What is a home improvement loan?

• A short-term loan for a specific project. Examples include:
  • New Roof
  • Addition
  • Remodeling
  • New Kitchen
  • Garage
  • New Floors

What are the advantages of a home improvement loan?

Short-term loan rates are usually much lower than credit card rates, so it can save you money.

When are loans tax deductible?

• Main Residence
• Improvements Increase Value
• Improvements Provide New Uses

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 ...

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

What’s the best way to plan for retirement?

• Start Now
• Plan Your Goals
• Work Towards Your Goals
• Estimate Your Needs
• Plan Your Savings
• Take Advantage of Your Options
• Manage Your Accounts
• Review Your Accounts

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.

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.

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.

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.