How To Raise Your Financial IQ In 2017

Facebooktwittergoogle_plusredditpinterestlinkedinmail

 
I hope you had a wonderful weekend! Welcome to the Donald Trump presidency. Hang on!

LRPC’s Monday Morning Minute for this week, “How To Raise Your Financial IQ In 2017” (presented below) comes to you courtesy of Schwab. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week. This is a short piece I believe everyone can read in less than 60 seconds.

You can make better financial decisions if you know what information is important and use the right financial knowledge base. This piece from Schwab can help you focus on the essential financial knowledge you need to make better financial decisions.

Have a wonderful week!

_______________________________

How To Raise Your Financial IQ In 2017

By Carrie Schwab-Pomerantz, Charles Schwab & Co., Inc.

Key points

  • Want to make smarter financial decisions in 2017? Start by focusing on the key elements that should comprise your financial knowledge base.
  • Help raise your personal financial IQ by zeroing in on just 10 important details of your own financial situation.
  • Instead of making resolutions you might not keep, set up a support system that can help sustain you throughout the year.

It’s that time again. And while you may have promised yourself to be smarter about your finances in 2017, we all know that New Year’s resolutions are notoriously ineffective. Despite our best intentions, the vast majority of us simply don’t follow through. So this year, instead of making an overwhelming list of things to do, I’m suggesting that you focus on a few concrete things you need to know. In other words, if you educate yourself about your finances, you’ll be laying the foundation for success by building the right financial knowledge base.

Improve your financial knowledge base by raising your financial IQ

The financial world is filled with numbers and details, many of which you don’t really need to think about. I believe you can improve your financial knowledge base in 2017 by just zeroing in on the following 10 things — all practical information that only require simple math: [Read more…]

401k Plan/Financial Wellness Education Best Practices

Facebooktwittergoogle_plusredditpinterestlinkedinmail

 
By Robert C. Lawton, AIF, CRPS, President, Lawton Retirement Plan Consultants, LLC

Have you started planning your 2017 401k employee education sessions? Generally, most plan sponsors conduct employee education sessions during the early part of the new year to explain changes that went into effect on January 1. As you think about your 2017 education sessions, keep the following 401k education best practices in mind: [Read more…]

Is Your Teen Financially Fit?

Facebooktwittergoogle_plusredditpinterestlinkedinmail

MMM Newsletter and Website Header 10.2.15I hope you are having a great Labor Day weekend!

LRPC’s Monday Morning Minute for this week, “Is Your Teen Financially Fit?” (presented below) comes to you courtesy of Charles Schwab. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share the most relevant information with you each week. If you are short on time, make sure you take a look at each of the headings below.

Most states don’t require any sort of financial literacy curriculum in their school systems. As a result, parents are responsible for educating their kids on money matters. As your children grow into their teens, they start encountering situations where an elementary knowledge of finance is helpful. Check out the suggestions below from Schwab on how to provide a basic understanding of money related concepts to your kids.

Have a wonderful week!

_______________________________

Is Your Teen Financially Fit?

By Carrie Schwab-Pomerantz, President, Charles Schwab Foundation

Key points

  • Kids want to learn about money management, but only 17 states require a financial literacy class to graduate.
  • Parents can fill the gap by giving teens real-life money experiences and responsibilities.
  • Being a good role model and sharing your own money management practices is one of the best ways to prepare your teen for life after graduation.

Dear Parents-of-Teens,

As your child heads back to school, you’re probably looking at class choices and schedules, maybe even beginning a college search. But unless you’re lucky enough to live in one of the 17 states that require completion of a financial education course prior to high school graduation, there may be one area that’s sorely lacking in your teen’s education: money management.

That may not seem like the most exciting topic, but here’s a stat that should get everyone’s attention: Teens spend nearly $260 billion annually! With so little financial education available, that means teens do a lot of spending (and probably borrowing) without understanding the basics of how to manage money or the consequences of mismanaging it… [Read more…]