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Listen To Certified Financial Planner Tonight, On Donell Edwards: VIEWPOINTS

How To Maintain Or Take Control Of Your Finances

Shannon Ryan
Certified Financial Planner, Founder of The Heavy Purse

In our continuing celebration of Financial Literacy Month, tonight’s program discusses How To Maintain Or Take Control Of Your Finances.  During this program we will discuss the importance of a realistic budget, understanding credit and credit scores, the correct approach to spending, and avoiding and getting out of debt.  Our special guest is Certified Financial Planner, author and speaker, Ms. Shannon Ryan.

Shannon has two decades of experience helping individuals, families, and businesses become financially confident.  She has spent her entire professional career helping real people make sense of their money.  She has been in the trenches with people as life happens to them, giving her invaluable hands-on experience and insight.  As a result, she’s learned that how you think about money is the key to financial success.

Join us for this very insightful program about the way we think about money, and the way we should think about it, and how we may do a better job of maintaining control or taking control of our personal finances.

Listen LIVE Monday – April 9th at 6:30 PM CDT at – http://tobtr.com/10710683

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A New Day

Know Your Money
Tuesday – January 2, 2018

A New Day
By Donell Edwards

 

The book is closed, the year is done, The pages full of tasks begun. A little joy, a little care, Along with dreams, are written there. This new day brings another year, Renewing hope, dispelling fear. And we may find before the end, A deep content, another friend. – Arch Ward

 

Hello to all of my followers and thank you for your support and patience.  If you have been following my blog for some time, you know that I have not written anything for almost a year.  I apologize for my absence, but I embarked on a new venture that took much more time than I imagined, but it was well worth it.  In March of last year I started my own talk radio show, CWR World News.  The title of that program was later changed to Donell Edwards: VIEWPOINTS.  On the program I interview a wide range of people on various topics with the intent of informing and educating listeners, and in some instances, hopefully changing the attitudes of listeners about social issues that are racially divisive.

After doing the program for several months, I recognized that I had an opportunity to help people through provoking thought and conversation about a number of vital issues and important causes.  However, I understood that I could not accomplish this task by myself, so I started my own talk radio network, The CWR Talk Network, which was launched in October 2017.

One of the causes that I have championed for many years is financial literacy, and one of our programs is The Lionel Shipman $hape Your Finances Show, with host and financial expert, Mr. Lionel Shipman, which is a financial and life empowerment show that focuses on our lives around money and finances.  Lionel interviews interesting guests that include business owners, financial advisors, insurance agents, educators and other professionals that show “how to” improve personal finances in many practical ways, as many of them share their own personal experiences.  The show also provides listeners with useful financial information that will help improve their financial lives and give life lessons to help them live life to the fullest. Listen to Lionel every Tuesday night at 7:30 PM Central and 8:30 PM Eastern time online at http://www.blogtalkradio.com/cwrtalkradio

 

Lionel Shipman Host: The Lionel Shipman $hape Your Finances Show

 

We are in negotiations to add another financial literacy program to complement Lionel’s that focuses strictly on personal finance, from budget planning, to getting out of debt, managing credit, saving, and investing.  Both of these programs will provide professional information about financial literacy, breaking the chain of generational poverty in some instances, and learning how to build wealth.  We hope to premier that program early in 2018.

Also, we have special plans for Financial Literacy Month in April.  Here are some of the guests that will appear on my show, Donell Edwards: VIEWPOINTS during Financial Literacy Month:

Monday – April 2, 2018  –  Everything You Need to Know to Save On Your Taxes
Guest:  Mr. Dean Michael, Chief Executive Officer and Founder of Tax Help MD

Dean Michael
Tax Expert

 

 

 

 

 

 

Thursday – April 5, 2018 – Understanding Medicare and Obamacare, and How They Affect Your Finances
Guest:  Ms. Danielle Kunkle, Medicare insurance expert and founding partner at Boomer Benefits

Danielle Kunkle
Medicare Expert

 

 

 

 

 

 

Monday – April 9, 2018 – How to Maintain or Take Control Of Your Finances
Guest: Ms. Shannon Ryan, Certified Financial Planner, Founder of The Heavy Purse

