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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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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