Money Matters: Down Payments

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Over half of renters in the United States believe owning a home is more affordable than renting.

What is some advice when it comes to down payments?

Decide how much payment is needed
Talk to home lender about qualification
Set up a savings plan

Are there zero percent down payment options?

0% options for active and veteran service members
As low as 3% for general public
Higher the down payment the lower the monthly payment

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Money Matters: Financing a Business

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Here are some important things to consider if you are starting a business.

What do businesses need to finance? 

  • Line of credit
  • Capital investments
  • Leases and loans

What are other considerations? 

  • Business savings accounts
  • Business credit cards

What is the most important thing for businesses to have before financing?

  • Detailed business plan
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Money Matters: Protect yourself from Card Cracking

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One new scam that is on the rise is card cracking. Learn more about how to protect yourself from it.

What is card cracking?

  • Online scam designed to steal banking information

What are methods of card cracking?

  • Fake Contests
  • Easy Cash Schemes
  • Fake Social Media Accounts

How do you avoid these scams?

  • Never give out your PIN or account number
  • Make sure business is legitimate
  • Stay alert on social media
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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: Identity Theft Prevention

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Over a billion financial records fall victim to identity theft every year.
How do you protect your identity?

  • Be careful when giving out your information
  • Shred sensitive documents
  • Monitor your financial activity

How can you monitor your activity? 

  • Southern Bank app alerts will notify you for:
    • Credit or debit card usage
    • Bill payments
    • Account withdrawals

What happens when you identity is already stolen? 

  • Southern bank offers:
    • Free identity theft coverage
    • Fraud specialists
    • Identity monitoring
    • Identity restoration
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Money Matters: Tips on Mortgages with Taylor Harrell

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  • What should you consider? 
    • Monthly Income 
    • Down payment 
    • Monthly payment 
    • Payback period 
    • Current level of debt 
  • What are some mortgage tips? 
    • Payments should be less than 25% of your monthly income 
    • Total monthly payments should be less than 40% of monthly income 
    • Put down 20% to reduce payments 
    • Ask about 15 to 20 year loans because these reduce interest in the long-run. 
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