Money Matters: Financial Planning with Steve Kocen

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A financial plan can be very helpful in creating a clear financial picture.

Financial Planners help with…

  • Insurance
  • Long-Term and Short-Term Debt
  • Retirement Planning
  • Investments

Where do we start?

  • Look for a planner with experience in your area of interest.

What is an “area of interest?”

  • Someone who can help you create a plan based on where you are now and where you want to be in the future.

Where can I find more information?

  • You can view the records of any financial planner on FINRA.org. You can also consult your ...
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Money Matters: Debit Cards with Taylor Harrell

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If you think your debit card has been lost or stolen, you’ll want to deactivate it immediately. With the Southern Bank mobile app, it’s as easy as swiping your finger to disable the card and prevent any unauthorized transactions.

So I don’t have to call the bank?

  • Correct. Even if it’s a night or the weekend, you do not have to worry.

What if the card is just misplaced and we find it again later?

  • Turning the card back on is just as easy. ...
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Money Matters: New Reality of a Home Equity Loan

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How are home equity loans now different from those in the past?

  • Home rates, in general, are lower, which is a benefit, but home values have also declined, so you may be limited in how much money you can borrow.

What factors should be considered when thinking about a home equity loan?

  • Impact on Retirement Planning
  • Impact on Home Value
  • Quality of Investment
  • Necessity of Investment
  • Credit or Loan Alternatives
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Money Matters: Starting a Business

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Planning is everything when it comes to starting a successful business.

How do you begin? 

  • Create a detailed business plan:
    • First 3-5 years
    • Cash Flow Analysis
    • Capital Needs

What’s next? 

  •  Form a Dream Team.
    • Lawyer
    • Accounting Firm
    • Bank

They can help you with…

  • Best Business Structure
  • Permits
  • Licenses
  • Registrations
  • Tax ID Numbers

You can also get advice and pointers from the Small Business Administration’s online learning center.

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Money Matters: 401K Options for Small Businesses

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There are two affordable 401K options for small businesses.

  • SEP – Simplified Employee Pension Plan
  • SIMPLE Plan

How do these work like a 401K?

  • Employees contribute to their retirement
  • Employers can match the contribution
  • Employees can choose investment options

Can they still choose from stocks, bonds, money market funds, and mutual funds?

  • Yes; they can mix and match to meet their personal investment objectives and their risk tolerance.

When should you start saving for retirement?

  • It’s never too soon to start saving.
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Money Matters: Credit Scores

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Credit score is a very important component when you’re trying to buy a house.

Where does “credit score” come from?

  • Payment History
  • Total Credit Used
  • Length of History, New Credit & Types of Credit

How can someone check their credit score?

  • Southern Bank will check someone’s credit score when they apply for a loan. They can also visit AnnualCreditReport.com for a free report once a year.
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Money Matters: College Scams

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How do they access their account?

  • Scammers use phone, email and social media.
  • Unpaid tuition fees and fake scholarships are common scams.

Any other scams students should be aware of?

  • Dating Websites
  • Friendship Websites
  • Discount Bookstores

How do you avoid these scams?

  • Don’t share your personal financial information unless you’re sure you know where it’s going.
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