(BPT) - If you had to grade your financial literacy, what would it be? Are you an A+ saver, investor and planner, or do you think you could do better? If you grade yourself average at best, you’re not alone.

When asked to grade their own financial literacy, more than half of Americans say they’d earn a “C” or lower, according to new data from Prudential Financial. This isn’t surprising, considering data from Prudential’s Financial Wellness Census shows less than half of Americans are on track to meet their financial goals, including planning for retirement.

“Regardless of where you are on your family’s financial wellness journey, the best way forward is through financial literacy,” says Prudential Advisors President Brad Hearn. “Researching, educating yourself and getting advice from a financial professional can help you make the best decisions based on your life stage, risk tolerance and goals.”

Hearn says each family’s situation and goals are unique, and things like life stage and personal preference will impact how they choose to prepare for their financial future. To get started, here are five financial wellness basics every family should master:

Set up an emergency fund

Life is a series of experiences, and sometimes the unexpected can hit your finances hard. Whether it’s a car breaking down, your AC unit on the fritz or even losing a job, it’s important to be prepared for emergencies. If you don’t already have an emergency fund, start saving a little each month until you reach your goal. A good rule of thumb is to have three months’ worth of expenses saved in an emergency fund. So, if your monthly expenses are $2,500, you should have $7,500 saved.

Create a budget

Saving for college? A new car? How about starting that emergency fund? Whatever your family’s financial goals are, it’s important to have a plan in place that helps you achieve those goals. Budget to manage day-to-day expenses, and include in that budget a commitment to save for bigger milestones. For tips on getting started, do some research. There’s no shortage of advice, whether you decide to go it alone or consider using the help of a professional financial advisor.

Plan for the unimaginable

If you have people who count on you for financial support or caregiving, you should have life insurance. A life insurance policy can help give your family financial peace of mind should the worst happen. There is no rule as to how much life insurance you need, but important things to consider are your annual income, mortgage debt, potential college costs for kids and other future financial obligations.

Save for retirement

According to Prudential data, of Americans who have retirement savings and debt, nearly one-quarter have more in total debt than in retirement savings (23%), while 15% of Americans say that they have no debt, but also have nothing saved for retirement. Planning for retirement is something that should start as soon as possible. If your work offers any type of matching program, make sure to take advantage. If you don’t, you’re essentially leaving free money on the table.

Seek professional advice

Retirement, life insurance and savings can be confusing. Information overload is partly to blame. According to Prudential data, two-thirds of Americans agree that the list of things they need to learn to successfully manage their finances keeps growing, not shrinking. That’s where financial literacy programs and professional financial advice can play a key role. Nearly two-thirds of Americans don’t have a financial advisor. They say they cannot afford one (42%) or don’t believe their financial situation warrants needing an advisor’s help (26%). The reality is that advice is more within reach than ever before — and it’s not just for the wealthy. A financial professional can help at various stages in life and work with you to create a strategy based on your timeline, risk tolerance and goals.

“Financial wellness isn’t always a matter of having more money,” says Hearn. “Instead, it’s a journey that takes a combination of proactive effort, dedication and professional guidance.”

Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates.

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(BPT) - To truly understand the impact the trucking industry has on our economy, walk into any business, retail shop or grocery store and take a look around. Nearly everything you see was delivered there by a truck. In fact, according to the American Trucking Associations’ (ATA) Freight Transportation Forecast, 70 percent of all freight in the U.S. is handled by trucks. It is awe-inspiring to realize one industry has such an enormous impact on everything we do, purchase and consume in our everyday lives. Quite simply, trucks keep America moving, and without them, America stops.

Imagine going to your favorite grocery store to pick up your family's dinner and seeing the shelves empty, or stopping by the corner hardware store for light bulbs only to find they're not available. If it's not during the aftermath of a weather disaster, we can't readily imagine such a scenario happening in this country. That's because 3.5 million professional drivers are always on the job, working day and night to make the deliveries that keep our economy humming.

But, it's getting more and more difficult for the industry to keep up with demand. There's a severe shortage of professional truck drivers on the road today, and it's expected to get even worse. The ATA estimates that the industry will face a 175,000-driver shortfall by 2026. Ask any professional driver and they'll tell you the same story: They get headhunting emails and calls from recruiters every day, and their own companies are so short-staffed they need to put in extra shifts just to cover all of the routes.

That's why the ATA is partnering with Pilot Flying J, the largest network of travel centers in North America, to raise awareness of the profession, recruit new drivers, and celebrate the tremendous contributions of professional drivers to our nation's economy.

