Making Cents of Money: Recent Episodes
Making Cents of Money
Rewards: https://youtu.be/TCcp5qdsnGk?si=JW5LSxqkDkaCe9KB-SMMC Blog Posts:oWant to Start Investing? Read This First: https://blogs.uofi.uillinois.edu/view/7550/2032887516oStocks vs. Crypto: https://blogs.uofi.uillinois.edu/view/7550/1168754267oReady to Invest? Here’s How to Actually Get Started: https://blogs.uofi.uillinois.edu/view/7550/1951795281
Sunstein, C.R. (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness. Yale University Press.
Pellegrini, A. (2026, January 26). Comparing private student loans. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/54213092 Prior Relevant Episodes:Student Loan Management Transitioning in 2026 (ep. 126). https://blogs.uofi.uillinois.edu/view/7550/280186564The Role of Loan Servicers (ep. 114). https://blogs.uofi.uillinois.edu/view/7550/681485881Back to School: College and Credit (ep. 90). https://blogs.uofi.uillinois.edu/view/7550/1942070018The Impact of Compound Interest (ep. 70). https://blogs.uofi.uillinois.edu/view/7550/650946740 Other References:Hanson, M. (2025, October 21). Total student loan debt in the United States. EducationData.org. https://educationdata.org/total-student-loan-debt National Association of Student Financial Aid Administrators. (2024). You have questions, we have answers: Making sense of the student loan changes from OBBBA's RISE Committee. https://www.nasfaa.org/news-item/37700 U.S. Department of Education. (2024). U.S. Department of Education concludes negotiated rulemaking session to implement One Big Beautiful Bill Act loan provisions. https://www.ed.gov/about/news/press-release/us-department-of-education-concludes-negotiated-rulemaking-session-implement-one-big-beautiful-bill-acts-loan-provisions University of Illinois System Resources:University of Illinois System. Know what you owe. https://paymybill.uillinois.edu/student_loans/know_what_you_owe University of Illinois Chicago, Office of Student Financial Aid. Alternative loans. https://financialaid.uic.edu/types-of-aid/loans/alternative-loans/ University of Illinois Springfield, Office of Financial Aid. Private student loans. https://www.uis.edu/financial-aid/types-aid/loans/private-loans University of Illinois Urbana-Champaign, Office of Student Financial Aid. Alternative educational loans. https://osfa.illinois.edu/types-of-aid/loans/types-of-loans/alternative-educational-loans/
Zhang, Y. (2024). A survey on large language model (LLM) security and privacy: The good, the bad, and the ugly. High-Confidence Computing, 4(2), 100211. https://doi.org/10.1016/j.hcc.2024.100211
Loan Management Generally:Comparing Private Student Loans [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/54213092Increasing ROI for a College Degree [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/1768869035The Role of Loan Servicers [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/681485881How the Rule of 72 Can Help You Build Wealth—Or Sink Deeper Into Debt [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/446933598Back to School: College and Credit [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/1942070018The Impact of Compound Interest [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/650946740Other References Federal Register. (2025, January 15). Income-contingent repayment plan options. https://www.federalregister.gov/documents/2025/01/15/2025-00724/income-contingent-repayment-plan-options Walter, M. (2026, May 1). ED publishes final regulations implementing OBBBA federal student loan changes. NASFAA. https://www.nasfaa.org/news-item/38809/ED_Publishes_Final_Regulations_Implementing_OBBBA_Federal_Student_Loan_ChangesThe Pew Charitable Trusts. (2024, March). Default incidence infographic. https://www.pewtrusts.org/-/media/assets/2024/03/defaultincidence_infographic_final.pdf University of Illinois System, Student Money Management Center. (2025). Student loans. https://www.studentmoney.uillinois.edu/learn/studentloansU.S. Department of Education. (2025a). U.S. Department of Education continues to improve federal student loan repayment options, addresses illegal Biden administration actions. https://www.ed.gov/about/news/press-release/us-department-of-education-continues-improve-federal-student-loan-repayment-options-addresses-illegal-biden-administration-actions U.S. Department of Education. (2025b). U.S. Department of Education opens revised income-driven repayment plan and loan consolidation applications for borrowers. https://www.ed.gov/about/news/press-release/us-department-of-education-opens-revised-income-driven-repayment-plan-and-loan-consolidation-applications-borrowers U.S. Department of Education. (2026, April 15). One Big Beautiful Bill Act Updates. https://studentaid.gov/announcements-events/big-updates
Corbin in early March and will be posted to the University of Illinois System Student Money Management Center’s YouTube channel. Subscribe to stay informed: https://www.youtube.com/ILStudentMoney.
It's everyone check. Log in to StudentAid.gov, review your loan types, and determine whether action is needed before the window closes.REFERENCESNASFAA (2026, January). Federal student aid changes from the One Big Beautiful Bill Act.https://www.nasfaa.org/uploads/documents/Federal_Student_Aid_Change_OB3.pdfU.S. Department of Education, Federal Student Aid. Big updates: Changes to federal student loan repayment.https://studentaid.gov/announcements-events/big-updatesU.S. Congress (2025). H.R. 1 — One Big Beautiful Bill Act (119th Congress).https://www.congress.gov/bill/119th-congress/house-bill/1/text
Babbel, D. F. (1997). Financial risk management by insurers: An analysis of the process. Journal of Risk and Insurance, 64(2), 231–270.Other Relevant Making Cents of Money Episodes:•Ep. 62 – Get Covered, Illinois: https://blogs.uofi.uillinois.edu/view/7550/975133877•Ep. 55 – Wealth Building as a Balancing Act: https://blogs.uofi.uillinois.edu/view/7550/1517205319•Ep. 49 – Dealing with Emergencies: https://blogs.uofi.uillinois.edu/view/7550/1663281326•Ep. 39 – Protecting Pets: https://blogs.uofi.uillinois.edu/view/7550/1942963443•Ep. 29 – Tackling Insurance! (Part 2): https://blogs.uofi.uillinois.edu/view/7550/282447780•Ep. 28 – Tackling Insurance! (Part 1): https://blogs.uofi.uillinois.edu/view/7550/2068531575•Ep. 26 – Emergency Funds: https://blogs.uofi.uillinois.edu/view/7550/1471084251
Sticha, A. (2024). The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). Global Financial Literacy Excellence Center (GFLEC). https://gflec.org/initiatives/personal-finance-index/
Mellers, B. (2023). Income and emotional well-being: A conflict resolved. PNAS, 120(10). https://doi.org/10.1073/pnas.2208661120 •Waldinger, R. (2015). What Makes a Good Life? Lessons from the Longest Study on Happiness. TED Talk.
burnout epidemic. https://www.breathehr.com/en-gb/resources/holiday-burnout-report-2024•Champion Health. (2024). Workplace health report 2024.•Deloitte. (2024, May 17). The projected costs and economic impact of mental health inequities in the United States. Deloitte Insights. https://www2.deloitte.com/us/en/insights/industry/health-care/economic-burden-mental-health-inequities.html•Eagle Hill Consulting. (2024, December 5). Nearing 2025, almost half of workers expect to leave some vacation time unused. HR Dive. https://www.hrdive.com/news/nearing-2025-almost-half-of-workers-unused-vacation-time/734609/•Effectory. (2024, January 11). The emotional and economic costs of overlooking wellbeing in the workplace. https://www.effectory.com/knowledge/the-emotional-and-economic-costs-of-overlooking-wellbeing-in-the-workplace/•Gallup. (2025, March 27). The economic cost of poor employee mental health. https://www.gallup.com/workplace/404174/economic-cost-poor-employee-mental-health.aspx•Illinois Department of Labor. (2024). Paid Leave for All Workers Act. https://labor.illinois.gov/laws-rules/paidleave.html•Illinois Department of Labor. (2024). Paid Leave for All Workers Act FAQ. https://labor.illinois.gov/faqs/paidleavefaq.html•Lane Report. (2024, July 24). One-third of U.S. employees' PTO, vacation days go unused. https://www.lanereport.com/175306/2024/07/one-third-of-u-s-employees-pto-vacation-days-go-unused/•MHFA England. (2024, November 21). Key workplace mental health statistics for 2024. https://mhfaengland.org/mhfa-centre/blog/Key-workplace-mental-health-statistics-for-2024/•National Alliance on Mental Illness. (2025, February 18). The 2024 NAMI workplace mental health poll. https://www.nami.org/support-education/publications-reports/survey-reports/the-2024-nami-workplace-mental-health-poll/•Nekoei, A., et al. (2024). The economics of burnout. Centre for Economic Policy Research. https://cepr.org/voxeu/columns/economics-burnout•SHRM. (2024, April 12). Why mental health will be one of the biggest topics of 2024. https://www.shrm.org/topics-tools/news/benefits-compensation/mental-health-burnout-top-trend-aflac-report•Sorbet. (2024). PTO Report 2024.•Spill. (2024). 64 workplace burnout statistics you need to know for 2024. https://www.spill.chat/mental-health-statistics/workplace-burnout-statistics•The Washington Post. (2023, December 30). The mystery of the disappearing vacation day. https://www.washingtonpost.com/business/2023/02/10/disappearing-vacation-days/
Giancola-Shank, N. (2025, March 6). Student loan management #GetSavvy webinar recording [Video]. YouTube. https://youtu.be/_9duc7kvTqg?si=gZGRCFfSTAJ3HF6ARegister for April 2026 Student Loan Repayment webinar at https://go.uillinois.edu/getsavvywebinars.
Tune in for an important episode of Making Cents of Money. IDFPR Secretary Mario Treto, Jr. joins the podcast to explain Why Regulation Matters. He breaks down the importance of recent regulatory initiatives that ensure consumers are protected and discusses how Illinois is leading the nation in instituting and enhancing these standards. It’s a can’t miss episode!Show Notes•Consumer Financial Protection Bureau. (2023). Annual report 2023. https://www.consumerfinance.gov/data-research/research-reports/consumer-response-annual-report-2023/•Congressional Research Service. (2022). The 2007–2009 financial crisis. https://www.congress.gov/crs-product/R43413•Brookings Institution. (2025). Series on financial markets and regulation. https://www.brookings.edu/tags/financial-markets-and-regulation/ •Illinois Department of Financial and Professional Regulation (IDFPR). (2021). Predatory Loan Prevention Act. https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/news/2021/2021-03-23-predatory-loan-prevention-and-cra.pdf •Illinois Department of Financial and Professional Regulation. (n.d.). The Illinois Community Reinvestment Act. https://idfpr.illinois.gov/il-cra.html
Yudkoff, R. (2017). HBR guide to buying a small business. Harvard Business Review Press. ISBN: 978-1-63369-250-3. Warrillow, J. (2010). Built to sell: Creating a business that can thrive without you. Penguin Group. ISBN: 978-1591845829. Recommended Podcasts: • Built to Sell with John Warrillow: https://builttosell.com/podcast/• Let's Buy a Business with Ryan Condie: https://ryancondie.libsyn.com/
Boden, J. M. (2021). Financial scarcity and financial avoidance: A prospective study. Journal of Economic Psychology, 87, 102408. Mental Health Crisis Resources: Illinois Department of Central Management Services’ Crisis Resources: https://cms.illinois.gov/benefits/stateemployee/bewell/mental-health/crisis.html Relevant Podcast Episodes: • Money in Relationships: https://soundcloud.com/idfpr/money-and-relationships• Financial Socialization: https://soundcloud.com/idfpr/episode-99-financial-socialization• Investing: https://soundcloud.com/idfpr/episode-57-investing-to-reach-financial-goals• Budgeting: https://soundcloud.com/idfpr/mcom-ep20-budgeting-final• Probably Inflation: https://soundcloud.com/idfpr/episode-30-inflation
Freddie Mac. Retrieved from https://www.fhfa.gov/about/fannie-mae-freddie-macStudent Loans:•Federal Student Aid. (n.d.). Who’s my student loan servicer? Retrieved from https://studentaid.gov/manage-loans/repayment/servicers •University of Illinois System Student Money Management Center (n.d.). Student loans. Retrieved from https://www.studentmoney.uillinois.edu/learn/studentloans •Student Loan Management #GetSavvy webinar recording on YouTube: https://youtu.be/_9duc7kvTqg?feature=shared
utm_campaign=social_sharing•Apple Podcasts: https://podcasts.apple.com/us/podcast/episode-112-tackling-tariffs/id1529891389?i=1000714518950•Spotify: https://open.spotify.com/episode/3BPCDJ414vYhaU61eo9PCr?si=5kVkY_XfSPe7qDPOMq0TAwNews Articles and Analysis•Bowman, E. (2025, April 5). How automakers are responding to the 25% car tariffs so far. NPR. https://www.npr.org/2025/04/05/nx-s1-5353461/automakers-tariffs-reactions •Cameron, H. (2025, April). Tariffs will cost each household nearly $5,000 a year: Report. Newsweek. https://www.newsweek.com/trump-tariffs-costing-households-5k-per-year-2061025•Hall, K. (2025, April 10). Study finds Trump's 25% auto tariffs could cost US automakers $108 billion. Reuters. https://www.reuters.com/business/autos-transportation/study-finds-trumps-25-auto-tariffs-could-cost-us-automakers-108-billion-2025-04-10/ •Kelly, M. L. (2025, May 1). Ford CEO Jim Farley talks Trump tariffs's effect on car industry. NPR https://www.npr.org/2025/05/01/1248444368/ford-ceo-talks-trump-automobile-tariffs •Leswing, K. (2025, April 4). Nintendo delays Switch 2 preorders because of Trump tariffs. CNBC. https://www.cnbc.com/2025/04/04/nintendo-delays-switch-2-pre-orders-because-of-trump-tariffs-.html •Wayland, M. (2025, April 30). Ford CEO says Trump's tariff reprieve is helpful, but more changes needed. CNBC. https://www.cnbc.com/2025/04/30/ford-ceo-says-trumps-tariff-changes-are-helpful-but-still-not-enough.html
. Newsweek. https://www.newsweek.com/shark-tank-inventor-american-made-tariff-experiment-2064087 •LaRocco, L.A. (2025, April 12). Trump tariffs won't lead supply chains back to U.S., companies will go low-tariff globe-hopping: CNBC survey. CNBC. https://www.cnbc.com/2025/04/14/tariffs-wont-bring-manufacturing-back-to-us-supply-chain-survey.html Historical Context and Academic References•Duster, C. (2025, March 6). Did tariffs contribute to the Great Depression? Here's what to know. NPR. https://www.npr.org/2025/03/06/nx-s1-5318076/tariffs-great-depression-explainer •National Association of Manufacturers. (2025, April). Tariffs: 1930 Versus 2025. https://nam.org/tariffs-1930-versus-2015-33709/ •U.S. Department of State, Office of the Historian. (n.d.). Protectionism in the Interwar Period. https://history.state.gov/milestones/1921-1936/protectionism •U.S. Senate (n.d.). The senate passes the Smoot-Hawley tariff. https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htmGovernment Documents•White House. (2025, April). Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits. https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/ •White House. (2025, April). Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security. https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/
