Thursday, December 10, 2015

Understanding The Basics of Investing


Many of us have heard of people investing money into the world and then using that as a way to get rich. Some of us have probably even considered trying to make money that way ourselves.

Despite the risks, there are several compelling reasons to make investing a part of your overall financial plan. Through investing you can preserve your wealth by overcoming the effects of inflation, help save for long-term goals, and gain an additional source of income. These benefits are even more rewarding if you start at a young age. The stock market, however, is well known for having its set of myths that typically prevent people from making investments. Myths are typically created by individuals who never learned everything there is to know about the stock market and how to make the best investments. Let’s explore some of these.

Myth: By taking a chance on a risky investment and some stroke of luck, you can wake up the next day as a millionaire. You have to risk everything in order to get a worthwhile reward.
Reality: Serious investing requires a lot of time. There is an entire education behind active trading. To invest without any prior research would be similar to taking your chances in the lottery. Becoming educated on the stock market in combination with staying up to date on world factors that affect economy can make investing less about taking a gamble and more about making calculated decisions.

Myth: For every investing success story, there’s an accompanying horror story. Investing is so scary and so unpredictable that it’s simply not worth the risk.
Reality: Risk and losses are both very real outcomes of investing. HOWEVER, after making smart, thoroughly researched investment choices, your next best protection against risk and volatility is the amount of time you have for your investment to mature. The narrower your investment time frame, the more vulnerable you are to sudden and often unpredictable changes in the market. A long term investment has lower risk because there will be time for the stock to recover from market declines.

Myth: Playing it safe means measly returns.
Reality: Time is compound interest’s best friend. Together, they can really put your money to work. Even products with a relatively low expected yield can accumulate a lot of wealth over long periods of time. This is why even playing it safe can still be worth it in the long run.


So are you ready to begin your own success story as an investor? In this month’s “It’s a Money Thing” video, learn the basics of investing by following Jen on another adventure as she seeks advice from a world famous rich guy!

^Alec 

Tuesday, November 10, 2015

SURFS UP ON LOAN BASICS



It’s a good feeling when we know that we are able to pay for everything we have to pay for on our own. However sometimes, when something unexpected comes up or you simply want to spend more money than you have on a certain item, we will naturally want to lean towards taking out a loan. 

Loans are extremely common and can be a huge benefit in someone’s life. However, it is important that before applying for a loan, you fully understand how they work. Not understanding how they work could lead to poor planning for paying it back which can result in a variety of consequences when missing a payment or even defaulting on the loan. 

This month’s “It’s a Money Thing” video is targeted towards teaching you all the basics about taking out a loan. Find out about the different types of loans and how they all work. Surf’s up dudes and dudettes!

^Alec

Wednesday, October 21, 2015

What Is Your Money Persona?


How do you look at money? Money is something that is handled and viewed very differently depending on who you ask. Some people may see money as a source of freedom where others may see money as a source of anxiety. Each person carries a persona in the way that they tackle finances.  In fact, most people carry a combination of personas. It is important to identify which type of persona you are so that the next time you are making financial decisions, you can play into its strengths while avoiding its weaknesses. We have split the most common money beliefs into 4 personas. So which one sounds like you?

Relate to Multiple Personas?
Great! As mentioned before, a majority of people can relate to more than one persona and that is okay. It is normal to relate to any and all of these views about money because money is something extremely important to all of us. Just like anything else in life, however, keeping a healthy balance of habits is key to success! So keep an eye out for the strengths and weaknesses of each persona and you will get more bang for your buck, and more satisfaction in your life.

^Alec

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Wednesday, September 9, 2015

GO PRO WITH YOUR FINANCES



Today, outdoors and motorsport enthusiasts all over the world are gravitating close to compact sports action video cameras such as GoPro Cameras. This is largely due to the fact that they allow you to capture every amazing experience with crystal clear quality from some of the best perspectives that you just can’t get with other methods of recording.

I compete in automotive motorsports and several of the drivers including myself utilize compact action cameras as a crucial tool. Using these cameras we can record and analyze several driving techniques which we can then use to improve our routine when it comes time for competition, and greatly improve our overall performance. Without these cameras to use as a tool, it can be very difficult to manage all the different aspects that go in to setting a fast lap time. There are several other types of tools out there but for most people, including myself, monitoring activity with your own eyes is still the best way to stay ahead of the game and make corrections where necessary.

Similar to racing, when it comes to finances it can be very difficult to keep track of all the aspects that go into maintaining proper money management. However there are tools that assist with finances similar to the way action cameras help out professionals in motorsports. FinanceWorks is an application created by Digital Insight that allows people to manage their finances such as checking, savings, credit cards, and loans all within the Credit Union’s online banking site. With FinanceWorks you can live your life while capturing all of your financial action from the best perspective. Then look at where you can make your corrections and adjust your financial management techniques in order to get the best plan possible and stay ahead of the game. This is one of the reasons that FinanceWorks is provided by Tropical Financial Credit Union as part of the online banking program. We want our members to always have the best perspective of their financial activity so that they have the tools needed to GoPro and conquer life’s toughest financial challenges.

