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Located in United States.
by on November 18, 2021
Why is this important? To help young people understand how to manage their money, it’s important to gauge what they know, understand, and can do. The “Map your money journey” survey is a self-assessment designed for students in grades 3–12. It assesses the attitudes, skills, and habits a young person has by measuring their development of three interconnected building blocks of financial capability. The building blocks are: Executive function, called “Planning and self-control” in the survey Financial habits and norms, called “Money habits and values” in the survey Financial knowledge and decision-making skills, called “Money knowledge and choices” in the survey Managing money takes more than adding and subtracting. Having strong money skills and knowledge can help you make choices that are best for you. Remember, your money journey will last your entire life and everyone can always improve! ElementarySchool Grades 3-5 Middle School Grades 6-8 High School Grades 9-12   The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
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by on October 21, 2021
The COVID-19 pandemic continues to impose hardships, especially on people who face barriers to our services and benefits. We want you to know about other benefits you may be entitled to receive. This includes the Supplemental Nutritional Assistance Program – or SNAP. SNAP is a federal program – run by state agencies – that helps people with low-income purchase nutritious food. When you apply for Supplemental Security Income (SSI), you can also apply for SNAP. If you and everyone in your household are applying for or already receive SSI payments, Social Security will: Help you complete the SNAP application by phone. Call us toll-free at 1-800-772-1213 or at our TTY number, 1-800-325-0778, if you’re deaf or hard of hearing. Help you complete the application in person if you have a scheduled appointment. Mail you a SNAP application if you request one by phone. Send the completed application to the local SNAP office for you. All other applicants, including people who apply for or receive only Social Security benefits, should take or send their SNAP application to their local SNAP office. You may also submit your SNAP application online. To find your local SNAP office or apply online, visit the Food and Nutrition Service’s SNAP State Directory of Resources website. You can also call the SNAP information line toll free at 1-800-221-5689. To see if you’re eligible for SNAP, check out the SNAP Eligibility page. We also encourage you to check out our publication, Supplemental Nutrition Assistance Program (SNAP) Facts, for additional information on the program. Our efforts align with the President’s mission to address nutrition insecurity for America’s families – and help you secure today and tomorrow. Please share this information with your family and friends – and post it on social media. Source
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by on October 16, 2021
People typically buy annuities to help manage their income in retirement. Annuities provide three things: Periodic payments for a specific amount of time. This may be for the rest of your life, or the life of your spouse or another person. Death benefits. If you die before you start receiving payments, the person you name as your beneficiary receives a specific payment. Tax-deferred growth. You pay no taxes on the income and investment gains from your annuity until you withdraw the money.
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by on October 7, 2021
Millions of Americans manage money or property for a loved one who’s unable to pay bills or make financial decisions. To help financial caregivers, we’ve released easy-to-understand guides. Considering a financial caregiver? Are you or a loved one planning ahead in case you need help managing your money in the future? Knowing your options will help you choose what works best for your situation. Download the guide Find the right guide for you The guides are tailored to the needs of people in four different fiduciary roles: Power of attorney Guides for those who have been named in a power of attorney to make decisions about money and property for someone else.  View power of attorney guides Court-appointed guardians Guides for those who have been appointed by a court to be guardians of property or conservators, giving them the duty and the power to make financial decisions on someone’s behalf.  View guides for court-appointed guardians Trustees Guides for those who have been named as trustees under revocable living trusts. View guides for trustees Government fiduciaries Guides for those who have been appointed by a government agency to manage another person's income benefits, such as Social Security or Veterans Affairs benefit checks.  View guides for government fiduciaries Source
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by on October 5, 2021
If you’re a high schooler applying to college, a college student, or their parent, it’s time to fill out the 2022-23 Free Application for Federal Student Aid (FAFSA®) form. Unfortunately, scammers know it’s that time of year again, too and they’re gearing up to try to take advantage of financial aid seekers. Many states and schools give out funds on a first-come, first-served basis. So, if you’re looking for financial aid for college or career school, fill out your FAFSA form as soon as you can. Some states have different filing deadlines for certain kinds of aid. Even if you haven’t filed your income taxes or don’t have all of your paperwork completed yet you don’t need to wait. You can submit the FAFSA form using estimates and then update it later. No matter when you fill it out, the form is totally free, and it will help you find out if you’re eligible for different types of financial aid — like grants, work-study, and loans. During FAFSA season, scammers may tell you they can help you get more financial aid if you apply through them — for a fee. And they might use false information about your family’s income, assets, and benefits to qualify you for more aid than you’d get if they