Money Management
Money Management
Buy low and sell high
Now seems like a perfect time to recite the advice my dad gave me when it came to the stock market: “Buy low and sell high”. I suppose this applies to everything you consider an investment including baseball cards, art and real estate. But like most of you, currently anyway, it applies to our investments in the stock market including our IRAs, 401(k)s and 403(b)s.
Got my tax refund, but is that a good thing?
I’m feeling super proud of myself for getting my taxes done early this year. We also got a nice refund this year. But is that a good thing?
There are two schools of thought on this subject that we’ll explore.
Travel back in time with an IRA
Ever thought about how cool time travel would be? You could go back and right wrongs and take care of all the things you should have done. Well, as we all know, time travel does not exist, but you can travel back at least one year with an Individual Retirement Account. You have until April 15th to do something you told yourself you would do last year — open and/or contribute to an IRA.
Are you under insured?
The credit union gave away umbrellas at the annual meeting to members who attended. Every time I see an umbrella it reminds me of when my mother asked if I had an umbrella policy because we had been in an at fault accident. I did not and found out the hard way that I was underinsured when it came to my auto insurance.
How do you eat an elephant?
One bite at a time. If the elephant in the room is saving money, the same answer applies. Start small and keep at it.
Saving Money is Hard without Something to Save For
Early in our marriage and careers, money was tight, and the idea of saving money seemed impossible. Through trial and error, we found out it wasn’t impossible. Here are a few of the lessons we learned, including the most important.
Teaching Your Teen How To Budget
Putting the words teen and budget in the same sentence is enough to incite fear in many parents. Teaching teens about money is often difficult, but it doesn’t have to be. The trick is to start with the basics and take it one step at a time. Teens must first understand the difference between pre- and post-tax money before they can fully grasp the concept of a budget. They also should comprehend fully the importance of saving.
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How to Read Your Credit Report
Your credit report is a snapshot of your financial health. It gives lenders a general idea of how you handle debt and cash flow. Just about everything related to your financial life is a part of your credit report. Lenders use this information to determine whether they will extend credit to you and how much that credit will cost.
Should I file my own taxes?
Since everyone is in a different financial situation, it can be difficult to know if filing your own taxes is a good idea. To further complicate matters, individual finances change with the tax laws. What worked last year may not be the best option for your current situation.
Saving For College
If you have children, it is important to save for their college education. While it is likely they may qualify for some type of financial aid, not everyone does, and tuition can be cost-prohibitive. The key to saving for college is to start early and invest wisely, earning interest whenever possible.
Getting Your Finances In Shape
Financial health is important. Unfortunately, it is something that people tend to put off. Financial decisions directly impact your future and have a profound effect on your lifestyle. This is why it is critical to plan for expenses and save for the future.
Helping Your Child Apply For Scholarships
Helping your child apply for scholarships begins with becoming an informed parent. There are numerous resources available to students looking to continue their academic pursuits into college, and these may be difficult to navigate as a busy high school student. Your child will need your help to find the best opportunities available to them.
Rolling Over Your Old 403b
If you are an educator, changing jobs means you must decide what to do with the money in your 403b retirement account. Leaving the money in an old 403b may not be the best option since it is not growing and there will be no new contributions. Withdrawing the money makes it taxable income and Uncle Sam wants his fair share.
What Type of Term Share is Best for You
Looking for a way to get better interest rates than a money market account, but don’t want the risk of investing in stocks? A term share or certificate of deposit (CD) may be just what you need. It’s a low-risk way to build your savings.
The Psychology of Saving
According to a recent survey by Bankrate, 19% of Americans have no savings at all, and 21% save less than 5% of their income. Savings guru, Dave Ramsey, says that you should save at least 15% of your paycheck for retirement alone (that doesn’t include emergency or travel savings either). So how do we fix this? How do we make saving money a priority?