-          ^Alec

                

Wednesday, September 2, 2015

Ready For College and Life on Your Own?



The moving boxes are unpacked and you’ve completed all your college checklists. Being on your own for the first time can be exciting and full of new experiences.  There probably won’t be anyone over your shoulder telling you how to spend your money, so you’ll also want to make sure you’re financially ready.

Here are three ways to be prepared:

1. Create a personal budget
Without your parents there to pick up all the tabs, you’re going to be buying more stuff on your own. It will be important to know how much things cost beforehand, so you don’t overspend. Take some time to figure out the costs beyond tuition and textbooks such as lab fees, gas and food that won’t fall under your school meal plan.

Write out a tentative budget that shows how much you could spend each month. As part of the budget, set aside a little cash for an emergency savings fund. This could help pay for unexpected costs, like parking tickets or laptop repairs.

2. Choose your checking options
After you’ve written a budget, you’ll want to keep track of your money to make sure you’re following your plan. One of the easiest ways to do this is to set up a checking account that offers online banking. In doing so, you can monitor where your money is going seven days a week by reviewing your account on your smartphone or computer.

Consider top checking account perks such as debit cards with purchase rewards, and accounts with no monthly service charges or minimum balance requirements. Financial institutions like TropicalFinancial Credit Union offer products for young adults that have all these features.

When you’re just starting out, it’s easy to slip up and spend more than what’s in your account. Look for institutions with forgiveness programs that discount the first few overdraft fees each year, and don’t charge extended overdrawn balance charges.

3. Weigh the benefits of establishing credit
If you’re responsible with your money and have regular income, now could be a good time to open your first credit card and establish a positive credit history.

Apply for a card that accepts first-time borrowers and offers competitive interest rates. If you manage your account well, it will be reflected on your credit report, which could make it easier to buy a car or home in the future.

Leaving home for college, you need to know how to handle your money. By setting a budget and choosing the right financial accounts, you’ll have the tools you need to do so.

Margarette Burnette, NerdWallet


© Copyright 2015 NerdWallet, Inc. All Rights Reserved

Friday, August 28, 2015

ARE YOUR FINANCES READY FOR THE STORM?


As Tropical Storm Erika inches closer to SE Florida we all are pulling out our storm checklists to make sure that we are ready. I’ve heard on the news that water is already becoming scarce, so hopefully you’ve already stocked up on bottled water along with batteries, propane, and all the other necessities that are the first to disappear off store shelves.

BUT what about your finances? There are three important things to do before the storm hits:
  1. Seal up important documents in zippered plastic bags
  2. Document all your belongings with photos and/or video
  3. Get cash

I’m sure you all know that even if Erika dissipates over the weekend, we are still in line for a heck of a storm and that will mean a LOT of rain along with flooding. Water can cause a lot of damage to a home and can destroy important documents if they aren’t protected. So be sure to stock up on plenty of large plastic bags that have a seal so you can put all those important documents safely inside. Make sure to keep them off the ground as well…just in case.

In addition, make sure to take some time in the next few days to take pictures and/or video of all the belongings in your home, it will help in case you need to file an insurance claim if you can show exactly the items that were damaged or destroyed in a storm. In addition make sure you have protected that policy in one of those plastic bags and have the phone number to your agent printed out and close by…without power you may not be able to access any websites.

Before the weekend gets underway you should also stop by the credit union or an ATM to get a little extra cash. Remember if there are power outages, card machines and ATMs may not be working so it’s important to have a little extra cash just in case.

Regardless of what Erika does over the weekend, she is an important reminder that we always need to be prepared for storms by having a plan and sticking to it. It’s a small price to pay when you live in paradise! Be safe everyone!!


^Amy

Thursday, August 27, 2015

START THE SCHOOL YEAR OFF RIGHT!

This week marks the start of a new school year for students all over Southeast Florida. Looking back I remember always looking forward to the first day of school and wondering if I would like my teachers or make new friends. One thing about me is I'm always looking for ways to stand out from the crowd, and often I did that by finding humor in things and thinking creatively…like turning the required uniform tie, into a bow tie. 

Alec in a bow tie
Yes this is actually me, with my over-sized bow tie

High school can be an exciting place to experiment with your personality and if it is a new school, then it is practically a clean slate where you can recreate yourself however you see fit.

I also always loved learning so I always got excited about what kind of things I was going to learn in each class. Now that I’m out and I can look back I realize there really were no classes on how to take care of my own finances as well as be responsible with my money so that I could structure the lifestyle I wanted once I graduated. If I could go back to high school, I would have looked for ways to get a head start on finances so that I didn’t feel so panicked and out of place after graduation.

As part of the Gen Next Program, Tropical Financial CreditUnion is visiting schools across South Florida for this very reason. We are teaching students about everything from the difference between debit cards and credit cards, to budgeting basics and the difference between leasing and financing a first car. If you would like us to come visit your school, head over to www.tropicalfcu.com/GenNext to submit a request.  



High school is the best time to get a head start on skills you will need for the rest of your life.  The more you learn, the better off you will be in the next stage of life.

