Why Your Emergency Fund Needs $500

“If you are human, have a pet, kids, a house or a place to live, something is going to happen that will cost you money,” said Cornfield.

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Traditional wisdom says one needs about 6 months of income squirreled away in an emergency fund to be in good financial shape. For many, that number seems astronomical and folks don’t even start because it seems like a battle they can’t win. Though more money is usually better, I’m gonna buck conventional wisdom and say that if six months’ income seems too steep a hill to climb, perhaps your goal should be $500.

*clutches pearls*

It’s not as crazy as it sounds. Every year the Federal Reserve puts out a research study about the financial state of American households. This year, the board found out that the average American wouldn’t have $500 for an emergency. Of course, there are larger emergencies out there but for many people an unexpected expense might be a blown tire, automotive engine work, a broken appliance, or some other emergency expense that might cost around …  you guessed it …  $500.

From The Atlantic:

” …. what was happening to me was also happening to millions of other Americans, and not just the poorest among us, who, by definition, struggle to make ends meet. It was, according to that Fed survey and other surveys, happening to middle-class professionals and even to those in the upper class. It was happening to the soon-to-retire as well as the soon-to-begin. It was happening to college grads as well as high-school dropouts. It was happening all across the country, including places where you might least expect to see such problems. I knew that I wouldn’t have $400 in an emergency. What I hadn’t known, couldn’t have conceived, was that so many other Americans wouldn’t have the money available to them, either.”

 

Obviously, having $500 won’t solve all of your problems but “I’d rather be caught with it”. * in my Xzibit voice*

If you haven’t started an emergency fund, head over to your credit union and open a savings account asap.

 

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FREE Workshop: Paying for College

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There have been some changes to the way high school students apply to FAFSA. Families need to know what the changes are, what the important dates not to miss are, and how to get students graduated from college not mired in debt.

Financial education speaker and the author of “10 Things College Students Need to Know About Money” Shay Olivarria will be facilitating a FREE workshop in San Diego, CA to help families figure it all out.

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In this dynamic one hour workshop students and parents will learn about the changes to the FAFSA application, scholarships, student loan types, and repayment options.

Families will leave with a handout of important terms, tips, and dates. Graduating from college is not just about having the grades to get in. It’s about finding a school that’s a good fit, paying for it without going broke, and creating a network to build a career.

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FAQs

What can I bring into the event?

Bring a pen or pencil. This is a workshop (you’ll be engaged) not a lecture.

How can I contact the organizer with any questions?

Call (323) 596-1843

What’s the refund policy?

Early Bird ticket holders will receive a free copy of “10 Things College Students Need to Know About College” at the event. If you don’t show, you don’t get your copy. Books will NOT be shipped.

Do I have to bring my printed ticket to the event?

Yes. Seating is very limited so tickets will be necessary. Showing your ticket on your phone also works (save a tree).

Is it ok if the name on my ticket or registration doesn’t match the person who attends?

Yes. Whoever shows up needs access to a ticket. If you booked a ticket for yourself and now your cousin wants to come instead, that’s fine.

 

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Shay Olivarria is the most dynamic financial education speaker working today. Previous clients include: SCE Credit Union, American Airlines Credit Union, the Yorba Linda Water District, Verizon, among others. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times.The 2nd edition of “10 Things College Students Need to Know About Money” is available now.

 

 

Wells Fargo Customers to See Money from Fraud Settlement

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You may remember the scandal involving national bank Wells Fargo opening accounts (checking, saving, credit cards, etc.) for people that had no idea those accounts had been opened. If you have no idea what I’m talking about read this article. As more people come to understand that the Consumer Financial Protection Bureau is a great tool to help resolve complaints with large financial services companies (they also work to help with mortgage companies and credit card companies) complaints against banks are skyrocketing (which is why I advocate for using credit unions, but I digress).

If you were a Wells Fargo customer between May 2002 and April 2017, you may be owed some money (if not for them opening a fraudulent account for you, perhaps for charging you ridiculous fees on your mortgage). The types of accounts that were opened include:

  • Checking accounts
  • Savings accounts
  • Credit cards
  • Lines of credit
  • Identity theft protection

Some customers have already been refunded for fees associated with the fraudulent accounts (the Los Angeles times says around $3.2M so far) but others have yet to be contacted. Notices for customers that have already been identified should be mailed out toward the end of September. Customers that have not yet been identified should visit the Wells Fargo settlement website: https://wfsettlement.com/

The money probably won’t be out until 2018 as the judge has to approve all the settlements. The scheduled court date is January 4th. To find out more about the Wells Fargo settlement read “Wells Fargo’s $142-million sham accounts settlement: What you need to know” from the Los Angeles Times.

