Detroit Pistons partner with Zelle, local nonprofit to improve financial literacy
In hopes of addressing a financial literacy deficit by working directly with young adults, the Detroit Pistons have partnered with Zelle to offer educational resources to encourage smart and safe banking practices and investing.
Money Minute: What you need to know about gambling on unregulated gaming websites
Michigan residents who place wagers on unregulated gaming sites may gamble on more than they expected and become identity theft or deposit theft victims, said Michigan Gaming Control Board Executive Director Henry Williams.
Here’s how a Roth IRA conversion could help after a tough year
DETROIT – The COVID pandemic has impacted nearly everyone’s finances, but outside of that misfortune may be a silver lining. With many experiencing loss of jobs and/or businesses and lower income this year, the pandemic has forced us to take a closer look at our finances and consider new options to save money -- and a Roth IRA conversion might just be what the doctor ordered. You might be able to help yourself by taking invested assets in a pre-tax traditional individual retirement account and move that money to a Roth IRA. “You have to pay taxes when that conversion gets made, but once its in the Roth, it’s in an income tax-free investment, which is a significant benefit,” said Planning Alternatives Certified Financial Planner Nathan Mersereau. Individuals should not attempt to set up a Roth conversion on their own and are encouraged to speak with a certified financial planner or financial advisor before pulling the trigger.
Year End Money: Making better investments in 2021
DETROIT – 2020 has been a unique year with the pandemic, and yet the stock market has done well. So what are the investment prospects for 2021 and what should you do to protect the money you have already saved? It’s been more than a decade since the great downturn and auto company bankruptcies, and investors have become used to rising markets again. A focus on diversity is more important than ever as the economy recovers, but financial markets always look further down the road. “We could see some serious inflation in upcoming years, but we could also see or see some serious deflation,” Foreman said.
Year End Money: Why calculating your net worth is important
Planning Alternatives Certified Financial Planner Nathan Mersereau believes knowing what you have is the stepping off point. Look at your liabilities, what you owe and start to set goals for 2021,” Mersereau said. A beneficial thing you can do for your financial psychology is a net worth statement. Other people set some money aside. I’ve heard of even an envelope system to set money aside for cash needs that occur during the month.