^Alec

Monday, July 20, 2015

HEROES ARE ALL AROUND US - HELP US FIND ONE TO HONOR



The 14th Annual Christmas In July event sponsored by the Kiwanis and Broward County Board of County Commissioners took place this past Sunday in Ft. Lauderdale.  This event serves to provide some of Broward County’s homeless children with clothing, school supplies, book bags, books, toiletries, toys and a day of fun and entertainment.  Tropical Financial Credit Union had a team of employees volunteer at the event to help with the distribution.  Employees also collected donations and hosted jeans days at work to collect funds for this great cause. This is the latest example of TFCU employees being Everyday Heroes in the community.  

Tropical Financial employees are everyday heroes at work too.  They are dedicated to helping members achieve their financial goals, whether its buying a home or guidance on how to  repair their credit, helping members is what it’s all about for us! Together we create The League of Financial Goodness!




The truth is, heroes are all around us.  TFCU is looking to recognize ONE  local hero as the official League of Financial Goodness Local Hero  and, we need your help! If you know a local everyday hero, tell us about them by August 21st at www.submitahero.com.  TFCU will be choosing one Local Hero and will be awarding them $2,500! Plus, TFCU will donate an additional $1,000 to the winner’s favorite charity! Click here for the official rules.


Tell us all about your local hero so they can get the “thank you” that every great hero deserves!


^AC

Thursday, June 25, 2015

The Best Way To Spend Your Money: Don't Buy A Thing



Summer is well under way and many young adults have taken the opportunity to seek and obtain a summer job! So what is the best way to spend your money that will allow you to achieve the most amount of satisfaction and happiness? Don’t buy a thing. Not one thing. Literally. 

Scientifically the best way to obtain happiness is by spending money on others, however if you want to spend money on yourself, you are much better off investing in experiences rather than material items or “things”. Traveling and going to large events is an exponentially more effective method for achieving happiness and satisfaction. For example, buying a $2000 luxury coffee table will only be useful as a piece of furniture and the happiness gained from that investment will only last a few days at most. However, going to get a bite to eat with friends will be a unique and enjoyable experience each time. 

According to a 2014 Psychology Today article titled Why Other People Are the Key to Our Happiness, “The interactions we have with other people affect the way we feel about life. Our close relationships keep us grounded and influence both happiness and the sense that we are part of a larger community. Interestingly, even our interactions with people we do not know that well give us a sense that we are part of that larger community. When we are first introduced to that community, those interactions and that feeling of belonging also increase our happiness.” Luckily in South Florida, there are lots of events and attractions happening almost every weekend and when there aren’t, there are several outdoor opportunities that will allow you to make positive memories and create opportunities to build long term happiness and friendships with new people! 

So this summer, don’t buy a thing. Buy experiences! Now get out there and have fun!

^AC

Monday, June 22, 2015

Mortgage Step Five: CLOSING!


The process is finally complete and the day you've been waiting for has finally arrived! Most of the time closings happen at the office of the title company, but be sure you double check the address so you know where to go. Make sure to bring your picture ID and have your arm nice and loose as you'll be signing a lot of documents.

As the day approaches make sure to resist the temptation of opening any new lines of credit or accessing existing ones to buy furniture or put a new car in the new driveway - additional credit may adversely affect the closing. Just before closing takes place your credit will be looked at one last time and if there's additional credit showing up it may hurt your debt-to-income ratio and the whole deal could be cancelled. I've repeated this warning throughout the home buying series because it has happened and I don't want you to lose your house because you bought the living room set too early.

At closing you usually will be joined by your mortgage loan officer and your real estate agent. In addition a representative from the title company will walk you through the closing documents. If you have questions ASK THEM - don't be afraid to speak up,  it's very important that you understand all the documents your signing.

Once all the documents are signed you'll be getting a little housewarming present from your Tropical Financial mortgage loan officer as well as the most important item - the key to your new home! With key in hand it's then time to turn that house into YOUR home.

^Amy

Friday, May 29, 2015

MORTGAGE STEP 4: THE PROCESS



Okay you found the house - CHECK
You were pre-approved for the loan - CHECK
You chose the perfect mortgage to fit your lifestyle - CHECK
Now we move into processing.

The toughest part of getting you into your new home is the processing. This is when all the documents are being verified and it definitely takes the most time. Even though you may not talk to your mortgage rep every day, rest assured the processors are very busy at work. Everyone in the process wants to see you in your new home as soon as possible!

So what can you do during this time? The number one thing you can do is keep the lines of communication open. Often your mortgage rep will need additional documents to verify information from you. Remember that the process is paused until you get what is needed back to the mortgage rep so the quicker you can return needed items, the quicker that closing date can be marked on the calendar.

So what NOT to do during this time? Do NOT open any new lines of credit during this processing period of time. Remember that credit is pulled one last time just before closing and if you've opened a new line of credit (for new furniture or a new car) that can affect your debt-to-income ratio and could prevent the closing from taking place. Feel free to plan out what you want to buy for that new house, but wait until after you close and you have keys in hand before heading to the furniture store to make those big purchases that may require more credit.

