Gov't Support

In 2003, the Department of Treasury's Office of Domestic Finance established the Financial Literacy and Education Commission to improve financial education in the US. The federal government maintains a website that serves as the one-stop shop for financial literacy programs for the nation. I found some pretty cool resources on the website that are both free and informative.

Click here to check out!

Prey vs. Predator

Do you know what predatory mortgage lending is all about? I thought I knew, but I didn't really understand it either. Basically, the main idea is for the lender (i.e., the Predator) to lend to a borrower that has a weak credit profit - someone who will probably not be able to meet interest or principal payments in the future (i.e., the Prey). The Prey is happy accept the Predator's loan and does not realize that she is not in the best financial state to be entering into such an agreement. The Predator meanwhile takes as much interest and principal payment as the Prey is able to muster. Once the Prey defaults, the Predator simply seizes the property. Assuming that housing prices stay flat, the Predator then breaks even and then some, by selling the property on top of pocketing the interest payments and other miscellaneous fees.

Learn more about this horrible practice here!

Welcome to my first blog!

Financial literacy is a very timely issue in our current economic landscape. Now, more than ever, is the time to learn the important life lessons on money and take a hold of your personal finances. By helping yourself with your own finances, you are also helping everyone else - as we have clearly seen in the last two years, everyone has been somehow affected by the global recession.

I hope this blog will help spread awareness of the importance of financial literacy, and ultimately, help people live better lives!