The Weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. August is money month at MONECO, where we will be focusing on your cash flow, savings, and debt management.
In this issue:
- More Student Loan Relief (2 min read)
- Can Election Results Predict the Market? (2 min video)
- How to Still Build a Cash Reserve in Difficult Times (3 min read)
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Click on the video below to hear from one of our Advisors, Reed Ameden!
More Student Loan Relief
This month, many universities and colleges are welcoming students back to campus, even if most campuses are largely online this year.
But that's not all that's different. The current administration has issued an executive memorandum that extends the temporary halt on all federal student loan payments, which was originally granted by the CARES Act, until December 31, 2020. This executive action instructs the Department of Education to “continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education.”1
What about the interest?
As stated above, this most recent executive action extends the 0% interest on the following types of federal student loans.1
- Direct Loans
- FFEL Program Loans
- Perkins Loans
What should you do next?
No action is needed at the moment, but with back-to-school time quickly approaching, we wanted to remind you of this important change for federal borrowers. If you have any questions about how to best leverage this change or financially prepare for college, give us a call.
1. Whitehouse.gov, August 8, 2020
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
Can Election Results Predict the Market?
We all know that the markets do not like change...at least initially, but historically, once they take a step back and digest what the future may hold, they tend to stabilize. Have a look at this video that looks back at past election years and how the markets have reacted.
Watch the video here.
How to Still Build a Cash Reserve in Difficult Times
In these challenging times, it may seem more daunting than normal to build that cash reserve. However, it is possible and as always your team at MONECO Advisors is here to help guide you. Click here to read how to put a process in place in pursuing this goal.