Money Matters

MONEY

MATTERS A Supplement to The Alpena News • Wednesday, January 17, 2024

Tips to build a nest egg in a time marked by a high cost of living A rise in the cost of living has presented challenges to millions of households across the globe. As the cost of everything from food to natural gas to fuel for vehicles has risen, many people have struggled to find ways to save money, especially for their longterm goals like retirement.

The term “nest egg” has long been associated with long-term financial goals like retirement savings or college tuition. But what are individuals to do if short-term costs get in the way of their long-term goals? There’s no magic formula for building a nest egg, but these tips can help anyone grow their savings despite the high cost of living.

• Identify a specific, achievable goal. Simply resolving to save “more” without attaching a figure that defines what “more” is can make it hard to build a substantial nest egg. Examine your finances, including what’s coming

in each month (i.e., take-home wages) enrolling in plans that offer employer and what has to go out each month (i.e, match contributions can be an espehousing and automotive costs, etc.). cially effective way to build a nest egg.

• Begin living on a budget, and stick Document these expenses and then identify an achievable goal to build to it. The idea of living on a budget your nest egg. If necessary, trim some may seem simple, but it’s less common fat related to monthly expenses that than some may recognize. A 2023 surare not necessities so you can redirect vey from the online financial resource funds to your nest egg. Cancel stream- NerdWallet found that 83 percent of ing services or cut back on dining out the more than 2,000 adults 18 and so those funds can be redirected to over who participated acknowledged they overspend. Perhaps more telling building a nest egg.

• Take advantage of pre-tax oppor- is that 84 percent of respondents inditunities to save. Pre-tax opportunities cate they have a monthly budget but to build a nest include retirement ve- exceed it anyway. Individuals who want hicles like a 401(k). With these plans, to build a sizable nest egg are urged to money is deducted from a paycheck work with a financial advisor to devise before taxes, thus lowering workers’ a monthly budget and then stick to it.

• Save for emergencies. A lack of immediate tax burdens (taxes are paid when funds are withdrawn) and en- emergency funds can quickly jeoparabling them to save more now. Some dize a nest egg. Without a somewhat employers even match contributions sizable savings account, individuals up to a predetermined percentage, so could be forced to borrow from their

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____________________________________________ 2 - Money Matters ~ Wednesday, January 17, 2024

retirement accounts in emergency situations. That strategy hurts in more ways than one, as it both reduces the amount in the nest egg and also affects how much the nest egg can grow, as gains are greater when balances are higher. The NerdWallet survey found that 48 percent of respondents want to prioritize emergency savings, and that strategy can be vital to building a nest egg.

A sizable nest egg can help anyone live comfortably in retirement, and various strategies can help people grow their nest egg even as the cost of living remains high.

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Learn how to budget and save for big-ticket items

When faced with making a significant purchase, or even financing an unexpected emergency expense, consumers are tempted turn to credit to pay for the goods or services. While credit utilization maintains an important place in building a strong financial reputation, it can quickly put a person underwater financially, and interest fees can increase the price of big-ticket items by a significant amount.

The financial resource The Motley Fool says American households carried a total of $17.1 trillion in debt as of the second quarter of 2023. A report from Equifax Canada indicated Canadian consumer debt rose to $2.32 trillion in 2023. Substantial consumer debt can limit financial flexibility, so individuals who are looking ahead to new vehicles or vacations or even home renovations can first try to save for such expenses in lieu of borrowing. Budgeting and

saving may not lead to immediate count. When all of your funds gratification, but it can help consumers are together in one bank acavoid debt and ultimately create more count, it is easier to spend the financial flexibility down the road. money on other purchases • Know exactly what you have. Too rather than the larger one in often people take a casual approach mind. Open a separate acto their finances. At any given time count and move your “extra” they may not know whether the money earnings into that account to they’re making is actually covering all save for your large expense. the money saved, you can look at the of the bills, and how much money, if Automating the savings by setting up calendar to figure out the best time to any, is left over. Spend a few months an automatic deduction deposited make that purchase. Does your state cataloguing all credits and debits to into this account on payday can make or province offer a sales tax holiday? your accounts. Pay attention to times savings even easier.