 

FREE Webinar for College Freshman

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Have a high school grad that’s headed to college? Did you learn some financial lessons the hard way and prefer that your child not make the same mistakes? You’re in luck! This September financial education speaker and author Shay Olivarria is hosting a FREE (yes, that’s f-r-e-e) webinar to give college freshman a leg up.

 

Freshman Facts: 5 Things College Freshman Should Do to Build Wealth

 

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Engage in this dynamic, fast-paced webinar with financial
education speaker and author Shay Olivarria. Participants will learn:

– Where to put financial aid money for best money management practices.                           – How to spend money, have fun, and be responsible.
– What accounts to open to build credit scores.
– Where to put your pennies to become wealthy.
– Pros and cons of available personal finance apps to leverage your current behaviors.

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Shay Olivarria is the most dynamic financial education speaker working today. Previous clients include: SCE Credit Union, American Airlines Credit Union, the Yorba Linda Water District, Verizon, among others. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times.The 2nd edition of “10 Things College Students Need to Know About Money” is available now.

 

8 – 13 Year Olds Can Win $1,000

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Kids are learning every day. Alongside reading, writing, and arithmetic it’s important that children learn about money and financial management. OneUnited Bank and the BMe Community are giving kids a gentle nudge in that direction. This summer, kids between 8 and 12 years old have the opportunity win $1,000 savings account by writing or drawing about a financial education concept they learned from the book, “I Got Bank!” or another financial education book.

From the website:

OneUnited Bank and BMe Community are sponsoring the seventh annual financial literacy contest for youth between the ages of 8 – 12 years old. Simply either write and submit a 250 word essay or create and submit an art project about what you learned from the book “I Got Bank!” (or from another financial literacy book available in your library or home) and how you can use what you learned in your life or the life of your family.

You must have your parents’ permission to participate. Your essay or art project may be published by OneUnited Bank and BMe Community. All submissions must be postmarked or emailed by June 15, 2017. (Children of employees of OneUnited Bank or BMe Community are ineligible to participate.) Winners will be selected by OneUnited Bank in our sole discretion. Ten (10) winners will receive a $1,000 savings account by August 31, 2017 (with cooperation from parents). One winner will be selected from each of the following eight cities (Akron, Baltimore, Boston, Detroit, Los Angeles, Miami, Philadelphia and Pittsburgh) and two will be selected from other locations in the U.S

Winners will be announced by August 31, 2017.

The deadline is June 15th so make sure to visit the OneUnited website and get your entry in before then.

 

 

$100 for Teen Drivers With AAA

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If you have a teen driver between 15 and 19 that is covered by your AAA auto policy, then that teen could earn a $100 gift card by taking 8 to 10 hours of online auto training.

Your teen will need to complete three training exercises online (no download required). Here’s a brief overview of the exercises:

  • Andromedus X: Keep track of moving objects in the center of your vision while staying alert to potential hazards on the periphery
  • Hazard Highway: Make rapid decisions as an object approaches at various speeds, while staying alert to common road hazards
  • Hey Rube!: Rapidly move your eyes around a scene while challenging your visual memory

 

To find out more about AAA’s InGear brain training program, click here.

$5,000 Scholarship for Black Farmers

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I read this from Soul Fire Farm this morning:

Help spread the word: These scholarships are open to any applicants who self-identify as Black farmers or aspiring growers at any scale, or their dependents. No need to have land to apply, and there are many eligible fields of study.

Application deadline is April 28 for scholarships of up to $5,000 through the National Black Farmers Association for students/aspiring students who “plan to enroll or are enrolled in agriculture-related study at an accredited two-year or four-year college, university or vocational-technical school.” Any field related to agriculture could be supported (including business, engineering, animal science, marketing, mechanics, environmental science, agribusiness, food sciences, biology, holistic nutrition, urban farming, veterinary science, and many others!)

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More details and application here: https://www.scholarsapply.org/blackfarmersassociation/