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!
News from the Reference Desk Category: Finance
Will you be needing a new car in the near future? Have you wondered what the advantages are to leasing a new car? Consumer Reports just published an article comparing and contrasting both approaches as well as a specific example that compares the financing details between buying and leasing a 2017 Honda Accord. There are pros and cons for both approaches but Consumer Reports provides all the necessary information in order to make an informed decision. The Library has a subscription to the online Consumer Reports which is linked on the Web Resources page–you will need your library card number and pin to access remotely. Please contact the Research Services Desk (847 590 firstname.lastname@example.org) on the second floor of the Library if you have any questions.
It’s one of the things we all hear so much over the course of our lives–“find what you love to do and make it your career.” And while many have managed to find ways to accomplish this, for most of us it’s easier said than done. But that doesn’t mean it’s impossible, or that you shouldn’t even contemplate the possibility. The folks over at Practical Money Skills (produced by Visa, and one of the partners in this year’s Financial Literacy Summit held in April to kick off Money Smart Week) have put together a few strategies and guidelines to consider if you’re someone who is looking to make a change in their life and career.
As of June 9, 2017, a new Fiduciary Rule put forth by the Department of Labor will go into effect, potentially changing the level of accountability for many financial advisors currently not officially considered a “fiduciary.” The new rule expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA). Essentially, the Department of Labor’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients’ interests above their own. It leaves no room for advisors to conceal any potential conflict of interest, and states that all fees and commissions must be clearly disclosed in dollar form to clients. The definition has been expanded to include any professional making a recommendation or solicitation — and not simply giving ongoing advice. Previously, only advisors who were charging a fee for service (either hourly or as a percentage of account holdings) on retirement plans were considered fiduciaries.
Read HERE for a more detailed explanation.