Happy May 29 – also known as 529 Day, which celebrates 529 college savings programs! We partner with the Office of the Illinois State Treasurer to highlight the two nationally acclaimed 529 programs they manage: Bright Start and Bright Directions. Learn more about both in our latest episode of Making Cents of Money!Government Resources & Tax Information•Internal Revenue Service. (2025). About Publication 970: Tax benefits for education. https://www.irs.gov/forms-pubs/about-publication-970•Internal Revenue Service. (2024). 529 plans: Questions and answers. https://www.irs.gov/newsroom/529-plans-questions-and-answers•Internal Revenue Service. (2025). American opportunity tax credit. https://www.irs.gov/credits-deductions/individuals/aotc•Internal Revenue Service. (2025). Lifetime learning credit. https://www.irs.gov/credits-deductions/individuals/llc College Cost Planning Tools•College Board. (2024). Big Future: How much will college cost. https://bigfuture.collegeboard.org/pay-for-college/get-started•College Board. (2024). Trends in college pricing and student aid 2024. https://research.collegeboard.org/trends/college-pricing•U.S. News & World Report. (2024). Net price calculator guide. https://www.usnews.com/education/best-colleges/features/net-price-calculator•University of Illinois System Net Price Calculators oUniversity of Illinois Chicago. https://docs.financialaid.uic.edu/ oUniversity of Illinois Springfield. https://www.uis.edu/financial-aid/cost-attendance/net-price-calculator oUniversity of Illinois Urbana-Champaign. https://secure.osfa.illinois.edu/NPC/NPC.asp Research & Data•Sallie Mae. (2024). How America pays for college 2024. https://www.salliemae.com/about/leading-research/how-america-pays-for-college/•U.S. Census Bureau. (2024). Post-secondary employment outcomes (PSEO) database. https://lehd.ces.census.gov/applications/pseo/?type=earnings&compare=postgrad&specificity=2&state=08&institution=08°reelevel=05&gradcohort=0000-3&filter=75&program=52 Illinois 529 Plan Information•Bright Start college savings program. https://www.brightstart.com •Bright Directions college savings program. https://www.brightdirections.com •Flywire partners with Ascensus to digitize 529 college savings plan payments. https://ir.flywire.com/news-releases/news-release-details/flywire-partners-ascensus-digitize-529-college-savings-planVideo Resources•Get Savvy Series: Investing 101 - Wealth building basics. https://youtu.be/wXkrLQd10Yg?si=pYVOYL6_OU6KJJvV•Get Savvy Series: Investing 102 - Risks & rewards. https://youtu.be/qXZrktJwOtQ?si=LddQF-R9ycxYAK-Z U of I SMMC Blog Articles•Mutual funds vs exchange traded funds. https://blogs.uofi.uillinois.edu/view/7550/1323172623•How the Rule of 72 can help you build wealth—or sink deeper into debt. https://blogs.uofi.uillinois.edu/view/7550/446933598Relevant Previous Episodes•Saving for College with a 529 Savings Plan (Ep. 11) https://blogs.uofi.uillinois.edu/view/7550/2145536872•Choosing a financial professional (Ep. 25) https://blogs.uofi.uillinois.edu/view/7550/518681996•Investing to reach financial goals (Ep. 57) https://blogs.uofi.uillinois.edu/view/7550/1002945600•World investor week (Ep. 71). https://blogs.uofi.uillinois.edu/view/7550/1405333500
This month, the federal government began taking action against student loan borrowers with accounts in default. In this episode of Making Cents of Money, learn what that means for borrowers and what options might be available.Show Notes:Cunningham, M. (2025, May 5). Student loan collections resume as record number of borrowers fall behind. CBS News. https://www.cbsnews.com/news/defaulted-loans-restart-collection-delinquency-may-5/ Dunbar, M. (2025, May 6). US student loan collections resume: Here's what you need to know. The Guardian. https://www.theguardian.com/us-news/2025/may/06/us-student-loan-collections-explainer Federal Student Aid. (n.d.). Rehabilitated loan. U.S. Department of Education. https://studentaid.gov/help-center/answers/article/loan-rehabilitation Federal Student Aid. (n.d.). What is the difference between student loan delinquency and default? U.S. Department of Education. https://studentaid.gov/help-center/answers/article/what-is-difference-between-loan-delinquency-and-default Hanson, M. (2025, March 16). Student loan debt statistics [2025]. Education Data Initiative. https://educationdata.org/student-loan-debt-statistics Kim, J. (2024, September 30). Deadline for Fresh Start defaulted student loans program gets extended. NPR. https://www.npr.org/2024/09/30/nx-s1-5133296/student-loan-default-fresh-start-explainer Prater, N. (2025, May 6). Trump administration gets aggressive on student-debt collection. New York Magazine. https://nymag.com/intelligencer/article/trump-admin-gets-aggressive-on-student-debt-collection.html Reyes, Y., & Lalljee, J. (2025, May 7). What Floridians should know as student loan penalty pause ends. Axios Tampa Bay. https://www.axios.com/local/tampa-bay/2025/05/07/floridian-student-loan-penalty-pause-ends Student Loan Borrower Assistance. (2024, September 20). Fresh Start ends Sept. 30: What borrowers need to know. https://studentloanborrowerassistance.org/fresh-start-ends-sept-30-what-borrowers-need-to-know/ TransUnion. (2025, May 5). As federal collections activity resumes, more than one in five student loan borrowers are 90+ days delinquent. https://newsroom.transunion.com/may-2025-student-loan-update/ U.S. Department of Education. (2025, April 21). U.S. Department of Education to begin federal student loan collections and other actions to help borrowers get back into repayment. https://www.ed.gov/about/news/press-release/us-department-of-education-begin-federal-student-loan-collections-other-actions-help-borrowers-get-back-repayment
Looking for a new job? In our latest episode of Making Cents of Money, Kwabena Sarfo Adjei - one of Andrea’s colleagues at the University of Illinois Student Money Management Center – discusses how scammers target people searching for a job and how you can avoid becoming a victim. Show NotesUniversity of Illinois System Student Money Management Center blog article supplementing this episode:Adjei, K. S. (2025, February 25). Job search due diligence in the U.S. – Avoiding job scams. SMMC News & Events Blog. University of Illinois System. https://blogs.uofi.uillinois.edu/view/7550/1086755488•Federal Trade Commission. (n.d.). Job scams explained. Consumer.gov.Overview of how job scams work, common tactics scammers use, and ways to protect yourself when job hunting.https://consumer.gov/scams-identity-theft/job-scams-explained•Federal Trade Commission. (n.d.). Job scams. Consumer.ftc.gov.Detailed examples of job scams and what to do if you encounter one, including red flags and reporting resources.https://consumer.ftc.gov/articles/job-scams#examples•Federal Trade Commission. (n.d.). If you were scammed. Consumer.gov.Step-by-step instructions on what to do if you’ve been scammed, how to report it, and how to start recovering.https://consumer.gov/scams•Federal Bureau of Investigation. (n.d.). Common frauds and scams. FBI.gov.A broad overview of scams reported to the FBI, including employment scams, with advice on prevention and reporting.https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams•Illinois Department of Financial and Professional Regulation. (n.d.). License lookup. IDFPR.A tool for verifying whether a job recruiter, employment agency, or financial services professional is properly licensed in the state of Illinois — helpful for confirming the legitimacy of job offers or financial opportunities.https://idfpr.illinois.gov/checklicense.html•Palmquist, K. (2025, January 28). 17 common job scams and how to protect yourself. Indeed Career Guide.A practical guide listing 17 types of job scams with tips on how to identify them and avoid falling victim.https://www.indeed.com/career-advice/finding-a-job/job-scams•U.S. General Services Administration. (n.d.). Learn where to report a scam. USA.gov.Official government guide on where and how to report various types of scams, including job scams, at the federal and local levels.https://www.usa.gov/where-report-scams
Concerned about filing your taxes by the April 15th deadline? In this micro-episode of Making Cents of Money, we walk you through the process of filing for an extension and offer some helpful reminders about tax liabilities in general. Show notes: Extension for Filing: IRS Form 4868: https://www.irs.gov/forms-pubs/about-form-4868 Illinois Tax Extension Information: https://tax.illinois.gov/individuals/filingrequirements/extension.html Making Cents of Money, Episode 99, Financial Socialization: https://soundcloud.com/idfpr/episode-99-financial-socialization?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-99-financial-socialization Get Savvy: Grow Your Green Stuff, Tackling Tax Basics: https://www.youtube.com/watch?v=r5kBeRHplTY
April is #NationalFinancialCapabilityMonth and Making Cents of Money is celebrating with an episode that covers a variety of financial topics that reference favorite throwback episodes. Ready for a challenge this month? Tune in to learn more.Show Notes: Resources Mentioned in the Episode Based on TopicGoal-setting & Budgets•Episode 101: New Year, New Financial Resolutionshttps://blogs.uofi.uillinois.edu/view/7550/1657573873•Episode 75: Setting & Prioritizing Financial Goalshttps://blogs.uofi.uillinois.edu/view/7550/1854370435•Episode 20: Budgetinghttps://blogs.uofi.uillinois.edu/view/7550/804394514•Get Savvy Webinar: Budget Hacks on YouTubehttps://youtu.be/X2p09ddcB4Q?si=B8pHNJK8cSIuI9B6Credit•Episode 90: Back to School: College and Credithttps://blogs.uofi.uillinois.edu/view/7550/1942070018•Episode 74: Credit Reports Updatehttps://blogs.uofi.uillinois.edu/view/7550/1222872163•Episode 70: The Impact of Compound Interesthttps://blogs.uofi.uillinois.edu/view/7550/650946740•Episode 67: What is a Credit Report Anyway?https://blogs.uofi.uillinois.edu/view/7550/171138189•Get Savvy Webinar: Mastering the Consumer Credit Gamehttps://youtu.be/Q0W7qMUFRbA?si=Do1CmkcNeus_pXQDDealing with & Preparing for Emergencies•Episode 49: Dealing with Emergencieshttps://blogs.uofi.uillinois.edu/view/7550/1663281326•Episode 26: Emergency Fundshttps://blogs.uofi.uillinois.edu/view/7550/1471084251Financial Well-being & Financial Education Resources•Episode 88: Financial Wellness Conceptshttps://blogs.uofi.uillinois.edu/view/7550/970920991•Episode 82: Free Financial Education Resources for Illinois Residentshttps://blogs.uofi.uillinois.edu/view/7550/419696181Retirement & Investing•Episode 91: Retirement Savings in Illinoishttps://blogs.uofi.uillinois.edu/view/7550/92656678•Episode 55: Wealth Building as a Balancing Acthttps://blogs.uofi.uillinois.edu/view/7550/1517205319•Get Savvy Webinars:Investing 101 – https://youtu.be/wXkrLQd10Yg?si=pYVOYL6_OU6KJJvVInvesting 102 – https://youtu.be/qXZrktJwOtQ?si=LddQF-R9ycxYAK-Z
Managing money isn’t one-size-fits-all—especially for neurodivergent individuals. In this episode of Making Cents of Money, we explore how ADHD, autism, dyslexia, and executive functioning challenges impact personal finance.Show Notes:•Illinois Assistive Technology Program: https://iltech.org/•Illinois ABLE Program: https://illinoisable.com/•ADA National Network. n.d. “What is the definition of disability under ADA?” https://adata.org/faq/what-definition-disability-under-ada.•Altszuler, A. R., T. F. Page, E. M. Gnagy, S. Coxe, A. Arrieta, B. S. Molina, and W. E. Pelham Jr. 2016. “Financial Dependence of Young Adults with Childhood ADHD.” Journal of Abnormal Child Psychology 44 (6): 1217–1229. https://doi.org/10.1007/s10802-015-0093-9. •American Psychological Association. n.d. “Speaking of Psychology: The Stress of Money.” American Psychological Association. www.apa.org/research/action/speaking-of-psychology/financial-stress.•Komarow, A. 2020. “Neurodiversity and Finances: Planning for the Future When You Think Differently.” Different Brains. www.differentbrains.org/neurodiversity-finances-planning-for-the-future-when-you-think-differently/.•How Being Neurodiverse Affects Your Relationship With Money, Duke University Career Hub: https://careerhub.students.duke.edu/blog/2025/01/03/how-being-neurodiverse-affects-your-relationship-with-money/•An Inclusive Approach to how Financial Institutions Might Design Financial Information for Neurodiversity Accessibility: https://openresearch.ocadu.ca/id/eprint/4020/1/Copeland_Jocelyne_Mbaziira_Isaac_2023_MDES_SFI.pdf•Financial Literacy Among Autistic Adults, The Journal of Consumer Affairs: https://onlinelibrary.wiley.com/doi/full/10.1111/joca.12564•Inclusive Financial Well-being Empowerment Model for Serving Independent, Neurodivergent Individuals: www.financialplanningassociation.org/article/journal/NOV21-inclusive-financial-well-being-empowerment-model-serving-independent-neurodivergentCenters for Disease Control and Prevention. (2024, May 16). Data and statistics on autism spectrum disorder. U.S. Department of Health & Human Services. Retrieved from https://www.cdc.gov/autism/data-research/index.html FT Adviser. (2024, May 9). Understanding the financial challenges faced by neurodivergent people. Retrieved from https://www.ftadviser.com/investments/2024/05/09/understanding-the-financial-challenges-faced-by-neurodivergent-people/ National Disability Institute. (n.d.). National Disability Institute and the Association for Financial Counseling and Planning Education® launch Financial Inclusion Essentials. Retrieved from https://www.nationaldisabilityinstitute.org/press/national-disability-institute-and-the-association-for-financial-counseling-and-planning-education-launch-financial-inclusion-essentials-2/ Shattuck, P., Narendorf, S., Cooper, B., Sterzing, P., Wagner, M., & Taylor, J. (2012). Postsecondary education and employment among youth with an autism spectrum disorder. Pediatrics, 129(6), 1042-1049. https://doi.org/10.1542/peds.2011-2864. Retrieved from https://www.researchgate.net/publication/224958489_Postsecondary_Education_and_Employment_Among_Youth_With_an_Autism_Spectrum_Disorder
Ever wondered why it can be so difficult to change your financial habits? In this episode of Making Cents of Money, join our hosts and special guest, Emily Harmon, Illinois Extension Family Life Educator, as they delve into the Transtheoretical Model to help explain why behavior change relating to finances can be challenging.Show Notes Links: Ep. 23, Money Personalities & Financial Well-being: https://blogs.uofi.uillinois.edu/view/7550/303401558 Illinois Extension. All My Money, What’s Important to Me? Activity. https://extension.illinois.edu/sites/default/files/all_my_money_values_activity.pdf Money Harmony Personalities Quiz by Olivia Mellan: https://moneyharmony.com/moneyharmony-quiz/ Klontz Money Scripts Inventory (KMSI-R): https://www.bradklontz.com/moneyscriptstest Publications on the Klontz Money Scripts Inventory: Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money beliefs and financial behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1), 1. Klontz, B., Britt, S. L., Archuleta, K. L., & Klontz, T. (2012). Disordered money behaviors: Development of the Klontz money behavior inventory. Journal of Financial Therapy, 3(1), 2. Taylor, C. D., Klontz, B., & Britt, S. L. (2016). Reliability and convergent validity of the Klontz Money Script Inventory-revised (KMSI-R). Journal of Financial therapy, 6(2), 2.
