Author: marketing

01 May

Facing Up To Facebook

by marketing in Real Money/Spring 2012

You know how Facebook works. You post a status update, share some photos and maybe write on someone’s wall. You’re in control of what’s out there about you, right? Nope.

Tag: You’re It

Let’s say one of your friends tags you in a photo. All of your friends (and your friend’s friends) may be able to see the photo and comment on it. If other friends “like” it, then even more of their friends – friends, relatives, neighbors and people you don’t even know – can see it too. If the photo shows bad or questionable behavior, it can be damaging or embarrassing for you and/or the people you care about.

Social media provides a way to share and laugh about stuff with your friends. However, there are real risks to making your personal information public on social media sites:

  • A trail of inappropriate photos and comments can hurt your relationships and possibly harm your reputation when you move on to college, jobs or other opportunities.
  • Identity thieves may steal your name, birth date, address, phone number or email address to open fake accounts with your information. Tighten your privacy settings on sites like Facebook to restrict who can see your personal information, photos, tags, etc.
  • Internet predators may also attempt to stalk teens or lure them into bad situations. Don’t be “friends” with strangers, and remember that people online are not always who they claim to be. Never share your name, age, school, etc. with random people online.

Play It Safe

Be careful about what you post online and delete or block whatever’s in bad taste. Here’s a quick rule: If you don’t want your parents to see it, it’s probably not a good idea to post it. Scrubbing your online reputation is really hard to do, so it’s much easier to keep it clean in the first place.

You can count on us to always keep your information safe. We’ll never share anything that will get you (or us) into trouble!

09 Apr

Organize Your Records and Save on Taxes

by marketing in Anchor Lines/Spring 2012

According to the Government Accountability Office, an estimated 2 million taxpayers each year overpay their taxes by failing to take all their entitled deductions.* If your tax records are disorganized, you could be missing out on ways to save on your tax bill.

In addition to helping you save money, getting your records organized can make tax filing quicker and easier. Just follow these steps:

Step 1. Label three folders. Can’t be easier, right? Just label one folder “income,” one “investments” and another “expenses and deductions.”

Step 2. Start sorting. Go through your pile of receipts and documents. Put everything that shows earnings (W-2 forms from your employer, dividend and interest statements from deposit accounts, tip statements, etc.) into your income folder.

Investment statements showing interest, dividends and investment purchases and sales, as well as information about capital gains and losses, should go in the investments folder.

Put receipts for charitable donations, unreimbursed medical expenses, mortgage interest statements, property tax statements and any other deductible expenses in your expenses and deductions folder. Not sure if it’s deductible? Visit www.irs.gov and search for Tax Topic 500 for more information on deductible expenses.

If you work from home, you may be eligible to deduct home office expenses. In that case, include copies of utility, phone and Internet service provider bills, as well as household repair bills and rent or mortgage payments. To learn more, download Publication 587, Business Use of Your Home, at www.irs.gov.

Tip: If you place receipts and documents in their corresponding folders as you receive them throughout the year, rather than waiting until tax season, you’ll save time.

Step 3. Compile any other information you will need to file your return, including:

  • Social Security number
  • Account number(s) for directly depositing your refund
  • Previous year’s tax return
  • Password if using online tax preparation software

E-File for Quicker Refunds

Once you have your information compiled, e-filing can help you complete your return, avoid common errors and get your refund faster, especially if you choose direct deposit. To learn more and find out if you are eligible for free e-filing, visit www.irs.gov/efile.

* Source: Government Accountability Office, www.gao.gov
Website not belonging to this organization is provided for information only. No endorsement is implied.

SPEED UP YOUR REFUND WITH DIRECT DEPOSIT

According to the IRS, taxpayers who use e-filing and direct deposit may receive their refunds as quickly as 10 days after filing. You can choose to have your refund directed to a maximum of three financial accounts. For direct deposit to your Navigator Credit Union account, please provide our routing number 265377950 and your 13-digit account number.

09 Apr

Avoid Major Headaches When Naming Minors as Beneficiaries

by marketing in Anchor Lines/Spring 2012

Naming children as beneficiaries or contingent beneficiaries of an insurance policy, retirement account or payable-on-death account seems a natural way to provide for those you love. But special care must be taken to ensure that, should the children inherit as minors, the money provides for them in the way you intend.

Minor Difficulties

Because minors cannot legally hold substantial assets in their own names, complications arise when they inherit large sums. The way the inheritance is handled in such cases depends on the type of account and the amount of the inheritance, but one of the most common solutions is the court appointment of a guardian to administer the inheritance for the minor. Unfortunately, in such cases problems may arise that work to the disadvantage of the child you are hoping to take care of.

  • Appointing a guardian may take months, delaying the time when the money becomes available for the minor’s support.
  • Court costs and attorneys’ fees will diminish the amount of the inheritance.
  • The appointed guardian may not be the person you would have chosen and the court’s choice may cause tension and quarrels within your family.
  • The guardian must get court approval for financial transactions and submit to annual accounting, which can make accessing the money cumbersome, time-consuming and expensive. Plus, the court’s decisions may result in the funds not being made available to your child as you would have wished.
  • At age 18 or 21, depending on state law, the child will gain full control over the inheritance regardless of their maturity and financial good sense.

