More ways for you to get help making financial decisions
SDCCU® presents #TealTalk, a live Twitter chat with financial expert George Chamberlin
If you’ve ever had difficulty deciding whether or not to buy a new car or home, planning for retirement or figuring out how to pay for your child’s college education, you are not alone; the majority of Americans struggle with major financial decisions such as these.
In fact, the 2014 Consumer Financial Literacy Survey found that nearly three-fourths of adults say they would benefit from advice and answers to everyday financial questions from a professional. In response to this need and to provide the community greater access to financial advice, SDCCU recently launched #TealTalk, a series of exclusive conversations presented by SDCCU that represent a platform for direct interaction between SDCCU customers and industry experts.
Last month, financial expert George Chamberlin spent a weekday lunch hour hosting the first-ever #TealTalk. Twitter users were invited to send a personal finance question relating to budgeting, household finances, retirement, estate planning, investing or any other money matter to @SDCCU with the hashtag #TealTalk to join the conversation. Here’s a peek at how it went:
On planning for retirement
Mandy @Hollyhead1331: @sdccu if you're 25 what's the best thing to do with $2-3k? Roth, 401k, CD? #TealTalk #sdccu
SDCCU @sdccu: @Hollyhead1331 Depends on your goals & time horizon. If it's for #retirement a Roth might be best. Does your employer match #401k? #TealTalk
Mandy @Hollyhead1331: @sdccu no, employer does not offer a 401k unfortunately. #TealTalk
SDCCU @sdccu: @Hollyhead1331 If you can put the #money into a #Roth & forget about it, you'll benefit from long-term #taxfree growth. #TealTalk
On saving vs. paying off debt
Tina Ramos-Ingold @tinaramosingold: @sdccu Is it OK to focus on getting rid of debt rather than put more money in savings? #TealTalk
SDCCU @sdccu: .@tinaramosingold Try to do both. Probably best to get rid of high-interest #debt first. But it never hurts to #save even a little #TealTalk
Tina Ramos-Ingold @tinaramosingold: @sdccu Thanks. Interest from debt is higher than interest of my savings, so was considering using savings to pay off debt. #TealTalk
On monthly spending
Katie Ray @MsKatieRay: @sdccu What % of your monthly income should be used on bills (rent, utilities, gas) and what % should be put towards savings? #TealTalk
SDCCU @sdccu: Great question @MsKatieRay … as a rule, 60% to cover cost of living, 20% for #savings & investing and use the rest on what you enjoy. #TealTalk
Chamberlin is a renowned financial expert who provides a wealth of financial and business news updates to the Southern California region. He is the Executive Editor of The San Diego Daily Transcript, San Diego’s only daily business newspaper, the Business Editor for AM-600 KOGO News Radio and host of “Money Matters,” a personal finance talk show heard each Sunday on KOGO. Among his many accolades, he has been honored three times as Media Advocate of the Year by the Small Business Administration. For several years, Chamberlin has served as the featured speaker at “Managing Your Money” seminars presented by SDCCU at its administrative office in San Diego. View his money management tips and previous SDCCU financial webinars.
Stay tuned for the next #TealTalk by following @sdccu on Twitter.
In the meantime, take advantage of the wealth of FREE knowledge and resources to help improve your financial health at sdccu.com.