Making Cents of Money: Episode 99 – Financial Socialization: https://soundcloud.com/idfpr/episode-99-financial-socialization?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-99-financial-socializationMaking Cents of Money: Episode 94 – Cost of Living: https://soundcloud.com/idfpr/episode-94-cost-of-living?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-94-cost-of-livingKlontz Money Scripts Quiz: https://www.bradklontz.com/moneyscriptstestGet Saavy Webinar: Budget Hacks: https://www.youtube.com/watch?v=X2p09ddcB4QFTC Fraud Report: https://reportfraud.ftc.govFBI Internet Crime Complaint Center: https://www.ic3.govChristy, K., Welter, T., Dundon, K., Valandra, & Bruce, A. (2022). Economic Abuse: A Subtle but Common Form of Power and Control. Journal of Interpersonal Violence, 37(1–2), NP473–NP499. https://doi.org/10.1177/0886260520916264 Eickmeyer, K. J., Manning, W. D., Longmore, M. A., & Giordano, P. C. (2023). Exploring the Married-Cohabiting Income Pooling Gap Among Young Adults. Journal of Family and Economic Issues, 44(4), 990–1006. https://doi.org/10.1007/s10834-023-09885-0 Granados, W. (2025, January 28). NRF survey: Valentine’s day spending reaches record $27.5 billion. NRF National Retail Federation. https://nrf.com/media-center/press-releases/nrf-survey-valentine-s-day-spending-reaches-record-27-5-billion Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1). https://doi.org/10.4148/jft.v2i1.451 Koochel, E. E., Markham, M. S., Crawford, D. W., & Archuleta, K. L. (2020). Financial Transparency Scale: Its Development and Potential Uses. Journal of Financial Counseling and Planning, 31(1), 14–27. https://doi.org/10.1891/JFCP-18-00009 Li, X., Khan, M. A., Xiao, J. J., & Kong, D. (2024). Actions for solutions: Financial behaviors, power (im)balance, and economic abuse among Chinese young adults in non-marital cohabitation. Journal of Social and Personal Relationships, 41(6), 1554–1576. https://doi.org/10.1177/02654075241227125 Olson, J. G., & Rick, S. I. (2023). Subjective Knowledge Differences within Couples Predict Influence over Shared Financial Decisions. Journal of the Association for Consumer Research, 8(4), 378–389. https://doi.org/10.1086/726430 Romo, L. K. (2015). An Examination of How People in Romantic Relationships Use Communication to Manage Financial Uncertainty. Journal of Applied Communication Research, 43(3), 315–335. https://doi.org/10.1080/00909882.2015.1052831 Romo, L. K., & Abetz, J. S. (2016). Money as Relational Struggle: Communicatively Negotiating Cultural Discourses in Romantic Relationships. Communication Studies, 67(1), 94–110. https://doi.org/10.1080/10510974.2015.1121158 Totenhagen, C. J., Wilmarth, M. J., Serido, J., Curran, M. A., & Shim, S. (2019). Pathways from Financial Knowledge to Relationship Satisfaction: The Roles of Financial Behaviors, Perceived Shared Financial Values with the Romantic Partner, and Debt. Journal of Family and Economic Issues, 40(3), 423–437. https://doi.org/10.1007/s10834-019-09611-9
Making Cents of Money discusses the economics of the cannabis in Illinois with Vaughn Bentley, the Deputy Director of Cannabis Control at IDFPR. Tune in to learn more about the impact this industry (the first nationally to prioritize social equity) has in our state.Show Notes:Illinois Cannabis Regulation Oversight Office. (2024). Annual cannabis regulation report. Springfield, IL: State of Illinois. https://cannabis.illinois.gov/content/dam/soi/en/web/cannabis/documents/media/reports-and-public-presentations/Compiled%20Cannabis%20Annual%20Report%202024%20(1).pdf Illinois Department of Agriculture. (2023). Cannabis regulation and tax act. Administrative rules for adult use cannabis. https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=041007050HArt.15&ActID=3992&ChapterID=35&SeqStart=3000000&SeqEnd=6400000 UIC Entrepreneurial Support Program: https://business.uic.edu/academics-research/research-2/centers/uic-entrepreneurial-support-program/.Making Cents of Money Ep. 50: Becoming an Entrepreneur! https://blogs.uofi.uillinois.edu/view/7550/1409980922
Making Cents of Money is proud to partner with the Office of the State Treasurer in its latest episode. Treasurer Michael Frerichs shared that 1 in 4 Illinoisans have unclaimed property waiting for them. Want to learn more? Tune in to learn more: link to podcast. Show Notes:Making Cents of Money: Ep. 11 – Saving for College with a 529 Savings Plan https://blogs.uofi.uillinois.edu/view/7550/2145536872*I-Cash website: https://icash.illinoistreasurer.gov/
Are you looking to start fresh financially this new year? Join the hosts of Making Cents of Money as they kick off 2025 with a special episode – New Year, New Financial Resolutions.Show Notes: •Charles Schwab, New Years Financial Resolutions: https://www.schwab.com/learn/story/new-years-financial-resolutions-get-your-finances-in-shape •CNBC: Financial New Years Resolutions: https://www.cnbc.com/select/financial-new-years-resolutions/ •Motley Fool Money: https://www.fool.com/money/research/financial-new-years-resolutions/ •Consumer Financial Protection Bureau: An essential guide to building an emergency fund: https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/•PowerPay: https://extension.usu.edu/powerpay/•Making Cents of Money episodes about establishing credit: https://soundcloud.com/idfpr/sets/establishing-managing-credit•Episode 80: Building Wealth After Graduation: https://soundcloud.com/idfpr/episode-80-building-wealth-after-graduation•Episode 55: Making Cents of Money: Wealth Building as a Balancing Act: https://soundcloud.com/idfpr/episode-55-wealth-building-as-a-balancing-act?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-55-wealth-building-as-a-balancing-act•Episode 49: Making Cents of Money: Dealing with Emergencies: https://soundcloud.com/idfpr/episode-49-dealing-with-emergencies?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-49-dealing-with-emergencies•Budget Hacks webinar: https://www.youtube.com/watch?feature=shared&v=X2p09ddcB4Q•Experian: Debt Snowball vs. Debt Avalanche: https://www.experian.com/blogs/ask-experian/avalanche-vs-snowball-which-repayment-strategy-is-best/#:~:text=For%20the%20most%20part%2C%20the,money%20in%20interest%20over%20time.
Making Cents of Money reaches a major milestone in releasing its 100th episode! Join all the co-hosts (past and present) as they reunite to celebrate this achievement, reflect on their favorite episodes, and discuss how the show has evolved through the years. SHOW NOTES: Episode 86: The Illinois Community Reinvestment Act: https://soundcloud.com/idfpr/episode-86-the-illinois-community-reinvestment-act?si=da23db5a5eb54864ac46902a6ef22457&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 85: The Federal Community Reinvestment Act: https://soundcloud.com/idfpr/episode-85-the-federal-community-reinvestment-act-cra?si=f53b327f41df4d66a308ab44949fb4f9&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 78: Is Crypto the Wild West?: https://soundcloud.com/idfpr/episode-78-is-crypto-the-wild-west?si=2f70e3f31d1c44659977d0da1a5e7a30&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 54: Financial Resolutions!: https://soundcloud.com/idfpr/episode-54-financial-resolutions?si=585e0e5ced134bce868e116e3fc4740b&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 47: The Community Reinvestment Act: https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act?si=ca8fe23d82f54daf8d0234c7f5c596f8&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 27: Student Loan Update: https://soundcloud.com/idfpr/episode-27-student-loan-update?si=6b2eb7d9b261485a83d6713fd3fbf3a0&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 24: Cryptocurrency: https://soundcloud.com/idfpr/mcom-ep24-cryptocurrencyfinal?si=bf3802ea62564039a4e271184589ef6f&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 15: Credit: https://soundcloud.com/idfpr/episode-15-credit?si=7b887916e593400191676b78a514bae5&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 13: Investing Basics: https://soundcloud.com/idfpr/episode-13-investing-basics?si=ba6bbf0d5d1643bd81c19f9502dec3c6&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingEpisode 11: Saving for College with a 529 Savings Plan: https://soundcloud.com/idfpr/episode-11-saving-for-college-with-529-savings-plans?si=021504277e61467f9aa42c84f754cb4a&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing
Show Notes: •Hasler, A., & Lusardi, A. (2019). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center. https://gflec.org •Jorgensen, B. L., & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465–478. https://doi.org/10.1111/j.1741-3729.2010.00616.x •Kim, J., Gutter, M. S., & Spangler, T. (2020). Extended family financial socialization and financial behavior in adulthood. Journal of Family and Economic Issues, 41(3), 497-510. https://doi.org/10.1007/s10834-020-09674-3 •Klontz, B., Britt, S. L., Archuleta, K. L., & Klontz, T. (2011). Mind over money: Overcoming the money disorders that threaten our financial health. Broadway Books. •Mellan, O. (2014). Money harmony: Resolving money conflicts in your life and relationships. Walker and Company. •Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2021). Financial socialization: A model of family pathways to financial well-being. Journal of Youth and Adolescence, 50(4), 788-806. https://doi.org/10.1007/s10964-020-01272-0 •Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005 •The Psychology of Financial Planning Podcast: https://www.psychologyoffinancialplanning.com/podcast•Making Cents of Money Episode 70: The Impact of Compound Interest: https://soundcloud.com/idfpr/episode-70-the-impact-of-compound-interest?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing•Klontz Money Scripts Test: https://www.bradklontz.com/moneyscriptstest•Dr. Brad Klontz on YouTube: https://www.youtube.com/c/drbradklontz•Money Habitudes: https://www.moneyhabitudes.com/•Money Personality Quiz by Olivia Mellan via the California Courts’ Families Change website: https://fas.familieschange.ca.gov/en/course/27-activity-money-personality-quiz
In this episode of Making Cents of Money, we discuss the costs of car ownership and the impact it could have on your budget. Are you ready to see if you’re prepared to purchase a vehicle? Tune in to learn more.Show Notes: MCOM Episode 74: Credit Reports Update: https://soundcloud.com/idfpr/episode-74-credit-reports-update?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingMCOM Episode 70: The Impact of Compound Interest: https://soundcloud.com/idfpr/episode-70-the-impact-of-compound-interest?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharingComparing Commute Costs Calculator: https://bicycleuniverse.com/car-free-millionaire/ Calculating Cost of Ownership •Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html •What Is the Total Cost of Owning a Car? via NerdWallet: https://www.nerdwallet.com/blog/loans/total-cost-owning-car/ •Illinois Tollway Trip Calculator: https://ua.getipass.com/trip-calculator Can Your Budget Handle It? •Budgeting & Financial Planning episode list for Making Cents of Money: https://on.soundcloud.com/CJbxcrPsLRzCXVW78 •Budgeting Web Page from University of Illinois Student Money Management Center: https://www.studentmoney.uillinois.edu/learn/budgeting •You can also use something like this budget worksheet from the CFPB: https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf Manufacturer vs Extended Warranties •CFPB Article, “What is the difference between a manufacturer’s warranty and an extended vehicle warranty or service contract?”: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-manufacturers-warranty-and-an-extended-vehicle-warranty-or-service-contract-en-825/ Title and Registration •ILLINOIS Registration Renewal and ID Cards: https://www.ilsos.gov/departments/vehicles/title_and_registration/regid.html •FAQ on Title & Registration in Illinois: https://www.ilsos.gov/departments/vehicles/faq.html •Buying or Selling a Used Vehicle Pamphlet from IL Sec of State: https://www.ilsos.gov/publications/pdf_publications/sos_dop141.pdf •Seller’s Report of Sale Form: https://www.ilsos.gov/publications/pdf_publications/vsd703.pdf Don’t Forget Monthly Costs •Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html Two Types of Financing •CFPB’s Take Control of Your Auto Loan Guide: https://files.consumerfinance.gov/f/documents/201606_cfpb_take-control-of-your-auto-loan-guide.pdf Know Your Resources •Kelly Blue Book: https://www.kbb.com •NADA Guides: https://www.nadaguides.com/Cars •Edmunds True Market Value: https://www.edmunds.com/tmv.html •CarFax History-Based Value: https://www.carfax.com/value/ Research & Compare •CFPB Auto Loan Worksheet: https://files.consumerfinance.gov/f/documents/201606_cfpb_auto-loan-worksheet.pdf •CFPB Site on Auto Loans: https://www.consumerfinance.gov/consumer-tools/auto-loans/ •FTC Used Cars Site: https://consumer.ftc.gov/features/used-cars •Prioritize debt repayment: https://powerpay.org/ Auto Loan Calculator Examples: •NerdWallet Car Loan Calculator: https://www.nerdwallet.com/blog/loans/car-loan-calculator/ •Bankrate Auto Loan Calculator: https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx Know Your Credit •Get Free Weekly Credit Reports from Equifax, Experian, & TransUnion: https://www.annualcreditreport.com/ •Ep. 74 – Credit Reports Update: https://blogs.uofi.uillinois.edu/view/7550/1222872163 Insurance •State of Illinois Mandatory Insurance: https://www.ilsos.gov/departments/vehicles/mandatory_insurance.html Tips to Protect Yourself •FTC article: “Put the brakes on phony online car sales”: https://www.consumer.ftc.gov/blog/2019/06/put-brakes-phony-online-car-sales •Buying a Used Car from FTC: https://www.consumer.ftc.gov/features/feature-0040-used-cars
‘Tis the season to make holiday travel plans! This episode of Making Cents of Money offers helpful hints for staying on budget when traveling to celebrate with family and friends. SHOW NOTES: •Berg, H. (2023, September 19). 2023 holiday travel outlook. Hopper. https://media.hopper.com/research/2023-holiday-travel-outlook •French, S. (2024, October 10). Travel inflation report: October 2024. NerdWallet. https://www.nerdwallet.com/article/travel/travel-price-tracker •Pellegrini, A. (2021, July 6). Travel planning templates. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/2045942096 •Rodriguez, A. (n.d.). How to save money on travel this holiday season. AXA Travel Insurance. https://www.axatravelinsurance.com/resources/travel-tips/-/asset_publisher/dbn8rbCGSjcs/content/how-to-save-money-on-travel-this-holiday-season •Vaidyanathan, R. (2023, April 7). Credit cards and travel. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/1536325046 •Wallace Bechard, C., Giancola-Shanks, N., Sweedler, K., & Pellegrini, A. (2022, December 15). Spend less, travel more webinar recording [Video]. University of Illinois System Student Money Management Center. https://youtu.be/7jgv_wgd_z14 •University of Illinois System Student Money Management Center. (2022). Revisiting travel (ep. 53). https://blogs.uofi.uillinois.edu/view/7550/1155020853 •University of Illinois Extension. (n.d.). Saving on travel. https://extension.illinois.edu/finances/saving-travel •U.S. Department of Energy & Environmental Protection Agency. (n.d.). Fuel economy trip calculator. https://www.fueleconomy.gov/trip/ •U.S. Department of Transportation. (2024, October 15). Statistics on airfare pricing and trends: Bureau of Transportation Statistics. https://www.bts.gov/air-fares
