Which of the 3 Financial Phases Are You In?
.Which of the 3 Financial Phases Are You In?
by: Kelli Kiemle, AIF® April 11, 2022
Knowing which of the financial phases of life you are in can help you better plan to build, protect and enjoy your assets, no matter what your age.
Every year we see the same months, holidays and seasons – it’s all pretty predictable. While you may not know when a winter storm will hit, you can usually count on chillier weather come winter. The same can be said for financial phases. While not always easy to predict, you can find patterns if you look for them.
But how does knowing a financial phase pattern help? When it comes to financial planning, the answer is a lot.
Which of the 3 Financial Phases Are You In?
by: Kelli Kiemle, AIF® April 11, 2022
Knowing which of the financial phases of life you are in can help you better plan to build, protect and enjoy your assets, no matter what your age.
Every year we see the same months, holidays and seasons – it’s all pretty predictable. While you may not know when a winter storm will hit, you can usually count on chillier weather come winter. The same can be said for financial phases. While not always easy to predict, you can find patterns if you look for them.
But how does knowing a financial phase pattern help? When it comes to financial planning, the answer is a lot.
What Are Financial Phases?
There is a natural ebb and flow to money habits throughout the year. For example, most of us tend to spend more around the holidays because of gifts and parties. When January hits, people take a look at their budget, set goals for the year and attempt a financial diet. The same can happen in the summer as people splash out on vacations or enjoy a plethora of activities with their families.
Patterns can also occur throughout, showing up in spending and savings habits. Recent college grads probably live on a tight budget with less savings, whereas an established professional might be more focused on long-term goals, such as buying a home or saving for retirement.
Is It The Same For Everyone?
While the year can offer similar periods of spending and saving, each individual has their own plans, priorities and habits that make them unique. If you enjoy saving, maybe you take vacations during shoulder seasons to take advantage of lower hotel and airfare prices or you sign up for a credit card (of course, paying it off every month) that supports your travel habit – think free rooms, reduced flights, etc. Or if you always go big on your birthday each year, you create a plan to automatically save money every month into a “birthday fund” so when the time comes each year you’re ready.
The same is true when looking at life patterns or saving and investing. If you land a well-paid job out of college, perhaps you spend more lavishly than the average early 20-something would. Or someone who joined the FIRE movement would contribute to their retirement and save differently since they have a different goal. It’s important to understand that each person has their own goals and priorities, and sometimes life gets in the way with unexpected obstacles.
How Does Knowing This Help?
To continue reading, please go to the original article here:
https://www.kiplinger.com/personal-finance/604519/which-of-the-3-financial-phases-are-you-in
25 Best Money Quotes and the Lessons They Teach
.25 Best Money Quotes and the Lessons They Teach
Tawnya Redding 2022-01-21
The best quotes inspire and motivate us. They share little nuggets of wisdom in a few words and get us to think in ways we wouldn’t have otherwise. From a quick laugh to a mindset shift, quotes may also be the nudge we need to make the changes we want to see in our lives. In the hopes of inspiring, motivating, and encouraging, we’re sharing the best money quotes and their lessons.
25 Best Money Quotes
1. It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for – Robert Kiyosaki
25 Best Money Quotes and the Lessons They Teach
Tawnya Redding 2022-01-21
The best quotes inspire and motivate us. They share little nuggets of wisdom in a few words and get us to think in ways we wouldn’t have otherwise. From a quick laugh to a mindset shift, quotes may also be the nudge we need to make the changes we want to see in our lives. In the hopes of inspiring, motivating, and encouraging, we’re sharing the best money quotes and their lessons.
25 Best Money Quotes
1. It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for – Robert Kiyosaki
Did you know that a significant portion of people who make over $100,000 a year are living paycheck to paycheck? Or that 70% of wealthy families lose their money by the next generation?
Having or making money isn’t the key; it’s keeping it through living within your means and intelligent investments.
2. Rich people have small TVs and big libraries, and poor people have small libraries and big TVs. – Zig Ziglar
This quote is more of a metaphor than a literal quote. People with money watch TV, and many who have less read. The point here is that people who build wealth tend to invest more time in learning and bettering themselves than those who remain in the same place. While you may not get rich, those who continue to build skills and learn have a much better shot at improving their financial situation.