Also keep in mind that if you're buying a home that was a foreclosure or part of a short-sale, these transactions take even more time. Trust me, when I moved down to Florida I bought a house that had been foreclosed on and was technically owned by the government so every step had to be verified by a Fannie Mae rep in Washington...yeah they don't always move real swiftly up there.  I thought I had planned it perfectly, but the process took 2 more weeks than expected and I ended up in a hotel for a few weeks until I could get the closing completed. Needless to say I had to pack some extra patience during that time, but I made sure the mortgage processing folks here at Tropical Financial had exactly what they needed as soon as they needed it.

Remember that the end result is you and your family in your new home, and THAT is worth the wait!

^Amy


Friday, May 22, 2015

MEMORIAL DAY, NOT JUST FOR BARBECUE

Memorial Day


On the Friday before a holiday weekend, I wanted to take a quick moment to remind everyone that all branches of Tropical Financial Credit Union will be closed on Monday, May 25th in observance of Memorial Day.

Did you know that Memorial Day is a day that has been around since the Civil War? Originally called "Decoration Day" it was a day to recognize those that gave their lives in battle.  By 1882 the day became widely known as "Memorial Day," and was usually celebrated on the 30th of May.  It wasn't until 1971 that the day moved to the last Monday of May to make the holiday a convenient 3 day weekend. That was also about the time people started planning family getaways, beach days, and barbecues. It was also about the time the real meaning of the holiday began to get lost.

As the daughter of an Army Lt. Colonel and sister to a Naval Captain, military holidays were never lost on me.  Don't get me wrong, I'm looking forward to spending an extra day of the weekend with my family, but at the same time those that gave their lives to defend this nation are never far from my thoughts. So as you gather with friends and loved ones this weekend, raise your glass to those brave men and women, for whom Memorial Day is really all about.

^Amy

Friday, May 15, 2015

MORTGAGE STEP 3: THE TYPE OF MORTGAGE


The next step in getting you into your home is making sure the TYPE of mortgage fits your needs. There's a common assumption that the way to go is the conventional 30 year fixed rate mortgage, but that actually may not make sense unless you're seriously planning on living in that home for 30 years. The average time a family lives in a home is actually LESS than 10 years!

You may be thinking, "I've found the perfect house I'm never gonna move!" But then life happens: families grow (or shrink as the kids move on with their own lives), jobs change, or your dream house becomes stale and boring after a decade. Any of these things can and DO happen so maybe looking at a shorter term loan might be the answer.

There are numerous home loan types available in the market, the trick is finding the best one that fits your life and your budget. For example an ARM (Adjustable Rate Mortgage) may have gotten a lot of bad press a few years ago, but it's actually a very good option for some people. This is where the loan is fixed for a set number of years (5 or 7 are typical) and then adjust each year after that. Where these loans make sense is when you know you'll be moving after a certain period of time. There's also shorter fixed loan terms that allow you to pay off the mortgage quicker, but keep in mind your payments will be higher.

You also will need to know if you're going to escrow the taxes and insurance into the mortgage payment and take that into account as you are putting your budget together. Your best bet is to talk to your Mortgage Loan Officer and review your options so that you have the best fit for YOU and your family!

^Amy

Thursday, April 30, 2015

IT PAYS TO START SAVING NOW



In case you haven’t heard, compound interest is the best.

You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money!

Compound interest = more money for you!—those who can potentially benefit most from it (those in their teens and 20s) don’t seem to be taking advantage of it. Savings contributions and retirement savings participation rates are falling among young adults.

So if we understand that compound interest translates into free money down the road, what could possibly be standing in the way?

As it turns out, it’s not so much a math or finance issue as it is a life issue—if we have trouble identifying our life goals, we’ll also have trouble planning and saving for them.

Acknowledge the big picture
This is a tough one, because a lot happens between your teens and your 30s. You’ll experience a combination of moving out, starting your career, dealing with student loans, getting married, financing a home—all these things have their own set of stresses that make it difficult to see past them. When you’re a new grad and job hunting, it’s hard to imagine yourself retiring in 40 years. If you’re living with your family rent-free, it’s hard to imagine yourself putting down a deposit on a home. If you’re living paycheck to paycheck, it’s hard to imagine having enough to pay off your student loans.

The first step is to acknowledge that you want these things, even if they seem impossible right now. You want to retire comfortably. You want to buy a home. You want to live debt-free. You may even want to travel or go back to school. These goals may seem far away, but they’re definitely there and they’re certainly not going away. Every day that goes by is one day closer to the time when you want to achieve those goals.

The good news is that a little bit of your time and energy now can go a long way later. How about stop by your local TFCU branch to learn about our savings products. When you’re dealing with compound interest, the longer you wait to get started, the less money you’ll earn in the long run.

Don’t let decisions overwhelm you
Not many people enjoy making decisions—especially when it comes to life changes and major financial commitments. It’s easy to understand why—decision-making is scary (not so much the actual “deciding” part, but more the “fear-of-making-the-wrong-decision-and-regretting-everything-forever” part).