It's ironic that there's a shortage in this profession, because those same drivers who remain committed to the industry and to keeping our economy moving will tell you how much they love the job.

"My father was a driver and as far back as I can remember, truck driving is all I've ever wanted to do," says Steve Brand, a professional driver who has spent 27 years with FedEx Freight. Brand is a member of the ATA America's Road Team, a national public outreach program of professional truck drivers who share superior driving skills and safety records. "Trucks move America forward and it's a great feeling knowing I have a small part in that."

Other benefits of being a driver?
* Independence. When you're in a big rig, nobody is looking over your shoulder telling you how to do your job. It's like being your own boss.
* Freedom. If an office job isn't for you, trucking is a perfect choice. You're out on the open road, and not tied to a desk.
* Flexibility. There isn't just one kind of driving. Want to see the country driving from coast to coast? You can do that. Want to come home to your family every night? You can do that, too, and myriad options in between.
* Pay. ATA’s recent Driver Compensation Study found that the average salary for a truck driver ranges from $53,000 to $86,000 depending on the type of employer and type of equipment operated.

Coupled with not having the crushing student debt that college graduates are carrying around, it makes for a very good living.

Opportunities. Since the industry is hurting for drivers, it's a job seeker's market out there. Recent grads from driving schools are in high demand, and can pick and choose the job that's right for them.
Brand counsels potential recruits to choose a reputable school for proper training and then seek out a top-rated company, or find a company that has its own school.

"I go to bed happy and wake up happy knowing I'm making a difference," he says.

Pilot Flying J is making a difference, too. As part of its partnership with the ATA, Pilot Flying J recently announced a $60,000 philanthropic gift to the ATA's Trucking Cares Foundation to help support professional drivers and the future of the industry.

“Hardworking professional drivers make many sacrifices to keep our economy moving and our ways of life possible,” said Ken Parent, president of Pilot Flying J. “As we face a growing driver shortage, our hope is that this contribution will help support the Trucking Cares Foundation’s mission to improve the safety, security and sustainability of the trucking industry and contribute to the future growth of the industry through education and training.”

To learn more about becoming a professional driver, visit the ATA at www.trucking.org.

For the everyday consumer, getting a grasp on finances can be stressful or even seemingly impossible.

It could take years of balancing a budget and living paycheck-to-paycheck - a crash course of sorts - to full understand the ins-and-outs of personal finance allowing someone to position him or herself for a better financial future.

Unfortunately for some, irresponsible management of finances, such as taking on too much debt or not saving enough, could lead to irreversible damage.

In our latest survey of 1,000 senior citizens, LendEDU sought to uncover how older Americans are faring financially and if they made the right decisions throughout life to live comfortably in their later years.

Are today’s senior citizens sufficiently prepared for retirement or have past financial mistakes impeded their progress? What did older Americans wish they knew about managing finances when they were younger?

Here were a few key takeaways from the study:

• 55% of senior citizens said they have not saved enough for retirement, 18% were not sure if they had enough saved, and 27% felt as if they did

• 21% of older Americans, the plurality, indicated that their biggest financial regret from their twenties was not saving enough for retirement

• 69% of respondents stated that Social Security benefits are a critical part of their financial strategy while 47% said the same regarding life insurance ​

​

More Than Half of Senior Citizens Underprepared for Retirement, Most Wish They Started Saving Sooner!

To gather the data for LendEDU’s story, we surveyed 1,000 Americans, all of whom were at least 65 years of age.

One of the first questions we asked the respondent pool was the following: “What is the biggest financial regret you have from your twenties?”
​

The plurality of answers, 28.68 percent, pertained to learning how to live within one’s means, while 25.95 percent of answers were: “I know how to budget.”

Dr. John Story, a 60-year-old college professor at the University of St. Thomas, Houston, summed up this question quite well and further reinforced the importance of getting a jump start on retirement.

“I wish I had known the true cost of debt, and the flipside, the real value of long-term saving.”

With a Lack of Retirement Funds, Many Seniors Relying on Social Security and Life Insurance

As one gets older, there are two components that are thought to be key to achieving a sustained financial comfort. One is life insurance, a product, while the other is Social Security, a benefit.

Life insurance and Social Security benefits become all the more crucial for senior citizens when they have not saved enough for retirement, which is the case for over half of our respondents.

Not surprisingly, many poll participants indicated that they are relying heavily on both things to live their later years comfortably due to a lack of sufficient retirement savings.

​

In comparison to life insurance, older Americans were more likely to list Social Security benefits as important to their financial strategy. A majority, 69.1 percent, stated that Social Security benefits are a critical component, while 18.7 percent said the opposite, and 12.2 percent were still undecided.