Lessons of a First Paycheck
My daughter turned 15 recently and decided that this Summer she would get a job as a lifeguard to earn money for a new phone. I must say, that made me a super proud dad. Not just the initiative to get hired, but setting a savings goal is something we talk about often. It’s nice to know she’s listening.
Teaching Your Child About Money
By helping your children form good savings behaviors at a young age, habits will form that will last them a lifetime. Knowing how to save wisely is just as (if not more) important than tying their shoes or riding a bike. This is a skill set that if learned early, can help them tremendously in their adult life.
The Science of Saving
Saving your money isn’t always easy, especially when you don’t have a lot to spare. After paying all your usual expenses, there may be very little “fun” money at the end of the month. When we do find ourselves with some extra cash, like a tax refund, many of us rush out to buy those shoes or that electronic gadget we’ve been eyeing for months instead of putting it into our savings.
Prepare Your High School Senior for their Financial Life
Congratulations, you’ve helped your high school senior successfully navigate almost 12 years of school. Once they graduate, they will begin a new chapter in their lives as young adults and either continue with school or enter the workforce. Either way, you can help them make sure they are well prepared financially.
Sandy Savers 2.0: Start Young for a Lifetime of Good Habits
Every parent’s dream is for his or her child to grow up healthy and successful. Being successful doesn’t happen over night, it takes years and years of practice and instilling the correct behavior, whether that be saving habits, morals, work ethic, etc. Starting these habits at a young age can help your child in the future.
Next Year’s Christmas
I know what you’re thinking. We haven’t even finished this year’s Christmas and this guy wants me to start thinking about next year’s Christmas. If you are feeling anxious about this year’s Christmas and the financial impact it will have on your family and budget then yes, I want you start thinking about next year’s Christmas so that you can reduce next year’s stress level.
Preparing to Enjoy the Holidays
The most wonderful time of the year will be here before you know it, and the big question is will you be ready? The good news is that GCEFCU has some ways to help you plan so you can actually enjoy the holidays.
What Should You Do When You Experience A Financial Hardship?
The most important thing to do is communicate. Have you ever ignored a call about a past due bill? Don’t wait for creditors to call. Be proactive and take the time to contact your creditors and explain your situation. If your creditor is knowledgeable of what is going on they are prepared better to help you. Take the time to contact all of your payees in the beginning so there are more options available to assist you.
The Lost Art of Balancing a Checkbook
Technology now a days is so advanced compared to how it was decades ago. With mobile apps on our phones we are so used to having easy access to our checking and savings account that we feel that there is no need to balance our checkbooks anymore.
Is A Health Savings Account Right For You?
Since my wife works in a local school district that offers TRS ActiveCare to employees, this is a question I actually had to ask. Her immediate reaction to the three choices of plans was to focus on options one and two.
Don’t Get Schooled by Education Expenses
Looking for a tax-advantaged college savings plan that has no age restrictions and no income phaseout limits — and one you can use to pay for more than just tuition? Consider the 529 college savings plan, an increasingly popular way to save for higher-education expenses, which have more than tripled over the past two decades — with annual costs (for tuition and fees, and room and board) of more than $45,000 per year for the average private four-year college.
Should you purchase travel insurance?
You’ve booked that vacation you’ve been dreaming about for years, and then you are asked if you want to purchase travel insurance. My standard answer used to be “no thanks,” but then my life circumstances changed, and I gave the topic more thought.
Credit & Borrowing
Credit & Borrowing
Credit Scores & Reports
Your credit score is important. A good score can save you money on loans and insurance. For example, let’s say your score is 700 and your mortgage rate is 4% APR for 30 years on $150,000 loan. The total interest you would pay would be $107,804. Now consider you had a score of 600 and your rate was 6% APR on the same loan. You would end up paying $173,757 in interest. That’s a difference of about $66,000.
Welcome to adulthood & so many credit card offers
High school graduation season is coming up and it marks the beginning of adulthood for many young people.It also means an onslaught of credit card offers that will be so tempting. I knew nothing about credit cards and took up one of the very generous offers sent to me and before I knew it, I owed money I didn’t have.
