Money Matters: First Home Loans with Taylor Harrell

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What are the first steps we should take when we look at buying our first home?

  • Contact Your Lender
  • Find Out What You Qualify For
  • Set Aside Funds

What documentation do we need to apply for a loan?

  • Two Most Recent Pay Stubs
  • Last Two W2s and Tax Returns
  • Most Recent Bank Statement

What’s Next? Ask yourself…

  • Why Buy a Home?
  • What Is Your Goal?
  • How Does Owning a Home Affect Your Goal?

What’s the key piece of advice you have for a first-time buyer?

  • Knowing what you want and what you can ...
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Money Matters: Home Improvement Loans with Taylor Harrell

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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
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Money Matters: Financial Planning with Steve Kocen

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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 ...
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Money Matters: New Reality of a Home Equity Loan

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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
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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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