told the truth. But if someone fills out your FAFSA form and uses false information, you could get in trouble — including fines or jail time. Never pay someone else to fill it out for you. Instead, fill out the FAFSA form yourself, or with a family member. If a company tells you they can process your FAFSA for a fee, walk away. Filing your FAFSA is completely free to do yourself. Find all of the information you need at fafsa.gov. And remember, never share your FSA ID (it’s what you use to log in to fill out your FAFSA form) with anyone. Dishonest people could use that to get into your account and steal your identity. If you spot a scam, report it to the FTC at ReportFraud.ftc.gov. If you need more help with your FAFSA form, visit studentaid.gov or call the Federal Student Aid Information Center at 1-800-433-3243 (TTY: 1-800-730-8913 for deaf or hard of hearing). October 5, 2021 by Carly Johnson Intern, Division of Consumer and Business Education, FTC Source
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by on October 5, 2021
If the coronavirus pandemic has made it difficult for you or those you work with to make mortgage payments, it’s not too late to request COVID hardship forbearance. Forbearance is when a mortgage servicer or lender allows homeowners to pause or reduce mortgage payments for a limited time while they build back their finances. If the home loan is backed by HUD/FHA, USDA, or VA, the mortgage servicer is authorized to approve initial COVID hardship forbearance requests until the COVID-19 National Emergency is officially over. Previously the deadline was set for September 30, 2021. If the loan is backed by the government-sponsored agencies Fannie Mae and Freddie Mac, there is not currently a deadline for requesting an initial forbearance. Learn more about COVID-19 related mortgage forbearance. Thank you, Consumer Financial Protection Bureau 
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by on September 27, 2021
Crane and Co., a Massachusetts-based company, has been providing the U.S. Bureau of Engraving and Printing with paper for U.S. currency since 1879.  Federal Reserve notes are a blend of 25 percent linen and 75 percent cotton. Currency paper has tiny red and blue synthetic fibers of various lengths evenly distributed throughout the paper. It would take 4,000 double folds, forwards and backward, to tear a banknote.  No matter the denomination, a banknote weighs approximately 1 gram. Because there are 454 grams in one pound, this means there are 454 notes in one pound of currency.   Want to measure your notes in a different way? A stack of currency one mile high would contain more than 14.5 million banknotes. It is estimated that between one-half to two-thirds of the value of all U.S. currency in circulation is outside of the U.S.  In 1934, the $100,000 Gold Certificate became the highest denomination ever issued. It was never intended for public use. Instead, it was meant solely for official transactions between Federal Reserve Banks.   Source
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by on September 27, 2021
The most common types of orders are market orders, limit orders, and stop-loss orders. A market order is an order to buy or sell a security immediately. This type of order guarantees that the order will be executed, but does not guarantee the execution price. A market order generally will execute at or near the current bid (for a sell order) or ask (for a buy order) price. However, it is important for investors to remember that the last-traded price is not necessarily the price at which a market order will be executed. A limit order is an order to buy or sell a security at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. Example: An investor wants to purchase shares of ABC stock for no more than $10. The investor could submit a limit order for this amount and this order will only execute if the price of ABC stock is $10 or lower. A stop order, also referred to as a stop-loss order is an order to buy or sell a stock once the price of the stock reaches the specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order. A buy stop order is entered at a stop price above the current market price. Investors generally use a buy stop order to limit a loss or protect a profit on a stock that they have sold short. A sell stop order is entered at a stop price below the current market price. Investors generally use a sell stop order to limit a loss or protect a profit on a stock they own. Source
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by on September 13, 2021
A cash account is a type of brokerage account in which the investor must pay the full amount for securities purchased. In a cash account, you are not allowed to borrow funds from your broker to pay for transactions in the account. A margin account is a type of brokerage account in which your brokerage firm can lend you money to buy securities, with the securities in your portfolio serving as collateral for the loan. As with any other loan, you will incur interest costs when you buy securities on margin. There are risks involved in purchasing securities on margin. For example, if you buy on margin and the value of your securities declines, your brokerage firm can require you to deposit cash or securities to your account immediately. It can also sell any of the securities in your account to cover any shortfall, without informing you in advance. The brokerage firm decides which of your securities to sell. Even if the brokerage firm notifies you that you have a certain number of days to cover the shortfall, it still may sell your securities before then. A brokerage firm may at any time change the threshold at which customers are subject to a margin call. Source
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by on September 9, 2021
