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Personal Finances News – Must-Read Personal Finance Books From The Berlin-Peck Memorial Library | Fintech Zoom

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Personal Finances News – Must-Read Personal Finance Books From The Berlin-Peck Memorial Library

A powerful, environmentally-conscious guide to decluttering, saving money and growing a community inspired by the ancient practice of gift economies where neighbors pooled resources includes seven steps to learning how to buy less and give more.

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Credit Repair

Amy Loftsgordon and Cara O’Neill

Incorporating extensive new coverage of student loan forgiveness and changes to federal laws, a latest edition outlines comprehensive steps for taking control of personal finances, cleaning up a credit report and rebuilding credit.

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Die With Zero
Getting All You Can From Your Money and Your Life

Bill Perkins

A startling new philosophy and practical guide to getting the most out of your money-and out of life-for those who value memorable experiences as much as their earnings.

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Dollars and Sense
How We Misthink Money and How to Spend Smarter

Dan Ariely and Jeff Kreisler

Shares anecdotal insight into the illogical influences behind poor financial decisions and how to outmaneuver them, covering topics ranging from credit-card debt and household budgeting to holiday spending and real estate sales.

Audiobook on Hoopla Library Catalog

The Dumb Things Smart People Do With Their Money
Thirteen Ways to Right Your Financial Wrongs

Jill Schlesinger

The CBS News business analyst explores the common mistakes that intelligent people make with money, drawing on heartfelt stories to identify psychological blind spots that contribute to personal finance difficulties.

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Everyday Millionaires
How Ordinary People Built Extraordinary Wealth—and How You Can Too

Chris Hogan

Draws on a survey of ten thousand U.S. millionaires to refute myths about wealth that prevent ordinary people from achieving financial independence, and discusses the readily available tools to help in reaching millionaire status.

Audiobook on Hoopla Library Catalog

The Financial Diet
A Total Beginner’s Guide to Getting Good with Money

Chelsea Fagan

Offers guidance on personal finance for readers who might be reluctant to bother with the subject, with easy-to-follow advice for budgeting, investing, handling credit, and living a satisfying lifestyle that is still budget conscious.

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Financial Freedom
A Proven Path to All the Money You Will Ever Need

Grant Sabatier

The CNBC-declared “Millennial Millionaire” describes how he transitioned from being broke to wealthy in less than five years, revealing how today’s financial rules are obsolete while outlining counterintuitive, step-by-step tips for making real-world fast money.

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Get Money
Live the Life You Want, Not Just the Life You Can Afford

Kristin Wong

Offers a step-by-step guide to personal finance, encouraging readers to treat it as a challenge-driven game in order to turn what might otherwise be a tedious chore into a fun process.

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Know Yourself, Know Your Money
Discover Why You Handle Money the Way You Do, and What to Do About It!

Rachel Cruze

Counsels readers on how to understand one’s individual strengths and vulnerabilities to establish a healthy relationship with money and set more productive financial goals.

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Mindful Money
Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend

Jonathan K. DeYoe

Offers instructions on creating a financial plan that is guided by belief, and shows readers how to save, invest, pay off debt, and fund retirement.

eBook on Hoopla Library Catalog

Napkin Finance
Build Your Wealth in 30 Seconds or Less

Tina Hay

Fun and accessible, a handy crash course in personal finance, written by the founder of Napkin Finance, provides a visual learning strategy to help readers master even the most complex financial topics.

eBook on Hoopla Library Catalog

The Next Millionaire Next Door
Enduring Strategies for Building Wealth

Thomas J. Stanley

Twenty years after Thomas J. Stanley’s groundbreaking work on self-made affluence, he and his daughter examine the changes in specific decisions, behaviors and characteristics, along with consumption, budgeting, careers and investing that have changed wealth-building in more recent years.

Audiobook on Hoopla Library Catalog

Personal Finance for Dummies

Eric Tyson

From budgeting, saving, and reducing debt, to making timely investment choices and planning for the future, Personal Finance For Dummies provides fiscally conscious readers with the tools they need to take charge of their financial life.

Audiobook on Hoopla Library Catalog

Retire Securely
Insights on Money Management from an Award-Winning Financial Columnist

Julie Jason

A curated collection of the best retirement advice from financial advisor Julie Jason’s acclaimed nationally syndicated column. Organized in 10 sections, each following a theme, Retire Securely provides essential, accessible, and easy-to-understand information about a process that concerns everyone.

Audiobook on Hoopla Library Catalog

Smart Couples Finish Rich
9 Steps to Creating a Rich Future for You and Your Partner

David Bach

Offers a nine-step program to help couples build and maintain their financial wealth through proven strategies for organization, communication, and smarter spending in the current economy.

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This Is the Year I Put My Financial Life in Order

John Schwartz

A correspondent for the “New York Times” offers this part-memoir and part-research-based guide to describe his personal journey from near financial ruin to full financial literacy, including non-preachy advice on investments, retirement, insurance and wills.

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The Total Money Makeover
A Proven Plan for Financial Fitness

Dave Ramsey

A strategy for changing attitudes about personal finances covers such topics as getting out of debt, the dangers of cash advances, and keeping spending within income limits.

Audiobook on Hoopla eBook on OverDrive Library Catalog

The Truth About Your Future
The Money Guide You Need Now, Later, and Much Later

Ric Edelman

Outlines forward-thinking recommendations on how to tap rapidly evolving technological and scientific innovations to make powerful new choices about saving, investing, and planning for the future.

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The Ultimate Retirement Guide for 50+
Winning Strategies to Make Your Money Last a Lifetime

Suze Orman

Gives you the no-nonsense advice and practical tools you need to plan wisely for your retirement in today’s ever-changing landscape. You’ll find new rules for downsizing, spending wisely, delaying Social Security benefits, and more-starting where you are right now.

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Wealth Can’t Wait
Avoid the 7 Wealth Traps, Implement the 7 Business Pillars, and Complete a Life Audit Today!

David Osborn and Paul Morris

Presents a guide to creating horizontal income streams to enjoy more financial freedom, providing a five-point strategy to building wealth that details how to cultivate the mindset, habits, and momentum to secure the greatest results.

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Women with Money
The Judgement-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve

Jean Chatzky

Draws on the insights of leading economists, financial planners, and other experts to outline recommendations to help women understand themselves in relation to money, get paid what they deserve, and invest for the future.

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Your Money Or Your Life
9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

Vicki Robin

Offers a nine-step program for living a more meaningful life by taking control of one’s finances, showing readers how to get out of debt, save money, reorder priorities, live well for less, and convert problems into opportunities.

Audiobook on OverDrive Library Catalog


This press release was produced by the Berlin-Peck Memorial Library. The views expressed here are the author’s own.

Personal Finances News – Must-Read Personal Finance Books From The Berlin-Peck Memorial Library

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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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