Are you really in control of your money? Local businesses A Thousand Moms and The Point Cafe are concerned that Capital Region families aren't. The crisis is impinging on plans, hopes, and dreams for the people that comprise the fabric of the local community.
In the first of a series of workshops, a financial expert will present basic, time-tested ideas for freeing up money and building a firm financial house. This first workshop will take place at the Point Cafe, 964 Helderberg Avenue Schenectady, Monday, October 7, at 7:00 pm. A free copy of an award-winning book, along with coffee, will be given to attendees. Seating is limited.
Workshop topics will include:
- The negative effects of giving the IRS an interest-free loan. By definition, if families receive a tax refund, and the average is roughly $3,000 per year, they are potentially giving away $1.5 million over 30 years. That's a retirement for most families.
- Having nothing saved at all. If you routinely spend everything you bring in, start easing into a saving habit with an automatic transfer or direct deposit of 5-10% of your income. It’s a great way to build up an emergency fund.
- Paying the minimum on credit card balances. You’ll wind up paying more in interest and taking longer to pay off your debt. For example, it would take almost 10 years to pay off a $1,000 credit card balance at 14% APR if you only paid the minimum.
- Not having an emergency fund. Without a cash “cushion,” you’re more likely to slide into debt at the first unplanned expense – such as car repairs, medical bills or a lost job.
- Operating without a budget. Not having a budget means you don’t know what’s going on with your money. You may not be sure how much you can really spend each week, and you probably don’t track what you do spend. Set aside 30 minutes to create a budget and reap the financial benefits.
- Not having insurance. Without insurance, you leave yourself and your family financially vulnerable. The added security of insurance leaves you feeling more in control of your life – and it could make all the difference for yourself and your family should tragedy strike.
- Preventing identity theft. If Michele Obama and Supreme Court Chief Justice Roberts have had their identities compromised, we all need to take action. Solutions are available.
All of these topics and more will be covered in a 30-minute presentation. Owners Humberto and Francesca Cruz of the Point will be on hand to welcome neighbors to their restaurant in Rotterdam. Fred Elia, president of A Thousand Moms, says, "Money worries are the biggest stress undermining the families we serve. The good news is that there are solutions, implementable almost immediately. We urge all Capital Region residents to attend, particularly those in the Rotterdam/Schenectady community."