Buying A House On A Teacher’s Salary
Buying a house is perhaps one of the best investments you can make, but it does take some preparation. A good credit score and an appropriate down payment make the process easier and more affordable. It is important to plan accordingly for your big purchase by improving your credit score and saving for a down payment.
What Goes Into A Credit Score
Your credit score is an important number. Do you know yours? It is a number that ranges from 350 to 850. The higher your number, the better rates you’ll receive on loans, and vice versa. Why is this number so important? Let’s do the math. Click the link below to watch the video.
Paying For Your Child’s College
College is expensive – Everyone can agree on that. As true as it may be, your child’s education is an investment. It has been proven time and time again that the higher your education, the more money you will likely earn in the future. If you intend to help your child pay for their education, it is never too early to start planning, as this investment is a big one.
The State of the Auto Industry, And What It Means For You
The past 7 years have included record breaking sales for the auto industry, but that isn’t the case now. For the first half of 2017, all of the big name carmakers have struggled to move vehicles off the lot. Sales for General Motors, Ford, and Fiat Chrysler have all declined.
When Is The Best Time To Buy A Car?
Most research shows that when you buy a car in the winter, you have a better chance to receive discounts or get other “extras” included in your deal. However, if you can’t wait until winter to buy a new car, here are some options to think about.
The Pros & Cons of Transferring Credit Card Balances
Like most people, you’re probably bombarded with credit card offers – some with a 0 percent annual percentage rate. If you’ve looked at a few 0 percent offers, you may be wondering if it’s a good idea to transfer your existing credit card balances to a lower rate card. Here are some of the pros and cons of any balance transfer.
There Ought to be a Law: Payday Loans
One of my team members brought me a super convenient new way to get into trouble with payday type lending. In the mail, she received a check for $800 with a letter attached with pictures of Santa Claus and other Christmas designs. Let’s face it, the Christmas season can be hard on the wallet and many of us could use some extra money to provide a merry Christmas for our families.
Debt Consolidation & Net Worth
In my experience as a loan officer for the credit union, one of the most frequent requests was for a debt consolidation loan. Several times a week, I would have a member come to me and explain: “Jason, I can’t seem to catch up. I have too many scattered payments to credit card companies at high interest rates. I can hardly keep up, and I feel like I am getting nowhere. Is there anything the credit union can do to help me?”
Fraud & Protection
Fraud & Protection
Fraud is not Immune to a Virus
With the COVID-19 virus causing hours to be cut and others to lose jobs entirely, we expect to see a rise in work from home scams. Learn more about how this scam works so you can help prevent it.
If it sounds too good to be true…
Recently, we’ve received a lot of calls and emails about receiving one of our cashier’s checks for payment of a new online job, for a purchase of an item being sold online, or __________________ (fill in the blank with other reason). These calls and emails are coming from all over the country. The problem is the checks are counterfeits and depositing one of these will result in the person who deposited it being responsible for the funds.
The Importance of Naming Beneficiaries
Naming beneficiaries on your accounts can save your loved ones a tremendous amount of time and money if anything were to ever happen to you. Luckily at GCEFCU, you can add beneficiaries to your account by filling out a quick online form.
12 Identity Protection Tips for the Holidays
As consumers step up their online shopping leading up to the holidays, it’s a prime time of the year for identity theft. While you are busy snagging hot deals on Black Friday and Cyber Monday, thieves are phishing for your information. Don’t let an identity thief take the jingle out of your holiday. Follow these 12 tips to keep your financial information secure during the holiday season.
Top scams that identity thieves use against senior citizens
Around the world, seniors are victimized by cybercrime and identity scams at higher rates than most other age groups. Each year, financial fraud and scams affect approximately 1 out of every 18 older adults. As the Baby Boomer generation enters their retirement years, it’s important to warn seniors about the risk of identity theft and help them stay on guard against fraudulent scams.