Some times of year you may get a bo• Review your budget periodically. of year when income is higher or when nus, tax refund or birthday gifts that Figure out if there are areas where you spending increases. can be earmarked for big-ticket items.

• Know your goal and price. Rayhons can cut back and allocate more money Avoid purchasing big items during Financial, a financial services company, to your overall savings or the special times when you must pay for other suggests identifying exactly how much savings for the big-ticket item. For exsignificant expenses, such as tuition, you’ll need for a purchase. Estimate on ample, you may be able to downgrade summer camp fees and insurance paythe high side of expenses so as not to to a more manageable mobile phone ments. go over budget. Treat a big-ticket item plan or dine out less frequently.

Some simple financial planning can • Time the purchase right. In addijust like a utility bill. help people save and budget for big• Create a separate expense ac- tion to only buying when you have ticket items more readily.

Just 5% Can Change Everything for the Better

Northeast Michigan is in the process of losing billions of dollars. Billions. It has already been happening for over a decade and by the year 2060, nearly $17 billion will be given from one generation to the next in what is commonly referred to as the “transfer of wealth”. Most of that wealth will leave our communities, but if we as a community could work together to preserve just 5% for the betterment of the place we call “home”, it could mean a world of difference for northeast Michigan’s future.

Most often, assets are left to family. For generations people lived their whole lives close to where they were born, and as money and material possessions passed from one generation to the next, those assets stayed in the same place, too. That just isn’t the case anymore.

Society is more mobile. Kids move away more often.

Jobs can take people away from this community. And as Baby Boomers age and pass their assets to heirs, most assets will leave the community.

If you think you are not part of the transfer of wealth, think again. Regardless of the size of your bank account, consider this: If you own a home, even one you still owe money on – this is part of your estate. If you own a car – whether a modest sedan or a vintage sports car – this is part of your estate. If you have an IRA, 401K or life insurance - you have an estate. Have a collection of rare Beanie Babies, Hot Wheels or vintage Atari games? Then you have an estate. All of these things have monetary value. It is not just those with huge investments, multiple life insurance accounts or retirement funds who need to be

thinking about what happens to their possessions and assets when their time on this earth is done. We all do.

This is where that magic 5% comes in. If we all set aside just 5% of what they have to stay locally in permanent charitable funds, by 2050 (when there’s still a decade left of the transfer of wealth), it would preserve $138 million, leading to an additional $42 million in annual grants for our community. Even if you choose not to have your 5% be a permanent gift, you can still direct it to a local charity and affect the good of your community. It is another 5% that does not leave the place you call home, and it is not uncommon for a charitable planned gift to actually help you leave more to your heirs than you would without that donation.

So, what can you do to preserve 5% of your assets for good? Talk to a favorite nonprofit’s staff and see how a planned gift could best be used for them; create or tweak your current will; re-designate an insurance policy or retirement account to a charity; consider your own legacy and what that might look like; contact a financial planner or local attorney to get some advice; or contact your local community foundation whose staff can help with planned giving.

If just 5% can ensure a bright future for northeast Michigan, we should all take every opportunity to make it a reality.

What you care about most is worth supporting forever. Make your charitable gift keep giving back for generations to come. Learn more at cfnem.org or call 1-877-354-6881.

We’re here for GOOD.