Savings goals require you to make a lot of big decisions. You need to choose goals to focus on, you need to choose between different banking products and you need to choose how to distribute your savings contributions. Sometimes the choices are brutally blunt, such as choosing between owning a car and paying off your credit card debt.

The important thing is to not let all that decision-making overwhelm you. Remember: just by facing those decisions, you’re making progress, because you’re establishing what’s most important to you and you’re renewing your commitment to your goals.


Tuesday, April 28, 2015

BUDGETING YOUR WAY!


When you think about the word budget what comes to mind? For some people it means controlled spending, for others it’s giving up the fun and for some it’s preparing for tomorrow. Many people see the word budget as a negative thing, but I see the word budget as a positive. To me, the word budget means planning for new adventures and achieving dreams.

Budgeting is spending in confidence not guilt

A budget is about sorting through your finances and creating a spending plan that allows you to be confident. It’s not meant to hold you back from going shopping or keep you from having fun, it’s simply to guide you in a better direction.

When I went to college, I opened up one checking account and two savings accounts. Every time I earned a paycheck, received birthday money or even holiday money, I’d divide the money between all three accounts. The checking account was my “fun” money. My fun money allowed me to go to dinner with friends, shop the mall with the girls or take a fun trip.   Then I had one savings account that was really for saving, this is the account that I am building for the future. The second savings account was for Graduate School expenses. I always dreamed of getting my masters and I was diligent about putting money away so I could cover the expenses without having to depend on my parents or having to take out student loans.

Having these three accounts helped me organize my expenses in a way that allowed me to never miss out on a fun memory with friends, plus it created a nice start for my long-term savings and it allowed me to pay my Graduate School expenses each semester so I was able to complete my studies without debt.A budget is simply of way of making your goals and dreams come true.

Create a budget that works for you… not your friend.

Not all budgets are created equal. Everyone has different financial goals, spending habits and incomes. Don’t follow a budget that is going to stress you out but instead put the time and energy into creating a budget that will work with your needs. Here’s my suggestion.  First, collect all your receipts from one month of spending.  ALL your receipts, no cheating.  Even small purchases can add up throughout the month.  Then add up the receipts to see how much money you are spending. Then, create a list of priorities, rank your priorities and created a budget based on that. Set small goals that are achievable and don’t leave you discouraged.

Maybe you found that you like to eat out to dinner a lot and you were spending roughly $100 on meals. Try setting a budget and goal of $75 for the following month and adjust that number as needed. Set goals that work with you and use that as a guideline for creating your budget.

Be Honest with yourself!

It’s important to know and to understand how much money you have coming in… after taxes. When you look at your paycheck or any other source of income, look at the bottom number, and base your budget off that number. And always, look at your budget… not the balance in your account. Sometimes we might think, I set a budget for $100 for food, my account is showing $120. Great!  I have can have another dinner with friends. When you find left over money, be honest with yourself and add it to your “future” account or place that money somewhere you won’t touch it because you never know when you might need it.

Prepare for the unexpected!

Emergency expenses are something I never thought about… until I ran into an emergency. We never know when a job loss, medical emergency, home damage or car trouble is going to happen. You don’t want sit around waiting for disaster to strike, but you want to be prepared for all situations. It’s important to have an emergency fund set up and it’s important to keep it separate from your other accounts. This way you are less likely to turn to that money to spend. Always be prepared!
So, get to creating a budget that works for you. One that allows you to chase your dreams and have new adventures in your life!

^Alysha


Wednesday, April 22, 2015

HAPPY EARTH DAY!



Have you ever stopped to think about your “carbon footprint” and how YOU are impacting the Earth? I mean, we only have ONE earth if you think about it. All you have to do is change one behavior to make a positive impact on our Earth, and know, one person can make a difference. According the United States Environmental Protection Agency, Earth Day was first celebrated in 1970 by 22 Million Americans who celebrated having clean air, land and water. So, how can we as an individual or as a community give back on Earth Day?

It’s simple, just change our habits. 

This Earth Day, I want you to take on a challenge, a challenge that isn't just for the day but for a lifetime. After all, ever day should be Earth Day.

Reduce Food Waste: According to the EPA, one-third of the food we produce and buy gets thrown into landfill each year. So, how can we fix this? Simple. Buy the foods that we need. This means taking the time to plan your meals ahead of time and buying only the items that are necessary.
 
Reuse and recycle: Instead of using plastic grocery bags, use a reusable bag, Hint: You can stop by any Tropical Financial Branch and pick one up in honor of Earth Day. Not only are they sturdy but they are a great way to carry groceries, a great way to pack snacks when it comes to a road trip and they are also great for carrying work files when your briefcase has run out of room.

Turn it off: Often times when we brush our teeth, we leave the water running. By turning off the water, you can save about 8 gallons of water. That’s a lot of water that could be put to good use. Plus, you’ll even be saving some money in your pocket. But, there are more things than water that we can turn off. Like your fans and lights. How often do you leave a room and leave both the fans and lights on. Well, turn them off and help reduce carbon pollution. As easy as it is to turn these items on… it’s just as easy to turn them off.

