Archive for February, 2010

Improve your financial literacy

Tuesday, February 9th, 2010

In this post, I’ve included links to some important financial resources that were mentioned in Saturday’s workshop. Among them, you’ll find some of my favorite blogs and sites, as well as a gigantic financial glossary, three articles on how to hire a financial planner and some handy tools and calculators (loan, savings, retirement) courtesy of FINRA.

Banking & Lending

Bankrate is the place to get the best available rates on just about any kind of consumer financial product; Mortgage 101 is an educational site for potential home-buyers; if you’ve gone to college recently and wanted a scholarship, you probably remember filling out a nightmare of a form called the FAFSA; and if you are looking for basic, general information about all-things-banking why not head to the source and check out the educational resources provided by the Federal Reserve Bank of Kansas City?

Credit

Be sure to review your credit history each year using Annual Credit Report (it’s FREE); learn how your credit score is calculated and what affects it by visiting MyFICO; if you are trying to avoid debt collectors and bankruptcy, the National Foundation for Credit Counseling can put you in touch with a free credit counselor; if you are new or just inspired to learn more about how the game works, visit Credit.com; and next time you are ready to shop around for a new card, be sure to check out Card Ratings first.

Insurance

Such a topical issue given the health care “debate”…If you are an artist looking for health or liability insurance, you can find it at Fractured Atlas; if you are any kind of freelance worker looking for health, dental, life or disability coverage, check out Freelancer’s Union.

Investing

If you are curious about or ready to take the plunge into investing, here are some resources to help you learn the lingo, grasp key concepts and demystify the complicated world of “Wall St”: Investopedia, The Motley Fool, Morningstar, and Mutual Fund Education Alliance. The topic of peer-to-peer lending as an investment strategy came up, made famous by the international organization Kiva.

Retirement

The U.S. Social Security Administration sends you a statement twice a year to report on your taxable income and projected benefits. If you haven’t received one in a while, you can request it online. Be sure it matches your tax statements – I found they missed crediting me over $15,000 of income one year!

And obviously Social Security won’t be enough to support those of us under 40 when we reach collecting time, so you should consider participating in an employer sponsored plan (usually a 401K or 403B) and maximize any matching funds opportunities they provide. If that isn’t an option, consider an Individual Retirement Account.

Taxes

Why not start at the top and just contact the IRS (or consult their new YouTube channel – seriously!) with your questions? In preparation, you might want to spend some time on these blogs: Don’t Mess With Taxes and TAXGIRL.

Personal Finance

My top blog picks are The Simple Dollar and Get Rich Slowly – I have been reading both for years now, and think they are two of the best places online to find tips, tactics and techniques for reducing debt, saving for retirement, learning to craft a frugal lifestyle that doesn’t cramp your personal style and more. Of course, what is theory without practice, so be sure to investigate the free money management tools offered by Mint and Wesabe.

Finance, Economics, Policy

Here a few of my favorites blogs: naked capitalism, The Big Picture, and The Baseline Scenario. These are serious blogs written by serious minds who really know their stuff. Sometimes I don’t follow every little detail, but reading them has helped me dramatically improve my understanding of macroeconomics, fiscal and monetary policy, and the financial calamity we are currently living through.

Business

SBA stands for Small Business Administration – it is the part of the Federal government designed to help support small businesses; SCORE is an amazing national organization that provides business education, resources, templates and even mentoring in locations around the country; and if you are looking for general business advice, check out inc.com or allbusiness.com.

If there are any questions we didn’t have time to cover in the workshop, or follow-up thoughts or resources you’d like to share (whether you participated or not), please post in the comments section.

I want to thank everyone who braved the storm-that-never-came to join me.

Finance workshop for artists

Wednesday, February 3rd, 2010

This Saturday February 6th, I am teaching a brand new workshop - Finance Basics for Artists – at The Field.

Here is the description:

From planning your next project budget to managing your personal finances, join us to explore tips and tactics to help maximize your financial resources. We will discuss basic principles of saving, investing, budgeting, short-term vs. long-term planning, frugality, goal setting, personal risk tolerance, cash flow, bartering and other practical techniques to help cut overhead costs and meet your bottom line.

If you are in the NYC area, and want to get your finance on, please join us. You can register here and there is a small fee to participate.