Do you know what it means to your pocketbook when presidential candidate Donald Trump says, ” I’m going to lower your taxes” or his opponent, Hillary Clinton, says, ” We need more infrastructure to create jobs”?

Wait, that can be a bit too out there so let me localize the question: Is your savings account getting more than 3 percent? Is your retirement investment account or 401(k) really going up or down? The stock market , for August, went down.

The lack of financial planning or financial literacy, as we like to call it, is becoming very scary as we approach 2017. Financial literacy, at its very least, should provide answers to daily challenges, and in the long run, provide solutions for a secure Retirement.

According to the Securities and Exchange Commission:

– 23 percent of Americans could not come up with $2,000, if an emergency happened in 30 days.

– Most middle- to low-income earners would prefer to use pawnshops and payday loans for money, which both charge 25 percent interest or more.

If you fit any one of these two examples, get financially smart now.

Achieving a positive and growing net worth starts with growing your wealth, either though saving strategies or lower debt based strategies. A more stringent approach must now be taken as you get older. There is no magic wand now that can bring you back to 20 years ago. Of course if you’re younger ( 30 or below) you can start at a much more slower managed approach

Oh, but you can still handle your finances yourself? OK, let’s see how smart you are:

1. Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, how much would you have?

2. If the Interest rate on your savings is one percent a year but Inflation is two percent a year. is your money in your account the same, more, or less?

Yes, it is time we got financially smart or literate! If you would like to participate in “The President Obama Financial Literacy Quiz,” courtesy of his Advisory Economic Council, please feel free to call our offices (number below) for a free quiz. Feel free to also email me direct at arivieccio3015@gmail.com and just put ” Literacy Quiz” in the heading.

Yes, the 15 question booklet has the answers!

Anthony Rivieccio is the founder and the CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Klipingers Personal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, BronxNet, Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle.

For financial assistance or a free 2016 investment analysis, Mr. Rivieccio can be reached at (347) 575 5045.

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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.