On a special Halloween-themed edition of Making Cents of Money, the Division of Banking’s Kari Beyer joins the show to discuss zombie mortgages and zombie properties. But don’t be scared! Just tune in to fight out how to protect yourself from being spooked this scary season.Show Notes: 1. National Community Reinvestment Coalition - Report on the impact of zombie properties: https://library.nclc.org/book/mortgage-lending/1352-consequences-communities-vacant-and-zombie-properties2. U.S. Department of Housing and Urban Development (HUD) - Resources for homeowners: https://www.hud.gov/homeownerhelp3. NeighborWorks America - Counseling and education resources: https://www.neighborworks.org/Training-Services/NCHEC-Resources4. Chicago Rehab Network - Report on abandoned properties in Chicago: https://www.chicagorehab.org/5. MCM Episodes 63 and 64– Help for Homeowners and Help for Renters with Kari Beyer: https://idfpr.illinois.gov/banks/making-cents-of-money.html6. Annual Credit Report: annualcreditreport.com7. File a Complaint with IDFPR: https://idfpr.illinois.gov/admin/complaints.html
Join us for our latest podcast episode, “Basic Needs and Needs Insecurity,” where we dive into the essentials of financial decisions using Maslow’s Hierarchy of Needs! From food and shelter to safety and belonging, we discuss how these foundational aspects impact your financial decisions and overall well-being.Show Notes:•211oDial 211 or visit https://www.211.org/ to get connected with local community resources related to caregiving, mental health, and basic needs.•United States Department of Agriculture (USDA)oFood Security in the U.S. https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-u-s/ oHousehold Food Security in the United States in 2022. https://www.ers.usda.gov/publications/pub-details/?pubid=104655 oSurvey Questions Used by USDA To Assess Household Food Security. https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-u-s/measurement/#survey •Illinois Department of Human Services. Supplemental Nutrition Assistance Program (SNAP). https://www.dhs.state.il.us/page.aspx?item=30357 •U.S. Department of Housing and Urban Development (HUD)oDefinitions of Housing Insecurity. https://www.hud.gov/program_offices/comm_planning/affordablehousing oHousing Choice Vouchers Fact Sheet (Section 8). https://www.hud.gov/topics/housing_choice_voucher_program_section_8 •Illinois Housing Development Authority. Programs and Resources. https://www.ihda.org/
On this week’s episode of Making Cents of Money, our hosts discuss the cost of living and how many factors influence our everyday expenses—from housing and groceries, to utilities and transportation.Cost of Living Calculators-Bankrate: https://www.bankrate.com/real-estate/cost-of-living-calculator/ -Forbes: https://www.forbes.com/advisor/mortgages/real-estate/cost-of-living-calculator/ -NerdWallet: https://www.nerdwallet.com/cost-of-living-calculator -Numbeo: https://www.numbeo.com/cost-of-living/comparison.jsp -SmartAsset: https://smartasset.com/mortgage/cost-of-living-calculator Other sources for considering cost of living-FAQ: Is the Consumer Price Index (CPI) a cost-of-living index? (U.S. Department of Labor): https://webapps.dol.gov/dolfaq/go-dol-faq.asp?faqid=93&topicid=6&subtopicid=116-Consumer Price Index, Midwest Region – August 2024 (U.S. Bureau of Labor Statistics): https://www.bls.gov/regions/mountain-plains/news-release/consumerpriceindex_midwest.htm-Post-Secondary Employment Outcomes Explorer (U.S. Census): https://lehd.ces.census.gov/applications/pseo/?type=earnings&compare=postgrad&specificity=2&state=08&institution=08°reelevel=05&gradcohort=0000-3&filter=50&program=52,45-Recorded Webinar – Inflation: When Prices Rise: https://youtu.be/JeGD22v19xI?feature=sharedBudgeting resources-Budgeting: How to create a budget and stick with it (CFPB): https://www.consumerfinance.gov/about-us/blog/budgeting-how-to-create-a-budget-and-stick-with-it/ -SMMC’s Budgeting Web Page: https://www.studentmoney.uillinois.edu/learn/budgeting Other relevant podcast episodes:-Budgeting (ep. 20) - https://blogs.uofi.uillinois.edu/view/7550/804394514 -Wealth Building as a Balancing Act (ep. 55) - https://blogs.uofi.uillinois.edu/view/7550/1517205319 -Investing to Reach Financial Goals (ep. 57)- https://blogs.uofi.uillinois.edu/view/7550/1002945600 -Conscious Consumerism (ep. 59) - https://blogs.uofi.uillinois.edu/view/7550/1273369699 -Understanding Your Paycheck (ep. 69) - https://blogs.uofi.uillinois.edu/view/7550/1213480115
Federal student loan repayment restarted last October and the 12-month “On Ramp to Repayment” that limited consequences of missed payments ends this month. Learn what this means for you and your federal student loans in our latest episode of “Making Cents of Money.”Show Notes:https://www.cnbc.com/2024/08/26/student-loan-payment-on-ramp-ends-september-30.htmlhttps://studentaid.gov/manage-loans/repayment/prepare-payments-restart
Show notes:Relevant Federal Student Aid web pages and announcements:•Announcement: We’re Streamlining Your Loan and Grant Web Experience: https://studentaid.gov/announcements-events/streamlining-loan-web-experience•SAVE Plan Court Actions: Impact on Borrowers: https://studentaid.gov/announcements-events/save-court-actions •Public Service Loan Forgiveness (PSLF) Buyback: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/public-service-loan-forgiveness-buyback PSLF Update! (ep. 84): https://on.soundcloud.com/JxTURayvBypTagz37
Planning for retirement can be complicated. Christine Cheng from the Illinois Treasurer’s Office discusses how Illinois is addressing barriers and helping small businesses provide retirement benefits to their employees in our latest episode of Making Cents of Money.Show Notes:Other relevant Making Cents of Money episodes:•Free Financial Education Resources for Illinois Residents (ep. 82): https://on.soundcloud.com/qTW36fwcpVm39qWm9•Building Wealth After Graduation (ep. 80): https://on.soundcloud.com/Jbsh4K1RTt6zLMnx7•The Impact of Compound Interest (ep. 70): https://on.soundcloud.com/ZV4F8Kh9XuiaXtcW9•Understanding Your Paycheck (ep. 69) https://on.soundcloud.com/ZUusJGntzDHEJeDw9•Investing to Reach Financial Goals (ep. 57): https://on.soundcloud.com/2rneJZ3YPXSyUStY9 •Preparing for Retirement (ep. 12): https://on.soundcloud.com/hnQVfEy2p5xQwgBs5 Research discussed in this episode:•Pew’s look at how much states will pay for residents having insufficient retirement savings: https://www.pewtrusts.org/en/research-and-analysis/articles/2023/06/01/states-face-334-billion-shortfall-over-20-years-due-to-insufficient-retirement-savings•AARP’s Illinois fact sheet: https://www.aarp.org/content/dam/aarp/ppi/2022/state-fact-sheets/illinois.doi.10.26419-2Fppi.00164.015.pdf•Illinois Secure Choice website: https://www.ilsecurechoice.com/•Illinois Financial Wellness Hub: https://illinoistreasurer.enrich.org/
Going back to college means it’s time to evaluate credit cards and financing options for students and families. We break down the different tools available (and their short- and long-term impacts) in this episode of Making Cents of Money.Show Notes:Unbiased sources of consumer education from the CFPB:-Student banking and college credit card marketing agreements: https://www.consumerfinance.gov/data-research/student-banking/-Your Money, Your Goals toolkit (p. 121 of the downloadable toolkit has a comparison of paying for the costs of an unexpected car repair with emergency savings, a credit card, or a payday loan): https://www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/toolkit/Previous Making Cents of Money episodes on Credit:-Credit Reports Update (ep. 74): https://blogs.uofi.uillinois.edu/view/7550/1222872163-What’s a Credit Report Anyway? (ep. 67): https://blogs.uofi.uillinois.edu/view/7550/171138189-Credit Scores (ep. 51): https://blogs.uofi.uillinois.edu/view/7550/343469214-Choosing a Credit Card (ep. 43): https://blogs.uofi.uillinois.edu/view/7550/295268937-Credit Access (ep. 42): https://blogs.uofi.uillinois.edu/view/7550/203994282-Conscious Credit (ep. 15): https://blogs.uofi.uillinois.edu/view/7550/1450729729-Understanding Credit (ep. 5): https://blogs.uofi.uillinois.edu/view/7550/270248943Get Savvy Webinars-Your Financial Tool Chest – We discussed Buy Now, Pay Later tools starting at 45:35 in the YouTube video: https://youtu.be/XdUgsotxCqE?feature=shared&t=2735-Build Credit to Your Advantage: https://youtu.be/FZGqbTavfsY?feature=shared-Mastering the Consumer Credit Game on December 5, 2024, at 12 PM – Register at https://go.uillinois.edu/getsavvywebinars Legislation related to Credit Cards:-Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act): https://www.ftc.gov/legal-library/browse/statutes/credit-card-accountability-responsibility-disclosure-act-2009-credit-card-act-Fair Credit Reporting Act: https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-actResearch on Credit Use:-Blankson, C., Paswan, A., & Boakye, K. G. (2012). College students’ consumption of credit cards. International Journal of Bank Marketing, 30(7), 567-585. https://www.emerald.com/insight/content/doi/10.1108/02652321211274327/full/html-D’innocenzio, A., & Lewis, C. (2024, July 30). Stores lure back-to-school shoppers with deals and “buy now, pay later” plans. AP News. https://apnews.com/article/backtoschool-shopping-deals-inflation-c7fc6041e4d34cabc2edbfbc556ef667 -Hayhoe, C., Leach, L. J., Allen, M., & Edwards, R. (2005). Credit cards held by college students. Journal of Financial Counseling and Planning, 16(1). https://www.researchgate.net/publication/253767760_Credit_Cards_Held_by_College_Students-Shupe, C., Li, G., & Fulford, S. (2023). Consumer Use of Buy Now, Pay Later Insights from the CFPB Making Ends Meet Survey. Consumer Financial Protection Bureau Office of Research Reports Series, (23-1). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4399626
After being part of the Making Cents of Money podcast since its launch in August 2020, we say goodbye to long-time host Nikki Giancola-Shanks – but welcome a new voice, Kimber Beckler! Join us as we begin this new chapter of Making Cents of Money.
From financial literacy to financial capability -and everything in between - we explain key terms related to financial well-being in our latest episode of Making Cents of Money!Show Notes:Find out your financial well-being (CFPB): https://www.consumerfinance.gov/consumer-tools/financial-well-being/Some Research on Financial Terms:De Bruijn, E. J., & Antonides, G. (2022). Poverty and economic decision making: a review of scarcity theory. Theory and Decision, 92(1), 5-37.Johnson, E., & Sherraden, M. S. (2007). From financial literacy to financial capability among youth. J. Soc. & Soc. Welfare, 34, 119.Lee, J. M., Lee, J., & Kim, K. T. (2020). Consumer financial well-being: Knowledge is not enough. Journal of Family and Economic Issues, 41(2), 218-228.Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: an overview. Journal of pension economics & finance, 10(4), 497-508.Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of consumer affairs, 44(2), 276-295.Rothwell, D. W., Khan, M. N., & Cherney, K. (2016). Building financial knowledge is not enough: Financial self-efficacy as a mediator in the financial capability of low-income families. Journal of Community Practice, 24(4), 368-388.Sherraden, M. S. (2010). Financial capability: What is it, and how can it be created?.Xiao, J. J., & O'Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(6), 712-721.
In real estate, appraisal bias can keep homeowners from receiving the full value of their home. IDFPR Deputy Secretary Ericka Johnson breaks down what appraisal bias is, how exactly it affects consumers, and what you can do if you believe you’re a victim in our newest episode of Making Cents of Money.Show Notes:HUD: Appraisal Bias and the Valuation Process - https://www.hudexchange.info/programs/housing-counseling/housing-counseling-today/appraisal-bias-and-the-valuation-process/NPR: Racial Bias often creeps into home appraisals. Here’s what’s happening to change that -https://www.npr.org/2023/03/13/1161713496/home-appraisals-racial-bias-black-latino-homeowners-lawsuitMaking Cents of Money podcasts:-Buying a Home! (ep. 36): https://soundcloud.com/idfpr/episode-36-buying-a-home-Mortgages (ep. 38): https://soundcloud.com/idfpr/episode-38-mortgages-Credit Access (ep. 42): https://soundcloud.com/idfpr/episode-42-credit-access-Selling a Home (ep. 45): https://soundcloud.com/idfpr/episode-45-selling-a-home-The Community Reinvestment Act (ep. 47): https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act-Help for Homeowners (ep. 63): https://soundcloud.com/idfpr/episode-63-help-for-homeowners-Lines of Injustice: What is Redlining? (ep. 83): https://soundcloud.com/idfpr/episode-83-lines-of-injustice-what-is-redlining-The Federal Community Reinvestment Act (CRA) (ep. 85): https://soundcloud.com/idfpr/episode-85-the-federal-community-reinvestment-act-cra-The Illinois Community Reinvestment Act (ep. 86): https://soundcloud.com/idfpr/episode-86-the-illinois-community-reinvestment-actResearch•How racial bias in appraisals affects the devaluation of homes in majority-Black neighborhoods (Brookings, 2022): https://www.brookings.edu/articles/how-racial-bias-in-appraisals-affects-the-devaluation-of-homes-in-majority-black-neighborhoods/•HUD reaches groundbreaking settlement with The Appraisal Foundation to ensure equal opportunity in the appraisal profession (HUD, 2024): https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_176•Racial and ethnic valuation gaps in home purchase appraisals (FreddieMac, 2021): https://www.freddiemac.com/fmac-resources/research/pdf/202109-Note-Appraisal-Gap.pdf Government Resources and Legislative Efforts:•How to become an appraiser in Illinois: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/dre/hdi/how-do-i-become-an-appraiser-in-illinois.pdf•Fair Housing and Equal Opportunity from HUD: https://www.hud.gov/fairhousing•PAVE Interagency task force on property appraisal and valuation equity (HUD): https://pave.hud.gov/•Protecting homeowners from discriminatory home appraisals (CFPB, 2023): https://www.consumerfinance.gov/about-us/blog/protecting-homeowners-from-discriminatory-home-appraisals/•IDFPR Real Estate Valuation Task Force: https://idfpr.illinois.gov/profs/boards/rev-task-force.html•IDFPR “How To” Series from the Division of Real Estate: https://idfpr.illinois.gov/dre/howtoseriesdre.html
In our latest episode of Making Cents of Money, Acting Director of Banking Susana Soriano discusses Illinois’ historic Community Reinvestment Act (CRA). From reducing discrimination to combatting redlining, learn how this landmark legislation will help Illinois consumers! Show Notes: •Please note, this podcast was recorded before rules for Illinois’ Community Reinvestment Act were adopted on May 1, 2024. The rules may be found below:oBanks: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/CRA-Banks.pdfoCredit Unions: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/CRA-CU.pdfoMortgage Lenders: https://idfpr.illinois.gov/content/dam/soi/en/web/idfpr/forms/CRA-ML.pdf •Legislation for the Illinois Community Reinvestment Act: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=20&ActID=4086•Illinois CRA Coalition Fact Sheet: https://housingactionil.org/downloads/Policy/ILCRAOverviewMarch2023.pdf
Did you know federal law aims to curb discriminatory lending? Ed Hill from IDFPR’s Division of Banking breaks down the Community Reinvestment Act and how it works to increase lending to underserved communities in our latest episode of the Making Cents of Money podcast!Show Notes:•Community Reinvestment Act (CRA) via Federal Reserve Board - https://www.federalreserve.gov/consumerscommunities/cra_about.htmoCRA Ratings via FFIEC - https://www.ffiec.gov/craratings/default.aspx•Housing Discrimination Under the Fair Housing Act via HUD - https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_act_overview•Equal Credit Opportunity Act via FTC - https://www.ftc.gov/legal-library/browse/statutes/equal-credit-opportunity-act•Home Mortgage Disclosure Act via FFIEC - https://ffiec.cfpb.gov/•Illinois Community Reinvestment Act (CRA) via IDFPR - https://idfpr.illinois.gov/admin/cra.html
There’s a big transition happening for the Public Service Loan Forgiveness Program (PSLF)! In our latest episode of Making Cents of Money, we break down what’s happening and what this means for borrowers looking to have their college loans forgiven for public service.