There are many steps that we can do as individuals and a community to better our planet. Look at some of your day to day activities and see how you can make changes to make a difference. For more tips and tricks on how you can give back as well as volunteer this Earth Day, be sure to visit the EPA site.

Happy Earth Day!

^Alysha 

Thursday, April 9, 2015

MORTGAGE PROCESS: STEP TWO COMPLETE THE APPLICATION


There's NO better feeling than when you get a call from your realtor to tell you the seller just accepted the offer you made on the perfect house! After you finish celebrating that big milestone it's time to get the financing process underway.

If you've already been pre-approved a lot of the documentation needed will have already been provided, but just in case here is a list of what you'll need:

  • Last 2 years of documented income (tax returns, W2s, and/or 1099s)
  • Last 2 months of bank statements (checking, savings, and retirement)
  • Last 30 days of paycheck stubs
  • Explanation for any credit inquiries or letters explaining negative ratings
  • Proof of downpayment or gift funds
  • Home appraisal fee
  • Signed executed purchase contract
Now you are on your way to moving into your dream home! Note of caution: Do NOT make any large purchases or apply for any new credit while you're going through the mortgage process. Credit is pulled one more time just before closing and anything new on your credit report could upset your debt-to-income and potentially prevent the deal from closing.  So wait until you have those keys in hand before you buy the new furniture.

For more help, I suggest working with a knowledgeable loan officer from Tropical Financial Credit Union who can guide you every step of the way!

^Amy

Thursday, April 2, 2015

STARTING THE MORTGAGE PROCESS: GET PRE-APPROVED



Buying a home will most likely be the largest purchase in anyone's life, which may seem scary, but it can be really exciting too! With all these emotions swirling around you want to make sure the mortgage process goes smoothly, so you can get your family into your dream home as soon as possible.

The first step is knowing how much house you can afford - there's nothing worse than searching the Internet and stumbling upon your "perfect" house to find out later you can't afford it.  Getting pre-approved not only helps in the search process, but it also puts you in a better position when it's time to make an offer. The realtor doesn't want to take an offer to the seller without knowing you can afford the house.

Today's Money Minute gives tips on how to get the process going so you and your family can enjoy a smooth transition into your new home!

^Amy

Thursday, February 26, 2015

KEEPING FINANCIALLY FIT



Have you ever thought about getting financially fit? I’m not talking about slimming down your checking account or buffing up your savings account. I’m talking about clearing up your credit issues, managing your money, and managing the debt you have occurred whether good or bad.

Money Management

Are you getting ready to start college? Maybe you just started a family or maybe you’re getting ready for retirement. No matter which stage of life you are currently in, it’s important to set up a budget which reflects you. Figure out how much money you have coming in, where you are spending your money and how much you are saving with each paycheck. The budget of a college freshman will differ from the budget of someone looking to retire.

It you start managing your money today, you will be better off tomorrow.

Credit Issues

Whoops! You remember that credit card with the high limit that you can’t pay back? You know how it is holding you back from getting loans? Or how about that fraudulent activity that took place at your financial expense? Keeping up to date with your credit score and credit report is very important so when you want to get a loan, you don’t face challenges.

Look at your credit report today and fix mistakes so that you don’t have a problem getting a loan.

Managing Debt

Are you in financial trouble? Do you have to screen your calls because of debt collectors? You shouldn't have to live your life that way! Clear up your debt, get help negotiating lower payments and work to reduce interest fees.

Working on your debt now, keeps your stress level lower.

There are many financial issues that you shouldn't have to deal with alone! Tropical Financial has provided you as a member with these services for FREE. That’s right another great perk of being a member of TFCU!

Use the resources of Tropical FinancialsBalance program and get your financials financially fit. The Balance program is a free service for you and is great for all stages of life. Not only can it help create that first time budget but the Balance program can also help crate the perfect budget for the retirement life.

Until Time Next Time— Stay fit!


Alysha 

Monday, February 9, 2015

SHOPPING MYTHS



I LOVE to shop. Buying new things, adding to my wardrobe and getting new accessories to match is one of my favorite things. Most of the time, my shopping is want not need which isn’t always the best habit to have. I am a pushover when it comes to sales. If I can save some money, on purchases I’m happy because that means more to spend. I know, it’s not a very good theory but it’s one I’ve grown to love! More bang for your buck! But are my shopping habits costing me more in the long run?


While most of my purchases are not needs but wants, when I see how much I saved on my receipt I become very happy!

1) Buying Too Cheap: Buying too cheap and later regretting it.
I’ve done this many times and I’ve learned the hard way. I use to find myself shopping at cheaper stores. I felt it was the same style what could go wrong? Well, that shirt was a one wash shirt, and that dress I loved is now a shirt and those jeans well, let’s just say they needed to be trashed. While my initial purchase was cheap, I paid more in the long run because now I needed to buy more clothes.

