Money Matters: Mortgage Terms @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, so, buying a house right now, mortgages are hot. This is a hot topic, but I don’t think that a lot of people understand the vocab that goes into it, so explain it to us.

(Justin) That’s exactly right, and you are right. Mortgages are hot, and the reality of it is, that’s not a good or bad thing. It’s just right now, with the environment that we’re in, ...

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Money Matters: Financial Advisors @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, loaded question here: Are financial advisors really that important?

(Justin) That depends. I’m kidding. Yes, they are. But you need to make sure you find the right one. It’s just like finding a doctor, a specialist, or anybody. You need to find the right one that understands your values and gives you a plan and a solution, not just slinging products.

(Kristen) Yeah, and I guess there are some differences, ...

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Money Matters: Tips for Grads @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, how about some advice for our new grads out there that are going to start making that transition from what we call the college budget to a real paycheck?

(Justin) Good luck! I kid, because that’s the advice that most of us got. The reality of it is you can do little things to make personal finance fun, whether you’re in high school or you’re a teenager thinking about ...

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Money Matters: Southern @Work @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, explain to us. What is Southern at Work?

(Justin) So, we feel, as a bank, we needed to do something different to provide individuals in our community, and business owners, value. That starts with customizable education because, without education, you don’t know how to utilize things as tools.

You also need to have technology, enhanced benefits, and local support to understand your unique situation. So, we really want to work ...

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Money Matters: Financial Plans @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, does everyone really need a customized financial plan?

(Justin) Of course, because everybody’s different. There’s no one plan to fit everybody’s needs.

I tell anybody, knowing your values early on in life, they will change. Look, I would hope I’m more mature than I was at 18 — probably not much, depending on who you ask — but the reality of it is, the things I value in life have ...

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Money Matters: Marital Social Security @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, today we are talking about social security. Does your marital status actually have an impact on your Social Security benefits?

(Justin) It can, for sure.

(Kristen) Okay.

(Justin) Because if you are married, essentially you can take the greater amount if you earn more, and half of your spouse’s. You can draw half of theirs, even if you become divorced, if that marriage lasted ten years or more. Now I’m not ...

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Money Matters: Business Credit Cards @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, what should business owners really keep in mind when they are applying for a small business credit card?

(Justin) So, the main things they want to think about is what are they going to use the credit card for, and are they established in the business to where they can apply, or do they have enough credit to set up to where the business can structurally support funding a ...

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Money Matters: Business Financing @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, it’s time to talk to us about funding a business. So, what are the options?

(Justin) So, you have several options. One would be using debt, the other using equity. 

Debt is going to be where you go to your financial institution and request a loan or a line of credit. Equity would be reaching out to friends or partners or investors to invest in your business. 

(Kristen) Yeah, and I ...

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Money Matters: Saving for Retirement @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And Justin, none of us are getting any younger. Not saying anything about age, I am the older one here – but when should we start saving, and how much of it should we be saving?

(Justin) As soon as possible, and I would say it’s all based – everybody always gives you these numbers. Experts and advisors, right? But it should be based on what you can do. Start small, ...

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Money Matters: Retirement plans @757

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(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, there are a lot of options for retirement savings out there, but what are these “qualified” retirement plans?

(Justin) So, qualified retirement plans mean that they are qualified for tax benefits. These are going to be things like a 401k plan at your work, or, if you work for a nonprofit, they’ll call it a 403B plan.

(Kristen) Okay, so that is the question because there are so many letters ...

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