3. Wealth consists not in having great possessions, but in having few wants. – Epictetus
We’ve all heard the phrase “Money can’t buy happiness,” and this quote is another way of expressing the same sentiment. True wealth isn’t based on the amount of money one has, but on the degree to which they are fulfilled and happy with their life. If you have everything you want, even if it’s not much, you’re likely happier than the wealthiest person who constantly needs more.
4. Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time. – Johann Wolfgang von Goethe
You don’t want to dig a big hole that you will have trouble getting out of if you can avoid it. As with most things in life, it’s best to take care of your money before you’ve lost all of it. Otherwise, it’s going to take more time to crawl out of the hole. Similarly, you want to make sure you’re filling your time wisely and not waiting until you’re nearly out. Unlike money, time has a limit and is not a hole you can dig out of.
5. It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy. – George Lorimer
To continue reading, please go to the original article here:
Do's & Don'ts When You Increase Your Income
.Do's & Don'ts When You Increase Your Income
2 Things You Should Do (and 1 You Shouldn’t) When You Increase Your Income
Team Member Blog, Consumerism to Frugalism
Most of you would like to increase your income.
Whether you’re looking to make a career move, change companies, start a business, or simply move up in your current situation, making more money is likely one of the major factors in your job decisions.
Here at Money Saved is Money Earned, we know money isn’t everything and you shouldn’t live just for money. However, we also know that money plays a major factor in your ability to live the way you want.
Do's & Don'ts When You Increase Your Income
2 Things You Should Do (and 1 You Shouldn’t) When You Increase Your Income
Team Member Blog, Consumerism to Frugalism
Most of you would like to increase your income.
Whether you’re looking to make a career move, change companies, start a business, or simply move up in your current situation, making more money is likely one of the major factors in your job decisions.
Here at Money Saved is Money Earned, we know money isn’t everything and you shouldn’t live just for money. However, we also know that money plays a major factor in your ability to live the way you want.
While we should live within our means, most people would make very different choices if money wasn’t an option. Having said that, money should never be the end goal.
What’s really at the heart of the drive for more money is the desire for more freedom and power: over our life and the choices we make about it, as well as our ability to influence the world in the ways we care most about.
Money is nothing more than the means to an end.
Unfortunately, most of us will not win the big lottery, start a billion dollar company, or inherit millions. This means that while our incomes may increase over time that increase will likely be gradual, and may come in the form of step or merit-based raises, bonuses, or commissions.
However, most people find themselves spending money as fast as they make it, gradual increase or not.
With these points in mind, what SHOULD you do if you find your income increasing?
Luckily, we’re here to help.
Here are 2 things you should do when you increase your income and 1 you shouldn’t.
Things You SHOULD Do:
1. Pay off Debt
We know we play this tune like a broken record, but paying off your debt as fast as you can is one of the most effective ways of having Money Earned through Money Saved.
In fact, paying off debt is second only to not accruing debt in the first place!
The reason paying off debt as soon as possible is so impactful is because of interest.
Essentially, any loans you have you will pay interest on, which gives the lender extra incentive for loaning the money in the first place.
To continue reading, please go to the original article here:
What Video Games Taught Me About Finance
.What Video Games Taught Me About Finance
By Becky Ferreira
Action-adventure and RPG games are packed with hidden lessons about real world wealth.
It started, as many adventures have, in the town of Blackwater on the shores of Flat Iron Lake. I walked into the Gunsmith’s shop to check out his wares and saw the most provocative and expensive weapon I had ever come across—an “explosive rifle,” on sale for $10,000. Despite the fact that there were many people depending on me, the reformed Wild West outlaw John Marston, to carry out errands for them, I became obsessed with raising the cash to buy the gun.
You may have caught on that I’m not referring to real places or people, but rather locations and characters in the 2010 Rockstar game Red Dead Redemption. Like many fans of the game, I was completely sucked into Marston’s world, which is why I was surprised by how easily the explosive rifle derailed me from the main storyline.
What Video Games Taught Me About Finance
By Becky Ferreira
Action-adventure and RPG games are packed with hidden lessons about real world wealth.