Shannon Ryan
Certified Financial Planner, Founder of The Heavy Purse

 

 

 

 

 

 

 

Monday – April 16, 2018 – Successfully Overcoming Life’s Setbacks, and Boldly Facing Fears
Guest:  Ms. Betsy Pake, Author, Speaker, and Success Coach

Betsy Pake
Author, Speaker, and Success Coach

 

 

 

 

 

 

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?  If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

 

Donell Edwards Publisher, Writer, Speaker

Donell Edwards
Publisher, Writer, Speaker

About Donell Edwards: Donell Edwards is President of CWR Media Group which includes CWR World News Talk Radio Show and CWR World News & Information Service, a daily online newspaper.  He is also a professional speaker, freelance writer, and entrepreneur.  

To book Mr. Edwards to speak at your next event, contact:

Donell Edwards Enterprises
13111 W. Markham St.
Suite 116
Little Rock, AR 72211
DLEdwards@DonellEdwardsEnterprises.com

 

Follow us on Twitter and Facebook for more information about personal money management.

twitter-ilike-us-on-facebook

Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial planner. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

Copyright © 2017 CWR Media Group – All Rights Reserved

 

 

My Story Of Accountability

Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

Know Your Money
Monday – November 14, 2016
(First published on May 5, 2014)

Knowing Your Personal Finances
My Story of Accountability
By Donell Edwards

 

Today, I share with you my story of accountability because I want you to understand why I write this blog.  I have previously shared with you in our special feature, Confessions Of A Spendaholic, my own confessions during a period in my life when I was a spendaholic.  But that is only part of my story.  I share my story of accountability with you today because I hope that my experience will be a wake up call for some, and that it will inspire and encourage many who read this to see themselves in some of what I experienced, and learn from my mistakes, and know that they are not alone, that it is OK wherever you may be financially at this time, and that you can recover and become financially stable if you are willing to make the necessary changes.

Accountability is defined as an obligation or willingness to accept responsibility or to account for one’s actions.  (Merriam Webster Dictionary)  As I went through various stages of life I did not hold myself accountable for how I mismanaged money.  There was always a reason or an excuse.  I did not earn enough because of an oppressive system.  I refused to accept my financial limitations.  I abused what credit I did have.  I made bad choices.  I would not accept advice from those wiser and more experienced than me about money management.  I blamed everyone and everything instead of accepting responsibility myself.

Although my opportunities were limited because I lived at a time in this country when job discrimination was the norm, still I was the one accountable for the choices I made.  

As I grew older and considered some of my contemporaries who came from the same background and lived under the same conditions with the same limitations, and how well they had done, I realized the problem was me and the choices I had made.  No one told me to get married at 19 years of age and start a family.  I did not try hard enough to stay in college and complete my education after I finished high school.  Instead of working with a realistic budget, I tried to find a way to live the life I wanted and to extend my finances to the maximum limits possible, resulting in spending all of the money that I earned and maxing out all of the credit cards that I had, and getting into a position where I could not pay my bills.  For those of you now in that situation, I know the feeling.  I was lost and needed a financial road map to find my way.

 

Man studying street map

 

When I was 30 years old I got my first real career opportunity that allowed me to earn what I always thought I was worth.  That door opened because a very open-minded man gave me an entry level position with a Fortune 100 company.  I quickly worked my way into management and was earning more than I ever imagined I could earn.

I got married again shortly after starting to work for this company.  In a few years we were able to purchase a home.  I was able to take care of my wife and our three children, and everything was wonderful.  Until the company began a massive downsizing process.  I was determined that I would survive, but it became obvious that I was going to lose my job.  So, rather than be terminated I accepted the severance package the company offered.

I was unable to find equal employment in the coming months and the severance pay was exhausted quickly.  I was still determined to recover my salary, but the problem I encountered was that at the time I still did not have a college degree.  Although I thought I had prepared myself because I had worked for a Fortune 100 corporation for over 11 years and had won all kinds of awards for my work, and had worked a number of years in management, the lack of a college degree prevented me from getting hired.

