Rank #1: Money Talks: 50 Good Personal Finance Habits
We've got personal finance habits everyone should follow to work toward good financial health
This broadcast goes through a list from Time, online, that has 50 Personal Finance Habits Everyone Should Follow http://time.com/money/collection-post/4023439/personal-finance-habits/ Our hosts discuss some of them and their importance.
Previous broadcasts discussing persoanl finance habits:
Rank #2: Money Talks: All Social Security Hour
Jay White, host, and Shawn Mercer, District Manager with the Social Security Administration, spend the entire hour taking listener questions only about Social Security matters.
You can find many answers to your Social Security, disability, and Medicare questions at http://ssa.gov
Rank #3: Money Talks: Cyber Security
Expert Ryder Taff from New Perspectives https://www.newper.com/ and guest host Jay White, from MPB's Everyday Tech http://everydaytech.mpbonline.org/ , update listeners on financial data breaches and hacks.
https://www.ftc.gov/ Federal Trade Commission From their site you can file an Equifax Claim, learn about Annual Credit Reports 1-800-322-8228, and find more information.
· What can you do if you suspect your financial information has been compromised?
Check if your accounts have been affected Accept the breached company's offer(s) to help. If the breached company offers to help repair the damage and protect you for a certain amount of time, unless there have been issues with their offer, take them up on it.
Place a fraud alert. If you suspect fraud, place a fraud alert with each of the credit reporting companies: Equifax, Experian and TransUnion. The alert notifies creditors that you have been a victim of fraud and lets them know to verify that you are actually making new credit requests in your name. Placing a fraud alert does not affect your credit score.
Contact fraud departments. For each business and credit card company where you think an account was opened or charged without your knowledge, contact its fraud department. While you are not responsible for fraudulent charges to an account, you need to report the suspicious activity promptly.
· What is the difference between a credit freeze and a lock?
If you want to stop anyone from opening credit and requesting loans and services in your name without your permission, you can freeze your credit. You will need to request a freeze with each of the three credit reporting companies, which again are Equifax, Experian and TransUnion. To apply for new credit, you need to unfreeze your credit, again, through each of the credit reporting companies. You can either request a temporary lift of the freeze or unfreeze it permanently.
Credit agencies also offer a service called credit “locking,” which offers the same protections as a freeze, but typically cost a monthly fee. It is easier to unlock verses unfreeze your own credit accounts.
· What else can you do if you think your financial information has been stolen?
Create a recovery plan. The Federal Trade Commission has a valuable tool that helps you report identity theft and recover your identity through a personal recovery plan.
· What can you do anytime to keep an eye on your digital credit information?
Monitor your credit reports. You get one free credit report a year from the three major credit bureaus: Equifax, Experian and TransUnion. On your report, look for unusual or unfamiliar activity, such as the appearance of new accounts you didn't open. And watch your credit card accounts and bank statements for unexpected charges and payments.
Sign up for a credit monitoring service. Pick a credit monitoring service that constantly monitors your credit report on major credit bureaus and alerts when it detects unusual activity. To help with the monitoring, you can set fraud alerts that notify you if someone is trying to use your identity to create credit. A credit-reporting service like LifeLock can cost $10 to $30 a month -- or you could use a free service like the one from Credit Karma. Capital One said it will provide free credit monitoring and identity protection to all affected customers.
Credit monitoring only looks for changes on a credit report, indicating that someone is using your personal information to open new accounts in your name. But it does not prevent someone from taking out a loan in your name. That would require a lock or freeze.
· What are some best practices concerning your financial data?
Consumers should never give out personal details over the telephone, even if the caller seems to represent Capital One or the email appears to be from a Capital One address. Consumers need to be careful whenever they are contacted by an unsolicited caller. Hang up and call the number on your card.
Security experts generally recommend never re-using security passwords and say people should use two-factor authentication on their phones, which requires a user to enter a code sent to their phone or email into an app or website in order to log in from a new device or to change a password. They also say those affected by such hacks should freeze their credit report.