Finding a Best Practices Solution

One of the most effective ways to ensure that a minor gets the most benefit from an inheritance is to create a trust for the child and name the trust as the beneficiary of your life insurance policy, retirement account and the like. With a trust you can:

  • Avoid probate so that the money becomes available to the child with less delay.
  • Have a trustee of your choosing manage the assets for the minor. The trustee does not have to be the child’s legal guardian, or even a relative. And you can change your trustee selection at any time if circumstances change.
  • Establish the terms of use for the assets, such as a college education.
  • Choose to have the child gain control of the assets when they are older than the age of majority and may be more likely to have the good judgment necessary to handle the inheritance responsibly.

Keep in mind that tax considerations, family circumstances and creditor protection also play a role in choosing the best estate planning tools for you and your loved ones. To learn more about trusts or which estate planning tools are best for your situation, talk to one of our estate planning professionals. To make an appointment, call 228-474-3427 or visit www.navigatorcu.org.

23 Mar

Don’t Let Emotions Drive Your Investment Decisions

by marketing in Anchor Lines/Winter 2011
Content developed by CUNA Brokerage Services, provided by Jeffrey C. Hamm, CRPC®

Emotions play an important role in some of the most important decisions we make, such as the person we choose to marry, the friends we choose to spend time with, or the home we choose to buy. But
when it comes to investing, emotions can do more damage than good. Here are three ways that emotions play a detrimental role in our investment decisions and what we can do about it:

Don’t Follow the Herd

When stock prices start to fall, it isn’t uncommon for some individuals to sell their stock mutual funds. However, what starts as a few people selling their investments can quickly turn into a panic, where everyone decides to sell. Why are they selling their investments? Because “everyone else is doing it.” All of a sudden, people are making important investment decisions based on what other people are doing. It’s called “herding” and it is one of the most common mistakes that people make when markets decline.

Avoid Extreme Thinking

When markets fall, people often start to think in extremes. Everything in the market begins to look black and white. Instead of asking questions about why the market is falling, they assume
that all news is bad news and that stocks will continue to fall. There is no gray in the mind of someone thinking in extremes. It’s difficult to break free from this kind of thinking. The result is that decisions are based less on facts and more on exaggerated interpretations of the facts. The challenge is to remember that the world of investing is rarely black and white. The facts can have many meanings, and we need to think intelligently about how these facts affect us before we make any investment decisions.

Be Aware of Our Short-Term Bias

When it comes to investing, most of us have a short-term bias. Recent history has a disproportionate impact on our future expectations. All things being equal, recent memories are given more weight than distant memories. That means that recent market gains lead to excitement and higher expectations. On the other hand, recent market losses lead to suspicion and caution. The challenge for investors is not to forget both the long-term history of the markets and their own long-term goals.

Stay True to Your Goals and Your Plan

When markets are volatile, it tends to bring out our emotional side. Most of these emotions lead us down paths that result in poor investment decisions. While it might seem easy to dismiss the role of our emotions during times like these, the power of emotions can quickly overshadow a more logical approach to investment decisions.

The key for investors is to stay focused on the long term. Before we react emotionally to short-term market gyrations, we should ask ourselves some important questions. What is our long-term
goal? Have our goals changed? Was our plan to reach our goals a sound plan? Are there any good reasons to abandon our plan? Once we have asked and answered these questions our decisions are more likely to be driven by logic, not emotions.

Jeffrey C. Hamm is a Financial Advisor with the Navigator Financial Planning Services Program located at Navigator Credit Union. If you have any questions, or would like to provide feedback, regarding the information presented in this article, you may contact Jeff at 228-474-3427.

Representative is not a tax advisor or legal expert. For information regarding specific tax situations, please contact a tax professional. For legal advice, consult an attorney.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109.

Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.

CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. FR061007-CEAE
23 Feb

Are You Coupon Crazy?

by marketing in Anchor Lines/Winter 2011

Everyone loves getting a good deal. Now bargain shopping is easier than ever with group deal sites like Groupon® and LivingSocial, and other coupon sites offering databases of coupons and even tutorials on extreme couponing. But make sure your zeal for finding a deal doesn’t have you spending more than you save.

Frugal or Frenzied?

If you’re spending money on products or services you normally wouldn’t buy or can’t use, you’re losing money no matter how deep the discount. Following are some tips for making sure the bargain you’re hunting isn’t circling back to bite you.

  • Beware of BOGO. Buy one get one free deals seem like a steal, but if you end up with more than you need or can use, you’ve helped the store move product without helping yourself.
  • Look into location. If you purchase a voucher for a shop across town or have to go to three stores to use all the coupons you’ve clipped, your gas usage will likely undercut your savings.
  • Focus on the fine print. Coupons purchased through group deal sites may offer half off or better on various products and services, but restrictions often dictate when they can be redeemed or tie the savings to other purchases. Make sure you know what you’re getting and that it fits with your schedule before you pay for the deal.
  • Mistrust the mob mentality. The excitement of getting in on a good deal can cloud your reasoning. Take a deep breath and think about whether you really need the product or service offered before you spend to save.
  • Eye the expiration date. A coupon purchased but not used before it expires is money wasted.
  • Be conscientious about your credit. Buying your bargains with a credit card won’t be much of a deal if you fail to pay off the balance and allow the interest to add up.

