For more information about the author, click to view their website: Edward Jones
April is National Financial Literacy Month — and a
good time to boost your financial knowledge to help set the stage for a
lifetime of financial stability.
Eighty percent of Americans who are confident in
their financial knowledge are confident in their financial future, according to
a 2023 Edward Jones study conducted with Morning Consult. That's an enviable
place to be, and one you can create for yourself if you have a student mindset.
The study showed the most sought-after financial
topics for learning are investing, debt management and preparing for
retirement.
•
Investing – There is no
"one-size-fits-all" investment strategy. That's because you invest to
achieve what's most important to you. It's not about chasing a certain
return. Instead, the return you'll need on your investments is tied directly to
your goals and how long you have before you'll need the money. Learning about
investing opens up a broad range of topics –diversifying your investments,
managing risk, balancing goals, preparing for unexpected events, understanding
the stock market and weathering volatility. The more you know – and that
doesn't mean being an expert, just having a working knowledge of investing –
the better informed you are to make financial decisions in your best interest.
When it comes to investing, never be afraid to ask questions.
•
Debt management – Understanding
how debt works, controlling expenses in a monthly budget, knowing where to go
for help and making a plan are the keys to help you better manage your debt. It
may be a surprise that not all debt is negative. Paying off a mortgage or a
student loan, for example, can help increase your net worth or generate future
income. "Bad" debt with high interest rates, missed payments and
multiple creditors, however, offers no future benefit and may become a burden. Becoming
a student of debt management can help you understand things like how much debt
is too much and how to balance, consolidate and reduce debt payments while
still investing to achieve your financial goals.
•
Preparing for retirement – It may
feel easy to let other things take priority over retirement savings, especially
when retirement feels like it's a long way off. Yet, the earlier you save, the
more likely you may be to achieve your retirement goals. You'll likely thank
yourself down the road if you take the time to learn about saving for
retirement. This may include how to set tangible and actionable goals, how to
determine the amount you'll need, the different types of retirement savings
accounts and how to build a retirement savings strategy. While you're learning,
you can also start saving. Start saving what you can afford each month and
gradually increase the amount each year, especially as your income rises.
Building
your financial literacy doesn't stop with learning about investing, debt
management or saving for retirement. You may want to know more about budgeting
for young families or investing in a home or improving your credit score. You
can always educate yourself by reading or talking to people knowledgeable in
these subjects. You also might find it valuable to work with a financial
professional — someone who will take a holistic approach to your finances and
make appropriate suggestions.
National Financial Literacy Month ends on April 30, but the benefits of financial literacy can last a lifetime.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
[email protected]
This article was
written by Edward Jones for use by your local Edward Jones Financial Advisor.
When an older adult needs help at home and sees several clinicians, a coverage decision can affect everything from prescription refills to rides. If youre considering TRU PACE in Lafayette, start by asking how enrollment would change the care and coverage you already use. How Medicare and Medicaid Fit Into PACEPACE is the Program of All-Inclusive Care for the Elderly. It coordinates healthcare and support for eligible adults who meet a state standard for nursing home-level care and can live safely in the community with PACE support at enrollment. Applicants must also be 55 or older and live in the programs service area. TRU PACE and Your Current CoveragePhone: 303-665-0115Medicare says people with Medicaid pay no monthly PACE premium. Medicare beneficiaries without Medicaid pay premiums for the long-term care portion and Medicare Part D drugs. Medicare also says participants owe no deductible, copayment, or coinsurance for drugs, services, or care approved by their PACE team. Ask TRU PACE for an estimate based on your individual coverage before enrolling. Doctors, Prescriptions, and Existing ServicesTRU PACE says it becomes the participants insurance provider at enrollment. Participants generally receive care through the programs provider network. Bring a list of your doctors, medications, and scheduled services. Ask which providers are in the network and how the team would coordinate