing one’s personal finances can be hectic and stressful. However, if you own a smartphone, there are several apps out there that can help tidy things up and take a bit of the pressure off. All six of these apps are available for both Android and iOS.
Perhaps the most widely used personal finance app, Intuit’s Mint gives you a real-time, complete look into all of your finances, from bank accounts and credit cards to student loans and 401k. It automatically tracks your spending, categorizes it, and alerts you when/if you approach your budget limit. You can even ask for custom savings tips within the app. Everything is shown in simple, intuitive graphs and charts, making it one of the most popular personal finance apps in the world.
Acorn is an app that helps you invest your spare change in low-cost ETFs. Once you connect your checking and credit card accounts to it, Acorn automatically rounds up every purchase to the next dollar, and invests the difference in a portfolio of your choice. For example, if you spent $2.25 for coffee, it will invest $0.75 for you. Acorn says users invest $30 to $180 a month on average in “round ups” alone. But if you want, you can also invest a lump sum amount up to $30,000.
Level Money calls itself the “mobile money meter.” Once you connect the app to your bank account, it automatically calculates your income and recurring bills, and then suggests what your daily, weekly, and monthly spending should be. It also comes up with the amount you should be saving every month and subtracts that from your monthly budget. You can set up an auto-save amount too, and any cash left unspent from your budget will rollover to your savings account. It tracks your spending in real time, so you can easily see what you’ve spent and how much you can spend within a given period.
Besides offering free credit scores and reports, Credit Karma allows users to monitor their spending patterns by linking to their credit card and bank accounts. Based on that information, Credit Karma recommends better credit card or loan offers that can further improve your finances. Its offering now ranges from auto insurance to mortgages, and users are absolutely loving it. It has over 32 million users worldwide, and just last September, raised an additional $75 million, valuing the company at over $1 billion.
Goodbudget is an app that brings the time-tested envelope budgeting method into your smartphone. The users can create “envelopes” for each of their budget category – think groceries, transportation, shopping, etc. – and pre-determine how much they’re going to allocate in each envelope. Once it’s all set up, users can record and track how much they’re spending from each envelope. It may not be as sophisticated as some of the other apps, but Goodbudget offers a simple way to stick to your budget and keep your spending really disciplined.
Wally is an expense tracking app that shows a complete picture of your expenditures. You can view how much you’ve spent daily, weekly, or monthly, while dividing expenses into separate categories. The best part about the app is that it allows you to simply scan your receipts and it’ll automatically input all the details of your purchase. That way, users don’t have to go through the hassle of typing in every detail of its spending, while the app saves all the receipts.
Read more: HERE
It’s the time of year when many of us make decisions about our employee benefits for the coming year–“open enrollment” season. The Office of Financial Education, a part of the Consumer Financial Protection Bureau, offers this sound advice:
You can guide your children in finding the financial help they need
The financial world of today isn’t the same world you grew up in. New services and choices are being offered all the time. For your children to navigate the new financial world they’ll face, they need to know when to seek out information and how to evaluate it. Your children need practice making money choices, and they could use your guidance. At this age they may be earning some money of their own. Now, as you make benefits choices for next year, think about including your teenager in your decision-making process. You can help your teenager think about how to use information to make a good decision. If you have benefits fact sheets or Web sites from your employer, sit with your teenager and go through them. Talk through the questions your child has, and ask a few questions of your own:
What is the most important thing to think about for the family’s health care? Why?
Have there been any changes in the family since last year that could make a difference to health care? To insurance? To flexible spending dollars?
What could be the advantages or disadvantages of having benefits deducted from your paycheck, compared to paying the costs on your own?
How trustworthy is the information you receive? How would you look for further information?
You don’t have to do anything you wouldn’t do normally, when you make your benefits choices. Just by showing your teens how you approach enrollment, you’re helping them practice the decision-making process before their own paychecks are at stake. For more ideas, visit www.consumerfinance.gov/parents.