Change and strengthen your online logins, passwords and security Q&A. It's important to immediately change your online login information, passwords, and security questions-and-answers for the breached account(s)-along with your other accounts if they have similar passwords and security Q&A-to limit the reach of the hackers' arms.
Filing your taxes early, before a scammer has the opportunity to use your exposed Social Security number to file a fraudulent tax return.
· What’s the difference between a hack and a breach?
A breach is when data is unintentionally left unsecured and vulnerable to hacking, as a result of malicious activity or from negligence. A hack specifically refers to the activities of cyber attackers who purposely compromise IT infrastructure to steal information or to hold systems ransom; that’s what happened with Capital One. If your data was part of a breach, it’s possible it was just left exposed online and was not stolen.
Rank #4: Money Talks: Back to School Finances
We'd like to help you save on your purchases, save for college, and help you get money for your school.
We’d like to remind folks that Mississippi has a tax free weekend coming up Friday, the 26th and Saturday the 27th. BUT there are some stipulations:
· Sales Tax is not due on the sale of articles of clothing, footwear, or school supplies if the sales price of a single the item is less than One Hundred Dollars
· There are definitions of Clothing, footwear, accessories, and school supplies.
· Layaway sales of eligible items do not qualify for the holiday.
· Sales of eligible items that were placed or ordered by mail, telephone, or the internet are not subject to Sales Tax if the purchaser orders and pays for the items during the Sales Tax Holiday and the items are less than the $100.00 threshold.
To maximize the learning experience, involve your kids in the back-to-school shopping process. Together, identify your spending goals and decide where you’ll do your shopping. Discuss a strategy for spending on “extra” things that are not on the shopping list.
_DeSoto County Public Schools: student’s first day August 7th. That’s also the first day for Jackson Public Schools. Harrison County Public Schools start August 8th.
We’ve got some shopping tips for back to school:
· Visit your local brick and mortar retailers. Stores offer competitive bargains versus internet-only retailers. Look for specials and door busters, but try not to let good prices lure you into spending on things you don’t need.
· If your family feels that time is your scarcest resource, searching for deals online may still be your best way to save both time and money.
· Use store coupons and rewards programs. Check your mailbox or inbox for weekly coupons and store websites for printable coupons. These can mean big savings on your more expensive items. You can also sign up for a store loyalty program where you can earn rewards points toward future purchases.
· Consider taking advantage of any pre-packaged, school supplies program offered by your school district. This usually involves paying online for a tailored packet of school supplies that is delivered to the school, ready for use. These programs can offer competitive pricing and save you the time and effort of shopping online or driving to the store.
· Buy used textbooks or download digital textbooks.
· Look around your house before you shop.
SEGMENT 3 The state treasurer’s office’s website has information about saving for college. The state offers prepaid tuition calls MPACT – Mississippi Prepaid Affordable College Tuition. There’s also the savings plan – MACS – Mississippi Affordable College Savings.
MPACT is guaranteed by the State to cover the cost of college and mandatory fees at Mississippi’s public colleges. If a student attends an out-of-state or private school, the plan will pay Mississippi’s average tuition rate. MPACT offers four-year university plans, two-year college plans, as well as combination plans. The plan also offers a variety of payment options to fit your budget.
MACS offers investment options that appeal to all types of investors, from the conservative investor to the aggressive investor.
As 529 plans, both programs offer a state tax deduction as well as tax deferred earnings.
Families who begin planning and saving for college when their children are young have a much better chance of reaching their college savings goals than families who wait until their children are in high school.
Segment 4 There are ways to get free money for your school. To encourage you to show at their stores, retailers have cash back programs for not for profits, like schools.
