Compound Interest Rates

02/24/2022

Compound interest accelerates the growth of savings and investments over time. The definition of compound interest is – the interest earned on an investment or savings account is reinvested into that same account, earning even more interest.

5 Tips on Preparing for Retirement

02/21/2022

Many of us don’t put enough money away for retirement. Statistics show that most Americans aren’t saving enough and will have to work long after age 65 to make ends meet or reduce their lifestyles significantly to get by in the later years. For that reason, we are always encouraging people to save more.

Retirement Planning

02/18/2022

Making sure that you are able to retire when you want and within the lifestyle you desire takes planning. Whether you are saving for retirement, getting ready to retire, or managing money in retirement, we can help.

Life Insurance

02/17/2022

Life insurance is a contract made with an insurance company that provides a lump-sum payment upon the insured’s death in exchange for premium payments. The payment will be made to the insured’s beneficiaries. It can be an essential safety net for anyone who depends on you financially. Even if you have a policy through your employer, it is still a good idea to consider your own life insurance policy.

Decreasing Debt

02/15/2022

A survey done recently by “Select,” a subsidiary of CNBC, found that “nearly half of 18-to-34-year-olds feel like they are drowning in debt.” In this age group, debt is usually from student loans, car loans, credit cards, and mortgages.

There’s Never Been a Worse Time to Buy a Home

02/14/2022

Purchasing a home has traditionally been considered an intelligent financial move. It works as a forced saving account for many people since the principal is paid down with monthly payments. Historically, housing prices rise 2-3% per year, considered a good investment. If you put 20% down as a down payment, that 2-3% becomes 10-15% per year on your initial investment. Taking on debt for a home has traditionally been considered “good debt.”

Building an Excellent Credit Score

02/11/2022

Having an excellent credit score can empower you in many ways. As long as you use your good credit responsibly and don’t take on high-interest debt, having a good credit score is critical to a healthy financial portfolio.

Leveraging an Automatic Savings Account to Reach Your Financial Goals

02/10/2022

An automatic savings account is a type of savings system that allows the account contributor to deposit a set amount of money into a savings account at pre-determined intervals. Most commonly, this would be in conjunction with the contributor’s regular pay schedule. It allows an individual to automatically transfer a fixed amount into a savings account, usually on the same cadence they receive their paycheck.

New and Used Car Prices. Why Are They Up so Much?

02/09/2022

According to a recent article, in November 2021, used car prices jumped up 44% compared to a year earlier. In December 2021, J.D. Power estimated that the average used car price hit $30,000 compared to about $23,000 the previous year. Amazing. The cost of new cars is also soaring, averaging $46,000.