In the newest episode of Making Cents of Money, IDFPR Secretary Mario Treto, Jr. discusses the topic of redlining and how it leads to disparities for generations. Learn what IDFPR is doing to address this serious topic and to help redlining to become a policy of the past.Resources:Investopedia: What is Redlining? Definition, Legality, and Effects: https://www.investopedia.com/terms/r/redlining.asp#:~:text=Redlining%20is%20the%20discriminatory%20practice,on%20their%20race%20or%20ethnicity.Federal Reserve: Redlining: https://www.federalreservehistory.org/essays/redliningUrban Institute: The Ghosts of Housing Discrimination Reach Beyond Redlining: https://www.urban.org/features/ghosts-housing-discrimination-reach-beyond-redliningRothstein, R. (2017). The color of law: A forgotten history of how our government segregated America. Liveright Publishing.Previous episode:-Ep. 42: Credit Access: https://soundcloud.com/idfpr/episode-42-credit-access?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-42-credit-access
Show NotesMoney Minded Curriculum: https://www.illinoistreasurer.gov/Financial_Education/Money_Minded_IllinoisFinancial Literacy Resources:https://www.illinoistreasurer.gov/Financial_Education/Financial_Literacy_ResourcesIL Financial Wellness Hubhttps://www.illinoistreasurer.gov/Financial_Education/IL_Financial_Wellness_Hub
There’s an important deadline at the end of this month for student loans! We break down the steps being taken by the Biden Administration for borrowers that may result in loan discharge sooner than anticipated in our latest episode of Making Cents of Money.Show Notes:U.S. Department of Education Press Release: https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-49-billion-approved-student-debt-reliefBiden Extends Key Student Loan Forgiveness Deadline: Why It Matters:https://www.forbes.com/sites/adamminsky/2023/12/18/biden-extends-key-student-loan-forgiveness-deadline-why-it-matters/?sh=7386b27a6dbfPayment Count Adjustments Toward Income-Driven Repayment and Public Service LoanForgivness Programs: https://studentaid.gov/announcements-events/idr-account-adjustmentConsumer Advisory: Opportunity to cancel student loan debt ends soon:https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-opportunity-to-cancel-student-loan-debt-ends-soon/Direct Consolidation Loan Application: https://studentaid.gov/loan-consolidation/
Graduation, first jobs, and financial transitions, oh my! In our latest episode of Making Cents of Money, we’re joined again by the University of Illinois Urbana-Champaign’s Donovan Sanchez to break down first steps for that first full-time job after graduation! Show Notes:Previous Episodes with Donovan Sanchez• Ep. 33 – Establishing a Vision for Your Life: https://blogs.uofi.uillinois.edu/view/7550/2108012941• Ep. 55 – Wealth Building as a Balancing Act: https://blogs.uofi.uillinois.edu/view/7550/1517205319Budgeting & Financial Planning• Ep. 20 – Budgeting: https://blogs.uofi.uillinois.edu/view/7550/804394514• Ep. 25 – Choosing a Financial Professional: https://blogs.uofi.uillinois.edu/view/7550/518681996• Ep. 75 – Setting & Prioritizing Financial Goals: https://blogs.uofi.uillinois.edu/view/7550/1854370435• Get Savvy – Home Buying vs Renting: https://youtu.be/x6oggcypRkEManaging Student Loans• Get Savvy: Student Loan Updates webinar series: https://go.uillinois.edu/repay• Federal Student Aid Repaying Student Loans 101: https://studentaid.gov/manage-loans/repayment/repaying-101• Federal Student Aid Loan Simulator: https://studentaid.gov/loan-simulator/• Public Service Loan Forgiveness: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service Investing, Retirement, & Job Benefits• Ep. 12: Preparing for Retirement: https://blogs.uofi.uillinois.edu/view/7550/1801541619• Ep. 57 – Investing to Reach Financial Goals: https://blogs.uofi.uillinois.edu/view/7550/1002945600• Ep. 69 – Understanding Your Paycheck: https://blogs.uofi.uillinois.edu/view/7550/1213480115• Get Savvy – Investing Webinar Recording Playlist: https://www.youtube.com/watch?v=OuslkX86bGI&list=PLc0xo-6von5TmTidS-LlEN1ygiG6WzmQF• Get Savvy – What's Your Job Worth?: https://youtu.be/kjxKgtjWBJE Establishing & Managing Credit• “How do I get and keep a good credit score?” (CFPB, 2020): https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-and-keep-a-good-credit-score-en-318/• Ep. 5 – Understanding Credit: https://blogs.uofi.uillinois.edu/view/7550/270248943• Ep. 42 – Credit Access: https://blogs.uofi.uillinois.edu/view/7550/203994282• Ep. 43 – Choosing a Credit Card: https://blogs.uofi.uillinois.edu/view/7550/295268937• Ep. 51 – Credit Scores: https://blogs.uofi.uillinois.edu/view/7550/343469214• Ep. 67 – What's a Credit Report Anyway?: https://blogs.uofi.uillinois.edu/view/7550/171138189• Get Savvy – Build Credit to Your Advantage: https://youtu.be/FZGqbTavfsY Financial Stress & Mindfulness• Ep. 26 – Emergency Funds: https://blogs.uofi.uillinois.edu/view/7550/1471084251• Ep. 31 – Financial Security and Stress: https://blogs.uofi.uillinois.edu/view/7550/1806905857• Get Savvy – How Your Spending Can Change the World: https://youtu.be/2qcb3LKegUk
Last year featured some of the largest bank failures in U.S. history. In this episode of Making Cents of Money, Chicago City Comptroller (and former Illinois Director of Banking) Chasse Rehwinkel joins us to break down what went wrong, how regulators respond, and why most consumers should not be worried about ever losing the money in their bank accounts.Show Notes:FDIC & California Regulator Reports •FDIC Releases Report Detailing Supervision of the Former First Republic Bank, San Francisco, California: https://www.fdic.gov/news/press-releases/2023/pr23073.html •Review of DFPI's Oversight and Regulation of Silicon Valley Bank: https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/05/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf Financial Institution Insurance: •FDIC: https://www.fdic.gov/ •NCUA: https://ncua.gov/ Recorded Webinar: •Your Financial Tool Chest: https://youtu.be/XdUgsotxCqE?feature=shared (part of the Get Savvy: Grow Your Green Stuff Series) Books: •Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves by Andrew Ross Sorkin (Book and Movie) •The Continental affair: The rise and fall of the Continental Illinois Bank by James P. McCollom (Book) Previous Podcasts with Chasse:•Episode 2: Banked or Unbanked - Choosing Financial Services for You https://soundcloud.com/idfpr/making-cents-of-money-episode-2?si=81bc1ead8b4b425db9b2c6bfd9b7f4e0&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing•Episode 14: Short-selling https://soundcloud.com/idfpr/episode-14-short-selling?si=fd95e90d0de64fb2a1743ec92a8c7cd3&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing•Episode 47: Community Reinvestment Act https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act?si=0b0b179278a74e0982f396809780aa1c&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing
Cryptocurrency is still new, and with new frontiers come new challenges. David DeCarlo and Jake Hamilton from IDFPR’s Office of Innovation join us on our latest episode of Making Cents of Money to discuss gaps in regulation and what can be done to help protect consumers.Show Notes: • CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints: https://www.consumerfinance.gov/about-us/newsroom/cfpb-publishes-new-bulletin-analyzing-rise-in-crypto-asset-complaints/•How Chicago Fell for Crypto: https://chicagoreader.com/news-politics/how-chicago-fell-for-crypto/ •Pew Research Center: https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/ •Debunking the narratives about cryptocurrency and financial inclusion: https://www.brookings.edu/articles/debunking-the-narratives-about-cryptocurrency-and-financial-inclusion/ •Ariel-Schwab Black Investor Study: https://www.schwabmoneywise.com/tools-resources/ariel-schwab-survey-2022•www.reportfraud.FTC.gov•www.IlAttorneyGeneral.gov•www.IDFPR.illinois.gov•www.investor.gov•www.theblock.co•www.coindesk.com•www.coinmarketcap.com•Sign up for Bloomberg Cypto Newsletter: https://www.bloomberg.com/account/newsletters/crypto•Track IDFPR Digital Asset Bills: Go to www.ilga.gov and search for SB 3666, SB 3670, and SB3675
It’s tax season! We break down the common forms you’ll need to complete, where you find help if you need it, and when you can expect that refund (if you qualify!) on our latest episode of Making Cents of Money!Show Notes:IRS (federal) online account: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers IRS Identity Protection PIN: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin Illinois Tax site: http://mytax.illinois.gov and 1-800-732-8866 IRS Free File: https://apps.irs.gov/app/freeFile/ Volunteer Income Tax Assistance & Tax Counseling for the Elderly: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers United Way My Free Taxes: https://myfreetaxes.com/ Ladder Up’s Tax Assistance Program: https://www.goladderup.org/our-services/tax-assistance/ IRS Refund Tracker: https://www.irs.gov/wheres-my-refund Making Cents of Money Episode 25: Choosing a Financial Professional https://open.spotify.com/episode/1h1EYlZVYNku6embWmDaKB?si=a4d74bb7ae82447a&nd=1&dlsi=3db07992d5994fd2Making Cents of Money Episode 10: Taxes! https://open.spotify.com/episode/5HYt5s47HzrYUMcJ4QoyCK?si=565ac23204f74a5f&nd=1&dlsi=422f666b5c54430cGet Savvy Illinois Webinar: Tackling Taxes https://www.youtube.com/watch?si=DSbtHl1gkSRIojmG&v=teZIDH8TL8A&feature=youtu.beGet Savvy Illinois Webinar: Choosing a Financial Professional https://www.youtube.com/watch?si=im_GUn3w4ZlWXjlw&v=PrhWdm-ALX4&feature=youtu.beOption for bank accounts: Bank On Illinois https://illinoiscomptroller.gov/constituent-services/public-services-community-programs/bankon-illinois
It dominates the headlines, but what is cryptocurrency anyway? In this episode of Making Cents of Money, IDFPR’s Jake Hamilton provides an overview of how it works and what the future looks like for this financial technology.Sources of Information Discussed in Today’s Episode: •Office of Innovation in IDFPR: https://idfpr.illinois.gov/about/innovation.html •Previous Related Episodes: oEpisode 24: Cryptocurrencies https://blogs.illinois.edu/view/7550/2007128217 or https://on.soundcloud.com/ARLa1 oEpisode 56: Fintech and Digital Assets https://blogs.illinois.edu/view/7550/1352982227 or https://on.soundcloud.com/eXDm8 •Coin Market Cap for information about value of cryptocurrency: https://coinmarketcap.com/ •“The Dynamics and Demographics of U.S. Household Crypto-Asset Use” via JP Morgan Chase: https://www.jpmorganchase.com/institute/research/financial-markets/dynamics-demographics-us-household-crypto-asset-cryptocurrency-use •“Majority of Americans aren’t confident in the safety and reliability of cryptocurrency” via Pew Research Center: https://www.pewresearch.org/short-reads/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/ •“Hot Wallet vs. Cold Wallet” via Investopedia: https://www.investopedia.com/hot-wallet-vs-cold-wallet-7098461 •U.S. Securities & Exchange Commission Resources: oJoin the HoweyTrade Investment Program (educational): https://www.investor.gov/additional-resources/spotlight/howeytrade oCrypto Assets and Cyber Enforcement Actions: https://www.sec.gov/spotlight/cybersecurity-enforcement-actions oThinking about buying the latest new cryptocurrency or token?: https://www.investor.gov/additional-resources/spotlight/directors-take/thinking-about-buying-latest-new-cryptocurrency-or oDigital asset and “crypto” investment scams – Investor alert: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/digital-asset oInvestor alert: Watch out for fraudulent digital asset and “crypto” trading websites: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-3
Looking to kick off the new year right with some new financial goals? We break down the best strategies for doing that in our latest episode of Making Cents of Money!Show Notes:• “Setting Goals for Your Well-being” (Pellegrini, 2020): https://blogs.illinois.edu/view/7550/404129912 • “An Innovative Way to Face Retirement” (Brandon, 2013): https://money.usnews.com/money/retirement/articles/2013/01/14/an-innovative-way-to-face-retirement • “TikTok’s Aging Filter Could Help Spur Retirement Planning” (Stanich, 2023): https://www.kiplinger.com/retirement/tiktok-aging-filter-could-spur-retirement-planning • “A History of Objectives and Key Results (OKRs)” (Bas, n.d.): https://peoplelogic.ai/blog/history-of-objectives-and-key-results• “Understanding By Design ® Framework (PDF)” (ASCD, 2012): https://files.ascd.org/staticfiles/ascd/pdf/siteASCD/publications/UbD_WhitePaper0312.pdf • Rethinking Positive Thinking: Inside the New Science of Motivation (Oettingen, 2014): https://books.google.com/books?hl=en&lr=&id=2ZLaCwAAQBAJ&oi=fnd&pg=PR11&dq=Oettingen,+G.+(2014).+%22Rethinking+Positive+Thinking:+Inside+the+New+Science+of+Motivation.%22+Current+Hardcover.&ots=XVSRt9Dkoz&sig=k1-A8iozWG7oNxkjfYei9bsSCi0#v=onepage&q&f=false • “When Financial Platforms Become Gamified, Consumers’ Risk Preferences Change” (Hüller, Reimann, Warren, 2023): https://www.journals.uchicago.edu/doi/abs/10.1086/726431#:~:text=Six%20experiments%20(N%3D3%2C766),i.e.%2C%20winning%20the%20game). • ABC (Antecedent-Behavior-Consequence) Model (BQIS Fact Sheet): https://www.in.gov/fssa/ddrs/files/AssistedSupports_BS_BT_ABC_V2.pdf
We have a Consumer Alert for you – but it’s good news! Experian, Equifax, and TransUnion are allowing access to free, weekly credit reports indefinitely. Check out the latest episode of Making Cents of Money to learn more.Show Notes: You now have permanent access to free weekly credit reports (FTC) - https://consumer.ftc.gov/consumer-alerts/2023/10/you-now-have-permanent-access-free-weekly-credit-reports CFPB Resources: •How do I get a free copy of my credit reports? - https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/ •Fraud Alert - https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/answers/key-terms/#fraud-alert •[Credit] Security Freeze - https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/answers/key-terms/#security-freeze •Office of Research blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers - https://www.consumerfinance.gov/about-us/blog/initial-fresh-start-program-changes-followed-by-increased-credit-scores-for-affected-borrowers/ •What is the difference between a credit report ad a credit score? - https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-credit-report-and-a-credit-score-en-2069/
With the return to repayment for federal student loans in October for millions of loan holders, Nikki and Andrea breakdown the “on-ramp” to repayment being made available, along with several other helpful resources!Show Notes: • Federal Student Aid (FSA) Dashboard o So Your Loan was Transferred, What’s Next?: https://studentaid.gov/articles/your-loan-was-transferred-whats-next/ o Get Out of Default with Fresh Start: https://studentaid.gov/announcements-events/default-fresh-start • Student Loan Updates Webinars o Registration Page: https://go.uillinois.edu/repay o July 14, 2023 - Recording & materials to Log into FSA and Update Contact Info o August 18, 2023 - Recording & materials to Explore Repayment Plans with the Loan Simulator o September 15, 2023 - Recording & materials to Review Consolidation or Refinancing o October 20, 2023 – TBD (Working on it) • Student Loan Management webinar is scheduled for April 3, 2024 @ 12 PM CT: o Registration: https://go.uillinois.edu/getsavvywebinars o SMMC webinars page: https://www.studentmoney.uillinois.edu/events/webinars
Have questions about FAFSA (Free Application for Federal Student Aid)? Join us as we hear from Beth Groves, Professional Development Specialist from the Illinois Student Assistance Commission, as she talks about major changes to the form, why it's delayed this year, and why it's essential that everyone fills one out when considering post secondary education.Show notes:Illinois Student Assistance Commission: https://www.isac.org/Federal Student Aid: www.studentaid.gov
It's World Investor Week! Listen to Alan Sorcher and Anne McKinley from the U.S. Securities and Exchange Commission discuss the SEC's role in providing education and protection to investors.Resources Discussed in the Show•World Investor Week: https://www.worldinvestorweek.org/•US Securities & Exchange Commission’s Investor-oriented Website: https://www.investor.gov/oOffice of Investor Education and Advocacy: https://www.sec.gov/page/oieasectionlandingoCompound Interest Calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculatoroInvestor Bulletins (Subscription at bottom of page): https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins•US Securities & Exchange Commission’s Website: https://www.sec.gov/oChicago Regional Office: https://www.sec.gov/chicago; Email: chicago@sec.govoDivision of Enforcement: https://www.sec.gov/page/enforcement-section-landing•World Investor Week Collaborators with SEC:oCommodity Futures Trading Commission (CFTC): https://www.cftc.gov/oFinancial Industry Regulatory Authority (FINRA): https://www.finra.org/#/oNorth American Securities Administrators Association (NASAA): https://www.nasaa.org/oNational Futures Association (NFA): https://www.nfa.futures.org/oInternational Organization of Securities Commissions (IOSCO): https://www.iosco.org/•Resources & Events to Learn More About Investing:oUpcoming Webinar – Steps to Investing: What to Know Now on February 7, 2024 at 12 PM CT. Registration required: https://go.uillinois.edu/getsavvywebinars oPrevious WebinarsInvesting Risks & Rewards (recorded February 8, 2023): https://youtu.be/cQm5eCIOY9YSteps to Investing (recorded January 26, 2022): https://youtu.be/3AYXsYQup-4Investing Basics (recorded March 10, 2021): https://youtu.be/OuslkX86bGIoEp. 57, Investing to Reach Financial Goals: https://on.soundcloud.com/jngYf
We’ve heard the stories of how compound interest can be your best friend. But did you know it can also be your worst enemy? We break down this financial concept in our latest episode of Making Cents of Money!Show Notes:•Compound Interest Calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator •The Life-Changing Magic of Compound Interest: https://www.forbes.com/advisor/investing/compound-interest/ •Understanding Credit Card Interest: https://www.investopedia.com/articles/01/061301.asp •Relevant articles from the Consumer Financial Protection Bureau: oWhat is the difference between paying interest and paying off my principal in an auto loan?: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-paying-interest-and-paying-off-my-principal-in-an-auto-loan-en-845/ oHow does my credit card company calculate the amount of interest I owe?: https://www.consumerfinance.gov/ask-cfpb/how-does-my-credit-card-company-calculate-the-amount-of-interest-i-owe-en-51/ oWhat’s the difference between a simple interest rate and a precomputed interest in an auto loan contract?: https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-simple-interest-rate-and-precomputed-interest-in-an-auto-loan-contract-en-841/ oWhat is the difference between an interest rate and the Annual Percentage Rate (APR) in an auto loan?: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-an-interest-rate-and-the-annual-percentage-rate-apr-in-an-auto-loan-en-733/ •Interest Rate vs APR: What’s the difference?: https://www.investopedia.com/ask/answers/100314/what-difference-between-interest-rate-and-annual-percentage-rate-apr.asp •Time Value of Money Explained with Formula and Examples: https://www.investopedia.com/terms/t/timevalueofmoney.asp
This episode, we're talking about something you're bound to love: your paycheck!Show Notes:•Tax Withholding Types (IRS): https://www.irs.gov/individuals/international-taxpayers/tax-withholding-types
In today’s society, being digitally literate is a key life skill that we all need. As time goes on, this will only become more important. But did you know that there is a financial impact to you, businesses, and society from lack of digital literacy?
