MyMoney Resources - Life Events

This report summarizes the findings from the Federal Reserve Board’s 3rd annual Survey of Household Economics and Decisionmaking (SHED), which aims to capture a snapshot of financial and economic well-being of U.S. consumers and identify potential risks to their financial stability. Topics covered include financial well-being, income and savings behaviors, economic preparedness, access to banking and credit, housing decisions, auto lending, education, student loans, and retirement planning.

Following a rigorous research effort to develop a consumer-driven definition of financial well-being, the CFPB developed and tested a set of questions–a “scale”–to measure financial well-being. The scale is designed to allow practitioners and researchers to accurately and consistently quantify, and therefore observe, something that is not directly observable–the extent to which someone’s financial situation and the financial capability that they have developed provide them with security and freedom of choice. This guide describes the research behind the CFPB Financial Well-Being Scale and provides detailed steps for using it, including how to score individuals’ responses and compare their scores.

The official benefits website of the U.S. government informs citizens of benefits they may be eligible for and provides information on how to apply for assistance. Find more than 1,000 Federal and state benefits including housing, food/nutrition, education, grants/loans, disaster relief and Medicare/Medicaid.

In consultation with the U.S. Department of the Treasury and President Bush’s Advisory Council on Financial Literacy, the FINRA Investor Education Foundation commissioned the first national study of the financial capability of American adults in 2009. The overarching research objectives of the National Financial Capability Study were to benchmark key indicators of financial capability and evaluate how these indicators vary with underlying demographic, behavioral, attitudinal and financial literacy characteristics. The 2012 Study—similarly developed in consultation with the U.S. Department of the Treasury, other federal agencies and President Obama’s Advisory Council on Financial Capability—aims to update key measures from the 2009 Study and to deepen exploration of topics that are highly relevant today (e.g., student loans and medical debt).

Seis pasos para reducir los cargos de su cuenta corriente.

Reverse mortgages let you cash in on the equity in your home: these mortgages can have serious implications.

The State of Minnesota’s Emerging Markets Homeownership Initiative (EMHI) seeks to boost homeownership rates among Minnesota’s “emerging markets,” defined as households of color, non-English speaking households, and households in which English is a second language. Many of the implementation strategies in the EMHI Business Plan address general barriers to homeownership and should increase the number of emerging market households that become first-time homeowners. EMHI doesn’t stop there, however. It also recognizes the need to sustain homeownership after initial purchase, in keeping with growing evidence that the cliché “once an owner, always an owner” is far from true, especially for minority and low-income households. In particular, the EMHI Business Plan includes a strategy for developing and implementing a post-purchase services network that will enhance their prospects for successful, sustainable homeownership. As a foundation for the implementation effort, this report explains why Minnesota is in a good position to use post-purchase support programs to pursue EMHI’s goals.

Cautions homeowners about so-called specialized law firms who urge them to participate in “mass joinder” lawsuits against their mortgage lenders as a way to get favorable loan modifications and stop foreclosure.

Explains how reverse mortgages (RMs) can help older homeowners who are “house-rich but cash-poor” remain in their homes and still meet their financial obligations. Explains how the three types of RMs work: single-purpose, federally-insured, and proprietary; and how to get a good deal, and where to complain.

Explains the costly consequences of default. Stresses that if you’re having trouble making your mortgage payments, you should contact your loan servicer to discuss your options as soon as you can.