It started, as many adventures have, in the town of Blackwater on the shores of Flat Iron Lake. I walked into the Gunsmith’s shop to check out his wares and saw the most provocative and expensive weapon I had ever come across—an “explosive rifle,” on sale for $10,000. Despite the fact that there were many people depending on me, the reformed Wild West outlaw John Marston, to carry out errands for them, I became obsessed with raising the cash to buy the gun.
You may have caught on that I’m not referring to real places or people, but rather locations and characters in the 2010 Rockstar game Red Dead Redemption. Like many fans of the game, I was completely sucked into Marston’s world, which is why I was surprised by how easily the explosive rifle derailed me from the main storyline.
Ever since that frivolous quest, I’ve frequently found myself chasing virtual big ticket items in games like Skyrim or Horizon Zero Dawn, while holding off on other more pressing missions.
The result has been some weird lessons about money garnered from video games that are intended to be dazzling narratives, not financial primers. Because most immersive games mimic the real world to some extent, they weave in at least some rudimentary economic principles—a bank account, means of income, and products that can give you an edge when achieving your goals.
These systems are an important functional feature of the playing experience, but they also spotlighted some of my own financial strengths and weaknesses, and reinforced basic principles about real world finance. Here’s some examples of ways in which the bank accounts and wish lists of my game characters got me thinking about my money habits in real life.
Credit Impacts Pricing
Like most action-adventure games, it’s fairly easy to rustle up some cash in Red Dead Redemption, so my Marston took off to bag outlaws for the bounties, gamble, collect valuable herbs, and hunt game to sell in general stores.
When I eventually circled back to the Blackwater Gunsmith to collect my rifle, my Marston had also done a bunch of good deeds, apparently enough to accumulate the positive “honor” to be ranked a Peacemaker in the game (this status reflects how noble Marston has been in past social interactions; if you play as a scoundrel, you get different rewards). This cut store prices by 50%, and suddenly the explosive rifle was only valued at $5,000. Marston’s good behavioral track record had become a kind of permanent discount card.
In the real world, we have a similar system—credit scores—though it is correlated with the ability to consistently pay debts. That metric is not necessarily related to honorable actions in this day and age, yet does evoke however, an old-world honor when debts were a sign of weak will and questionable morals, and we hadn’t yet created a system that saddles people with an average of almost $40,000 of debt by their early twenties. But the point is the same: Consistency, whether it’s good deeds or paying bills, enables prices to fluctuate in your own favor.
When I played this game back in 2010, I was already aware that it’s a good idea to work on your credit score, but I hadn’t put much effort into it. Marston, wise rogue that he is, was part of the reason I got more invested in building better credit by prioritizing paying off debts and working to have low utilization ratios on my cards. I hope Red Dead Redemption 2, which is due out this October, will have other weird finance lessons in store for me.
Mo Money, Mo Problems
To continue reading, please go to the original article here:
https://www.vice.com/en/article/pam8pv/what-video-games-taught-me-about-finance-good-habits
4 Steps to Build a Resilient Financial Life
.4 Steps to Build a Resilient Financial Life
Krystal Barker Buissereth, CFA®, Head of Financial Wellness Sat, April 30, 2022
Life can throw you curveballs, bringing unexpected events and expenses. That’s why building financial resilience in your life can be so powerful — and it starts with learning to have a basic sense of how your finances work and what you can do to make them work better for you.
If you’re feeling a bit uncertain or overwhelmed about how to get your finances in order, the first place to start is to define your goals. What is it that you want to achieve? It may be sticking to a budget, paying down debt, saving for retirement, building an emergency fund or saving for a big expense like a car, a home or a child’s education.
4 Steps to Build a Resilient Financial Life
Krystal Barker Buissereth, CFA®, Head of Financial Wellness Sat, April 30, 2022
Life can throw you curveballs, bringing unexpected events and expenses. That’s why building financial resilience in your life can be so powerful — and it starts with learning to have a basic sense of how your finances work and what you can do to make them work better for you.
If you’re feeling a bit uncertain or overwhelmed about how to get your finances in order, the first place to start is to define your goals. What is it that you want to achieve? It may be sticking to a budget, paying down debt, saving for retirement, building an emergency fund or saving for a big expense like a car, a home or a child’s education.