2) Store Credit Card for discount: DO NOT OPEN THAT CARD!
I’ve gotten caught up in the “Save 10% if you open up a credit card”. It sounds great right then and there, but there are better ways to save money, for instance, coupons. Often times you can find coupons that you give the same 10% off. Also be sure to check for text messaging marketing. Many times when you sign up you’ll get an instant discount for your next purchase. And there are tons of coupon apps out there… Retail Me Not, SnipSnap, Coupons and so many more. Use these apps rather than opening a credit card. Another way to save while avoiding a credit card is coupon books. At the outlet malls if you go to the information desk and show them a AAA card, you will get a FREE coupon book. They have discounts such as spend $100 get 20% off or spend $75 get $10 off. The amounts vary based on the store. In some stores, I received free clothes because of the discount.

3) Shopping a Sale Just because: Really, Just because!
Recently, I have found, I’ve become this person. And it’s terrible. I get text alerts with discount codes and I think, “I have to have that!” But, I don’t need it, I want it and that can be the biggest money making mistake, shopping just because. Try shopping when you need something this way you stay focused and you don’t wonder off looking for things that are cute or items that you want.

4) Buying in Bulk too often: Buying in bulk is great… but not for everything!
Wholesale shopping is great for things like paper towels, paper plates and even cups but who needs 10 pounds of potatoes? Avoid buying fruits and vegetables in bulk, they will go bad before you can consume them.

5) The Free Shipping Mistake: Don’t buy because it’s free shipping.
This goes back to shopping just because there is a sale. It’s the same concept. If you get an e-mail about free shipping it doesn’t mean you need to buy $100 worth of useless items. Buy what you need and pay that $2.99 shipping if you have to. Look at the big picture, a textbook cost $10. Shipping is $2.99, that’s $12.99 for your textbook.

6) Worthless Warranties: Paying a high price when it’s cheaper to buy new.
Electronics are always changing, each day new items come onto the market. Really investigate a warranty. Sometimes, it’s cheaper to buy a new TV if something goes wrong than it is to pay for an extended warranty that doesn’t cover much.

7) Driving Extra Miles: Gas and time are money!
While you’re driving around looking for those bargains, you’re using your time and spending your gas money on useless miles. Think about it, if you live in an hour away from an outlet mall, you’ll spend more time and spend more money on gas than if you went to the mall 10 minutes from your house for the same item.


Next time you find yourself shopping and spending money, think back to some of these tips and see if you can avoid spending money where it’s not needed. Ladies, I know that purse is stunning and gentleman those tools would be great but are they needed? I know this is hard to do as I LOVE to shop and find myself doing many of the things listed above. But in the long run you were be glad you held back from the unnecessary purchase.

Don’t waste your hard earned money, be sure to shop smart.

Until Next Time— Spend Wisely,

Alysha


Wednesday, February 4, 2015

IT'S A MONEY THING: BOOST YOUR CREDIT




Credit Card formulas are tricky. We hear that if we pay our bills on time, establish new credit, and combine our good credit with our bad credit we get our credit score. Even with a breakdown, it’s hard to understand. While there are things you can do to improve your credit score, there also might be things you’re doing that are hurting your credit score and you don’t even realize it.

Quiz Time!

1) Do you Carry a balance?
            A) Yes B) No
2) Do you Max out cards to get rewards?
            A) Yes B) No
3) Are you closing accounts?       
            A) Yes B) No


If you answered no the questions above then you are on your way to stronger credit, if you answered yes to the questions above then you might be hurting your credit without even knowing.

Carrying a Balance

I've always been told that it’s good to carry a balance and pay it off, it shows that you are making payments and that helps your credit. While that is partially true, if you can pay off your credit card, pay it off. Why keep a balance and always feel like you’re behind? Your credit is determined by your “credit utilization” or how much available credit you’re using. That’s why you should only use about 30% of your credit line.

Maxing out

If you pay your bill on time monthly, then you probably think that 30% doesn't apply to you. WRONG, it does. The balance that is reported to the Credit Bureaus is usually the balance from previous statements. That means if your credit limit is $1000 and you put $1000 on your card but pay it off, that $1000 is being reported. If your limit is $1000 and you put 30% on your card then $300.00 is being reported. If you have lots of bills and need that full $1000 consider paying off your card throughout the month. This will help reduce the balance that is reported.

Closing Accounts
There are all kinds of myths when it comes to closing your credit cards. Is it good? Is it bad? The more credit cards you open, the more line of credit you have. The more credit cards you close, the more you reduce your available credit. But when you open and close credit cards you miss out on establishing your long term repayment history.  This is one of the most important attributes of good credit.  If you take anything away from anything I’ve said, I hope it’s this; DO NOT OPEN UP CREDIT CARDS FOR EVERY STORE YOU SHOP. DO NOT GET A CREDIT CARD BECAUSE OF THE DISCOUNT. GET 1 OR 2 CREDIT CARDS AND KEEP UP TO DATE WITH THEM. Closing credit cards can hurt your credit, but if you don’t have any to close your A-Okay.


You’re Credit
It’s important to know and understand YOUR credit. Don’t lend your card to others, don’t allow family members to be authorized users, don’t keep your pin number with your credit card either. Be aware, be smart and keep your finances safe. No one can improve your credit but anyone can destroy it. Think about it.

Until Next Time— Spend Wisely,


Alysha 

Monday, February 2, 2015

IT'S TIME FOR AN ADVENTURE!



