Posts Tagged ‘financial advice’

The Extraordinaries: Will Microvolunteering Work [for financial literacy]? : NPR

The Extraordinaries: Will Microvolunteering Work?

via The Extraordinaries: Will Microvolunteering Work? : NPR.

The gist:

Got five minutes? Got a cell phone? Want to do good?  The Extraordinaries can help. It’s one of a number of newly hatched social-media enterprises that champion speedy cooperation. Here is the 30-second elevator pitch: The Extraordinaries delivers microvolunteer opportunities to mobile phones that can be done on-demand and on-the-spot.

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Would this concept work for a financial literacy mentorship program?  It does mention “giving advice to college applicants” as one of the microvolunteering possibilities.

What financial literacy questions could be answered for a mentee while waiting in line at the supermarket?

Could this make sense?

Thoughts?

More on this as I explore the concept a bit more…  Just wanted to get a thought started before my ADD-ness causes me to move on to something else before I record it.

Have a good weekend!

Putting the Bad Behavior in Check

After reading this article in the New York Times Finding Financial Advice in an Age of Bad Behavior regarding some Financial Advisors from the National Association of Personal Financial Advisors being brought up on charges, here is a summary of tips from the article –

  • Check the legitimacy of planners’ credentials – Credentials such as the certified financial planner (CFP) designation, certified public accountant (CPA), chartered financial analyst (CFA), all of which require passing exams.
  • Know your Customer (KYC) should also apply in reverse to your financial planner.  Some bit of instinct and a lot of spending the time to get to know him or her.  Ask them to sign a fiduciary oath, promising to act in your best interests at all times.
  • Do your own due diligence and research – Don’t just take your advisor’s word for it. There are many free resources to learn and perhaps your next investment comes from an idea you had.
  • Be Aware and Check the details – Read your account statement carefully. If you see something, say something.  Ask for clarification if you can’t understand the jargon, strange numbers or anything else on your statements.

People need to take responsible for their future. If it’s a free lunch there’s probably something fishy about it. Lunch is actually quite expensive these days. Hopefully you’re bringing it from home and saving the cash.