Taxes

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Activity Idea: Personal Finance In My Life

My travels took me to Chicago and New York recently and here are some images related to personal finance that I captured:

  • Thanks to the Federal Reserve Bank of Chicago for recently co-hosting the Financial Literacy Summit with VISA. I enjoyed moderating the panel on Expanding Access to Financial Education Programs (video for Session 6  here):

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  • Would you take tax advice from a “tax truck?” Seen on the streets of New York the weekend before Tax Day:

NGPF Podcast: Tim Talks To Greg Hock About What Teens Need to Know About Taxes

Thanks to Greg Hock for taking time out during this busy tax season to join me on the NGPF podcast. I have been a client of Greg’s for a few years now and appreciate the value-added services that he provides that go well beyond just filing a tax return. I enjoy exchanging ideas and getting his perspective about building financial capability in young people, which come from years of experience of being a trusted parter with his clients.  I enjoyed our wide-ranging conversation in this podcast, which went from discussing the career path of an accountant to why he took the leap of faith to start his own firm and into specific teen tax tips and common myths when it comes to filing taxes. So, just in time for tax season, here’s Greg Hock…enjoy!

Details:

  • 0:00~1:29 – Introduction
  • 1:29~2:29 – How does one become a tax expert?
  • 2:29~3:46 – Experience of working at a Big 4 accounting firm
  • 3:46~5:22 – The entrepreneurial journey: starting his own accounting firm
  • 5:22~8:03
By |April 12th, 2017|Podcasts, Taxes, Uncategorized|

Time Launches Coinage, A Video-First Site Dedicated To Personal Finance

From Press Release:

Today, Time Inc. (NYSE:TIME) launches Coinage, a new video-first brand covering personal finance that runs across 22 Time Inc. sites. Coinage will feature 600 short-form videos throughout 2017 to help guide everyday choices consumers make in spending, saving and investing for themselves and their families across all stages of life in a lighthearted and entertaining fashion.

Here are the first three videos they released. Each are between 1-2 minutes:

Earn DonorsChoose Credits For Teaching Your Students Essential Financial Skills

The DonorsChoose/NGPF Program where teachers can earn credits for teaching financial skills expires on April 30, 2017. Visit this page for updated information. 

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Next Gen Personal Finance (NGPF) is committed to expanding access to high quality personal finance educational content. Through our partnership with DonorsChoose.org, we will be bringing our engaging and easy to implement activities to thousands of classrooms. We know that you understand the importance of financial literacy, so we developed a list of our most popular resources for you to use with your students (see list below). To thank you for bringing this gift of financial literacy to your class, we are offering DonorsChoose.org funding credits which you can apply to a classroom project of your choosing. All teachers who work with students in grades 9-12 are eligible for this rewards program. 

Three Steps Is All It Takes!

  1. Sign up for the Next Gen Personal Finance program. We only have 2,500 spaces available so be sure to sign up ASAP.
    • We’ll close the signup form and update this

Current Event: Voters reject funding NFL Chargers stadium

As you may or may not know, NGPF has a team of hardworking high school interns that help us with all manner of business. Today, a hat tip goes to Sid, who found this article from the NY Times — San Diego Voters Reject Funding of New Chargers Stadium.

By |November 14th, 2016|Current Events, Taxes|

Question: What Do Young Americans Wish They Learned More About In School?

Not a bad starting point for thinking about what to include when designing a personal finance curriculum. Better yet, share this with your administration to lobby for a personal finance graduation requirement.

From USA Today/Bank of America Survey:

NGPF Launches “The Fine Print”

download-9Read the fine print!

We hear that advice all the time (a quick google search found it here and here and here). Yet, we didn’t see any resources out there that would actually develop the critical thinking skills required to navigate the complex world of financial products. So, today we launched a new product “The Fine Print,” mini-lessons to give students practice with the important forms, statements and agreements they will encounter in their financial lives. Given that our website is hitting records today, this product is clearly popular with teachers!

What are the features of “The Fine Print?”

Interactive: Should I Invest In A 401(k), IRA or Both?

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A good simulation after your students have some background knowledge on retirement plans. Here’s a good simulation from Betterment t that asks a series of questions and then provides a recommendation on where someone should put their savings. Here is what the calculator is trying to achieve:

This calculator aims to answer three important questions regarding your individual situation:

1) How much can you contribute to each type of Individual Retirement Account (IRA) account for the current tax year?

2) If you have an employer-sponsored plan, such as a 401(k) (most common), 403(b) or 457(b) (less common), should you invest in this plan, or an IRA, or both?

3) Which account is likely to be the most tax-efficient for contributions?

Let’s take a high school student scenario where she earns $3,000 in a summer job and want to invest $1,000 towards  retirement (since they know the power of compound interest)! Also, assume that the young worker’s company doesn’t offer a 401k plan.

Here is the advice that the calculator came up with:

We recommend investing $1,000 in a Roth IRA for you for 2016. You won’t get a tax

By |October 4th, 2016|Interactive, Investing, Savings, Taxes|