So for the next 20 years my family and I struggled trying to maintain our modest lifestyle.  I was so far in debt when I lost my job that I was not able to pay my bills, my mortgage got behind, I was not able to pay my taxes, and everything was falling apart.  I am not sharing this with you because I want your sympathy, but because for many Americans this is a scenario that they are very familiar with because they have experienced this themselves.  However, I hope they were more accountable financially and better prepared than I was.

This experience was probably the best thing that could have happened to me, because it forced me to learn some very important lessons, and the most important one was to be accountable for how I managed money.  I came to realize that whatever my circumstances were, it was my responsibility to manage what money I did have based on a realistic budget, and to live rigidly within that budget.

I also learned financial discipline, how to sacrifice, to plan for emergencies, to overcome my independence and to accept help and advice from those with more knowledge and experience, I learned to overcome my addiction to credit cards, I had to get over my obsession with chasing the lifestyle that I wanted, and I learned not to live my life based on false hope and dreams, but instead on the reality of my situation.  I learned how to be accountable for my personal finances and for my life.

That is why I write this Know Your Money blog.  It is because I want to share with readers what I have learned as an individual who formerly was not accountable financially, and the lessons that life has taught me and how you can use those lessons to improve your personal money management.  I also seek out experienced professionals in the finance industry to share with readers their knowledge in areas where the knowledge of a financial planner or other financial expert is required.

My mission is to help everyone I can avoid making the same mistakes that I made, and to help anyone interested learn how to manage their money in such a way that they can totally eliminate their debt, learn to increase their cash flow, learn to save, and with the aid of financial professionals help them to learn how to invest to build wealth.

I hope that you will also read our Must Reads for today listed below, which are a contrast of two very different situations.  The first article will help you examine whether you are in financial trouble and is entitled, 4 Signs You’re In Real Financial Trouble.  The contrasting article lists the habits of financially people and is entitled, 20 Habits of Financially Successful People.  We strongly suggest that you read both articles.

Have an awesome day.

 

Must Reads:

4 Signs You’re in Real Financial Trouble
http://blog.credit.com/2014/03/4-signs-youre-in-real-financial-trouble-79055/

20 Habits of Financially Successful People
http://tinyurl.com/kym20habits

 

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

Follow us on Twitter for more information about personal money management
https://twitter.com/Kn0wY0urM0ney

 

Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

 

Copyright © 2016 CWR Media – All Rights Reserved

Financial Literacy Month 2015: Commentary

Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

 

Know Your Money
Thursday – April 30, 2015

Financial Literacy Month 2015
Commentary
By Donell Edwards

Last year I commented on an article that appeared in the Chicago Tribune regarding the fallacy of Financial Literacy Month.  In this article, the writer, Ms. Jill Schlesinger, who describes herself as a former member of the financial planning and money management industry cites her opinions on why the idea of financial literacy education is a fallacy.  She also references a book,“Pound Foolish,” written by Helain Olen, and includes in her article comments from a recent interview with Ms. Olen. 

 

Group of Young People at a Party Sitting on a Couch with Champagne

 

The following is my commentary of Ms. Schlesinger’s article.

Ms. Schlesinger states that when she left the “financial planning and money management business and became a financial journalist, I had hopes that with a clear, easy-to-understand message, I could somehow help inform the masses. While that may be true, my view of financial literacy changed dramatically after I read Helaine Olen’s fantastic book, “Pound Foolish.”

You can get an overview of the book Ms. Schlesinger references through the links above or here.  While Ms. Olen’s book is a behind-the-scenes look into the finance industry from the perspective of a former insider, it is also an attack on the industry and the commercial system.  It must be acknowledged that much of what Ms. Olen says may be true, the financial planning and money management industry may be corrupt, however, her conclusions in regard to the benefits of financial literacy are inaccurate.