Let’s walk through four basics for building a more resilient financial life.
Step 1: Be SMART with your goals
Whatever your goals, I encourage you to put pen to paper to write them down. I like to use something called the SMART goal-setting method, which stands for:
Specific
Measurable
Action-oriented
Realistic
Time-bound
For example, if you want to pay off debt, start with the actual dollar amount of how much you want to pay down. That makes it Specific and Measurable. Then, get Action-oriented by defining the steps you're going to take. If it’s paying down debt, maybe you can cut back on eating out or put your tax refund toward your credit card bill.
By making your goal Specific, Measurable and Action-oriented, you’ll be able to see if your goal is Realistic — and if not, you can adjust, like by extending the time frame. Speaking of time, the T in SMART stands for Time-bound: Give your goal an expiration date so you have a target in mind. Once you reach that deadline, you're encouraged to make the next goal, and then the next — and that's how we make progress in our financial lives.
Step 2: Be organized
I like to use the analogy of building a house. It’s fun to dream about your floor plan and decorations, but building the house doesn’t truly begin until you break ground and lay the foundation. Creating a more formal budget is the foundation of our financial lives, helping us see exactly where money is flowing so we can better allocate it to our many needs, wants and goals.
To continue reading, please go to the original article here:
https://news.yahoo.com/4-steps-build-resilient-financial-083005223.html
What Does The Recent Uptick In Foreclosures Mean For The Housing Market Now?
.What Does The Recent Uptick In Foreclosures Mean For The Housing Market Now?
Foreclosure Filings Are Up 132% From A Year Prior. Here’s What That Means For The Housing Market (And It’s Not What You Might Think)
Updated: May 1, 2022 By Alisa Wolfson
Plus, what to know if you are considering buying a foreclosure.
What Does The Recent Uptick In Foreclosures Mean For The Housing Market Now?
When we were reading through real estate data this month, three stats caught our eye. The first: That the number of active foreclosures (this is when the foreclosure process has begun on a seriously delinquent loan, but it has yet to be completed and liquidated) edged up by more than 7,000 in March — the first year-over-year increase in almost 10 years, according to mortgage technology, data and analytics provider Black Knight.
What Does The Recent Uptick In Foreclosures Mean For The Housing Market Now?
Foreclosure Filings Are Up 132% From A Year Prior. Here’s What That Means For The Housing Market (And It’s Not What You Might Think)
Updated: May 1, 2022 By Alisa Wolfson
Plus, what to know if you are considering buying a foreclosure.
What Does The Recent Uptick In Foreclosures Mean For The Housing Market Now?
When we were reading through real estate data this month, three stats caught our eye. The first: That the number of active foreclosures (this is when the foreclosure process has begun on a seriously delinquent loan, but it has yet to be completed and liquidated) edged up by more than 7,000 in March — the first year-over-year increase in almost 10 years, according to mortgage technology, data and analytics provider Black Knight.
Secondly, more than 78,000 U.S. properties had a foreclosure filing during the first quarter of 2022, which is up 39% from the previous quarter and up 132% from a year ago, according to real estate analytics company ATTOM.
And third, serious mortgage delinquencies — those 90 or more days past due — are 70% higher than they were pre-pandemic, according to Black Knight.
While those numbers seem grim, pros say the reality isn’t as bad as it looks: Though active foreclosures are up year-over-year, the number of loans in active foreclosure is still way below historic norms. On average, prior to the pandemic, the country saw about 30,000 to 40,000 foreclosure starts per month. But the foreclosure moratoria that were put in place as part of the CARES Act in response to COVID-19 drove all of that normal activity to a halt.
And for the most part, the continued low foreclosure starts are because the vast majority of folks who had taken advantage of forbearance have come out of such plans and returned to performing on their mortgages. And those who remain in forbearance may still have protection against foreclosure until they reach the maximum allowable forbearance period.
As for foreclosure filings, Rick Sharga, executive vice president of market intelligence at ATTOM, says that though “foreclosure activity increased significantly in the first quarter of 2022 … that doesn’t indicate a sudden weakness in the housing market, or the U.S. economy.