Target has dropped their program. But Office Depot and Kroger each have ways for you to designate your school so that a portion of your total is donated to that school. https://www.officedepot.com/cm/school-supplies/give-backhttps://www.kroger.com/topic/kroger-community-rewards-3
Box Tops For Education is a programs where consumers collect and give to the school labels or “box tops” for them to send in for cash. There’s also an app where you can scan your store receipt instead of sending in the top of mac and cheese boxes or soup labels. https://www.boxtops4education.com/
Amazon donates 0.5% of the price of your eligible AmazonSmile purchases to the charitable organization of your choice. Smile.amazon.com
Coca Cola has a website where you SCAN OR ENTER A PRODUCT CODE TO DONATE to your local school
eScrip is an online portal. After you’ve signed up, shop at thousands of eScrip merchants, grocers and drug stores in your town. Your designated school or charity will get a check each month with their percentage of the spending done through that website.
Rank #5: Money Talks: Ways To Save $1,000
Rank #6: Money Talks: 50 Habits
Rank #7: Money Talks: Retirement Mistakes
Rank #8: Money Talks: Financial First Aid Kit
Get your finances prepared for disasters and emergencies!
2018 Emergency Financial First Aid Kit https://www.fema.gov/media-library-data/1524144185649-5dd9736e7ff89b5997182396f4e13fee/Emergency_Financial_First_Aid_Kit_(EFFAK)_signed_04.09.18_508.pdf
2017 MEMA's Hurricane preparedness guide http://www.msema.org/wp-content/uploads/2012/06/2017-Hurricane-Guide.pdf
Rank #9: Money Talks: Transferring Cash
Factors to take into consideration when deciding to give someone money:
· Fees, Speed, Sending amount, Where the recipient is located, Security, access to actual cash
1. Cash – easiest and most obvious.
a. About 3 in 10 Americans said they make no purchases with cash in a typical week.
b. In a survey of more than 2,000 Americans, U.S. Bank found that 50 percent of respondents said they carry cash with them less than half of the time they are out.
c. More than 1 in 10 millennials use their digital wallet for every purchase.
d. Adults with an annual household income of over $75,000 were more than twice as likely as those making less than $30,000 to say they do not make any purchases using cash in a typical week.
2. Bank Transfer Banks electronically transfer money via ACH. Although some charge fees for a bank transfer, many banks let you transfer money for free to other accounts. Sending a wire transfer through your bank might be the best way to send a large amount quickly. Generally $2,000 to $10,000 per transfer, and delivery can take multiple days.
3. Online Bill Payment Although online bill payment is geared toward recurring payments, like monthly utility bills, it also works for one-time payments. Your bank will outline how to send money through its online bill payment system; the process typically involves logging onto the bank website, filling out the amount of money you wish to send and the recipient’s information, and authorizing the payment to be mailed out or transferred electronically.
Transfers from banks to banks:
4. Zelle Account holders at banks that are part of the clearXchange network can take advantage of the new Zelle app, which allows you to to securely send money to others by using your bank’s mobile app. With Zelle, users just need a mobile phone number or an email address to send money to their intended recipient. No account information is shared when you send money; the program will only use your email or mobile phone number to send or receive money to or from your bank account.
5. Popmoney Popmoney offers one of the easiest ways to send money via mobile devices or email if you have an account at a participating bank. You can send money for free if a Popmoney user sends you a request. Otherwise, it’s only 95 cents if you initiate the transfer.
6. Walmart-2-Walmart: Walmart is cheaper than traditional money transfer companies, such as Western Union and MoneyGram. You can send to one of the thousands of U.S. Walmart stores, where a recipient can pick up the money within minutes. The maximum you can send is $2,500, and costs can reach up to $16.