Both Ms. Olen and Ms. Schlesinger make the assumption that most efforts to inform and educate the masses about financial literacy and money management are funded, coordinated, and influenced by greedy banks and financial institutions.  Ms. Olen states regarding financial literacy, “it takes an incredibly complex and complicated financial services world, and thrusts all responsibility for navigating it safely on the customer. It presumes that the reason we can’t save is that we lack the skills, and doesn’t even deign to acknowledge the fact that the cost of health, education and housing has skyrocketed as our salaries have stagnated and fallen.”

I agree totally with Ms. Olen’s comment about the spiraling cost of health, education and housing, while  salaries remain stagnant or decrease as factors that make it difficult for individuals to save.  However, this alone does not mean that financial literacy does not help and is not necessary.  It is obvious from Ms. Olsen’s comments that the “financial services world” is “incredibly complex and complicated” that she is talking about investments, stocks, bonds, etc., and not the normal household and personal money management of the average person.  Admittedly for some balancing a checking account or developing a budget may be challenging, but it is not “incredibly complex and complicated.”

Most of the financial literacy programs are designed to work with people on a very basic level in learning how to control spending, prepare and live by a practical and realistic budget, and learn how to save and hopefully eventually invest.  That is not rocket science, but people do need help, they need education. And for those who are really serious and implement what they are learning, it really does work.

The article further states, “But here’s the eye-opener: data indicate that financial literacy simply does not work. Despite millions being spent on financial education projects, people are not that much wiser about the subject. Olen says, ‘Students who study the subject seem to know no more or less than those who do not.’ And plenty of financially savvy people do dopey things with their money all the time.”

Again, to whom is Ms. Olen referring?  Based on those conclusions I guess we should close our schools because students from secondary schools and colleges also do things that are not very smart.  But is this because education did not benefit them, or because of personal choices they made?  Also, Ms. Olen makes all of these comments without providing one single source or citing any study or referencing any data that supports her opinion.

The article further states, “That it doesn’t work should not be surprising, because Olen notes that much of the financial literacy effort is financed by big financial institutions, whose motives may be suspect. Many of these big companies promote their public education projects, while at the same time, continue to sell murky and complicated products.”

OK!  Now we begin to see what is really the driving force behind Ms. Olen’s opinions.  She apparently has issues with the financial planning and money management industry.  No doubt she has seen some things during her career that really disturbed her.  However, that is no reason to attempt to discredit sound programs designed to help educate people about personal money management so that they may be able to improve their lives.

By the way, here are just a few independent organizations and agencies that promote Financial Literacy Month that have nothing to do with the industry:

 

The Financial Literacy and Education Commission
http://www.treasury.gov/resource-center/financial-education/Pages/commission-index.aspx

 

The National Endowment for Financial Education
http://www.nefe.org/

 

President’s Advisory Council on Financial Capability
http://www.operationhope.org/images/uploads/Files/PACFCInterimReport.pdf

 

I do agree with the author about is her conclusion:  “Perhaps one way to celebrate Financial Literacy Month is to acknowledge that you need help from someone who puts your needs first, can separate emotions from the equation and who can guide you through life’s financial milestones.”

That is what Financial Literacy Month is about.  Acknowledging the need for help and acquiring the knowledge and information to do a better job of managing personal finances, and understanding where to seek help and whom to trust.

The role of Know Your Money is not only to be a source of information, but also to provide support and encouragement to those who want to improve their ability to manage their personal finances.

In my studies to become a life coach I learned how to help clients with life issues.  And the most profound aspect of life coaching is holding clients accountable.  What I get from Ms. Schlesinger’s article is that people must do a better job of holding themselves accountable for educating themselves and applying what they have learned.  That is a major issue, accountability.  But there is no fallacy in the idea of Financial Literacy Month.

There is an army of us who devote much of our time and energy to support, encourage, inform, and serve as cheerleaders for those trying to figure out how to do a better job of managing personal finances.  If you would like to know who we are just follow me on Twitter at https://twitter.com/Kn0wY0urM0ney.