To continue reading, please go to the original article here:
3 Things NOT To Ask Your Financial Adviser To Do For You
.‘We cannot do that.’ 3 Things NOT To Ask Your Financial Adviser To Do For You
Alisa Wolfson Sun, May 1, 2022,
Financial planners can be integral to your financial success, but you shouldn't cross certain lines.
A financial adviser can do a lot of things — provide advice to help you manage your finances, execute trades on your behalf, create holistic financial plans based on your short- and long-term goals. But plenty of clients ask them to do more than that.
Grace Yung, a certified financial planner at Midtown Financial Group, says she’s had clients ask her to log into their accounts at other institutions. “I appreciate the trust, but we cannot do that for clients. We cannot have access to client passwords at other institutions or even share passwords within our firm,” says Yung.
‘We cannot do that.’ 3 Things NOT To Ask Your Financial Adviser To Do For You
Alisa Wolfson Sun, May 1, 2022,
Financial planners can be integral to your financial success, but you shouldn't cross certain lines.
A financial adviser can do a lot of things — provide advice to help you manage your finances, execute trades on your behalf, create holistic financial plans based on your short- and long-term goals. But plenty of clients ask them to do more than that.
Grace Yung, a certified financial planner at Midtown Financial Group, says she’s had clients ask her to log into their accounts at other institutions. “I appreciate the trust, but we cannot do that for clients. We cannot have access to client passwords at other institutions or even share passwords within our firm,” says Yung.
Along those lines, you can’t ask your broker to do something called “selling away,” in which a broker sells you securities that are not held or offered by the brokerage firm that employs him or her.
Asking your financial adviser for legal advice is another no-no, unless he or she is also an attorney, says Arielle Jacobs-Bittoni, chartered financial analyst at Refresh Investments. She’s had clients ask about estate planning issues, but because she’s not a lawyer, she’s ill-equipped to provide advice. Instead, clients should seek out an estate planning attorney who can handle the legal aspects of financial planning.
You also can’t ask them to do something that would violate their ethical oath, adds Jacobs-Bittoni. CFP professionals agree to be a fiduciary by always acting in the best interest of their clients, so “you can’t ask them to act in a way that may cause a conflict of interest,” says Jacobs-Bittoni.
To continue reading, please go to the original article here:
8 Statistics That Reveal Major Money Problems in the US
.8 Statistics That Reveal Major Money Problems in the US
Cynthia Measom Wed, April 27, 2022,
When it comes to financial literacy, many Americans are struggling. From carrying perpetual credit card debt to taking out payday loans with astronomical interest, people are making bad decisions daily that contribute to their financial detriment.
To uncover just how serious the issue is, GOBankingRates researched statistics from the 2021 Financial Literacy and Preparedness Survey, which was conducted online within the United States by The Harris Poll on behalf of NFCC and Wells Fargo, as well as other statistical sources.
8 Statistics That Reveal Major Money Problems in the US
Cynthia Measom Wed, April 27, 2022,
When it comes to financial literacy, many Americans are struggling. From carrying perpetual credit card debt to taking out payday loans with astronomical interest, people are making bad decisions daily that contribute to their financial detriment.
To uncover just how serious the issue is, GOBankingRates researched statistics from the 2021 Financial Literacy and Preparedness Survey, which was conducted online within the United States by The Harris Poll on behalf of NFCC and Wells Fargo, as well as other statistical sources.
Here Are Eight Concerning Statistics On Financial Illiteracy In The U.S.
62% of Americans Say They Are Worried About Their Finances
According to the NFCC/Wells Fargo survey, the majority of Americans have financial concerns and many are experiencing increased worry about meeting basic household expenses, making debt payments on time, having enough money for emergencies or being able to save for future goals than they were a year ago. Of course, inflation will only serve to increase their worries.
Only 44% Follow a Budget
Following a budget allows you to track and control your money, which can lead to greater financial success. However, less than half of Americans have a budgeting plan in place, according to the NFCC/Wells Fargo survey.
38% of Households Carry Credit Card Debt From Month to Month
According to the NFCC/Wells Fargo survey, although half of Americans are carrying credit card debt, 38% are carrying the same amount of debt from month to month.
