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Do you want to become an expert on managing your money?
Do you struggle from week to week and wonder how you’ll ever be prepared for retirement?
Are your bills too high and income too low?
Do you have goals like a vacation, buying a home or even investing but don’t know how to get started?
Chances are you could use more tools to help you reach those goals.
Hands on Banking (www.handsonbanking.org) is here to help. Through a partnership with Wells Fargo, the National Urban League is sharing the tools that the Hands on Banking site has to offer.
African-Americans have worked hard to create wealth, and unfortunately have been unable to retain much of it in recent years. With the downturn of the economy, African-Americans have gone from having 8 times less than the wealth of White families in 2010 to 13 times less than the wealth of White families in 2013. When speaking in relative terms such a gap is startling, but in sheer dollars it is even more shocking: in 2013 white families had a median net worth of $192,500, whereas black families only had $11,000.1 The impact of having no emergency savings, no down payment for a home, no money for educational expenses, or even retirement savings is felt by subsequent generations and must be addressed if change will occur.
The wealth gap and knowledge gap go hand in hand. Empower yourself by learning about the steps you need to take in order to help close these gaps. Below are several of the topics covered on the Hands on Banking website.
Teens
Many people spend more time choosing whether they’re #TeamIPhone or #TeamAndroid than in planning for major purchases such as buying a car or a home2. Even if you don’t have a job yet, you’re in the perfect position to learn about managing your money moving forward, since you have a clean slate!
Hands on Bankingwill teach you how to create a budget to fit your current situation, which tools the bank has to help you such as checking and savings accounts, how to invest, and especially how to obtain and retain good credit.
Young Adults
You’ve finished high school and they say you’re in the real world now. If you choose to forgo college you’ll still need to know how to find the right job for you, as well as how your money works, and how to get it to work for you. And if you’re interested in college you’ll want to know how to find money such as grants, loans and other resources. In this portion of Hands on Banking you’ll learn this and how credit works, how to invest and how to spend without breaking the bank!
Adults
You’ve made it this far, but you still may not know how to plan for your next big steps. You probably have a job and might have finished some college. But what can you do with your paycheck other than pay your bills? Learn about banking services, what to consider when buying a car, how to budget for success, what you’ll need to do for retirement, and wealth building overall.
Of particular importance is credit and how it affects your life. Did you know that the difference between good and poor credit can cost you hundreds of dollars each month? For a $200,000 mortgage loan, a borrower with good credit would pay less interest than a borrower with bad credit, resulting in a $175 monthly savings, for a total savings of over $63,000!3 These are savings that can be used for investments to benefit your family, rather than to benefit your lender.
Hands on Banking will walk you through how to use this knowledge to your advantage.
Seniors
You’re retired or close to it, but even with pension benefits most of us still need to carefully map a savings plan. Use our handy calculator to determine when to retire and how to save for it, budgeting, how to avoid scammers who target seniors, social security benefits, estate planning, and what resources you can use to maximize your health care options.
Use Hands on Banking to navigate these complex topics, and help you move forward in your retirement with confidence.
1: http://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession/
2: http://consumerist.com/2015/01/13/many-homebuyers-spend-more-time-shopping-for-a-tv-than-looking-for-the-right-mortgage/
3: http://blog.credit.com/2014/04/bad-credit-score-cost-you-on-a-home-81209/
