Updated Book Available June 2016

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Financial education speaker and author Shay Olivarria wrote 10 Things College Students Need to Know About Money in 2010. The book has been read by students across the country. Credit unions purchase it to provide young members and scholarship recipients with a concise foundation in personal finance.

This year, Shay is updating the book. A new chart of current student loan rates is included as well as a whole chapter about stocks and bonds. The revised and updated 10 Things College Students Need to Know About Money will be available June 2016.

 

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. 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, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com. 

 

Student Loan Forgiveness Bill

I saw this post on Default: The Students Loan Documentary‘s Facebook page and I knew that you would be interested in reading about it:

Rep. Hansen Clarke (D-MI-13) introduced the Student Loan Forgiveness Act of 2012 (H.R. 4170) on March 8, 2012. If enacted, this legislation will provide student loan forgiveness for federal education loans, allow private student loans to be refinanced into federal direct consolidation loans and cap all federal student loan interest rates at 3.4%.

This legislation would address some of the calls for student loan forgiveness raised by forgivestudentloandebt.com and the Occupy Wall Street protesters.

Of course this has not been passed, but it’s a great step in the right direction. To read the whole article on Fastweb, click here.

To read about more ways to manage your money order a copy of 10 Things College Students  Need to Know About Money. Not sure what’s in it? Check out the reviews here.

 

 

Free Book

Get this book free.

For a limited time, “10 Things College Students Need to Know About Money is available for FREE in the Kindle Library.

Review from Until No More on Goodreads.com:

If you are the type that was never really scared of finances but kind of veer away from them because it just seemed boring and overly complicated. Then have no fear because the Financial Expert Author Shay Olivarria is here.

I purchased this book, read it and when I was done, I can honestly say that I felt very different about my finances in a good way. I know the book reads 10 Things College Students Needs to Know About Money but the truth is everyone can benefit from this book. So in a nut shell:

This book is funny, an eye opener, light but all in all everything you need to know. Now, usually I’m not one to say “go get this book” but seriously if you don’t have it go get it, especially if you care about you and your family’s financial future.

It had sure change my life!

Until…

Don’t have access to the Kindle Library? Buy it here.

Fox Business

The most dynamic financial education speaker working today, Shay Olivarria, was quoted on Fox Business in “Are You a Good Fit for a Credit Union?”. As usual, Shay is a strong advocate of credit unions. Her quotes are centered around the benefits of using a credit union for college students.

While a handful of large, well-known banks appear to dominate the banking landscape, and smaller community banks are often touted as the only alternative, the truth is that there’s a third option used by more than 91 million Americans.

Credit unions are becoming increasingly popular, and with more than 7,000 of them across the U.S., consumers have a lot of choices. But is a credit union right for you?

Consider these five types of consumers who routinely join credit unions.

College Students Learn About Finances

Even if they had a checking account or savings account as kids, most college students are still relatively new to managing their finances. Oftentimes, that means they don’t get the best deal from banks, says John Iglesias, CEO of Salal Credit Union in Seattle.

“College students often don’t have much of an income or an extensive credit history, so larger financial institutions may characterize them as risky, and that likely means higher fees on products,” Iglesias says.

According to Iglesias, some credit unions are specifically set up by schools for students, and their business model is geared toward working with younger customers who might not keep a very high balance in their checking account.

But Shay Olivarria, author of “10 Things College Students Need to Know About Money,” says credit unions also offer a real advantage to college students because they can be more forgiving if you make a mistake.

“There’s a focus on financial education with credit unions, and college students have more of a support system in terms of learning about money,” says Olivarria.

Click here to read more

Black Teen Empowerment Radio

I’m so glad that I had the opportunity to be a guest on Black Teen Empowerment Radio with Scotty Reid and R. Lee Gordon. We talked about community economics, recycling the Black dollar, the difference between traditional banks and credit unions, types of accounts, and a few tips from my book 10 Things College Students Need to Know About Money.

Listen to Black Teen Empowerment Radio

Free books

I’m so excited about Financial Education Month that I’ve decided to give away 25 copies of 10 Things College Students Need to Know About Money. I’ll provide the link to order your free copy tomorrow, but my email list will get the link an hour earlier.

Sign up for the Bigger Than Your Block, LLC mailing list so you don’t miss valuable promotions like this.

Who Controls Your Retirement Account?

I was reading about how the rules that govern your 401k and IRA are created in Financial Advisor and it kinda scared me. I think that we should all be saving for retirement. The part that scares me is when there are laws enacted to make sure we do:

While at Brookings, Iwry began developing the auto-IRA, which would require employers without retirement plans but with more than 10 employees to withhold a portion of each employee’s pay—similar to a payroll-tax withholding—and deposit it into an IRA. Employees could opt out.

Be an adult
You probably realize that I’m all for small government and personal responsibility. People should be educated about how and why to save for retirement and then left alone to make their own choice. If they end up eating cat food because they haven’t saved a penny… that’s not my fault. The reason that many law makers want to make laws that force people to save is because they think we’re not smart enough to comprehend the importance of saving and investing for our own well being. If we don’t start making different choices we’ll either end up a) being forced into programs that we don’t understand. Obviously if we understood them, we wouldn’t need to be forced. We’d run to our financial institutions and set up our automatic retirement contributions as soon as we earned our first check from the mall or b) we’ll opt-out of those forced plans and become part of the social welfare system set up for people that couldn’t handle being an adult and making adult decisions.

Make good choices

What is more, the lower-income workers are more likely to withdraw money before 59 1/2 for emergencies and living expenses, and then owe a 10% tax penalty on the withdrawal. “They might wind up with less after taxes than if they had never contributed at all,” says Ms. Ferguson.

That means that workers that don’t earn that much in the first place are putting a few dollars aside and then pulling them out before they should, triggering extra penalties. I understand that sometimes things happen that we can’t control, however we can control our responses. Do you have an emergency account set up to deal with life’s emergencies? Do you have your retirement contributions going to your 401k or IRA account automatically so you can pay yourself first?

One day you’ll be old.
One day you’ll be old. You can choose to prepare for that eventuality and feel the sense of pride and accomplishment that comes with that or you can choose to do nothing and hope that you can get by on whatever money you get from social security every month. Are you willing to make decisions that will set you up for a comfortable retirement? Will you make small sacrifices now to have future gains?

Whatever you’re life ends up being, it’s that way due to your choices.

Choose wisely.