"Too often people will use credit cards to pay for everything but neglect to pay off the balance before the end of the month," said consumer analyst Julie Ramhold with DealNews. "In some cases, this is their only option to buy things like food or pay for utilities. But in many cases, people look at credit cards as a buy now, pay later option -- that is, buy whatever they want now and then just pay off the debt over time."
She added, "In truth, the better thing to do is if you're using the credit card for purchases that aren't necessities, make sure you have the funds to pay for them otherwise; then you can put them on your card but pay off the balance before it has a chance to accrue interest."
23% Say They Are Not Saving for Retirement
While two-thirds of the general population are saving for retirement, over one-fifth are saving nothing, according to the NFCC/Wells Fargo survey.
Retirement is the last dog at the bowl for most people," said Cyndie Martini, CEO and founder of Member Access Processing. "Because retirement always seems to be in the far distance, it is the last thing that most people save for. Other expenses take precedent over saving for retirement. At the same time, costs for the retired, including the cost of medical insurance and retirement communities is rising."
To continue reading, please go to the original article here:
https://news.yahoo.com/8-statistics-reveal-major-money-210002934.html
10 ‘Normal’ Money Habits That Are Actually Harmful
.10 ‘Normal’ Money Habits That Are Actually Harmful
Andrew Lisa Wed, April 27, 2022
Just because you get into the habit of doing something doesn't mean it's good for you -- and gnawed-on fingernails and cracked knuckles aren't the only proof. Some of the worst habits that tend to die the hardest show up not only on people's bodies but in their financial lives as well.
From the way people budget to the way they spend, save and invest, minor sins are easy to come by. Like so many bad habits, some people don't even realize they're making money-related mistakes at the time. Or they realize it but find it hard to change.
10 ‘Normal’ Money Habits That Are Actually Harmful
Andrew Lisa Wed, April 27, 2022
Just because you get into the habit of doing something doesn't mean it's good for you -- and gnawed-on fingernails and cracked knuckles aren't the only proof. Some of the worst habits that tend to die the hardest show up not only on people's bodies but in their financial lives as well.
From the way people budget to the way they spend, save and invest, minor sins are easy to come by. Like so many bad habits, some people don't even realize they're making money-related mistakes at the time. Or they realize it but find it hard to change.
The following money habits have been normalized over the years but are still just as harmful as ever.
Not Following a Basic Budget
In 2020, a survey from Intuit/Mint found 65% of people had no idea how much money they had spent the month before. Perhaps unsurprisingly, younger adults were the least likely to keep track of their spending. No matter your age, your financial goals both big and small will die on the vine if you don't know how much money you're bringing in, how much you're spending, where you're overspending and the percentage of income that you're saving -- if you're saving at all.
Ignoring Your Credit Until It Matters
Despite the widespread availability of free apps such as Credit Karma and free credit trackers that come with most bank accounts and credit cards, plenty of people still ignore their credit for most of the year. They check in only when they're up for big purchases or loans, often finding that their scores are a whole lot lower than they had imagined or that there are mistakes on their reports that they could have corrected before the damage was done.
The truth is your credit is important 365 days a year. It affects the rates you'll pay, not only for mortgages and auto loans, but for things like insurance and utilities. It also impacts whether employers see you as hireable or whether landlords will take you on as a renter.
Knowing what's in your credit report is the first step to managing your credit. By tuning out, you're accepting a more expensive life.
Carrying a Balance on Your Credit Card
According to Lending Tree, a little more than half of America's credit card users carry a balance on their accounts -- which is exactly what banks want them to do. When you pay your statement balance in full every month, you pay only as much as is needed to cover your purchases.
To continue reading, please go to the original article here:
https://news.yahoo.com/10-normal-money-habits-actually-200013138.html
A Bank Teller Reveals Secrets and Debunks Banking Myths
.A Bank Teller Reveals Secrets and Debunks Banking Myths
Katherine Muniz Updated: Apr 28, 2022
Bank secrets revealed and debunked by an unnamed bank teller at a major bank on bank practices, teller capabilities, and consumer money moves. We all know what a visit to a bank branch will bring. Average consumers have no clue what goes on behind the glass windows of their bank's local branch.
We talked to one bank teller from a major bank and he debunked some myths, as well as shared a couple secrets of his own.
