Build your financial i.q.

by | Feb 14, 2017 | Finance | 0 comments

Almost everyone I come across has access to a computer, or they own a cellphone. So there is no excuse to be financially uninformed. Financial literacy is important in our community. The ability to understand finance and to make informed judgments and effective financial decisions can give a person the necessary edge to take charge of his or her money matters. Financial literacy involves management of risk as well as the appropriate handling of modern financial instruments.

To keep abreast of finances, people need to engage in lifelong learning to develop a sound understanding of financial products, techniques, technologies and theories. This type of learning is necessary for debt management, to gain financial freedom and enjoy financial independence.

 Technology and finances go hand in hand. Technology gives people better control over planning and money management, credit and debt, risk and insurance, and savings/investing. When these functions are automated with financial technology, it makes it much easier than calculating by hand or memory. Technology has taken over in every area of our lives, not excluding when it comes to our financial matters. People are so time conscious that they are always looking for information right at their fingertips versus going into a banking center, sitting with an insurance agent or even budget counselor. Below are websites that provide information for some of the key personal finance areas.

 Use these sites to assist with building your Financial Foundation. Some of these websites also have phone apps if you prefer to use that method.  Let’s create a plan that addresses all the major components of your financial plan. All areas can be addressed right at your fingertips. There is no excuse anymore to not know your account balance, credit score, spending habits or the scope of your financial future.

 Take the time to educate yourself within hours about life insurance, investment vehicles, the best rate to purchase a home, the best price for a car and what the highest paying money market

rate is.

 Know Your Score & Credit History

– Assistance with identity fraud

– Free credit score with one credit bureau

– Credit monitoring site

– Monthly fee of $29.95

– No contract; can cancel at anytime

– Can compare all credit reports and scores

– Review your credit report and score at no


– Cycle resets every week

– Receive credit product recommendations to

assist with saving money

– Receive free reports from all three credit

bureaus: Experian, Equifax and Transunion

– Additional costs to receive credit scores

– Personal Finances, Budgeting and Money


– Envelope budgeting system

– Good for people with irregular pay schedule

App that saves money for every purchased


– Provides you with a safe daily spend limit

– Banking and Investing

– Locate best rates for savings, mortgages

and other loans

– Reviews about various financial institutions

– GPS-enabled location finder

– Virtual check deposit

– Bank anytime with all your accounts


– App for investing

– Invest spare change from everyday purchases

Get Insured

– Receive health, life, auto and home insurance


– Review health, auto and life insurance

– Comparison of insurance rates

– Compare and read car reviews

Legal Documents

– Ability to create your Power of Attorney and


– Create legal documents and forms

– Receive legal advice

– Locate attorneys, find laws and legal



– Virtual CFO for small businesses

– Manage cash flow

– Record expenses and create budgets

– Listing of small black-owned businesses

To further enhance your financial literacy,

order your copy of Financial Foundations at or You can

also download it on Kindle.

Follow me on Twitter, Facebook and Instagram

@laresepurnell. Remember, if you

change your habits, you’ll change your circumstances.

In the meantime, let’s continue

building our #FinancialFoundations.

Healthy people, make healthy families, which

builds healthy communities.

 Written by Larese Purnell

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