Do you live to work or do you work to live? Think about it, are you consumed by your career goals and taking the next step in your career or are you using your job as the means to enjoy life? If you work 9-5 what about 5-9? How much time do you take for yourself and for your family? Maybe it’s time you start putting “You” first. 

So, go ahead... get a little adventurous...

Take a break! 

Our lives get crazy! Trust me I know. But, are we making the most of each day? Are you living each day to its fullest? Taking a vacation can be costly, getting time off of work can be hard, and if you have a family grocery shopping has to be done, meals have to be made and if your children have extra-curricular activities well those have to be tended to as well. But, what about a Micro Adventure? 

 MicroAdventure!

Try something new! We have an entire world to explore but, sometimes that isn't possible.  So why not explore your own backyard? Step out of your comfort zone, try a new activity or just sit and enjoy the fresh air. We’re fortunate living in South Florida, we have beautiful weather year-round. We don’t have the freezing cold, snow or even ice to worry about so why not take advantage of the outdoors?


A MicroAdventure is a great way to get outdoors, soak up some vitamin D and get some fresh air. It’s a great way to stay active and a wonderful way to spend time with family and friends. 
Make your adventure… Yours!


Create a plan of action, a day when nothing else will matter, a day where you can enjoy South Florida, where you disconnect from technology and enjoy quality time with family and friends. Your MicroAdventures can be as simple as checking out a new park once a month, having a day at the beach, and going to the zoo or just star gazing. Whatever it is, make it your own!


If you need ideas on how to start your MicroAdventures check out the calendar posted below. Each month, there is something that you can do with your friends, family or even enjoy on your own. From sleeping outdoors to watching Meteor Showers.


Make it a day… or a night to remember!


^Alysha 

Wednesday, January 28, 2015

ARE YOU THROWING AWAY MONEY?

Are you throwing money away that you could be saving?

Have you ever really sat down and looked at your expenses? Are you paying for services and products that you don’t use or are you simply paying for a service that you forgot you had?
For months, I was throwing away money with a gym membership that I wasn't using, simply because I forgot I was paying for it. My membership was set on automatic withdrawal and each month, I overlooked the charges.

Use it or lose it!

There are many items that we pay for that we simply don’t need. It’s time to evaluate your bills and cut where you can. Check out the following items that you might be paying for but don’t need.

Gym Membership:

Each New Year, we set out to get in shape and get healthy. And the gyms see us coming. Instead of buying a month to month membership or a basic membership, we buy the year-long membership that includes a personal trainer, the juice bar and many services we won’t be using. And how many times do you really go? A handful?

Instead, use your house as your personal gym, there are many free workouts that you can find via the internet and sites that help you build your own personal gym. Of if you have a neighborhood gym, use those facilities. They may not be the fanciest but they will get the job done.

Unused gift cards:
Gift cards are one of the easiest ways to throw money away! I always look at gift cards as a hassle. They sit in my wallet for months and months unused.  So use them! One of my friends actually uses her gift cards to buy gifts for others. It’s a great way to shop for the holidays and to use those unused gift cards too.

Entertainment:
Do you subscribe to Netflix, Hulu, the latest magazines or those premium movie channels? Are you using all of those sources of entertainment? Maybe you should think about canceling a few of those subscriptions. I easily get caught up in the $2 magazine offers, but I find that I never read the magazines. While it might only be $2, its $2 more I could have used for something else. Are you really using your entertainment expenses to the max?

Time to Evaluate!

Now it’s time to sit down. Look over your financial statements and work to eliminate those unnecessary fees. Maybe you found a service you pay for and don’t use, maybe you've realized there are services you don’t need. Whatever the case might be, now’s the time to sort through your finances and work at saving yourself money!

^Alysha 

Wednesday, January 7, 2015

ARE YOU PROTECTING YOURSELF FROM IDENTITY THEFT?




The holiday season may have come to an end but that doesn't mean your risk for identity theft has come to an end. In fact, Identity theft is the fastest-growing non-violent crime in North America. That’s pretty scary if you ask me. The good thing is there are ways to protect yourself from becoming the next victim of identity theft.

Protect yourself!
When it comes to protecting your password, change is key.  Be sure to change it often and don’t use the same password for all your stuff.  For example, your phone password should not be the same as your ATM PIN. It’s smart to use password-protection but be sure that it’s a password you can remember but is hard for others to guess.
Social media has become our lives. But are you posting more than you should be? When you go on family vacations are you posting real time photos? DON’T! Wait until you come home and post the photos. Letting people know you are out of town is like sending an invitation to burglars and identity thieves waiting for the opportunity to tamper with your mail or rob you.

Also, watch what you say… and who is around! Don’t talk about your finances in public. You never know who is listening to your conversations.   And never share you passwords or PIN numbers with anyone!
When it comes to your identity you can never be too careful. Be sure to check your credit card and account statements on a regular basis for any unauthorized purchases or activity. Also, be sure to check your credit once a year to be sure you no one is opening accounts using your identity.  No one likes surprises when it comes to our identity and our finances.

^Alysha