A Bank Teller Reveals Secrets and Debunks Banking Myths
Katherine Muniz Updated: Apr 28, 2022
Bank secrets revealed and debunked by an unnamed bank teller at a major bank on bank practices, teller capabilities, and consumer money moves. We all know what a visit to a bank branch will bring. Average consumers have no clue what goes on behind the glass windows of their bank's local branch.
We talked to one bank teller from a major bank and he debunked some myths, as well as shared a couple secrets of his own.
Does it really take three days for checks to clear and post to your account?
No -- It all depends on a person's credibility and the type of check it is. For instance, payroll checks usually clear right away, and so do checks deposited by customers with an ample amount of cash in their account. Sometimes a portion of the check clears right away, and the rest clears in the next few days. The teller we spoke with said he has no knowledge of how the percentage is determined, as it is set by a system.
Debit card loss and theft are not as well-protected as credit card theft.
True. Some banks will cover all the fraud-ability charges, such as Bank of America. However, typically the protection is less than that of a credit card, so if you're concerned, contact your bank and inquire about all the loss and theft protection coverages available to you.
The only bank staff that can work at the teller window are tellers.
False -- It all depends on the bank and their protocol. For instance, at this particular teller's bank, assistant managers have to work at the window but that doesn't mean they always do if they're feeling lax... particularly at his branch. Another example is at Chase, where bankers are cross-trained as tellers.
The bank is allowed to pull money from your deposit if you owe overdraft loans or fees.
True.
Calling a representative or going in person to your branch to resolve a problem will be better than filling out forms online.
To continue reading, please go to the original article here:
https://www.mybanktracker.com/banking/faq/bank-teller-reveals-secrets-138688
The Things People Say About Money
.The Things People Say About Money
And What to do About It — So Your Voice is Heard
Sherry Parks Mar 7
I remember it as clearly as if it happened yesterday. I was right in the midst of my accounting career and was working my way up the ladder. At that point, I had already received several pay increases and promotions.
I was out shopping with my mom and I don’t remember exactly what we were talking about, but I do remember my mom’s words. She came out with this zinger:
“If you can’t live on $25k per year, then something is wrong with you”. Let me tell you, this wasn’t in the 70’s or 80’s. This was in the 2000’s. A time when the average annual income was between $45 and $50k.
The Things People Say About Money
And What to do About It — So Your Voice is Heard
Sherry Parks Mar 7
I remember it as clearly as if it happened yesterday. I was right in the midst of my accounting career and was working my way up the ladder. At that point, I had already received several pay increases and promotions.
I was out shopping with my mom and I don’t remember exactly what we were talking about, but I do remember my mom’s words. She came out with this zinger:
“If you can’t live on $25k per year, then something is wrong with you”. Let me tell you, this wasn’t in the 70’s or 80’s. This was in the 2000’s. A time when the average annual income was between $45 and $50k.
I chose to ignore her statement. I was already making more than double that amount and I wasn’t prepared to share that with my mother. In fact, I was a little bit afraid of telling her.
What would she expect of me? What would she think of me? What would her judgments of me and my lifestyle become? This is one conversation that has never left me. Not because it was a big emotional scene. Not because I received specific judgment on me personally. I think it was because I needed to remember that moment.
I’ve already shared that I made a decision as a teenager that I wasn’t going to live in constant struggle with money. You can read more about that here. I was clear that $25k per year wasn’t enough. I was determined to feel good about money and that meant that more would have to flow into as well as back out of my life in order for me to have ease with money. And that decision moved me to a place where what my mom’s personal belief about money didn’t matter. I was secure in my belief that money could and would be easy for me.
But here’s the thing, we all have family or even friends who say things about money that could potentially keep us stuck.
Fear of judgement.
Fear of loss of loved ones.
Fear that we won’t fit in anymore.
Fear that we will leave them behind.
When we hold onto those fears, we do stay stuck. When we listen to what they say and buy into their beliefs, those things can hold us back and keep us from truly experiencing what we want for our money and our lives. Today, I’m sharing a few of my favorite tips for helping you to lean into your own beliefs and create the life you want.
To continue reading, please go to the original article here:
https://medium.com/thrive-global/the-things-people-say-about-money-1370963a2fbb