Money Matters: Social Security Scams @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain, and, Justin, today, we are talking about Social Security scams. So, this is something a lot of people deal with. We want to know what should we do or not do to protect ourselves.

(Justin) That’s exactly right, and they’re on the rise. Just in this unique situation we’ve been in, you know, the two biggest industries that are being hacked and scammed right now are health care, so hospital systems, ...

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Money Matters: Identity Theft @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain, and, Justin, today we’re talking about a scary topic: identity theft. So, what do we do if we are a victim?

(Justin) So, again, it is a scary topic. Seven out of ten Americans are going to be a victim, but there’s essentially three easy steps you can take.

  • One: Contact your primary financial institution so you can just let them know what’s going on.
  • Number two: Contact all three credit bureaus, and ...
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Money Matters: Four C’s of Home Loans

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Hey! Today, let’s talk about the 4 C’s of home loans, the factors that lenders consider before making a home loan.

The 4 C’s of loan and credit are: capacity, capital, credit and collateral.

Capacity is your present and future payment obligations, as well as your debt to income ratio. Capital is the value of your assets, including cash, savings, investments, property, and other things that you could sell for cash. Credit is how responsibly you have paid bills or debts in ...

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Money Matters: Small Changes

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Hey! Did you know that a cup of coffee and a bag lunch can change your life?

Throughout the day, we think about the things we want: a Frappuccino from Starbucks. A new car. A trip to Hawaii.

Fact is, giving up the small things can help you get the big ones. For example, packing a lunch instead of eating out every day could save $50-$60 per week, or $200 a month, or $1200 to $1500 per year! Make your own coffee ...

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Money Matters: Budget Bubbles

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Hey! Did you know that budgeting doesn’t have to be painful?

Fact is, it could actually be fun!

Southern Bank offers the Budget Bubble tool in online banking. It shows where your money is going and allows you to set up your own categories. Next you assign a goal for each category. Then the tool automatically shows you when you are on target (green), close to your target (yellow), or on your target budget (red).

The Budget Bubble tool is handy since you ...

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Money Matters: Credit vs. Debit

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Hey. Do you know the difference between a credit card and a debit card?

When you use a credit card, it basically means you’re taking a loan from your bank. If you pay the full amount each month on time, there is no extra cost. But if you only pay part of the balance, it can get very expensive. You’ll be charged interest, and if you’re late, there could be penalties as well.

A debit card, on the other hand, takes the ...

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Money Matters: Family Financial Conversations Between Generations

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Hey! Do you know how to have the hard conversations about money with your family? Here are four topics to get your conversations started.

Number 1: Where to find key documents, including bank account information, documentation of any assets or liabilities, deeds, titles, and life insurance.

Number 2: Plans in case of illness. Who will be the power of attorney when a loved one falls ill?

Number 3: It’s a good idea to document increased and ongoing healthcare needs, and discuss those needs ...

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Money Matters: Kid-Friendly Financial Fundamentals

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Trying to figure out which financial habits to focus on with your family may feel overwhelming. One way to think about such a big topic is by breaking these habits into four easy-to-understand main categories.

First is understanding how money is earned in a household, a key to many financial conversations.

Second is borrowing and understanding debt, repayments, and how this contributes to financial health.

Third is spending and saving, the concept of putting aside money to make purchases.

Last is financial decision-making. In ...

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Money Matters: Credit Scores

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Hey! Do you know the four biggest things that impact your credit score?

A credit score is a rating that banks use to make a decision when you apply for a loan.

About 35% of your score is based on your payment history. Did you pay your bills on time? And do you always pay at least the minimum amount?

About 30% is determined by what you owe and is broken into two parts: the total amount you owe your lenders and how ...

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Money Matters: Emergency Savings

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Hey, are you prepared for life’s little surprises?

Lots of things in life are unpredictable. Experts say that you should have at least $1,000 saved for emergencies, such as when your car breaks down or your fridge stops working, as well as 3-6 months of savings for things like rent in the even of a longer crisis. 

Having an emergency fund set aside can reduce your stress and keep you from going over budget.

When building your emergency fund, open a special savings ...

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