Here are the remaining steps to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International.  If you are serious about making progress, or maintaining your momentum in managing your personal finances go through this thirty step program:

Step 24 – Share A Tip for Change

Step 25 – Document Your Desired Spending

Step 26 – Protect Yourself by Performing Financial Check-ups

Step 27 – Understand the Cost Of Credit

Step 28 – Assemble A Financial Team

Step 29 – Appreciate the Benefits

Step 30 – Moving Forward

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?:
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

Follow us on Twitter for more information about personal money management
https://twitter.com/Kn0wY0urM0ney

 

Copyright © 2015 CWR Media – All Rights Reserved

Financial Literacy Month 2015: It’s Tax Day; Are You Ready?

Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

To book Mr. Edwards to speak at your next event, contact:
Donell Edwards Enterprises
13111 W. Markham St.
Suite 116
Little Rock, AR 72211
DLEdwards@DonellEdwardsEnterprises.com

 

We’re Celebrating Financial Literacy Month

Know Your Money
Wednesday – April 15, 2015

Financial Literacy Month 2015
It’s Tax Day; Are You Ready?
By Donell Edwards

It’s tax day 2015; are you ready?  Our attitude toward taxes and our approach to managing our tax liability can have either a positive or negative impact on our personal finances.  If we have a nonchalant attitude about our taxes and do nothing to investigate how we may reduce our tax liability we will most likely pay more taxes than we should.  On the other hand, if we do our due diligence and conduct extensive research ourselves to learn all of the options available to us to reduce our taxes, or if we work with a tax professional to determine what we can do to reduce our tax liability, then we will probably pay less in taxes.

The purpose of this post and all of our posts about taxes is not to encourage anyone to avoid paying their fair share of taxes.  Although there may be great debate over how tax dollars are used, it must be acknowledged that the government does use tax dollars to provide a variety of services that we all enjoy, and taxes are a necessity in order for our government to function effectively.

 

CBS NY Tax Video Image

 

Click Here to watch the video

 

Effectively managing our tax liability is a very, very important component in being successful in personal money management.  In addition to working to help readers come to grips with their own destructive habits, to change the behavior and actions that contribute to those habits, to successfully monitor spending, to overcome the tendency to give in to the temptation to spend recklessly, and to get out of debt, one of our goals is to help readers keep more of their money.  Finding ways to save on taxes is a significant part of the goal to keep more money.

Since today is tax day we want to urge you, our readers, to make sure that you get your taxes filed today if you have not already done so.  One of the things that totally sets me off is creating expenses that could be avoided.  Filing taxes late and incurring the needless penalty that results is one of those unnecessary expenses that I call “money burners” which we will devote an entire post to in the future.  There is no reason for this because you can and should file taxes on time, or you can request an extension to ensure that you do not incur penalties and late fees.  But by all means, make sure that you file.

If you need assistance filing your taxes, listed below is a list of places where you may get assistance.  There are also many organizations that provide free assistance for low income and elderly individuals.  We have also listed some of the top online services where you can file your taxes yourself online if you prepare your own taxes, some of which have online assistance.  But the point is, make sure you get this done today if you have not already filed, and if you are mailing in your return the US Postal Service has extended hours today, just check with your local post office to find the location in your area where you can mail your return up until midnight.

By the way, if you are getting a refund, be money wise and don’t waste it.  Here is a great article that that I recommend, entitled “10 Ways to Waste Your Tax Refund.”  So, file your taxes before the deadline, and if you are getting a refund use it wisely.

TAX FILING ASSISTANCE

The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $52,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.  To locate the nearest VITA site near you, use the VITA or TCE Locator Tool (website below) or call 800-906-9887.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

 

The Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.  To locate the nearest TCE site near you, use the VITA or TCE  Locator Tool (website below) or call 800-906-9887.

http://www.irs.gov/Individuals/Tax-Counseling-for-the-Elderly

 

Tax-Aide from AARP provides free tax preparation for people and are operated very similiarly to the VITA and Tax Counseling for the Elderly. You can find a local Tax-Aide site by calling, toll-free, 1-888-227-7669 or by visiting AARP.org/taxaide.