Whereas life insurance must be purchased, Social Security is a benefit that can be qualified for by being of age and by working for a certain number of years (usually 10).
Life insurance is purchased by many senior citizens because it can solidify the financial security of loved ones should the buyer pass away.

While a majority was not achieved, 46.9 percent of senior citizens indicated that life insurance was an important part of their financial strategy. 34.1 percent said that the insurance product does not hold much weight for their financial plan, while 19 percent were unsure.

Considering many of LendEDU’s respondents are not sufficiently prepared for retirement, having life insurance or access to Social Security benefits could become quite pivotal for living comfortably in their later years.

​

1. What do you know about personal finance today that you didn't know when you were 25? (Select all that apply)
a. 25.95% of answers were "I know how to budget"
b. 28.68% of answers were "I know how to live within my means"
c. 15.68% of answers were "I know how to save for retirement"
d. 8.57% of answers were "I know how to invest in the stock market"
e. 14.65% of answers were "I understand how consumer credit works"
f. 6.48% of answers were "None of the above"

2. What is the biggest financial regret you have from your twenties?
a. 21.4% of respondents answered "I didn't save enough for retirement"
b. 17% of respondents answered "I spent too much money on nonessential things"
c. 12.3% of respondents answered "I didn't invest my money"
d. 5.5% of respondents answered "I made poor investment decisions"
e. 2.8% of respondents answered "I didn't save enough for my child's education"
f. 10% of respondents answered "I got myself into too much debt"
​g. 5.1% of respondents answered "Took a job where I made more money but did not enjoy it"
h. 5.8% of respondents answered "Took a job where I made less money but enjoyed it"
i. 20.1% of respondents answered "None of the above"​

3. Is life insurance a critical component of your financial strategy? ​
​a. 46.9% of respondents answered "Yes"
b. 34.1% of respondents answered "No"
c. 19% of respondents answered "Unsure"​

4. As of today, do you believe that you have saved enough money for retirement?
a. 26.6% of respondents answered "Yes"
b. 54.6% of respondents answered "No"
c. 18.8% o​f respondents answered "Unsure"
​
5. Are Social Security benefits a critical component of your financial strategy?​
a. 25.8% of respondents answered "Yes"
b. 29.7% of respondents answered "No"
c. 44.5% of respondents answered "Unsure"

​

(BPT) - As Americans work hard to meet all the obligations that come with work, family and everyday life, many are challenged to find time to manage all the financial elements affecting their health care.

The details associated with health care insurance can be confusing. At the same time, you want to make smart decisions about the quality health care you and your family need.

Out-of-pocket health care spending rose by more than 50 percent between 2010 and 2017, The Atlantic recently reported, partly because half of all health insurance policyholders in the U.S. are dealing with annual deductibles of at least $1,000.

Whether you're uninsured or simply facing a high insurance deductible, you can take several steps to better manage your health care budget. Consider how the following money-saving tips can help control the rising costs of health care.
​
* Read bills with a critical eye. Any bill can include administrative errors, and some estimates have indicated errors on as many as 80 percent of medical invoices issued, reports the Medical Billing Advocates of America. That statistic makes it well worth your while to examine and question your expenses before you pay.

* Lower the cost of your meds. The free Inside Rx prescription savings card provides discounts on prescription medications for eligible patients. According to the data, eligible patients have saved an average of 40 percent on the more than 100 featured brand medications included in the program, and even more on generic medications. Inside Rx is an option to help the uninsured, those facing high deductibles or anyone trying to save money on their meds. Inside Rx even offers prescription savings for pets for qualifying medications. The card is free and easy to download, with no registration process.
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* Compare costs whenever possible. Some medical services can be difficult to compare on an apples-to-apples basis, but it’s worth doing your homework before making appointments for more standard services such as annual check-ups, lab work and testing, dental care or dermatology services. Check vendor websites, make phone calls and conduct web searches to find online databases, such as HealthcareBluebook.com, that suggest fair prices for services. If you're insured, your insurance provider can clarify what portion of the bill will be covered.

* Be bold about negotiations. It's OK to speak up. You have nothing to lose by politely asking your health care provider to work with you on the price of an upcoming service, especially when dealing with a private practice. Start the conversation by aiming for the Medicare rate or an amount close to that paid by commercial insurers. As an alternative, ask the office administrator to set up a manageable payment plan.

* Consider paying cash up front. Some vendors offer discounts for simply paying cash for your services without funneling everything through insurance. Even if you're insured, you can still evaluate whether immediate cash payments would be lower than your post-insurance costs.