7. Person to Person apps - limit how much you can transfer. Examples are Square cash, Venmo – owned by PayPal, Facebook Messenger, Google Wallet, Dwolla
8. International money transfers options: When you make a transfer abroad, you generally encounter two costs: the upfront fee and the foreign exchange margin, or the markup on the exchange rate financial institutions use when transferring money among themselves. Consider both fees to find the best deal.
a. TransferWise or OFX for free services
b. Xoom, a PayPal division and MoneyGram are fast options
c. Western Union The biggest money transfer company worldwide, Western Union also has a sizable range of transfer options. On the provider’s price estimator tool online, you’ll see almost a dozen combinations of sending channels, payment methods and delivery options. You can send money from the Western Union website or its mobile app, and you can use a bank account, debit card or credit card — or send from a nearby agent location using cash. The transfer giant’s physical network covers over 200 countries and territories and more than half a million locations globally.
Rank #10: Money Talks: Stocks
How should an investor evaluate a stock? Our financial advisers give some tips and take personal finance questions on the show.
Our experts are Dr Nancy Lottridge Anderson, President of New Perspectives and Ryder Taff, Portfolio Manager at New Perspectives. https://www.newper.com/
Seven things an investor should consider when picking stocks:
- Earnings growth
- Relative strength in industry
- Debt-equity ratio
- Price-earnings ratio
Rank #11: Money Talks: Travel and Money
We’ve got some suggestions on how to travel with your money concerning safety, convenience, and fees.
- Traveler’s Cheques
- Credit Cards
- ATM Cards
- Exchange Rates
- Behavior tips
Ryder Taff from New Perspectives, gives expert advice. https://www.newper.com/
Rank #12: Money Talks: Millennial Money Advice
Rank #13: Money Talks: Time for a Financial Check Up?
To start your year, we want to help you take a look at your financial status. How do you compare to other Americans? What are your goals for improving?
Here's a Make a Budget Wooksheet from https://www.consumer.gov/content/make-budget-worksheet
Rank #14: Money Talks: Can You Catch Up Your Retirement Savings?
If you haven't been saving enough for retirement, this show has some ideas to help you catch up. Ryder Taff from New Perspectives http://newper.com and host Java Chatman discuss ways to build up your retirement savings.
Retirment Savings (how much do you need) = Time (how long to you have to contribute) x Risk (how aggressive can you afford to be) x Amount (how much can you put in each month)
Tax questions? Look on the IRS's website http://irs.gov
Rank #15: Money Talks: Debt and Credit Counseling
Rank #16: Money Talks: Grocery Shopping Tips
- Don’t assuming coupons are always money
- Check for coupons and sale items on an app
- Don’t stay loyal to brands
- Don’t ignore expiration dates
- Don’t shop when you're hungry
- Buying pre-made foods may be more expensive
- Trends are a way to sell new items
- Stock up on Sale Items
- Check Unit Prices
- Beware of entrances, the seasonal isle, and the homewares
- Check out the freezer isle for out of season produces
- Bring a list and stick to it
At Kroger, use your SNAP card and receive a Fresh Savings coupon at checkout to save up to $10 on your next purchase of fresh produce. At farmers markets and other select locations, spend up to $20 on SNAP-eligible food and get up to $20 more FREE to spend on fresh produce. Fresh Savings is available in Tennessee and Mississippi. Contact us at firstname.lastname@example.org or 1-800-854-3324. https://endseniorhunger.aarp.org/fresh-savings/
Rank #17: Money Talks: How to Avoid Outliving Your Money
Rank #18: Money Talks: Mortgage Loans
Rank #19: Money Talks: Social Security September
District Manager, Shawn Mercer answers questions about Social Security.https://www.ssa.gov/
- living overseas
- life expectancy
- worked overseas
- civil service and disability
- survivor benefits among half siblings
- earned income while drawing
- changing your mind about drawing
- and more!
Rank #20: Money Talks: Cutting Cell Phone Costs
Tips on how you could cut your cell phone costs.
- Switch to a no-contract plan.
- Look to prepaid carriers.
- Keep your phone longer.
- Use Wi-Fi
- Cut the Insurance
- Look at your current data usage
- Limit background data.
- Cut Out the Stuff You Don’t Use
- Sign up for automated payments and paperless billing.
- Be careful when making international calls.
- Add lines