- Scholarships and Grants and Loans, Oh My!, Just as Dorothy of Oz felt overwhelmed and lost as she set out to navigate her way through the haunted forest, you too may experience these same feelings as you go about the process of finding financial aid for college tuition. But don't worry just yet. The application process for college is exciting, stressful and chaotic all at the same time. There are many decisions to be made and seemingly…
- , Not sure if you need a personal loan?, Like lines of credit, personal loans can be used for any purpose, but do work best in certain situations. Struggling with student loan debt or credit card payments? Need to make a big purchase soon or fund an emergency now? Let's take a look at how a personal loan could help. Here are six ideal uses to consider ... Refinance Student Loan Debt The ever-higher cost of higher education has been…, Use it for any purpose!, These are just a few suggestions for personal loan uses. The best part about personal loans is you don't need to have a specific reason to take one out. Use personal loans for any purpose. If you need cash, consider the pros and cons of personal loans vs. lines of credit here . Make your choice and talk with someone at your credit union or bank or apply online for a personal loan or line of…, Ready to apply?, Click here to get started!
- Put simply, a money market is a kind of savings account, but with a few key differences from your traditional options. Money market accounts are designed to be a safe way to get a better dividend rate for people. However, these kinds of accounts generally require a higher minimum deposit. And just like regular savings accounts, money market accounts have NCUA protection which makes them a safe…, Why a money market account?, That makes money market accounts a good option for people looking for the benefits of saving money safely or finding a place to "park" a chunk of money while earning dividends, as well. With a money market account, a person can deposit money into their account whenever they like. On the flip side, if a person wants to get fast access to their money they have that option, too. All in all, this is…
- Once a person learns what a money market account is, they have a logical next question: what can I do with it? That's a good question. After all, it's always good to know what options you have to make your money work better for you. With that in mind, let's take a look at some of the uses of money market accounts. "Parking" your money Let's say you have a chunk of money and you aren't going to…
- Small Steps, Long Term Results, They told me it wasn't going to happen overnight – and they were right., While trying to dig out of my financial ditch, I looked for quick solutions everywhere. Cashing in retirement savings to keep my car on the road. Using credit cards to make loan payments. Borrowing money from family to make ends meet. I wasn't fixing the ditch. I was digging myself deeper. You may have heard this before, "The first step to getting better is admitting you have a problem." I heard…, Financial hardship can start to dictate your life. But it doesn't have to., Recruit financial allies., It wasn't easy to ask for help, but doing so made the biggest difference in regaining control over my personal finances. For me, the allies I enlisted were Visions, my older sister, and her spouse, my brother-in-law. They became my accountability partners , and we met regularly to help me stay on track. If you're trying to pick a team, keep in mind your finances should stay private, so you should…, people, at the center of their mission,, instead of profits, . They're committed to service . By the end of my first meeting, I learned that Visions offers a free financial counseling service, budgeting tools – all kinds of support – and it's not only for people who were in the same boat as me, but also for people who just want a second opinion about their goals and financial plans. The biggest relief was that most of these resources are free and easily…, Request settlements and payment plans., My financial wellness coach at Visions helped to guide me through the next steps. The things I had been avoiding–¦ While I was behind on utilities and bills, I avoided contact with my service providers. I was expecting some kind of verbal abuse or beratement, so the thought of it gave me a feeling of dread. Then, sitting down with my financial wellness coach, I learned that I could call the…, Within less than six months, of slow, steady payments, my credit score started showing significant improvements., Find affordable alternatives., Working with my financial coach and allies, I addressed one of my other roadblocks: my budget. Without understanding how to budget , even if I managed to pay off a few debts, I could have easily fallen back into the same old traps. My budget – the system of record-keeping, allocating, and tracking my income – would be my ticket to change. It helped me to define which expenses are necessary, which…, explore a truly, affordable, lifestyle, . That's the big thing with a budget. You have to decide what you can and can't afford, but sometimes it's not as clearcut as you want it to be . For example, I can afford a car payment while saving for some repairs. I can't afford an expensive new vehicle, especially one with a higher insurance cost or low fuel efficiency. For now, I'm sticking with the affordable option, and attempting to save…, Consider Consolidation, My last bit of advice is to try to consolidate your debt. My brother-in-law mentioned this as a good idea, but I didn't get to it right away. That was part of my biggest frustration as I started to tackle my debt. My credit was too low. But I didn't feel comfortable letting my family cosign. I wanted to take that ownership and be responsible for my own debt. If you need help with credit, you may…