Keeping a close eye on where you might be wasting money on health care can pay off in a big way — and the remedies don’t have to be complicated. Conduct your due diligence on such costs to protect your financial health as vigorously as your physical health.
​

(BPT) - As our nation seeks solutions to help improve the health care system, there is at least one goal we can all agree on: the importance of making health care quality and cost information more accessible to all Americans.

This is an important effort that has the potential to help improve health outcomes and make care more affordable — laudable goals considering the nation’s health care system ranks among the least efficient in the world, according to a recent Bloomberg analysis.

More widespread use of health quality and cost resources may be part of the solution. Providing health care prices to consumers, health care professionals and other stakeholders could reduce U.S. health care spending by more than $100 billion during the next decade, according to a 2014 report by the Gary and Mary West Health Policy Center.

That is in part because there are significant price variations for health care services and procedures at hospitals and doctors’ offices nationwide, yet a study by Families U.S.A. concluded that higher-priced care providers do not necessarily deliver higher-quality care or better health outcomes.

Fortunately, there are many new online and mobile resources that help enable people to access health care quality and cost information, helping them to comparison shop for health care as they would with other consumer products and services. And people are starting to take action: nearly one third of Americans have used the internet or mobile apps during the last year to comparison shop for health care, up from 14 percent in 2012, according to a recent UnitedHealthcare survey.

These resources are far more accurate and useful than those of past generations, and in some cases provide people with estimates based on actual contracted rates with physicians and hospitals, including likely out-of-pocket costs based on their current health plan benefits. Some resources also include quality information about specific physicians, as determined by independent standards.

There are many resources people can consider when shopping for health care. In addition to online and mobile resources, people can call their health plan to discuss quality and cost transparency information, as well as talk with their health care professional about alternative treatment settings, including urgent care and telehealth options. Public websites, such as www.uhc.com/transparency and www.guroo.com, also can help enable access to market-average prices for hundreds of medical services in cities nationwide.

These resources can help people save money and select health care professionals based on objective information. A UnitedHealthcare analysis showed that people who use online or mobile transparency resources are more likely to select health care providers rated on quality and cost-efficiency across all specialties, including for primary care (7 percent more likely) and orthopedics (9 percent more likely). In addition, the analysis found that people who use the transparency resources before receiving health care services pay 36 percent less than non-users.

As people take greater responsibility for their health care decisions and the cost of medical treatments, transparency resources are becoming important tools to help consumers access quality care and avoid surprise medical bills.

(BPT) - More than any other demographic group, African-Americans perceive homeownership as an integral component of the American Dream, and a way to build security and wealth for their families, according to a recent survey.

The poll by Ipsos Public Affairs, conducted on behalf of Wells Fargo, found that 90 percent of African-Americans said homeownership would be a dream come true, and more than half were considering buying a home within the next two years.

However, African-Americans currently have the lowest rate of homeownership among ethnic minorities - just 42 percent, or 20 points short of the national rate, according to U.S. Census Bureau data. African-Americans are expected to represent the third largest segment among new households (renters and owners) in the U.S. by 2024.

"Americans of every demographic aspire to homeownership, but this survey indicates African-Americans place high value on the emotional and financial benefits of owning a home," says Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo. "Unfortunately, myths about down payments and credit often deter people from inquiring about loan options."

Barriers, real and imagined

Like many Americans, African-Americans want to own homes, but are often challenged by factual and perceived barriers. Real barriers include tight credit markets, lack of affordable inventory in many areas and underemployment or unemployment.

Perceived barriers are directly related to a lack of experience with the homebuying process. For example, in the Wells Fargo survey, nearly half of African-Americans believed a 20 percent down payment is necessary to buy a home. However, many home loans permit down payments of less than 20 percent. Some are as low as 3 percent.

Mortgage approval is not contingent on full-time employment, either. Homebuyers need only be able to demonstrate their ability to repay their mortgage loan, regardless of whether their income comes from a full-time or part-time job. However, 54 percent of African-Americans believed homebuyers must have full-time jobs in order to qualify for a mortgage. In some loan programs, income from others who will live in the home, such as family members or renters, can also be considered.

The survey also highlighted the possibility that some credit education could help aspiring African-American homebuyers. Eighteen percent weren't sure what constitutes a good credit score, 35 percent didn't know what minimum score they would need to qualify for a mortgage, and 20 percent didn't know their own credit score range. While lenders do consider credit scores in making mortgage decisions, credit scores are only one factor, and minimum credit scores vary based on the type of mortgage and loan amount. Homebuyer education and credit counseling could provide key information about the elements of a good credit score or how to develop a good credit profile.