Take a listen in our latest episode of Making Cents of Money to find out how.
Show notes:
‘Verified’ Twitter accounts share fake image of ‘explosion’ near Pentagon, causing confusion”- https://www.cnn.com/2023/05/22/tech/twitter-fake-image-pentagon-explosion/index.html
Anti-vaxxers are costing Americans billions of dollars per year: :https://finance.yahoo.com/news/antivaxxers-costing-americans-billions-each-year-191839191.html
Public Act 102-0055: https://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=102-0055
The Economic Cost of Bad Actors on the Internet: https://s3.amazonaws.com/media.mediapost.com/uploads/EconomicCostOfFakeNews.pdf
Resource for checking fake news: https://www.snopes.com/
HoweyTrade from Investor.gov (learn how to identify securities scams): https://www.investor.gov/additional-resources/spotlight/howeytrade
Credit Reports are an important tool in managing your finances. But what are they exactly? And how do you get them? Take a listen to find out!
Show Notes: • AnnualCreditReport.com – get your free credit reports annually from Experian, TransUnion, and Equifax • Episode 51: Credit Scores: https://on.soundcloud.com/6aXWi • Fair and Accurate Credit Transactions Act of 2003 (FACTA): https://www.ftc.gov/legal-library/browse/statutes/fair-accurate-credit-transactions-act-2003 • How to get your annual credit report from Experian (includes disclaimer about free weekly credit reports through December 31, 2023): https://www.experian.com/help/annual-credit-report.html#:~:text=Through%20December%2031%2C%202023%2C%20Experian,hardship%20caused%20by%20COVID%2D19.
Too many passwords to remember? There's a solution for that- Password Managers! Check out the latest episode of Making Cents of Money to learn how to make your life just a little bit easier.
Additional Resources: • Best password manager in 2023” by CNET (June 30, 2023): https://www.cnet.com/tech/services-and-software/best-password-manager/ • Check if your email or phone has been part of a data breach: https://haveibeenpwned.com/
Join us for a unique game show: Financial Planner Donovan Sanchez vs. ChatGPT (a popular artificial intelligence tool). What types of answers does this AI give to financial questions? Does it actually give good financial advice? Listen and find out!
Additional Resources:
Try ChatGPT yourself: https://openai.com/blog/chatgpt ChatGPT and buying a home: https://fortune.com/recommends/mortgages/i-used-chatgpt-as-my-financial-planner/
Chat GPT Takes on Taxes: https://www.forbes.com/sites/taxnotes/2023/04/04/chatgpt-takes-on-tax/?sh=3099db4070e6
Financial Planner takes ChatGPT for a test drive: https://www.advisorperspectives.com/articles/2023/03/06/a-financial-planner-takes-chatgpt-for-a-test-drive
In part two of our housing series, Kari Beyer from IDFPR is back to talk about different types of help that may be available for renters and real estate fraud.
Additional Resources:
Housing Characteristics in Illinois (e.g., Median Gross Rent) From US Census Bureau: https://data.census.gov/profile/Illinois?g=040XX00US17
The White House Blueprint for a Renters Bill of Rights (January 2023): https://www.whitehouse.gov/wp-content/uploads/2023/01/White-House-Blueprint-for-a-Renters-Bill-of-Rights.pdf
US Department of Housing and Urban Development (HUD): https://www.hud.gov/
FBI Internet Crime Report 2021: https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf
The costs of home-ownership, from the initial purchase thru long-term maintenance, continue to rise. Kari Beyer, Director of the APLD & Investigations, joins us to talk about programs designed to help those who may be struggling to cover these costs.
Additional Resources: - Making Cents of Money episodes: o Episode 36: Buying a Home! https://on.soundcloud.com/tFdA9 o Episode 37: Renting!: https://on.soundcloud.com/EGJXa o Episode 38: Mortgages: https://on.soundcloud.com/Qhu2W
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US Census Bureau Quick Facts for Illinois:https://bit.ly/IllinoisCensus
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Illinois Housing Development Authority: https://www.ihda.org/
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Habitat for Humanity of Illinois: https://habitatillinois.org/
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U.S. Department of Housing and Urban Development (HUD): https://www.hud.gov/
-Tax Exemptions: https://tax.illinois.gov/localgovernments/property/taxrelief.html
Confused about health insurance? You're not alone. On this episode of Making Cents of Money, Brian Gorman, the Director of Outreach and Engagement for Get Covered Illinois, answers our health care questions.Additional Resource:https://getcovered.illinois.gov/
Struggling with utility costs? You're not alone! Thanks to the Illinois Low income Home Energy Assistance program (LIHEAP), you may qualify for help, but you have to act fast! Applications are due on May 31!Additional Resources:Utilities Assistance in Illinois (LIHEAP & LIHWAP): helpillinoisfamilies.com Phone: 833-711-0374 Champaign County Regional Planning Committee: https://ccrpc.org/ 1776 E. Washington Street Urbana, IL 61802 Phone: (217) 328-3313 TTY: (217) 384-3864 Fax: (217) 328-2426 Email: info@ccrpc.org
The return to repayment for federal student loans should be in the next few months. We break down the resources available to help loan holders prepare their budgets in our latest episode of Making Cents of Money!Additional Resources:•COVID-19 Emergency Relief and Federal Student aid updates: https://studentaid.gov/announcements-events/covid-19•Login Page for Federal Student Aid (get info about your federal loans): https://studentaid.gov/fsa-id/sign-in/landing•Student Loan Management webinar is scheduled for May 3, 2023 @ 12 PM CT: https://go.uillinois.edu/getsavvywebinars•Illinois Attorney General Student Loan Hotline: 1-800-455-2456
Want to use the power of your wallet to make a difference in the world? Out latest episode of Making Cents of Money explores Conscious Consumers and steps you can take so your money will support what you believe in.Additional Resources:•Get Savvy – How Your Spending Can Change the World webinar (scheduled for 3/29/2023):oRegistration: https://go.uillinois.edu/getsavvywebinars oRecording will be on YouTube: https://go.uillinois.edu/getsavvy •Conscious Consumer Spending Index via Good.Must.Grow.: https://goodmustgrow.com/ccsi.php •2022 Report on US Sustainable Investing Trends via The Forum for Sustainable and Responsible Investment: https://www.ussif.org/trends
Happy #InternationalWomensDay! The global celebration celebrates the social, economic, cultural, and political achievements of women worldwide.In our special episode of Making Cents of Money, we talk with UIUC’s Ramya Vaidyanthan, an international student from India who’s also a graduate student at the U of I system’s Student Management Center. She shares how she’s helped teach personal finance to women in her native India and discusses solutions to common financial struggles women face.Additional Resource:The World Bank: Women, Business and the Law: https://wbl.worldbank.org/en/wbl
Ready to invest for your future, but not sure where to start? Our latest episode of Making Cents of Money breaks down what you should do and consider before working to make your money grow!Special thanks to Alan Sorcher and Anne McKinley from the SEC for joining us!Additional Resources:• US Securities & Exchange Commission resources: o SEC Investor Education Website: https://www.investor.gov/ o SEC Complaint Form: https://www.sec.gov/tcr o SEC Investor Hotline: (800-732-0330) • Get Savvy - Investing Webinars: o Investing Basics: https://youtu.be/OuslkX86bGI o Steps to Investing: https://youtu.be/3AYXsYQup-4 o Investing Risks & Rewards (on 2/8/2023): https://go.uillinois.edu/getsavvywebinars • "New Research: Racial and Ethnic Disparities Persist Among American Households Who Own Taxable Investments," FINRA Investor Education Foundation, October 7, 2021, https://www.finra.org/media-center/newsreleases/2021/new-research-racial-and-ethnic-disparities-persist-among-american
Fintech, cryptocurrency, digital assets… you may have heard these terms in the news, but what are they? We discuss this new era of innovation, challenges, opportunities, and what consumers should know in our latest episode of Making Cents of Money!Special thanks to IDFPR Regulatory Innovation Officer David DeCarlo for joining us!Additional Resources:•JP Morgan Institute, Research on the Dynamics and Demographics of U.S. Household Crypto-Asset Use https://www.jpmorganchase.com/institute/research/financial-markets/dynamics-demographics-us-household-crypto-asset-cryptocurrency-use•Financial Stability Oversight Council, Report on Digital Asset Financial Stability Risks and Regulation: https://home.treasury.gov/system/files/261/FSOC-Digital-Assets-Report-2022.pdf•President’s Working Group on Financial Markets, Report on Stablecoins: https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf•IDFPR Office of Innovation: https://idfpr.illinois.gov/About/innovation.aspPrevious Making Cents of Money episodes: 1.Episode 3 – Technology and Your Money: https://soundcloud.com/idfpr/episode-3-technology-and-your-money?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-3-technology-and-your-money 2.Episode 24 – Cryptocurrency: https://soundcloud.com/idfpr/mcom-ep24-cryptocurrencyfinal?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing Get Savvy Webinars (Recorded & Upcoming): 1.Leveraging FinTech: https://youtu.be/H0vWKQYuLU8 2.Memes & Money: What are the Facts? (upcoming). Register at https://go.uillinois.edu/getsavvywebinars
It’s important to save for the future, but also not miss our on life experiences. We discuss keys to wealth building, while balancing short- and long-term goals, in our latest episode of Making Cents of Money.Special thanks to Donovan Sanchez from UIUC’s College of Agricultural and Consumer Economics for joining us!Additional Resources:Previous Making Cents of Money episodes: • Episode 12 – Preparing for Retirement: https://soundcloud.com/idfpr/episode-12-preparing-for-retirement?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-12-preparing-for-retirement • Episode 25 – Choosing a Financial Professional: https://soundcloud.com/idfpr/episode-25-choosing-a-financial-professional?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Episode 33 – Establishing a Vision for Your Life: https://soundcloud.com/idfpr/episode-33-establishing-a-vision-for-your-life?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing Get Savvy Webinars (Recorded & Upcoming): • Conscious Consumerism: https://youtu.be/W_w2KyodAfA • Investing Basics: https://youtu.be/OuslkX86bGI • Steps to Investing: https://youtu.be/3AYXsYQup-4 • Investing Risks & Rewards (upcoming). Register at https://go.uillinois.edu/getsavvywebinars Retiree Surveys & Wealth Building Stats Sources: • Pew (2021). Pew Retirement Savings Survey of Near and Recent Retirees. https://www.pewtrusts.org/-/media/assets/2021/10/topline-results_near-and-recent-retirees.pdf • Bearden, B. (2022). “Retiree Reflections,” EBRI Issue Brief, no. 561. (Employee Benefit Research Institute., June 16, 2022). https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_561_retrefl-16june22.pdf?sfvrsn=347a382f_8 • Lucas, L. (2021). No. 522-Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey. https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_522_spendinretsurv-14jan21.pdf?sfvrsn=a9b73a2f_4 • Killingsworth, M. A. (2021). Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences of the United States of America, 118(4). https://doi.org/10.1073/pnas.2016976118
Planning those New Year’s Resolutions for 2023? We have tips for you to help set financial goals – along with keeping them! - in our latest episode of Making Cents of Money!Additional resources•Revisiting Travel podcast: https://soundcloud.com/idfpr/episode-53-revisiting-travel?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing •Get Savvy webinars available on the SMMC website: https://www.studentmoney.uillinois.edu/events/webinars •Sources: o“Fewer Americans are making New Year’s resolutions this year” (CBS News, Dec 31, 2021): https://www.cbsnews.com/news/new-years-resolutions-americans-opinion-poll/ o“This New Year’s Set Goals, Not Resolutions” (Forbes, Dec 9, 2021): https://www.forbes.com/sites/ashleystahl/2021/12/09/this-new-years-set-goals-not-resolutions/?sh=69b7ec521ece o“A Study of 800 million activities predicts most New Year’s resolutions will be abandoned on January 19: How to create new habits that actually stick” (Inc.com, Jan 3, 2020): https://www.inc.com/jeff-haden/a-study-of-800-million-activities-predicts-most-new-years-resolutions-will-be-abandoned-on-january-19-how-you-cancreate-new-habits-that-actually-stick.html oNational Quitter’s Day: https://nationaltoday.com/quitters-day/ •Setting Goals for Your Well-being (Andrea Pellegrini, University of Illinois System SMMC Blog, Nov. 6, 2020) https://blogs.illinois.edu/view/7550/404129912
Traveling this holiday season, or thinking of a big trip in 2023? This episode of Making Cents of Money takes a look at what you should consider when traveling over the holidays - and a look back on our previous podcast, Time to Travel, about what you should think about if traveling in the new year!
Additional Resources:
• Registration for Spend Less, Travel More (Get Savvy Webinar): http://go.uillinois.edu/getsavvywebinars • Original airing of Time to Travel!: https://soundcloud.com/idfpr/episode-21-time-to-travel?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-21-time-to-travel • “Holiday airfare will be most expensive in 5 years as pandemic fears wane” (CNBC): https://www.cnbc.com/2022/09/12/thanksgiving-christmas-travel-to-lift-airfare.html • “Holiday flights will be pricey and packed. Here are 5 things to know before you book” (NPR): https://www.npr.org/2022/10/31/1131903418/holiday-flights-pricey-packed-book-now-fares-rise • “Here’s why it’s so hard to find cheap airfare this year – and why 2023 isn’t looking much better” (CNBC): https://www.cnbc.com/2022/10/20/airfare-stays-high-despite-economic-weakness.html • “Holiday travel outlook 2022 and travel insurance tips” (ForbesAdvisor): https://www.forbes.com/advisor/travel-insurance/holiday-travel-outlook-tips/
Are you (or your kids) looking for help with scholarships for college? In this episode of Making Cents of Money, we breakdown how you can find scholarships, what scholarship providers look for, and common mistakes to avoid your application.
Special thanks to Kara Holloway, Director of Scholarships at UIC, for joining us this episode!