U.S. Treasury securities are debt instruments. The U.S. Department of the Treasury issues securities to raise the money needed to operate the federal government. Why should I buy a Treasury security? Treasury securities are considered a safe and secure investment option because the full faith and credit of the U.S. government guarantees that interest and principal payments will be paid on time. Also, most Treasury securities are liquid, which means they can easily be sold for cash. What types of securities are offered to individual investors? We sell Treasury bills, notes, bonds, FRNs, TIPS, and U.S. Savings Bonds to individual investors. What are Treasury bills? Treasury bills (or T-bills) are short-term securities that mature in one year or less from their issue date. T-bills are purchased for a price less than or equal to their par (face) value, and when they mature, Treasury pays their par value. The interest is the difference between the purchase price of the security and what is paid at maturity (or what it sells for if it is sold before it matures). For example, if an investor bought a $10,000, 26-week Treasury bill for $9,750 and held it until maturity, the interest would be $250. What are Treasury notes, bonds, FRNs, and TIPS? Treasury notes and bonds are securities that pay a fixed rate of interest every six months until the security matures, which is when Treasury pays the par value. The only difference between them is their length until maturity. Treasury notes mature in more than a year, but not more than 10 years from their issue date. Bonds mature in more than 10 years from their issue date. An FRN is a security that has an interest payment that can change over time. As interest rates rise, the security's interest payments will increase. Similarly, as interest rates fall, the security's interest payments will decrease. Treasury FRNs will be indexed to the most recent 13-week Treasury bill auction High Rate prior to the lockout period, which is the highest accepted discount rate in a Treasury bill auction. Treasury also sells Treasury Inflation-Protected Securities (TIPS). They pay interest every six months and the principal value of TIPS is adjusted to reflect inflation or deflation as measured by the Consumer Price Index - the Bureau of Labor Statistics' Consumer Price Index for All Urban Consumers (CPI-U). With TIPS, the semi-annual interest payments and maturity payment are calculated based on the inflation-adjusted principal value of the security. What are U.S. Savings Bonds? Savings bonds are Treasury securities that are payable only to the person to whom they are registered. Savings bonds earn interest for up to 30 years, but you can redeem them after one year. What types of savings bonds are available? You can buy two types of savings bonds: the Series EE Bond or the Series I Bond. Read more information about these types of securities and compare I and EE Savings Bonds. How do Treasury bills, notes, bonds, FRNs, and TIPS differ from savings bonds? Unlike savings bonds, Treasury bills, notes, bonds, FRNs, and TIPS are transferable, so you can buy or sell them in the securities market. You can buy Treasury bills, notes, bonds, FRNs, and TIPS for a minimum of $100, and you can buy savings bonds for as little as $25. How can I buy a Treasury bill, note, bond, FRN, or TIPS? You can buy Treasury bills, notes, bonds, FRNs, or TIPS at one of the auctions we conduct, or in the securities market. If you want to buy a Treasury security at an auction, set up an account in TreasuryDirect (for noncompetitive bids only) or contact a financial institution, or a government securities broker or dealer. View upcoming auctions. What is a Treasury auction? Each Treasury bill, note, bond, FRN, or TIPS is sold at a Treasury auction. In these auctions, all successful bidders are awarded securities at the same price, which is the price equal to the highest rate, yield or discount margin of the competitive bids awarded. You can find a complete explanation of the auction process in our Uniform Offering Circular, which is in the Code of Federal Regulations (CFR) at 31 CFR Part 356. How can I find out when an auction will be held? Before each auction, a press release is issued announcing the security being sold, the amount of the security being offered, the auction date, and other pertinent information. This information is available in the Tentative Auction Schedule and from your financial institution, broker, or dealer. How can I participate in an auction? You can participate in an auction by submitting a bid for the security you want to buy. You can bid either noncompetitively or competitively, but not both in the same auction. If you bid noncompetitively, you'll receive the full amount of the security you want at the return determined at that auction. Therefore, you don't have to specify the return you'd like to receive. You can't bid noncompetitively for more than $5 million in a single auction. Most individual investors bid noncompetitively. If you bid competitively, you have to specify the return - the rate for bills, yield for notes, bonds, and TIPS, or discount margin for FRNs - that you would like to receive. If the return you specify is too high, you might not receive any securities, or just a portion of what you bid for. However, you can bid competitively for much larger amounts than you can noncompetitively. How do I submit my bid? You may bid directly through TreasuryDirect (except for Cash Management Bills), TAAPS (with an established account), or you can make arrangements to purchase securities through a broker, dealer, or financial institution. What is the minimum purchase amount for Treasury securities? The minimum amount that you can purchase of any given Treasury bill, note, bond, FRNs, or TIPS is $100. Additional amounts must be in multiples of $100. Do I have a choice as to where my Treasury securities are kept? All Treasury securities are issued in what is called "book-entry" form - an entry in a central electronic ledger. You can hold your Treasury securities in one of three systems: TreasuryDirect, Legacy Treasury Direct (existing accounts only), or the Commercial Book-Entry System. TreasuryDirect and Legacy Treasury Direct are direct holding systems where you have a direct relationship with us. (NOTE: Legacy Treasury Direct is being phased out.) The Commercial Book-Entry System is an indirect holding system where you hold your securities with your financial institution, government securities broker, or dealer. The Commercial Book-Entry System is a multilevel arrangement that involves the Treasury, the Federal Reserve System (acting