I struggle with debt and need help! Where can I go to get more information on debt management?
Do you know that American's hit an all-time high of $13 trillion in total debt last year?
On average people ages 45 to 54 owe over $134,000 in debt, according to Time.
Americans as a whole owe over $1.5 trillion dollars in student loans with students owe an average of over $37,000 in student loan debt.
The point is you are NOT alone and there IS help out there!
1) Take the time to educate yourself!
-Read books that educate you on how to make your money work for you. Books on financial literacy, planning, and empowerment may be helpful. Check out the blog post on financial literacy tools posted the "Money Mavens" tab for info on resources I have used.
The organizations listed below also offer a ton of FREE information on financial literacy:
Federal Deposit Insurance Corporation (FDIC)
National Endowment for Financial Education (NEFE)
Foundation for Financial Planning
Investor.gov
Forbes
US News
2) Ask for help!
-Visit your local library or town hall to ask about free financial literacy programs in your city or town. Some banks offer financial literacy information online or in-person as well.
-If you have a junior college in your area, contact someone in the finance department to see if they offer programming that assists with community financial education.
-Take a college course online or in-person on financial planning, debt management, accounting, real estate, etc.
-Consult with a Certified Financial Planner or Advisor. You don't need to be rich to meet with a trained professional. Many professionals in urban communities will work with your budget or sometimes offer advice for free.
What is Financial Literacy?
According to the 2008 Annual Report from the President's Advisory Council on Financial Literacy, financial literacy can be defined as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being."
When you think about financial literacy, the key is that you not only know what money is and understand how to make money, you also understand and can create long term goals that increase and sustain your personal wealth. Financial literacy helps to prevent irresponsible habits that lead to debt, default on loans, and other negative outcomes. Having the proper knowledge on how to make and manage your money will have a tremendous impact on you and your family for generations to come. Increasing financial literacy and empowering people with the knowledge of how to make great financial decisions will create more generational wealth within the black, brown, and other communities. That is what the Money Mavens are here to do for families worldwide!
Key Financial Literacy topics include, but are not limited to:
Interest rates
Mortgages
Gross vs. Net Income
Supply and demand
"Rich" vs. "Wealthy"
Investing
Insurance
Debt management
Long-term & short term saving
Retirement funds & strategies
Entrepreneurship & business planning
College funding
How Banks Work
Debt thresholds
Do you have other Money Mavens resources?
Yes! We are working on the next books in the series as we speak!!
As we work to make the books perfect for our readers, please follow us on social media! Our Instagram pages are:
@themoneymavens
@adventuresofthemoneymavens
Make sure you're taking those selfies and tagging us in them with the hashtags listed on our "Selfies" page in the book!
Also, keep going with your savings goals and activities! Tag us in your posts on social media so we can see all the great things you, your friends & family, and/or your students are doing to save, grow, and learn!
I want to have a book fair, assembly at my school, or another type of event. How can I get in touch with the author and illustrator of the Adventures of the Money Mavens series to ask them to attend or speak?
We are so excited that you want us to join you in class, at school, or at an event! Please feel welcomed to reach out to us using the "Contact" page and we will get back to you as soon as possible.
To help us reply as promptly as we can, please provide a detailed message that informs us of the organization/school with which you are affiliated, the date, time, and location of your event, your name and contact information, and any associated budget or booking fees you would like us to consider. We look forward to talking with you and possibly meeting you soon!
I have another question that is not listed here. Can I contact you?
Absolutely!! If you have any questions or concerns, please don't hesitate to reach out to us via the Contact box at the bottom of the page. The box will allow you to type out a whole message before sending and in it you can include your questions or concerns. We are here to help!
*Please do not send materials or comments that are hateful or offensive in nature. Those comments will not generate a reply.
Where can I get that cool sweatshirt Kiara is wearing in her photos and video?
Glad you asked! The sweatshirt is a part of an exclusive collection Kiara created fior kids and the kids at heart. Kiara will be sharing more, as well as taking pre-orders through her Instagram page @kiaraIM. Follow her and DM her to keep up with the brand and to get yours today!