 

FREE Online Tax Filing Services:

TurboTax
http://tinyurl.com/kymturbotax

e-file.com
http://tinyurl.com/kymefile

TaxACT
http://tinyurl.com/kymtaxact

FreeTaxUSA
http://tinyurl.com/kymfreetaxusa

e.smarttax
http://tinyurl.com/kymesmart

 

Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:

Step 13 – Pay Down Your Debt

 

EVENTS AND RESOURCE LINKS:

Hosting A Financial Literacy Month Event

2015 National Savings Forum

Financial Literacy Month Articles from Huffington Post 

The FoolProof Foundation

FoolProof Teacher

FoolProof Solo

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to info@knowyourmoneyglobal.com.

 

Follow us on Twitter for more information about personal money management
https://twitter.com/Kn0wY0urM0ney

 

Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

 

Copyright © 2015 CWR Media – All Rights Reserved

 

Financial Literacy Month 2015: The Steps To Financial Wellness

Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

We’re Celebrating Financial Literacy Month

Know Your Money
Wednesday – April 1, 2015

Financial Literacy Month
The Steps to Financial Wellness
By Donell Edwards  

Today is the beginning of Financial Literacy Month, and there is only one way to say this; Americans are in serious trouble when it comes to financial literacy.  This is not an exaggeration, it is not being overly dramatic,  it is just the brutal truth supported by countless studies and reports.  The purpose of Know Your Money Global (KYMG) and our blog is to heighten awareness of this monumental issue, and to provide solutions, information, tools, and resources to help readers change their approach to personal money management and how they think about managing money.

During Financial Literacy Month this year KYMG will continue to feature the Thirty Steps To Financial Wellness program developed by Money Management International to provide readers with a step-by-step process to develop the skills they need to become more financially literate.  Each day we will feature one of the steps from the program.  In addition, we will also feature outstanding and informative articles from finance professionals and articles and posts from contributing writers.

We found an article that is a perfect to begin our promotion of Financial Literacy Month from June 2014 from CNBC written by Kathleen Burns Kingsbury entitled, Americans Need A Financial Wake-Up Call.  We strongly recommend this article to our readers, especially any who may have doubts about how severe the financial literacy problem in America is.  Ms. Kingsbury begins her article by making a very insightful statement that is at the heart of this problem for so many people , “You know what steps to take to improve your finances but you fail to take them.”  So, a major part of the problem is not a lack of knowledge, but rather a lack of discipline.

Whatever your financial condition may be, we encourage you to make the commitment now to use this Financial Literacy Month to become more financially literate by reading the recommended articles, and by visiting the Money Management International and other recommended websites, and each day at least reviewing the featured step from the Thirty Steps to Financial Wellness program.

 

Businesswoman with Arms Outstretched

   
   

Today’s Financial Wellness Step from Thirty Steps To Financial Wellness developed by Money Management International:

Commit to Change

Take the Pledge

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com  

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share? If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to info@knowyourmoneyglobal.com.  

 

Follow us on Twitter for more information about personal money management https://twitter.com/Kn0wY0urM0ney  

 

Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser.  However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money.  The Know Money Blog posts written by me are my own opinions and are for informational use only.  Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

Copyright © 2015 CWR Media – All Rights Reserved  

 

Do You Know Why Most Of Us Aren’t That Good At Managing Money?

Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

Know Your Money
Thursday – March 5, 2015

Knowing Your Personal Finances
Do You Know Why Most Of Us Aren’t That Good At Managing Money?
By Donell Edwards

Did you know that in some ways we are hardwired not to manage money well?

 
Robert Farrington is the founder and editor of The College Investor, which is a personal finance site dedicated to young adult and college student finances.
Image by © Royalty-Free/Corbis

Image by © Royalty-Free/Corbis

 
In his recent article, 6 Ways Your Brain Sucks at Managing Money, Farrington shares his research on behavioral finance and neuroeconomics.
 
Here are some of his findings:
 
1.    Most of us are not very good at budgeting
 
2.    Too often we allow our friends and associates to influence our financial decisions.
 
3.    Why our brains suck at spending.
 
4.    Investing and availability bias.
 
5.    Our brains and the endowment effect.
 
6.    The theory of Mean Regression.
 
Read the entire article at:
 

 

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We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to info@knowyourmoneyglobal.com.

 

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Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial planner. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

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