as Treasury's agent), banks, brokers, dealers, and other financial institutions. So, in the Commercial Book-Entry System, there can be one or more entities between you and the Treasury. What features does TreasuryDirect offer? TreasuryDirect provides a web-based environment for buying and holding Treasury bills, notes, bonds, FRNs, and TIPS, as well as savings bonds. You cannot purchase Cash Management bills in TreasuryDirect. The TreasuryDirect website can be used to open an account, conduct most transactions, and access account information. Online services are available 24 hours a day, seven days a week. You designate the financial account or accounts into which we make payments and from which we make withdrawals. There are no fees charged when you open an account or buy securities. TreasuryDirect permits accounts for both individuals and various types of entities including trusts, estates, corporations, partnerships, etc. See Learn More about Entity Accounts for full information on the registration types. What features does the Commercial Book-Entry System offer? In the Commercial Book-Entry System, you'll maintain your relationship with your financial institution, broker, or dealer and potentially pay fees for their services. The Commercial Book-Entry System allows you to easily buy and sell securities as well as use them for collateral. You can also hold Treasury securities in stripped form, known as STRIPS or zero-coupon securities, in the Commercial Book-Entry System. What are STRIPS or zero-coupon securities? STRIPS, also known as zero-coupon securities, are Treasury securities that don't make periodic interest payments. Market participants create STRIPS by separating the interest and principal parts of a Treasury note, bond, or TIPS. For example, a 10-year Treasury note consists of 20 interest payments - one every six months for 10 years - and a principal payment payable at maturity. When this security is "stripped," each of the 20 interest payments and the principal payment become separate securities and can be held and transferred separately. STRIPS can only be bought and sold through a financial institution, broker, or dealer and held in the Commercial Book-Entry System. How can I sell my Treasury security before maturity? If you hold your security in the Commercial Book-Entry System, contact your financial institution, government securities dealer, broker, or investment advisor. Normally there is a fee for this service. If you hold your security in TreasuryDirect or Legacy Treasury Direct, you can transfer it to an account in the Commercial Book-Entry System. How do I receive my interest and principal payments? In TreasuryDirect and Legacy Treasury Direct, the U.S. Treasury makes interest and principal payments directly to the financial account you choose. In the Commercial Book-Entry System, Treasury's interest and principal payments may flow through several institutions on their way to you. For example, a payment could go from the Federal Reserve to a large bank to a smaller bank to your bank or broker before it gets to you. What happens when my security matures? When your security matures, payment of the principal and the final interest payment are made through TreasuryDirect, Legacy Treasury Direct, or the Commercial Book-Entry System. Rather than take payment of the principal, customers of TreasuryDirect can choose to roll the principal into another security by scheduling the security to reinvest. How can I get more information about Treasury securities? For more information about Treasury securities, visit Treasury Marketable Securities. Source
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by on September 4, 2021
Money Adventure is a fun, interactive smartphone and tablet app that helps students learn about the security and design features of Federal Reserve notes. This digital tool brings learning to students’ fingertips, making Money Adventure a classroom and at-home resource. Money Adventure has two primary components—a note front explorer and a note back explorer. In the note front explorer, students can tilt and tap an interactive $20 bill to discover its unique features. In the note back explorer, students team up with Buck the Time-Traveling Dog on a quest through the historical events illustrated on the back of U.S. currency. Money Adventure is available for download on iOS and Android devices. To download Money Adventure on your Android device, visit the Google Play Store. To download Money Adventure on your iPhone or iPad, visit the Apple App Store. Source: https://www.uscurrency.gov/educational-materials/classrooms/money-adventure-mobile-app
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by on August 23, 2021
Have you heard about remote online notarization (RON)? This service has become more common and was adopted by many states during the pandemic while offices were closed. As places reopen, RON is still useful for convenience and safety, as well as when you are in a different state from the notary. How does it work? Usually, you meet with a notary public face-to-face and sign with ink on paper. With RON, notaries can meet with you on video to verify your signature on an electronic document. Many states have laws that allow RON on a permanent basis. Other states have put temporary measures in place to allow it during the COVID-19 pandemic. State laws about RON vary, but many include three key parts: •    Allowing notaries to use audio-video communication to witness the signature; •    Requiring notaries to verify the identity of the person who is signing the document; and •    Requiring notaries to record the audio-video communication . So, how might you use this service? If you need a document notarized and your state allows RON, find a licensed notary who offers the service and they’ll walk you through the process. If you plan to use RON for a financial transaction, it’s important to be aware of the laws in your state. Your bank or credit union may have a notary who can help you understand the requirements for RON. For more free resources for older adults, visit consumerfinance.gov/olderamericans. Thank you, Consumer Financial Protection Burea
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