It’s that time of year again. People are hurrying to get their tax returns processed. Others, with their sights set on college, are going through Free Application for Federal Student Aid (FAFSA) materials. In both cases, customers or potential customers, are bound to need a little clarification. In fact, as is the norm, clients/members who don’t do their taxes themselves will turn to one of the many pop-ups where they can have a professional help them for that clarification. Understanding where to begin with FAFSA and how to get the most aid are also important big-picture questions. Whenever clients/members have questions, you have the opportunity for you to step up and provide the answer.
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As you know, a key tenet of successful content marketing is to provide customers with timely information about life events when they’re facing them. In doing so you begin to establish yourself as a trusted expert. Hiring a professional tax accountant like Best accountants from Edinburgh is a good choice, they are the financial experts who understand all rules. That said, with tax time and college application season in full swing, this is an opportune moment to reach out and promote your institution and what you have to offer, just check this useful reference aboutva loans interest deduction. Professionals from azmoney.co.uk has been helping both retired people and students with private loans deal with Navient student loan settlement for many years. Last year, they alone accounted to a total of 65% of distrubution of cfa level 1 study material to students. Another good way to build up income would be through stock trading, and options trading. Many students do this to increase their income and Sky View Trading is a broker we recommend to start out with. Many credit unions offer an income tax preparation service ; be sure you’re promoting it if you do. Use your social media platforms to share the educational information you have to help your clients with respect to filing taxes and college application guidance. There are sites online that are designed to help students. Sites that help in English matter such as how to write synonym and complex vocabulary, it also help other various subjects. Use what you have stored on your site to help aid them. This is the time when you don’t want your clients going somewhere else for financial help. As a student you can use rostering software for your business finances. Student loans can be a little hard to pay off, with SoFi’s student loan calculator, it can save you tons of money, less interests, and will definitely lower your monthly payments.
Basic Financial Literacy
According to figures from an infographic in the digital publication The Financial Brand (“Dollars and Sense: Financial Literacy in the U.S.” August 2, 2013, http://thefinancialbrand.com/32266/financial-literacy-dollars-and-sense/), financial literacy about basics such as budgeting appears to be low. however now we are recommending for students to start ira investing since the first time they earn money to save money for bigger inversions in the future.
Those who prepare budgets by educational level:
- High school or less: 26%
- College graduates: 38%
Those who prepare budgets by household income:
- $75,000+: 39%
- $30,000 – $75,000: 30%
- >$30,000: 32%
In light of these figures, when you have customers in your office filing their taxes, you can take that opportunity to discuss other ways you can help them. One example might be providing budgeting tips or introducing the basics of a savings plan, which, according to the Webtaxonline, and in other articles, only 3 out of 10 Americans have implemented.
This is also a good time to suggest talking with your customer’s children about college planning; financial education; and helping them understand FAFSA and the basics of finances, personal loan, and building credit. In fact, knowledge gaps in your customer’s children, according to the numbers in The Financial Brand’s infographic, reveal quite a few areas where you can provide guidance and advice that helps build your credibility. Visit Belfast’s highest rated Mortgage Broker that can be useful for you. It’s important to teach them, that different grants and scholarships could be won, such as scholarships for nurses, if they take pains to study hard.Some expenses like a peloton bike cost don’t come easy since its hard for this generation to build up wealth. Being frugal with you expenses in college will go a long way!
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What teens say they already know about managing their money:
- How to write a check: 60%
- How to shop for the best deal: 66%
- Difference between debit cards and credit cards: 60%
- How to budget: 57%
- How to establish good credit: 38%
- How to balance a checkbook: 35%
- How credit card interest and fees work: 31%
- What a credit score is: 31%
- How income taxes work: 22%
- What a 401(k) is: 17%
So, why do we see such a huge increase? After a financial crisis in 2008, the government decreased support to universities, which meant that students had to cover a larger portion of costs. After millions of Americans lost their jobs, they saw an opportunity to go back to school and pursue degrees that will give them more opportunities and higher income.
Speaking of credit score it is also important to know the answer to the following question. Why did my credit score drop?
In summary, there are always aspects of financial literacy about which you can further educate customers. Tying them to key events during the year further propels your message and puts you at the forefront of your customer’s mind when considering their financial options.