Additional resources:
• Credit Scores Podcast: https://soundcloud.com/idfpr/episode-51-credit-scores?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Build Credit to Your Advantage webinar: https://youtu.be/FZGqbTavfsY • Funding School with Scholarships webinar: https://youtu.be/OvIoWRREr1I • How to Avoid Scholarship and Financial Aid Scams (FTC): https://consumer.ftc.gov/articles/how-avoid-scholarship-financial-aid-scams • Free Application for Federal Student Aid (FAFSA): https://studentaid.gov/h/apply-for-aid/fafsa • Alternative Application for Illinois Financial Aid: https://studentportal.isac.org/alternativeapp#:~:text=The%20Alternative%20Application%20for%20Illinois,universities%2C%20and%20career%20education%20programs.
Your credit score is so much more than just a number! In this episode of Making Cents of Money, we explain what they are, how they work, and what you can do to enhance them to improve your access to credit.
Additional Resources • Build Credit to Your Advantage webinar on November 9 at 12 PM CT. Registration: https://go.uillinois.edu/getsavvywebinars • What is a credit score? - https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-score-en-315/ • Understanding How a FICO Credit Score is Determined - https://www.stlouisfed.org/education/continuing-feducation-video-series/episode-1-understanding-how-a-fico-credit-score-is-determined • New FICO Scores via myFICO - https://www.myfico.com/credit-education/credit-scores/new-fico-scores • Who are the credit invisibles? - https://files.consumerfinance.gov/f/documents/201612_cfpb_credit_invisible_policy_report.pdf • Making Cents of Money (episode 42): Credit Access - https://soundcloud.com/idfpr/episode-42-credit-access?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • SMMC Credit web page - https://www.studentmoney.uillinois.edu/learn/Credit
Thinking of starting your own business? From timing to developing your business plan, our latest episode of Making Cents of Money breaks down what you should consider and do before launch!
Additional Resources:
• O*NET Interest Profiler: https://www.mynextmove.org/explore/ip • Feasibility Checklist: https://www2.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/feasibilitychecklist.pdf • Startup Checklist: go.uic.edu/UICESP-Checklist • Starting Your Business in Illinois Handbook: go.uic.edu/UICESP-StateHandbook • Side Hustles & Small Businesses webinar on October 26 @ 12 PM CT o Event description: https://calendars.uofi.uillinois.edu/detail/3985/33438550 o Registration: https://go.uillinois.edu/getsavvwebinars
Do you know what to do when a financial emergency happens? In this episode of Making Cents of Money, we break down the different types of unexpected expenses, how to create a plan, and the factors you should consider.
Additional Resources:
• Financial Emergency Preparedness (Get Savvy webinar recording): https://youtu.be/3WSkpL9wg_s • Now: https://www.ready.gov/ • During/After: https://www.disasterassistance.gov/ • FEMA Emergency Financial First Aid Kit, https://www.fema.gov/emergency-financial-first-aid-kit • Recovery After Disaster – The Family Financial Toolkit: Minnesota Version (UMN & NDSU Extension), https://drive.google.com/file/d/1mzXr7nWXlDQo6ZliziHCe3Nxy5wUN8RD/view • Download the FEMA App to be receive tips and warning texts, https://www.fema.gov/about/news-multimedia/mobile-app-text-messages • Economic Well-Being of U.S. Households (SHED) from the Federal Reserve Board: https://www.federalreserve.gov/publications/report-economic-well-being-us-households.htm
We’re breaking down two major federal student loan announcements from the Biden Administration in this episode of Making Cents of Money! Learn how you might be eligible and the steps you’ll need to complete to receive the loan forgiveness!
Additional Resources:
• PSLF Help Tool: https://studentaid.gov/pslf/ • PSLF Limited Waiver Announcement: https://studentaid.gov/announcements-events/pslf-limited-waiver • Biden Student Debt Relief Plan Announcement: https://studentaid.gov/debt-relief-announcement/ • Biden One-Time Student Loan Cancellation: https://studentaid.gov/debt-relief-announcement/one-time-cancellation • Subscribe to US Dept of Ed Updates: https://www.ed.gov/subscriptions • Blog Post about Biden Administration Student Loan Cancellation & PSLF Limited Waiver: https://blogs.uofi.uillinois.edu/view/7550/1020841708
The Community Reinvestment Act (CRA) helps ensure financial institutions invest in low- and moderate-income communities so that economic equality can be achieved. In this episode of Making Cents of Money, we show how Illinois created its own CRA, how it compares to the federal version, and how it helps create equitable treatment in the financial system.
Additional Resources:
Making Cents of Money - Credit Access: https://soundcloud.com/idfpr/episode-42-credit-access
Illinois CRA: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=20&ActID=4086
Federal CRA: https://www.occ.treas.gov/topics/consumers-and-communities/cra/index-cra.html#:~:text=The%20Community%20Reinvestment%20Act%20of,sound%20operation%20of%20such%20institutions.
Estate planning is one of the most important aspects of financial preparedness. From wills to power of attorney, we break down the things you need to know and consider on this difficult topic in our latest episode of Making Cents of Money.
Additional Resources: • The Conversation Project: https://theconversationproject.org/ • Planning for the Unforeseen (webinar recording): https://youtu.be/LfjixpjkBdY • Power of Attorney for Healthcare: https://www2.illinois.gov/sites/gac/Forms/Documents/POAHealthCareForm2021.pdf • Power of Attorney for Property: https://www2.illinois.gov/sites/gac/Forms/Documents/POAProperty2015.pdf • Estate planning update: The Illinois Transfer on Death Instrument (ISBA, 2013): https://www.isba.org/sections/generalpractice/newsletter/2013/02/estateplanningupdatetheillinoistran • Estate Facts about Vehicle Transfers in Illinois: https://www.ilsos.gov/publications/pdf_publications/vsd275.pdf
Thinking of selling your home? In our new episode of Making Cents of Money, we breakdown the decisions to weigh and things to consider before you even list your home - and the steps to take to ensure a successful transaction!
Additional Resources:
• Making Cents of Money episode on Real Estate: https://open.spotify.com/episode/6RKNSvP8xgoqPNuuG74rnF • IDFPR License Lookup Tool for Checking Realtors’ licenses: https://online-dfpr.micropact.com/lookup/licenselookup.aspx. • How to Sell HUD Homes: https://www.hud.gov/program_offices/housing/sfh/reo/hwtosell • Sale of Residence – Real Estate Tax Tips: https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips • How to sell your house: A complete guide for sellers (Bankrate): https://www.bankrate.com/real-estate/how-to-sell-your-house/
Needing (or wanting) to shop a new appliance, but don’t know where to start? Our latest episode of Making Cents of Money breaks down the reasons to buy, how to compare appliances, and what to consider and know before making that big purchase.
Additional Resources:
• Department of Energy: https://www.energy.gov/energysaver/shopping-appliances • Energy Star: https://www.energystar.gov/products/ask-the-expert/what-to-consider-when-buying-a-refrigerator • CFPB Guide on Energy Labels: https://consumer.ftc.gov/articles/how-use-energyguide-label-shop-home-appliances • CFPB Calculating Energy Costs: https://files.consumerfinance.gov/f/documents/cfpb_building_block_activities_calculating-energy-costs_worksheet.pdf • Incentives in Illinois that Support Energy Efficiency: https://programs.dsireusa.org/system/program/il • FTC How to Evaluate Online Reviews: https://consumer.ftc.gov/articles/how-evaluate-online-reviews
Considering a credit card? In our latest episode of "Making Cents of Money," our hosts share their processes for choosing one, the factors you should consider, and goals you should have before making your choice!
Additional resources:
• CFPB Consumer Tools: Credit Cards - https://www.consumerfinance.gov/consumer-tools/credit-cards/ • “How do I shop for a credit card? (CFPB, 2011) - https://www.consumerfinance.gov/about-us/blog/how-do-i-shop-for-a-credit-card/ • Conscious Credit webinar - https://youtu.be/hGBXJsmogdY • CFPB Complaint Portal: www.consumerfinance.gov/complaint
When used responsibly, credit can improve and better one’s life. In this episode of Making Cents of Money, Camaya Wallace Bechard from the University of Illinois Extension joins us again to breakdown the importance of access to credit, options for building and improving credit, and warning signs of discrimination and laws in place to prevent that.
Additional Resources
Consumer Rights • CFPB Consumer Laws & Regulations: Equal Credit Opportunity Act (ECOA) - https://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_ecoa-combined-june-2013.pdf • FTC Credit and Your Consumer Rights - https://www.consumer.ftc.gov/articles/0070-credit-and-your-consumer-rights • Illinois Fair Housing Provisions - https://www2.illinois.gov/dhr/FilingaCharge/Pages/FAQ_Section_VI.aspx#Q1
Discrimination • CFPB Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores - https://files.consumerfinance.gov/f/201209_Analysis_Differences_Consumer_Credit.pdf • University of Illinois Office for Access & Equity - Disparate Treatment and Disparate Impact - https://oae.illinois.edu/discrimination.html
Report Discrimination and Fraud: • CFPB Complaint Portal: https://www.consumerfinance.gov/complaint/ • FTC Report Fraud Portal: https://reportfraud.ftc.gov/#/
Implicit Bias Education Tools: • Project Implicit, Social Attitudes – Harvard University - https://implicit.harvard.edu/implicit/index.jsp • Implicit Bias Module Series – Kirwan Institute for the Study of Race and Ethnicity - http://kirwaninstitute.osu.edu/implicit-bias-training/
University of Illinois Extension Consumer Economics resources - https://extension.illinois.edu/finances or go.illinois.edu/finances
There have been some big updates in the past few months for federal student loans. In this episode of Making Cents of Money, we take a closer look at the latest federal student loan repayment pause and Public Service Loan Forgiveness (PSLF). What are they, and how do they affect borrowers?
Additional resources mentioned in the podcast:
• Federal Student Aid (FSA) website: https://studentaid.gov/ Log into this site for information on your federal student loans and to use the student loan simulator! • Get Savvy – Student Loan Repayment webinar recording: https://go.uillinois.edu/getsavvy
It is bittersweet that we announce Making Cents of Money’s Jacob Hamilton is departing IDFPR! Join us as we say good-bye to Jake, he shares what’s next for him professionally, and what we have in store for the podcast in the future!
Mentioned in this episode:
Jake’s favorite podcasts Inflation: https://open.spotify.com/episode/16LkFBzHwYYTPo8b5U0f9y GDP: https://open.spotify.com/episode/0yM2JLGHp4XGwiFVPKogX6 Gross National Happiness: https://open.spotify.com/episode/5CQa193MeGteuwc5IbZhtF Employment: https://open.spotify.com/episode/5bls1TAwnwFldgZ6CGcXIo Cyptocurrency: https://open.spotify.com/episode/3a4a338aGfA8oufjvpY3DI
Pets are an important part of many families. On this episode of Making Cents of Money, we talked with Presley Fee of the University of Illinois' Financial Planning program to learn ways to manage financial risks, like vet costs and considerations for purchasing pet insurance.
Tools: • Is Your Financial Security at Risk? Via University of Illinois Extension: https://web.extension.illinois.edu/risk/intro.cfm • Pet Health Insurance via Illinois Department of Insurance: https://www2.illinois.gov/sites/Insurance/Consumers/ConsumerInsurance/Pets/Pages/pet-insurance.aspx • Cover Your Assets webinar recording: https://youtu.be/zXpO_wA2q-w Statistics Sources: • Pet population still on the rise, with fewer pets per household. via American Veterinary Medical Association: https://www.avma.org/javma-news/2021-12-01/pet-population-still-rise-fewer-pets-household • Pet Insurance Market Share, Upcoming trends, Size, Key Segments, Growth Status and Forecast 2030 via MarketWatch: https://www.marketwatch.com/press-release/pet-insurance-market-share-upcoming-trends-size-key-segments-growth-status-and-forecast-2030-2022-04-05 • Average cost of pet insurance via ValuePenguin: https://www.valuepenguin.com/pet-insurance/average-cost-of-pet-insurance • How much does pet insurance cost? via US News: https://www.usnews.com/insurance/pet-insurance/how-much-does-pet-insurance-cost • How much does pet insurance cost? via Forbes: https://www.forbes.com/advisor/pet-insurance/pet-insurance-cost/
Securing a mortgage is an important part of the home buying process, but mortgages and mortgage regulations can be complex. Listen to our latest podcast episode to learn about the basics of mortgages as we talk to IDFPR's own APLD Director, Kari Beyer.
Additional Resources: Homeowner Assistance: Illinois on HUD.gov: https://www.hud.gov/states/illinois/homeownership/buyingprgms
Mortgages – Consumer Education from CFPB: https://www.consumerfinance.gov/consumer-tools/mortgages/
Relevant CFPB articles: “What do I do if my house was damaged, destroyed, or I’m unable to make my payment after a disaster?”: https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-if-my-house-is-destroyed-in-a-natural-disaster-en-1521/
“What exactly happens when a mortgage lender checks my credit?”: https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/
“What’s the difference between a prequalification letter and a preapproval letter?”: https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-prequalification-letter-and-a-preapproval-letter-en-127/#:~:text=There's%20not%20a%20lot%20of,and%20based%20on%20certain%20assumptions
Renters make up more than a third of U.S. households, and spring can be a busy time for renters with leases ending and people moving in and out of new homes. Our latest episode of Making Cents of Money covers some of the crucial steps to renting and some of the major differences between renting and buying. Make sure you go check it out!
Additional resources: HUD Rental Page - https://www.hud.gov/topics/rental_assistance IDHA Rental Page - https://www.ihda.org/rental-housing-main/ HUD Legal Aid - https://www.hud.gov/states/illinois/legalaid IDHA Rental Assistance - https://www.ihda.org/about-ihda/illinois-rental-payment-program/
Buying a home can be an exciting but complicated process. Tune into this episode of Making Cents of Money to hear us talk about the basics of home buying and how to prepare yourself for this big life event!
Additional Resources:
• Consumer Financial Protection Bureau: Owning a Home - https://www.consumerfinance.gov/owning-a-home/ o Making the decision to rent or buy: https://www.consumerfinance.gov/about-us/blog/making-decision-rent-or-buy/ o Homeowner road map: https://files.consumerfinance.gov/f/documents/201612_cfpb_HomebuyersMilestoneMap.pdf o What are all the costs of buying a home?: https://www.consumerfinance.gov/owning-a-home/what-are-all-costs-buying-home/
• Buy vs Rent Calculators Examples o Nerd Wallet: https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator o New York Times: https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html o Zillow: https://www.zillow.com/rent-vs-buy-calculator/
• Homeownership Assistance: Illinois via HUD: https://www.hud.gov/states/illinois/homeownership/buyingprgms
• Related Episodes of Making Cents of Money •Episode 17: Real Estate - https://soundcloud.com/idfpr/episode-17-real-estate •Episode 28: Tackling Insurance! (Part 1) - https://soundcloud.com/idfpr/episode-28-tackling-insurance-part-1
Employment and the labor market have dominated headlines throughout the pandemic. In our continuing series on economic indicators, Making Cents of Money breaks down everything you need to know about employment and unemployment, including how it's measured, tracked, and what it means for the economy. Go check it out!
Gross National Happiness is a lesser-known economic indicator that was adopted by the United Nations in 2011. On this episode of Making Cents of Money, we discuss this interesting way to view an economy and break down some of the recent results in the UN's World Happiness Report. Go check it out!
Thinking about goals and where you want to get to in life can be difficult, especially after the New Year.
On this episode of Making Cents of Money we talk to Donovan Sanchez, Financial Planning Instructor from UIUC College of ACES, about creating a vision for your life and how to incorporate those goals into your financial plans.
Continuing our economic indicator series, this week's episode of Making Cents of Money tackles Gross Domestic Product (GDP) and everything you need to know about this common economic measure. Go make sure to give it a listen!
