Money Matters: Personal Identity Theft

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How worried should people be about becoming victims of identity theft?

  • Every two seconds, someone has their identity stolen. It’s the fastest growing crime in the U.S.

What do you recommend people do to protect themselves?

  • Guard Your Personal Information
  • Shred Sensitive Documents
  • Review Your Credit Report
  • Monitor Your Kids’ Credit Reports

What can Southern Bank do to help?

  • Identity Monitoring
  • Identity Recovery
  • Identity Restoration
  • Fraud Specialists
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Money Matters: Ways to Save

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What can you do to successfully save money?

  • Set Savings Goal
  • Determine Cost
  • Create Budget

What if you feel like there isn’t enough money in your monthly budget to save?

  • Track all your expenses for one week and see if there are any you can eliminate or reduce.
  • See if there are any ways you can earn extra income.

Once people start saving, what is the most important thing they can do to keep saving? 

  • Take stock regularly of how close you are to your goal.
  • Celebrate your successes.
  • Be ...
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Money Matters: Email Fraud

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How do you know if an email is fraud? 

  • The name and company are real
  • Their request is real
  • Sending in the account information
  • BUT these things do not add up to the correct accounts and people

How do you avoid email fraud?

  • Always double check any suspicious requests
  • A quick phone call can verify transfers
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Money Matters: Personal Cyber Security

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People should be well-informed about the rise in cyber attacks since millions happen every day.

How do we prevent security worries?

  • Be aware of the risks and stay up-to-date on the best practices.
  • Change passwords frequently
  • Don’t click strange email links
  • Password protect your devices

What about cyber protection services?

  • They’re worth investing in.

All Southern Bank checking accounts include free ID theft coverage.

  • Expense reimbursement
  • Identity recovery services
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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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