Money Matters: Why Get Insurance

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Do you ever wonder why you need insurance?

You might think it’s to protect your stuff, but actually, it’s to protect your family.

Insurance is a contract made between you and the insurance company that protects you, as well as your family, from unexpected emergencies or losses.

Some forms of insurance are required by law, while others are optional.

Insurance may seem like an extra expense at first, as you have to pay a monthly premium for the policy, but long term it can ...

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Money Matters: Alternative Savings Accounts

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Hey! Thinking about saving for the future? Here are three alternatives to a traditional savings account:

  1. A Money Market Account is a savings account with check-writing capabilities. They tend to feature higher interest rates than standard savings accounts and may require a higher minimum balance.
  2. A Certificate of Deposit is a deposit held for a specific amount of time. The financial institution pays interest to the holder during that time period. They tend to have higher interest rates than savings accounts, but ...
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Money Matters: Types of Business Funding

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Hey! When starting your own business, one of the most important things to consider is the finances. Not just what you earn or how you spend the money, but also where the funding for your business will come from.

When it comes to business funding, there are two main types: debt funding and equity funding.

Debt funding is, essentially, a traditional loan with interest. This type of funding allows for quick capital access, but the loan will have to be repaid regardless ...

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Money Matters: Southern@Work

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Hey! Did you know that stress from money management is one of the biggest causes of things like employee turnover, absenteeism, accidents, disengagement, and poor performance?

The good news is there are a variety of financial education tools for employers to offer to employees.

One of these is the Southern@Work Financial Wellness Program through Southern Bank.

This program provides a customizable financial education plan for your employees and includes a suite of financial benefits and in-person training.

The goal with this program is to ...

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Money Matters: Choosing a Financial Advisor

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Hey! If you’re on the hunt for a financial advisor, here are some tips to keep in mind.

Number 1. Pick one that fits your style. Online advising services tend to offer simplified, cheaper investment management, whereas traditional advisors have passed a certification and may have a focused specialty. They are typically more expensive but provide a more comprehensive financial plan.

Number 2. Review your needs. A customized financial plan is very helpful, especially if you have a complicated financial situation or ...

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Money Matters: Checks

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Hey! While there are a lot of ways to pay bills these days, it’s important to understand how to use checks as a payment option.

A checking account allows you to make deposits and withdraw money to make payments. In exchange for greater access than accounts such as savings or investment, checking accounts tend to offer lower interest rates or returns on your deposits.

One way to withdraw your money from an account is by writing a check. The amount on the ...

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Money Matters: Money Tips for New Grads

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Hey! As you transition from living on a college budget to getting your first real paychecks, here are some tips to help you manage your income while paying down debt.

  1. Create a simple budget. Give every dollar a purpose. The 50/30/20 approach is always a great starting point and can help you get a better picture of where your money’s going.
  2. Prioritize: Step 1, emergency savings. Step 2, 401(k) contributions. Step 3, debt. Step 4, retirement savings. Step 5, long-term emergency fund.
  3. Understand ...
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Money Matters: Pros and Cons of Home Ownership

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Hey! If you’re thinking about buying a home, here are four factors to consider:

Number 1: The long-term value. Typically, homes are appreciating assets, which means the value usually goes up the longer you own it.

Number 2: Payments. A portion of your monthly payment goes to your original loan and toward owning the home. The balance goes to interest. The larger the down payment, the more the original loan or principal will be covered with your payment.

Number 3: Taxes. Bad news: ...

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Money Matters: Marital Social Security

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Hey! Did you know your marital status can have a big impact on your Social Security benefits?

If you’re married, you may have the option to receive the greater of your own benefits or up to half of your spouse’s Social Security benefits.

If you’re divorced and the marriage lasted for at least 10 years, you may still be able to receive either the greater of your own benefits or half of your ex-spouse’s benefit.

Widows and widowers are entitled to collect Survivors ...

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Money Matters: Types of Small Business Loans

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Hey! If your business has at least a year of history and revenue, you may qualify for a small-business loan. Here are three types of small business loans:

  1. The SBA loan program works with banks to offer low interest rates and long-term repayments. This loan is good for large investments such as purchasing real estate or equipment.
  2. A business term loan is up to $500,000 and can have a short-term repayment plan of 6 to 12 months or a long-term loan plan ...
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