Social Security Scam
A new scam is on the rise. Recently, several of our members have received phone calls from someone claiming to be from the Social Security Office. They claim that someone rented a vehicle in the member’s name, and then returned the vehicle with illegal items still in it.
Telemarketers Prey on Seniors
My mother called me recently to tell me that she had signed up for an extended vehicle protection plan that she thought was only $200. A sales agent had called her and she agreed over the phone and gave her credit card information. She has since come to find out that the plan was $200 a month until it was paid off, totaling about $3,000. This is a common issue we hear about with our senior members and unfortunately sales people prey on the trusting nature of seniors.
Are You Prepared for a Natural Disaster?
With the anniversary of Hurricane Harvey, we are reminded with just how devastating natural disasters can be. One year later, our community is still recovering from the impact that Harvey had. One bad storm does not exempt us from future catastrophes, so it is important to prepare in case disaster strikes again.
Data Breaches: What You Need To Know
With so many merchant data breaches in the news, we want you to know that Gulf Coast Educators Federal Credit Union is ready to help if your personal or financial data is ever compromised. We take service to our members seriously and will do everything we can to ensure that action is taken – quickly – to help you avoid becoming a victim of identity or account theft.
Skimmers & PIN Based Fraud
With technology playing a big role in fraud, it is the credit union’s duty to try to combat fraud to the best of our ability. With Fraud Prevention, Breach Alerts, and EMV Chip Cards, specific types of fraud trends have decreased. However, technology is ever evolving and thieves are continuously finding ways around the security measures that financial institutions and merchants have put in place.
IRS Tax Scams
Taxes, everyone has to pay them…and this time of year is when we are all getting our W2’s and other tax documents in order and ready to file. Everyone has until April 17th to file and then we wait for our returns. It can be a stressful time for some, and unfortunately criminals are taking advantage of that.
Skimmers: What They Are & How to Spot Them
A skimmer is a device that is placed over a card reader, that scans your card information as it passes through. Thieves use these devices to steal your debit or credit card numbers, and make purchases with them at a later date. They are often placed on gas station fuel pumps, and are not easily detected.
12 Identity Theft Protection Hacks
As consumers step up their online shopping leading up to the holidays, it’s a prime time of the year for identity theft. While you are busy snagging hot deals on Black Friday and Cyber Monday, thieves are phishing for your information.
Safe Online Shopping
Nowadays, more and more people prefer to do their shopping online. You can find many great deals, often with low-cost or free shipping. Having an easy-to-access marketplace that’s open 24/7/365 where any product is at your fingertips is great, but it’s important to be cautious when shopping online. The tips below can help ensure your purchases are secure.
Home Repair Scams
With the recent devastation our area has seen from Hurricane Harvey, we have received many notices already from members being scammed by home repair companies. These remodeling and repair scammers will be out in full force for the next few months, so it is important to take caution.
How to Find the Right Auto Loan Insurance
We all know the value of insuring our home, life and vehicles. But have you ever considered insuring your car loan in case you’re unable to make the payments? Buying a car is the second largest purchase most of us will make in our lifetime, following buying a house.
Cyber Security Awareness
“Why do we have to have all those security questions and passwords on our accounts?” A question we get asked all the time. “It’s so time consuming and we have so many passwords to remember.” Yes, we know. “What’s the big deal?”
Financial News
Financial News
2020 Changes to Inherited IRA Rules
Washington was busy this holiday season. As many of us were looking forward to some well-earned time off, new legislation was passed, and it affects some of the old rules for traditional Individual Retirement Accounts. These changes went into effect on January 1, 2020.
ACH Payments Posting Faster
Beginning September 15, 2017, merchants can choose to process a check you write or electronic payment you initiate on the same day that you make it.
Tax Refunds & Credit Union Accounts
It’s tax time and the credit union is receiving income tax refunds via direct deposit and still a few paper checks. Here are few things to remember about tax refunds and direct deposit.
