Financial literacy is an important life skill to have, especially now that the world’s economy has become hyper-connected. The First Entertainment Credit Union (FECU) wants to help its members steer clear of unlucky situations by giving them financial tips through their blog at firstent.org.
“It doesn’t matter if you’re saving up for a new laptop or planning your retirement, we’ll provide you with all the information you need,” said FECU CEO Charles Harwood. “I’m pleased to announce that our blog will stay true to our highly regarded slogan ‘Your One Stop Shop for All Things Financial.'”
One of FECU’s posts discusses how having a credit card can affect your credit score. It is estimated that 35 percent of consumers have at least one credit card. “We recommend our members to only apply for a credit card if they’re confident they can pay their balance off in full every month,” said Harwood, “This will help them avoid any unnecessary fees that come along with carrying a balance.”
Another post discusses how to use your tax return wisely. It explains how you don’t want to take out all the money and spend it frivolously; instead, make smart financial decisions. Some of FECU’s suggestions include putting the money into savings or applying it towards high-interest debt like student loans and mortgages.
“Our blog also covers some other traditional financial topics such as home buying and investing,” said Harwood. He continued, “For those who are interested in home buying, we recommend saving up a down payment before applying for a mortgage. This can increase your chances of getting approved and help you avoid paying costly private mortgage insurance (PMI).”
“As far as investing goes,” said Harwood, “We recommend diversifying your portfolio by purchasing stocks in various sectors such as technology and healthcare. What’s great about our blog is that it reaches out to people across all demographics,” said Harwood. “Whether you’re in your 20s or 50s, we’ll provide you with the information you need.”
First Entertainment Credit Union was founded in 1942 and currently has 16 branches in California. The credit union serves more than 141,000 members and has assets totaling over $5 billion.
FECU also has a scholarship program that awards five $1000 scholarships per year to graduating high school seniors. To apply for the scholarship, visit firstent.org/scholarship.
Please note this story was found on First Entertainment Credit Union’s website at firstent.org and is being reprinted with permission from FECU. For more stories like these, please visit their website at http://www.firstent.org or check them out on Facebook as well!