Additional Resource
U.S. Bureau of Economic Analysis' Learning Center page on GDP: https://www.bea.gov/resources/learning-center/what-to-know-gdp
Feeling stressed about finances? You’re not alone, as the holidays can be an especially stressful time of year. Check out the latest podcast of Making Cents of Money for resources and tips.
Additional Resources
•Community Resources can be found at https://www.211.org/or by calling 211 to speak to someone about resources available locally in your area.
•Rental and Mortgage Assistance in Illinois: www.illinoishousinghelp.org
•Supplemental Nutrition Assistance Program (SNAP) in Illinois: https://www.dhs.state.il.us/page.aspx?item=30357
•Money Mentors from University of Illinois Extension (for individual financial coaching): https://extension.illinois.edu/cfiv/money-mentors
Inflation is an important economic subject. Our Making Cents of Money podcast is going to be covering inflation and other economic indicators in the coming months. If you're curious about inflation, what it is, and what it means for you, be sure to check out our latest episode!
Do you have questions about health insurance or where to sign up for it? Health insurance can be a complex issue, so that's why in part 2 of our insurance series, we talk to Laura Pellikan from the Illinois Department of Insurance about the basics of health insurance and how to make sure you get covered.
Online Resources:
Get Covered Illinois - https://www2.illinois.gov/sites/getcovered/Pages/default.aspx (You could also post this in a threaded tweet below the first tweet)
Health Insurance Webinar - https://www.youtube.com/watch?v=uxEIjXSjh9o&list=PLc0xo-6von5Sc31gTbXgkDUDCqPzGZ5ab&index=11
Insurance is one of the most complex financial topics out there – so we’re doing TWO episodes on our Making Cents of Money podcast to make sure we cover it all! In Part 1 (now available online), we talk with Patrice Dziire, Deputy Director of Consumer Education & Protection at the Illinois Department of Insurance, about auto, home, renters, and life insurance.
Part two will tackle health insurance – send any questions you might want answered to studentmoney@uillinois.edu!
Additional Resources
• For specific information about the minimum coverage required for drivers, visit the Illinois Secretary of State’s website: ilsos.gov
• Use the Illinois Department of Insurance’s Life Insurance Policy Locator to find a deceased relative’s lost life insurance policy: https://insurance.illinois.gov/Applications/LifePolicyLocator/
• Check for unclaimed property with the Illinois Treasurer’s office: https://icash.illinoistreasurer.gov/
• Have questions for the Illinois Department of Insurance? Email: doi.infodesk@illinois.gov Consumer assistance hotline: (866) 445-5364 Website: insurance.illinois.gov
• Cover Your Assets webinar: https://youtu.be/zXpO_wA2q-w.
Student loan repayments are just a few months away from starting back up for federal borrowers. Check out our latest episode of Making Cents of Money for information on payment updates, scams, and servicer news!
Building an emergency fund is a crucial step towards building a secure financial future. Listen to our latest episode of Making Cents of Money to find out why you should have an emergency fund and how to start saving for one!
Choosing a financial professional can be a tricky process. Check out our latest episode of our Making Cents of Money podcast to find out where to look and what to ask when you're considering beginning this important financial relationship!
Additional resources mentioned in the episode:
• Choosing a Financial Pro webinar recording: https://youtu.be/PrhWdm-ALX4 • Illinois License Lookup Tool: https://online-dfpr.micropact.com/lookup/licenselookup.aspx • Illinois Securities Department: https://www.cyberdriveillinois.com/departments/securities/home.html • FINRA BrokerCheck: https://brokercheck.finra.org/ • Money Mentors program in IL: http://go.illinois.edu/moneymentors • Housing Counselor: https://www.consumerfinance.gov/find-a-housing-counselor/ • Financial Planning Association: https://www.plannersearch.org/ • NAPHA (Nat Association Professional Financial Advisors: https://www.napfa.org/ • National Foundation for Credit Counseling: https://www.nfcc.org/
Ever wonder why everyone is talking about Bitcoin, Ethereum or all the other cryptocurrencies? Check out our latest podcast with Lamont K. Black to find out what they are, how they work, what they do, and how to purchase them if you're interested!
Additional resources mentioned in the episode:
Bitcoin: https://bitcoin.org/bitcoin.pdf
IDFPR Blockchain Report: https://www.idfpr.com/Forms/2020%2001%2012%20Blockchain%20Report.pdf
How are our financial behaviors shaped and molded? What type of money personality do you have and how does it affect your habits and attitudes? In our latest episode of Making Cents of Money, we take a look at several, FREE online tools available to you!
Resources mentioned this episode:
• Literature Review: “Family Financial Socialization: Theory and Critical Review” by Clinton Gudmunson & Sharon Danes - https://shibboleth.illinois.edu/idp/profile/SAML2/POST/SSO • Money Harmony - https://www.moneyharmony.com/moneyharmony-quiz • Klontz Money Scripts Inventory - https://www.yourmentalwealthadvisors.com/our-process/your-money-script/ • CFPB Financial Well-being Scale - https://www.consumerfinance.gov/consumer-tools/financial-well-being/
Thinking of buying a vehicle? You never know when you might need a new set of wheels, but it's always good to be prepared. From loans and leases, to titles and insurance, we cover the basics of the entire buying process in our latest podcast!
Additional resources mentioned in this episode:
True Cost of Car Ownership Calculators: • Department of Energy Calculator: https://afdc.energy.gov/calc/ • Edmunds 5-Year Cost of Car Ownership Calculator: https://www.edmunds.com/tco.html • Kelly Blue Book Total Cost of Ownership Calculator: https://www.kbb.com/new-cars/total-cost-of-ownership/
Vehicle Valuation Tools: • Kelly Blue Book: https://www.kbb.com/ • NADA: https://www.nada.com/
Private Vehicle Sales Pamphlet from Illinois Department of Transportation: https://www.cyberdriveillinois.com/publications/pdf_publications/sos_dop141.pdf
Get Savvy Webinar – Speed vs Savings: Do You Need a Car?: https://youtu.be/zS52pNPV_FY
With travel resuming, it's important to set attainable travel goals, just like with your finances! In this episode of Making Cents of Money, our hosts break down strategies and tips they use, how to prioritize and maximize money on trips, and steps you should take to protect your money.
Additional resources mentioned in the episode:
• Fuel Economy Trip Calculator: https://www.fueleconomy.gov/trip/ • Making Cents of Money, Episode 3: Technology and Your Money: https://soundcloud.com/idfpr/episode-3-technology-and-your-money • IDFPR's Division of Financial Institutions' License Lookup Tool: https://idfpr.com/DFI/DFILicenselookup.asp • Travel planning article and spreadsheet (available in Microsoft Excel and Google Sheets) from the University of Illinois Student Money Management Center: https://blogs.uofi.uillinois.edu/view/7550/2045942096
Whether you call it a budget or a spending plan, making and sticking to a financial plan can be challenging. On this episode we discuss a few of the most popular budgeting methods to see what might work best for you to turn your goals into realities.
What are we looking to cover in our Making Cents of Money podcast? Why did we create the podcast? Check out our latest episode to see what’s next!
Did you know our Division of Professional Regulation regulates hundreds of different types of professional licenses and oversees approximately 1.2 million licensees in Illinois? If you're looking to become licensed yourself or want to learn more about how DPR regulates all our licensees, tune in to our latest episode of Making Cents of Money!
Looking to buy a home but aren't sure who's who in the real estate industry? What different professions are there, how can they help you, and what regulations do they have to follow - especially if you're looking to join the industry yourself? Jeremy Reed, Chief of Licensing and Education from IDFPR's Division of Real Estate, answers those questions - and more!
Student loans are a growing part of US Household debt; as of 2021, Americans hold over $1.7 trillion in student loan debt.
On this episode of Making Cents of Money, we welcome Brad Fletcher from IDFPR to talk about student loan options and important protections for consumers. Make sure to check it out!
We mentioned many statistics surrounding student loans and student loan debt in this episode. For those of you curious, we’ve compiled some additional statistics with sources below.
-Over 45 million people have student loan debt with an average balance of $37,691 including both federal and private education debt (https://www.forbes.com/sites/zackfriedman/2021/02/20/student-loan-debt-statistics-in-2021-a-record-17-trillion/?sh=52fbeb681431). -The total amount of student loan debt in the US surpassed $1.7 trillion in December 2020 according to estimates from the Federal Reserve (https://www.federalreserve.gov/releases/g19/current/default.htm). -Historically, anywhere between 10-11% of borrowers are 90+ days late on payments, even before the pandemic hit (https://www.nasfaa.org/news-item/23473/National_Student_Loan_Cohort_Default_Rate_Continues_to_Drop#:~:text=The%20annual%20data%2C%20publicly%20released,entered%20repayment%20in%20FY%202017).
According to the most recent data from The Institute for College Access & Success, or TICAS, Project on Student Debt (https://ticas.org/our-work/student-debt/) from 2019:
-61% of bachelor degree recipients in Illinois take on student loan debt -The average amount of debt for bachelor degree recipients in IL was $29,666, which was a bit higher than the national average of $28,950 for 2019.
The Digest of Education Statistics comparing graduate degree recipients between 1999/2000 to 2015/2016 illustrates aggregate debt between undergrad and grad education (https://nces.ed.gov/programs/coe/indicator_tub.asp):
-The average total debt for both undergrad and graduate education for a professional degree in 2015/2016 was over $140,000. -It was over $90,000 for doctoral degrees in research, over $53,000 for Master’s degrees, and just over $50,000 for those getting a graduate certificate after their undergraduate degree.
The Council of Graduate Schools created a tool (https://gradsense.org/gradsense/salary-debt-calculator?gradsense_form) to help graduate students gauge how much debt they’d take on depending on their intended field of study using some of the data from the Digest of Education Statistics.
According to the Federal Reserve Report on the Economic Well Being of US Households (https://www.federalreserve.gov/publications/2019-economic-well-being-of-us-households-in-2018-student-loans-and-other-education-debt.htm):
-As of 2019, 43 percent of those who have attended college, incurred at least some debt for their education (including those that did not finish a degree or went to technical or trade schools). - And the average amount of student loan debt in 2019 was about $33K, the median was$17.
However, many students and their families take out debt in other forms to fund their education, not just student loans. Student loans make up the majority of education debt, but some take on credit card debt, home equity loans, or other types of loans to fill the gap between how much aid they are provided and how much they owe.
Credit can be a confusing topic. Building credit, credit scores, credit invisibility - what do all those terms mean and what steps can you take to have good credit? We're joined by Camaya Wallace Bechard from the University of Illinois Extension and Natalie Daniels from DePaul University to answer those questions (and more!) in this episode of Making Cents of Money
As mentioned in this episode, check out the Family Financial Feuds podcast here: https://soundcloud.com/familyfinancialfeuds
Short-selling has been in the news a lot recently and we wanted to explain exactly what that is. On this episode of Making Cents of Money, we welcome back our Director of Banking, Chasse Rehwinkel, to explain what short-selling is and how that played a role in the recent GameStop news.
One of the best ways to prepare for your future is to invest your money. In this episode of Making Cents of Money, we're joined by Sasha Grabenstetter from University of Illinois Extension to break down the most common forms of investment, how they work and how you can start, the advantages and risks you need to know.
Additional resources mentioned in the podcast:
-Sign up for the Investing Basics webinar on March 10: https://go.uillinois.edu/getsavvywebinars
-Family Financial Feuds podcast: https://soundcloud.com/familyfinancialfeuds (also available on Google Play, iTunes, and Audible)
For many, saving for retirement can be daunting. In fact, according to the Federal Reserve, a quarter of Americans don’t have any retirement savings. However, saving for retirement can be much simpler than you would think and in Illinois, Secure Choice is an excellent way to get started. On this episode of Making Cents of Money, Courtney Eccles from the Illinois Treasurer’s office joins us to break down the retirement crisis in America and how Illinoisans can start saving with Secure Choice.
Learn more about Secure Choice here: https://www.ilsecurechoice.com/
Does saving for your children's college have you worried? In this episode of Making Cents of Money, we introduce you to 529 plans: how they work, how they differ from other types of saving accounts, what options are available in Illinois, and how you can use the money without incurring penalties.
Featuring two special guests from the Illinois Treasurer's Office: Fernando Diaz, Chief Financial Product Officer John Mitchell, Director of College Savings
Additional resources mentioned in the episode: -Sign up for Bright Start: brightstart.com -Sign up for Bright Directions: brightdirections.com -You may also sign up by calling (877) 432-7444 between 7 am and 7 pm on Monday through Friday
Bright Start on Social Media: Facebook: https://www.facebook.com/BrightStart529/ Twitter: https://twitter.com/BrightStart529
Tax season is here! Do you have questions about your taxes? What are exemptions and deductions, where can I file, and how do stimulus payments effect your taxes? We cover all of that in this episode of Making Cents of Money, check it out!
Links Referenced in the show: Taxes Webinar: https://go.uillinois.edu/getsavvywebinars IRS Free File: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free Info on VITA & TCE Programs via IRS: https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers United Way’s MyFreeTaxes: https://www.unitedway.org/myfreetaxes/unitedway Ladder Up: https://www.goladderup.org/our-services/tax-assistance/ Get Your Stimulus Check (IL): https://getmypaymentil.org/
Financial education is essential for our children & their future. On this episode, we discuss financial literacy in the US & programs for ages pre-K through high school. Teachers, school administrators, and parents, this episode is especially for you!
Resources discussed in the episode: Economic Awareness Council - https://www.econcouncil.org/ Check you stimulus check status - https://getmypaymentil.org/ On the Money Magazine - https://www.otmonline.org/ Money Minded Illinois - https://illinoistreasurer.gov/Financial_Education/Overview
Holiday spending have you stressed out? Check out this week’s episode of Making Cents of Money to hear all about some holiday savings tips and tricks and basic financial goal setting for the New Year. Happy Holidays!
This week on the podcast we discuss predatory lending and the Anti-Predatory Lending Database. Our special guest, Katie Liss from IDFPR Division of Banking, breaks down everything you need to know about predatory lending in mortgages and how the APLD helps to mitigate some of these predatory practices. Make sure you check it out so you know how to protect yourself from predatory lending practices!
This week is International Fraud Awareness Week, so we're breaking down what you need to know about fraud. In this episode, we break down what fraud is, the different types scammers might try to pull on you (especially during the COVID-19 pandemic), how to prevent it, and what to do if you do become a victim.
You hear the terms all the time: credit score, credit history, credit report. But what does each mean for you? In this episode, we break down each while also taking a look at the benefits of building and managing good credit – and what you can do if you need to rebuild yours.
Links referenced in this episode: -Check your credit report free once a year: annualcreditreport.com
-Signup for the Conscious Credit webinar on November 11: https://extension.illinois.edu/events/2020-11-11-get-savvy-conscious-credit
Identity theft continues to be one of the fastest growing crimes in the United States, with millions of cases now being reported each year. In this episode of Making Cents of Money, we introduce you to some of the most common types and steps you can take to avoid falling victim. Links referenced in the podcast may be found below:
FTC’s Identity Theft Recovery Steps: https://www.identitytheft.gov/
FTC data Report: https://www.ftc.gov/system/files/documents/reports/consumer-sentinel-network-data-book-2019/consumer_sentinel_network_data_book_2019.pdf
As new technologies develop, so do new ways to manage your money. Learn more about the different financial technologies ("Fintech") available to you, security methods and tips to keep your money safe, and warning signs to keep an eye out for.
Why are savings and checking accounts important? What does it mean to be “unbanked” or “underbanked,” and how can it affect you? Join us to find out everything you need to know about Banks and Credit Unions in this episode!
Our guests this episode are Illinois' Director of Banking Chasse Rehwinkel and Director of Financial Institutions Francisco Menchaca
Looking for something new to listen to? Check out this new podcast, Making Cents of Money! Brought to you by IDFPR and the University of Illinois System, we'll discuss financial topics twice a month in a fun, easy to understand, fun format.