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

Wait, that can be a bit too  “out there.” Let me localize the question.

Is your savings account getting more than three percent? Is your retirement investment account or 401(k) really going up or down? The stock market in August went down!

The lack of financial planning knowledge, 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 day to day challenges, and in the long run, provide solutions for a secure Retirement.

According to the Securities & 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” 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 through saving strategies or lower debt-based strategies. The older you are the more stringent approach must now be taken. There is no magic wand now. That was 20 years ago. Of course if your younger (30 or below) you can start a much more slower managed approach

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

Suppose you have $100 in a savings account earning two percent interest a year, after five years, how much would you have?

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 CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Anthony, 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 2016Investment Analysis. Anthony 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.