Coupons and group deals can be a savvy way to save money. Just keep in mind that when you buy a bargain, you’ve still spent money. You only win if you’ve spent less for what you needed to buy anyway.

Save ‘N Up

With the Navigator Credit Union Save ‘N Up Debit Card, you’ll save as you spend—with no coupons required! No matter how you choose to use your Navigator Credit Union debit card—to buy lunch, gas, coffee, groceries, or just about anything you want—your purchase will be automatically rounded up. With every transaction you complete, the difference between your purchase total and the nearest whole dollar amount will be transferred from your Checking Account to your high-interest Save’N Up account. Go to www.savenup.com to learn more.

THRIFTY MEASURES THAT REALLY PAY OFF

You don’t have to be a bargain-hunter extraordinaire to save yourself money. Here are a few sure-fire ways to cut spending without clipping any coupons.

  1. Visit your local library for free books, movies, music and magazines.
  2. Don’t miss deadlines for returning rented movies and pay off credit cards or other bills on time to save yourself late fees and added interest.
  3. Comparison shop by looking at cost per pound, ounce or other unit of measurement to determine which products are the best deals.
  4. Avoid impulse shopping by taking the time to know what you want and what you’ll actually use, read reviews online and scout good deals. Then sleep on it before you make your purchase!
  5. Dine in rather than going out and bring your lunch from home during the work week, and you may save more than $1,000 over a year.
08 Feb

A New Year, a New You

by marketing in Navvi News/Winter 2012

You may have heard your parents or teachers talk about their New Year’s resolutions, but what does that mean? A New Year’s resolution is a goal you set out to achieve in the coming year. Some examples include doing better in school, making new friends or exercising more. What are some resolutions you can try?

Read on:

  • Work harder on your homework. Maybe you haven’t been trying your hardest in class, and you’d like to turn that around. Talk to your teacher to see what you can do to boost your grades.
  • Befriend a shy kid at school. Perhaps there is a student in your class who few people talk to or play with. Reach out and ask him or her to sit with you at lunch.
  • Recycle more. Ask your parents if you can start recycling more items around your house. You can even talk to your teacher to see what you can recycle at school.
  • Eat more vegetables. You may hear it from your mom all the time: Eat your veggies. Maybe this year you can try some new vegetables – and fruit!

SET YOUR SIGHTS HIGH

Do you have a goal you’d like to save for? Maybe a bike, skateboard or new musical instrument is what you’re dreaming of. Deposit your money in your Navvi-Gator Super Saver’s Club account and we can help make that dream come true.

26 Oct

How to Keep Your Money Safe

by marketing in Navvi News/Fall 2011

Bobby was excited to get a birthday card from his grandparents. He tore it open right at the mailbox. As he read the card, he didn’t see the crisp, new $20 bill fall out.

Suzie hid three weeks’ worth of allowance in her school desk. She planned to go shopping with her best friend after school. Unluckily for her, someone else saw her stash the cash too.

Kyle couldn’t resist using the money his mom gave him for school supplies to buy his friends some snacks at the mall instead.

What do Bobby, Suzie and Kyle have in common? They didn’t keep their money safe. Bobby’s $20 was lost. Suzie’s allowance was stolen. Kyle spent his mom’s money on something other than its intended purpose.

HAPPIER ENDINGS FOR YOUR CASH

You can learn from Bobby, Suzie and Kyle. Here are some ideas for protecting your cash:

  • Deposit gift money (or money you want to save for the future) in a savings account – before it can be lost.
  • Store money you plan on using soon (like Suzie) at home in a piggy bank or money box until you need it.
  • Buy what you need first. Then if anything is left over, you can buy something you want.

Your Navvi-Gator Super Saver’s Club account is the safest (and smartest) place to store your money until you need it. It is protected from being lost or stolen. Plus,it will grow as we pay you interest just for saving it with us.

26 Oct

Need Cash? Start Your Own Business

by marketing in Real Money/Fall 2011

Starting your own business can be a great way to earn cash to pay for the fun things you like to do, as well as save for the things you hope to do in the future.

Generate Ideas

If you enjoy making jewelry for friends, ask your parents if it’s OK to try selling a few pieces. If you love playing with kids, a babysitting service could be perfect. And if you enjoy being animals, offer to wash neighborhood dogs.

Flesh It Out

Once you’ve selected your business, spend some time honing your idea. Ask yourself these questions:

  • Is my idea practical? If your neighborhood is full of children and you don’t mind working weekend evenings, babysitting could be very successful.
  • What is my competition? For example, if you have friends in the neighborhood who babysit.
  • What is my advantage over existing businesses? Charging less than the competition is always an advantage!
  • How can I deliver a better quality service? For instance, having Red Cross babysitting certification assures parents that you’ll provide top-notch child care.

Once your business is up and running, your savings account is a smart place to stash your cash.