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Decision fatigue? We have a helpful decision tree to help you plan for your tax refund. These aren't the only ways you can plan to allocate your refund, but they are a helpful way to get the ideas rolling!![]()
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#budgetblueprints #TaxTipTuesday #taxtime2023 #taxrefund #budget #BudgetPlanning #SURPLUS #beginnerbudget #personalfinance #financialliteracy
CURRENT EVENT: I am sure you have heard the news regarding the recent bank failure. Here is what happened: ![]()
* Last week, Silicon Valley Bank (SVB) reported that they sold assets at an almost 2B loss. Which caused their stock to tank.![]()
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*That caused panic among their depositors and a run on the bank was initiated. The FDIC stepped in and took control of customer deposits to stop the run. Over the weekend, depositors were weary they would lose all money, which prompted 6 other banks to become red with a failure risk and shaking depositor confidence in the banking system nationwide.![]()
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*The FDIC guarantees depositors up to $250,000 for instances such as this. This is why banking at a reputable FDIC-insured institution is crucial. ![]()
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*On Monday, FDIC ensured ALL SVB depositors would have access to funds. This stabilized the system and avoid a potential domino effect of many other banks failing. Signature Bank in NY who was a big crypto-currency institution failed also. FDIC secured their depositors funds as well. ![]()
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*Now, because most of SVB's customers were businesses - that means a lot of companies potentially would have had to close due to the loss of assets as most had more than 250k in the bank - the FDIC guaranteed ALL of the deposits in SVB, including those with more than 250k. This is paid for by FDIC, which banks fund, not taxpayers. Only depositors were made whole, not the management or SVB investors.![]()
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So, there you have it! Did this event cause any anxiety for you as a consumer?![]()
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#budgetblueprints #SVB #financialliteracy #moneymanagement #banking #FDIC #financialcounseling #personalfinance
"It’s no secret that financial education, confidence, and skillsets are often lacking in the U.S. Financial counselors are proud to stand in the gaps and provide a helping hand that creates lasting financial well-being in the lives of their clients."![]()
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Read the full post on the blog now and take a peek into my job as a financial counselor!![]()
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#budgetblueprints #AFC #valueofanAFC #financialcounseling #budgetcoach #moneycoach #budgeting #moneymanagement #personalfinance #financialliteracy #financialcapability #moneyhelp #moneytalk