The National Black Church Initiative Financial Literacy Program
Teaching African Americans to Budget, Save and Plan for the Future
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Teaching African Americans to Budget, Save and Plan for the Future
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Why Don't More Financial Advisors Look Like Lazetta Braxton"? - How to Address the Industry's Race Problem More black families are entering the economic mainstream, have more income and are saving for college and retirement.... They need advice and [the financial services industry] is passing up millions of dollars by not reaching out to them. -Rev. Anthony Evans
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Basics
- What are defined contribution plans?
- How do defined contribution plans work?
- How does the money get invested?
- What tax benefits do 401(k)s offer?
- Do I have to contribute to my plan?
- Why is a 401(k) such a good deal?
- When do I pay tax on a 401(k)?
- How is a Roth 401(k) different?
- What is a matching contribution?
- How does vesting work exactly?
- How much should I contribute to my plan?
- What if I can't invest the maximum right now?
- What if I need the money before I retire?
- What if I leave my job?
401(k) plans
- How does a 401(k) plan work?
- How much can I contribute to my 401(k)?
- How does the money get invested?
- What's a matching contribution?
- How does vesting work?
- What if my matching contribution is in company stock?
- What if I need the money before I retire?
- What if I leave my job?
- When do I have to take the money out?
Roth 401(k) plans
- How is a Roth 401(k) plan different from a regular 401(k)?
- Which is better for me - a Roth or a regular 401(k)?
- How much can I contribute to a Roth 401(k)?
403(b) plans
- What's a 403(b) plan?
- How is a 403(b) different from a 401(k)?
- How much can I contribute to a 403(b)?
- What are the best investments for a 403(b)?
457 plans
- What's a 457 plan?
- How much can I contribute?
- Is there a penalty for early withdrawals from a 457 plan?