Financial Literacy and some key subjects to keep in mind... for our own good

While we witness the growth and... many problems that global financial markets have been grappling with, it becomes also relevant to keep in mind a very close interaction and considerable effects that several underlying factors have on the way those markets perform: social, political, economic, health, labor and business related issues but particularly, an increasingly closer influence that a long list of financial issues have had on the way people have acted and reacted when their wallets and therefore, their economic well being are affected because of a global economic crisis.

Beyond the social and political arena that people are justifiably concerned about, given the concrete focus this blog gives to financial subjects in terms of insisting on the urgency to acquire a basic financial literacy in order to fully understand how those subjects are closely intertwined, let's consider once again another small yet "hot" list of some key financial financial subjects exemplifying what we all should focus on (and learn about) in order to become even more aware about what Financial Literacy means and its inexorable impact on our wallets and economic well being:

• What is happening with credit cards and debt?
• How the financial crisis has influenced our lives a year later?
• How to avoid a foreclosure?
• What can college students do as to how to manage loans, credit cards and debt?
• What alternatives homeowners have?
• What is happening with retirement preparedness?
• How to manage your bank accounts more efficiently
  
• Financial Literacy; What the heck is that anyway???

Finally, I also think that watching the aforementioned videos, regardless of your very personal political views and affiliations, can offer you a very interesting overall economic perspective as well as an important piece of advice as to how important Financial Literacy is (and how it fits in the current global picture) in terms of managing your savings and debt a bit more efficiently...

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Financial Culture / Cultura Financiera ©

Financial Literacy and Financial Scams... The need to learn about it

From time to time, we learn about attempts to promise us "unique investment alternatives", "incomparable opportunities to earn a lot of money", "the highest interest rate", "a magnificent retirement alternative", etc, but those "financial alternatives" end up being forms of scams where people that trusted what are being offered are the victim.

Even though this blog tries to contribute to spread the need to acquire a financial education by sharing with its frequent and new readers the information related to spreading that knowledge, on the other hand, it CAN'T be a source of spam, "recommendations" and / or "endorsement" for any investment or savings opportunity, certain person(s) or company who can make you "rich" and even "retire happy".

Yesterday, I received a comment from a reader recommending the company "Premier Financial Alliance"; after an initial research, unfortunately I ended up being a bit suspicious because of a warning about a a possible financial scam.

In the best interest to continue providing as much information as possible about Financial Literacy, the need to get familiar with the many financial scams already present is also a key subject to learn; in this regard, based upon this finding, I made the decision to moderate and reject his request to publish his comment on this blog and inform you.

A key financial rule particularly when we talk about YOUR money: do your RESEARCH and ASK a serious financial professional as many questions as possible about where, when, how (and of course the associated risk) to invest your money SAFELY...

The best decision is yours but I invite you to exercise more precautions... We will also talk about this key subject on following posts.

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New scenario for Credit Cards... Its immediate impact on Financial Literacy

The efforts to continue supporting credit card holders continue in effect; news indicate that new credit card rules are now in effect for consumers.

These news are a new tool for them to grow more aware about the key importance to strengthen their financial literacy particularly when we talk about debt.

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Financial Literacy: Promoting the knowledge: Mr. Eric Esterkin... (2)

For all of us who are involved in the global financial industry, witnessing the growth, earnings, investment opportunities, risk and the notorious failures that those markets and major financial institutions on Wall Street have "shared" with all of us on Main Street, have implied unfortunate events and in most cases, sad personal stories: growing credit card debt, foreclosures, bankruptcy, layoffs, unemployment, delayed retirements, massive frauds (the already "famous" Bernard Madoff and Allen Stanford).

In the meantime, we've also witnessed what I think are serious efforts where the U.S. Government wants to create a frame of concrete reference intended to solve or at least provide an initial help for people already grappling with a difficult financial situation.

Since this crisis has had a true global negative effect, we realize that "average" people is being affected by financial problems and in many cases, a difficult time for older people in terms of deciding about retiring now, continue working and how to manage retirement related risks.

Based on a complex financial outlook we are witnessing as a result of this crisis, once again, I scan ee how the whole problem revolves about Financial Literacy and a key goal: our ability to manage our money efficiently not only to buy groceries, pay our debts but the ability to plan our financial future.

Thinking once again about what to do as to how to build a more efficient Money Management process, I invited Mr. Eric Esterkin who is another committed financial advocate, to share his mission and vision in terms of spreading a more complete Financial Advisory process:

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"My company, Younginvesteneur, creates a win-win with financial advisers and their clients through financial literacy and general business education tools. In addition to educating the clients, the YoungInvesteneur Newsletters and other resources promote the advisers' intergenerational referral business, build the adviser a new loyal customer base, educate their customer base and differentiate their brand, all for significantly cheaper than traditional marketing tactics.

"In a recen survey of 300 young adults, on average, 30% of those whose parents utilize a financial professional have decided to open an account with a discount on online firm, despite the obvious ease of accepting a referral from their parents. These lost clients also responded that they are 75% more likely to maintain accounts with their parent's professional, if offered basic financial literacy materials to help prepare them for their future.

"I believe that financial advisors are in a unique position to promote financial literacy as they are directly involved financial transactins with the clients. These transactions are the best learning opportunities for the clients, as opposed to teaching financial literacy in the classroom, as they are more relevant and consequential".

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As a visual complement, let's consider watching the following videos offering us a general view about what a Financial Advisor does, the importance of having an open communication with him and how important his role has become in these tough financial times:

I want to thank and congratulate Mr. Esterkin for another magnificent job in promoting Financial Literacy.

Image: Photobucket

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