Improving African-American homeownership

"Just 5 percent of homeowners are African-American, according to the National Association of Realtors," Blackwell says. "African-Americans and other minority groups should have equal access to the wealth- and stability-building benefits of homeownership. In an effort to positively impact the homeownership rate among African-Americans, Wells Fargo has committed to providing education, counseling, a more diverse sales team, and mortgages to African-Americans."

Wells Fargo recently announced plans to lend a projected $60 billion to qualified African-American consumers with the goal of increasing the number of African-American homeowners by at least 250,000 by 2027. They'll also hire more African-American mortgage consultants in an effort to make their mortgage workforce more closely aligned with the populations they serve. Finally, Wells Fargo will provide $15 million to support educational initiatives and counseling for African-American homebuyers.

Meanwhile, if you want to purchase a home, you can maximize your chances of getting approved for a mortgage with several important steps, including:
* Monitor your credit - Your credit report and score can affect your ability to qualify for a mortgage, how much you can borrow, and the interest rate and terms you'll be offered. Review your credit report and score at least once a year. You can get an annual free credit report from all three national credit bureaus at www.annualcreditreport.com.
* Control other debt - Debt-to-income (DTI) ratio is an important factor lenders consider in mortgage applications. This ratio compares your total monthly debt to your monthly income. Keep your DTI below 36 percent by paying down credit cards, auto loans and student debt.
* Save - Even though you don't always need 20 percent down in order to qualify for a mortgage, having savings can still positively affect the mortgage process. Some financing programs allow qualified homebuyers to secure a mortgage with as little as 3 percent. Or, you may qualify for programs that benefit veterans if you've served in the military.
* Be able to prove income - Although you don't need a high income to qualify for a mortgage, you will need to be able to document your income with W2s, tax returns and other paperwork.
* Build up an emergency fund - Unexpected expenses are a reality of homeownership. An emergency fund can help you cover costs such as repairing a leaky roof or replacing a broken-down appliance. Lenders are also likely to view you as more financially responsible if you have six months' worth of expenses saved up.

To learn more about homebuying and to find a mortgage professional near you, visit www.wellsfargo.com.

(BPT) - Come tax time, many people work to locate tax breaks. While this is always a smart financial move, a little-known way to help build your net worth is to keep taxes top of mind throughout the entire year.

Reducing taxes means you keep more of what you earn, according to Nick Holeman, a financial planning expert at Betterment.com.

"You can't control the stock market, but you can control some of your taxes," Holeman said. "Knowing how your investments affect your tax bill can help you save money not just on April 15th, but for years to come."

Check to see whether your long-term investment strategy is running efficiently with these tips from Holeman.

Invest your tax refund: One smart place to invest your tax refund is in an IRA. Normally, investors might divert a portion of the refund into this account as part of a well-rounded investment strategy and claim the deductions for next year's tax time. Invest your refund, and you may get a portion of that back in tax savings. Stay in the habit of investing that refund if you can and watch those small returns add up over time.

Think several moves ahead: Investing is complex and from time to time you will have to sell some of your investments; everybody does. It might be to rebalance your portfolio or maybe your goals have changed and your investments no longer match their intended purpose.

Still, smart investors need to think ahead before blindly selling parts of their portfolio. This is because selling could potentially lead to taxes. By carefully choosing which investments to sell, you can help minimize that hefty tax consequence.

One way to do this is to partner with an investment company that has the tools to make this information easy to access and understand. Betterment.com, for example, offers Tax Impact Preview, which lets investors see estimated potential tax on a sale before making the trade. If you don't think the pros outweigh the cons, don't do it.

Reorganize your investments: Another way to potentially leverage even small tax advantages into long-term growth is to build your portfolio like an energy-efficient engine, built to run for more miles with less need to refuel. You can help accomplish this by reorganizing your portfolio. Move inefficient investments like international stocks and other assets that are taxed more often into a tax-deferred account, such as an IRA or a Roth IRA. That way, you can enjoy the high growth for less tax. Then, move less-taxed assets, such as municipal bonds, into taxable accounts.

Benefit from losses: Help keep your portfolio in balance by selling off the laggards and replacing them with a similar investment. You can receive a tax deduction from your losses that can help cancel out the taxes you owe on assets that have gains. This is done automatically for investors at many automated services through a strategy called tax loss harvesting. Smart investors should always remember that investments involve risk and may result in loss.

Give to a worthy cause: While it's important to secure your future, many investors see community support as an important goal. Consider donating a to a nonprofit organization in your community. Not only are you helping to improve the quality of life in your locale, you can potentially claim a deduction from your income tax. It can pay to do the right thing.