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #3: The distant artist, Some people like to work hard and play hard, like my cousin JJ on the other coast. With a passion for cinema and photography, JJ left for California as soon as she had enough money for an apartment. She loves her work, both in study and creation, and it consumes her – she'd be the first to admit it – but JJ also loves to schmooze. She's a pro at working the room at a party, fulfilled by the small…, Here's what I learned from my cousin, the distant artist:, 1. Residual income is a return on investment. Think of someone who owns a successful business. They work hard early in life, investing in a company that should pay off later in life, right? That's the ideal: the company earns a healthy profit, managers handle the daily grind, and the company runs itself. For many artists, it's a similar game. In one industry, musicians pitch albums that make some…, Read more Lessons From My Elders:, My Crafty Neighbor, A Veteran's Folly
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #2: A veteran's folly , Everyone called him Gramps, even though he had no grandkids. Through his church and the local VFW, Gramps had many companions, and everyone he met, he treated like a brother. People generally connected with his relaxed attitude and his sense of humor, which would sometimes raise doubts to his mostly pious nature. Still, I've never met anyone more averse to saving money. When he passed away, his…, Here's what I learned from Gramps and his financial folly:, 1. Without debt, subscriptions, or financial obligations, life can be remarkably affordable. Isn't it obvious? Things cost money. So if you have, want, use, and do less stuff, you're likely to spend less money. That pretty much describes Gramps' lifestyle. He was as minimal as minimal gets, getting by on slim income from his military pension and social security. He had a car, but most days he…, Read more Lessons From My Elders:, My Crafty Neighbor, The Distant Artist
- Unless you have accumulated substantial wealth where money is not a concern, you face a critical task when you reach retirement to make sure that your assets will support you through your lifetime. When you retire and no longer earn an income to pay for your bills and living expenses, developing and adhering to a financial plan – where cash flow is clearly defined – can help you balance your…, Connect with Visions Wealth Management, This material was prepared for Visions Investment Services and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional…, Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer., (Member FINRA/ SIPC). Insurance products offered through LPL Financial or its licensed affiliates. Visions Federal Credit Union (VFCU) and Visions Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name Visions Investment Services, and may also be employees of VFCU. These products and services…
- An important document that everyone should consider as part of their estate planning is a, power of attorney, . This is a legal document that gives another adult person – or even a Trust Department like at Visions – the authority to act on your behalf and make decisions regarding your money or property. Most often used in the event of illness or incapacity, a power of attorney document avoids the possibility of a court ordered guardianship. However you choose a power of attorney, the agent or agents…, agent, , and it's best practice to have a, successor, in place in the event that the initial agent cannot act. When it comes to multiple agents, you can designate whether you would like them to act separately or together. In most instances, it's best to allow them to act separately. For example, many institutions do not offer two signature checking accounts and therefore would not be able to accommodate agents who must act together. Remember that a…, personalized to your needs, . The authority can be very broad or limited – it's up to you – and that's why it's important to appoint someone you trust and who you know will act in your best interest. And, while powers of attorney are governed by specific state laws and should be prepared by an attorney, Visions can help you determine how it may fit into your estate planning. For information on Trust services at Visions,…
- A Will is Not the Only Way, Today marks the largest intergenerational wealth transfer in history, with $30 trillion in assets projected to pass from baby boomers to their heirs in the United States alone. Yet 60% of American adults don't have an estate plan. Plan ahead for the possibility of incapacity with a Revocable Living Trust. We know that while you can't predict the future, you can prepare for it. Instead of only…, Revocable Living Trust, is a legal document that does double duty by setting forth how you want your assets managed and distributed in the event of your incapacity. As a result, if you're ever unable to manage your own finances, a court wouldn't need to get involved to appoint someone to manage your financial affairs. Want to meet with someone on our Trust and Estate Planning team? If you are interested in seeing what…