Interactive Teller Machines: ITMs
If you have visited one of the branches recently, you may have noticed some new machines in the lobby and are wondering what they are. Earlier in August we installed our new Interactive Teller Machines (ITM). As you might have seen, they look a lot like an ATM, except you will be helped by one of our tellers.
Preparation for International Travel
It’s summer, which means for a large majority of our member base that it is time for a well-deserved vacation. With our close proximity to one of the busiest ports in the US, it is convenient to hop on a cruise ship and visit Puerto Rico, Mexico, the Caribbean, as well as Central and South America. It is also just a few hours on a plane to visit exciting places such as Europe, Asia, or Africa.
Educator Resources
Educator Resources
Best Teaching Apps for the Classroom
Smartphones and tablets are no longer considered taboo in the classroom. In fact, teaching apps can be effective tools for streamlining monotonous classroom tasks and helping to immerse youngsters in the learning environment. Teaching apps also help bridge the gap between classroom and home – and between parents and teachers – and are a great way to extend the classroom and make learning fun. The apps can help with everything from expanding the classroom to organization and lesson enhancement if you know which ones to use.
Teaching Financial Literacy: All Grade Levels
Financial literacy is important, and it should be integrated into modern education for all children. Students of today shoulder a lot of burden. Sending them out into the world without a financial education is an injustice that results in a lifetime of hardship. While it can be difficult to teach children and young adults about money, there are some creative lessons available that can make the job easier and help ensure that they are prepared for their future.
What to Consider When Contemplating Changing Jobs
Finding that you are unfulfilled or not making enough money to support your lifestyle is depressing. It can also be the biggest motivating factor for changing school districts. However, changing jobs is a big move that shouldn’t be done in the spur of the moment. It will affect many aspects of your life in either a positive or negative fashion. Knowing what to consider when contemplating changing jobs by switching districts can help you avoid the major pitfalls of a bad career move. Here are some things to think about if you believe another school district may be right for you.
Retiring Comfortably on a Teacher’s Salary
Retirement is a time that many people look forward to. However, preparing for retirement does present some challenges. People are living longer, and Social Security benefits are not an option for some teachers. Believe it or not, it is possible to retire comfortably on a teacher’s salary even without social security. The right financial plan and practical financial habits will allow you to live out your golden years securely while still enjoying all the activities and hobbies you crave.
Continuing Education for Teachers
Many teachers have a love for education, so it isn’t surprising that more than half of public school teachers continue their education beyond a bachelors degree. For most it isn’t about whether or not they should continue their education, but more so about how to pay for it. Going back to school requires a big investment, both with your time and your wallet. Before you make the commitment, you should consider these things.
Buying A House On A Teacher’s Salary
Buying a house is perhaps one of the best investments you can make, but it does take some preparation. A good credit score and an appropriate down payment make the process easier and more affordable. It is important to plan accordingly for your big purchase by improving your credit score and saving for a down payment.
From Teacher to Millionaire in 3 Easy Steps
Becoming a millionaire can be more than just a pipedream, even on a teacher’s salary. Some people do have the good fortune to win the lottery; but for most, those chances are slim. If you want to be a millionaire, it really boils down to two things: commitment and strategy.
Financial Literacy Games
Learning about money can be fun, especially when you are learning by playing a game! Explore some of the free financial literacy games we have found to teach your students how to save, such as Financial Football, Financial Soccer, Money Metropolis, and Peter Pig’s Money Counter.
First-Year Teacher Advice
Teaching is hard. Being responsible for shaping the young minds of our future generations is a daunting task. And when it’s your first year, you may be overwhelmed with everything – from lesson plans to seating charts, to that one kid that just won’t listen. So we’ve gathered some advice from experienced teachers who know a thing or two about what is important in a classroom.
Teacher Appreciation Discounts & Freebies
Teachers work hard all year long, so they should feel appreciated all year long, too! Here is a list of all the freebies and discounts different businesses offer teachers all year long.