any changes. Why This Matters in LafayetteIf you regularly see a clinician near home or have a specialist visit scheduled outside Lafayette, give the enrollment team the names and dates. Ask which appointments can continue and what to do about any refill due around the enrollment date. How to Get Started1. Gather Your Coverage InformationHave your Medicare and Medicaid information, if applicable, along with details of any current plan. List the appointments and prescriptions you rely on most.2. Ask for an Enrollment and Cost ReviewCall TRU PACE and ask for your expected monthly cost, when any coverage change would take effect, and who would help coordinate the transition. Related Seniors Blue Book CategoriesPACE Adult Day Services Care Management
After a death, families may have to make several decisions in a short time. Others prefer to talk through their wishes ahead of time. In either situation, it helps to separate the practical arrangements from the decisions about how to gather, remember, and say goodbye. What Funeral and Mortuary Services CoverA funeral home can help arrange transportation and care of the person who died, assist with paperwork, and coordinate burial or cremation. A family may also arrange a viewing, funeral, memorial, or private gathering. Ask which decisions need to be made immediately and which can wait. The Natural Funeral in LafayettePhone: 720-515-2344The Natural Funeral lists natural burial, flame cremation, water cremation, and terramation, also called natural organic reduction. Water cremation uses an alkaline water process, and terramation transforms remains into soil. If one of these options interests you, ask what the process involves, how long it typically takes, and what the family receives afterward. Planning a Gathering and Reviewing CostsThe Lafayette funeral home is at 102 W Chester Street in Old Town. Ask what can take place at the Lafayette location and which parts would involve another venue or a cemetery. Request a General Price List and a written breakdown of your choices so you can see which fees cover the funeral homes work and which come from outside providers. Why This Matters in LafayetteIf relatives are coming from out of town or some guests have limited mobility, ask about parking, step-free access, and how many people the gathering space can accommodate. If you plan to hold a service and burial at different locations, check how much time guests will need between them. How to Get Started1. Write Down the Persons WishesLook for written instructions and note any cultural or religious preferences. If youre planning ahead, tell a trusted person where you keep your instructions and whom to call.2. Ask for a Written PlanCall 720-515-2344 and ask what is needed on the first call. Once youve discussed options, request the expected timeline and itemized costs before approving arrangements. Related Seniors Blue Book CategoriesCounseling Hospice Advance Care Planning
When an older adult spends most weekdays alone, families may need more than a place for them to go. They may also be juggling transportation, appointments, and help at home. TRU PACE in Lafayette offers a day center as part of a program that coordinates those needs for eligible older adults. What Are Adult Day Services?Adult day services offer daytime support outside the home. Depending on the program, participants may spend time with peers, eat a meal, take part in activities, or receive help with daily needs. Some centers accept people directly. The Lafayette TRU PACE center serves people enrolled in its broader Program of All-Inclusive Care for the Elderly. TRU PACE in LafayettePhone: 303-665-0115TRU PACEs Lafayette center is at 2593 Park Lane. The program coordinates medical and social services and arranges transportation to the day center and medical visits as needed. Ask the enrollment team what a typical center day includes, how often a participant might attend, and how the team decides what support to arrange at home. Who May QualifyPACE applicants must be at least 55, live in the programs service area, meet the states standard for nursing home-level care, and be able to live safely in the community with PACE support at enrollment. Ask how enrollment would affect access to current doctors and prescription coverage before making a decision. Why This Matters in LafayetteWhen family members already drive someone to several appointments a week, a coordinated schedule can change who needs to be available and when. Ask how pickup would work at the persons Lafayette address and who to call if a ride or appointment changes. How to Get Started1. Ask for an Eligibility ReviewCall TRU PACE. Have the participants ZIP code, current coverage, and a short list of the help they need. 2. Ask to Visit the CenterFind out what the participant might do on a center day, how transportation works, and what changes to their current care arrangements enrollment would involve. Related Seniors Blue Book CategoriesCare Management Transportation Respite Care