____________________________________________ Wednesday, January 17, 2024 ~Money Matters - 3

Financial mistakes anyone can avoid

Earnings go a long way toward de- being “significantly behind.” Though their bills. An assortment of variables un- mistake, and arguably the one that’s the termining an individual’s financial secu- laws governing retirement contributions doubtedly contribute to that stark reality, most difficult to avoid. It can be hard to rity. However, high wages do not guar- have made it easier for people to catch and one might be a tendency for con- walk away from a dream home, but such antee long-term financial security any up, it’s still better to begin saving once sumers to spend beyond their means. a decision could secure your financial more than lower wages ensure a future you enter the professional arena, which Individuals who are struggling to curtail future. Unfortunately, data indicates far marked by a lack of financial flexibility. for most people is some time in their ear- their spending are urged to seek the too many individuals are spending more Individuals are a unique variable in any ly to mid-twenties. The longer you delay help of a certified financial planner who on housing than conventional financial financial equation, and those who can saving for retirement, the more precari- can help them devise a budget and al- wisdom recommends. The most recent exercise and maintain some fiscal disci- ous your financial future becomes. leviate some of the stress and pressure Consumer Expenditure Survey from the pline are more likely to secure long-term • Spending beyond your means: The associated with overspending or living U.S. Bureau of Labor Statistics found that spending on housing accounted for security than those who cannot. post-pandemic increase in cost-of-living paycheck to paycheck.

One way anyone can improve their has garnered considerable attention in • Poor use of credit: Credit cards can 33 percent of the average household’s chances at a secure and flexible financial recent years, when inflation has driven be a financial safety blanket, but that monthly expenses and that the average future is to identify and avoid some com- up the cost of just about everything. blanket can soon smother consumers household spent 88 percent of its aftermon mistakes. Avoiding the following There’s little consumers can do about who don’t know how and when to utilize tax income each month. That latter figure mistakes can increase the chances indi- the rising cost of living, but making a credit. Reserve credit cards for emergen- is especially troubling, as conventional viduals at various income levels enjoy a concerted effort to curtail spending is cy situations and resist the temptation to financial wisdom recommends a saving secure financial future. one way to combat the spike. However, use them for daily expenses, such as gro- rate of 20 percent. Overspending on • Delay saving for retirement: Conven- surveys indicate many people earning ceries and gas. Credit card interest rates housing greatly affects a person’s abiltional wisdom says it’s never too early to significant salaries are living paycheck- tend to be in the double digits, so unless ity to save and invest, so resisting the begin saving for retirement. Despite that, to-paycheck. For example, a 2021 report card holders can pay their balances in temptation to buy that expensive dream surveys indicate many adults are behind from LendingClub Corporation found full each month, they’re only exacerbat- home could be the difference between a on saving. A 2022 survey from Bankrate that nearly 40 percent of individuals with ing the already high cost of living by us- secure or scary financial future. found that 55 percent of respondents in- annual incomes greater than $100,000 ing credit for daily expenses.

Avoiding some common mistakes can dicated they were behind on their retire- live paycheck to paycheck, with 12 per• Buying too much house: Over- help individuals be more financially flexment savings, while 35 percent reported cent reporting they are struggling to pay spending on housing is another financial ible and secure over the long haul.

____________________________________________ 4 - Money Matters ~ Wednesday, January 17, 2024

New loan option to save members money

Wolverine State Credit Union is now offering Home Equity Line of Credit Loans.

These loans allow homeowners to take equity out of their home which must be repaid over a set period of time. Individuals can borrow up to 80% of the equity of their home. Home Equity Line of Credit loans, also known as HELOC loans, generally have lower interest rates and longer terms than other loan options.

Wolverine State Credit Union offers a variety of HELOC options. The funds from a Home Equity loan can be used for college tuition,

home improvements, medical expenses, vacation, debt consolidation and more. The options are endless. To learn more about a HELOC, call your Wolverine State Credit Union representative at 800-655-6508.

Credit cards can enhance your shopping experience and save you money. Local credit union credit cards typically have lower rates than large banks. Card holders at Wolverine State Credit Union earn Scorecard Reward points for every dollar they spend.

Scorecard Reward points can be redeemed for merchandise, travel and money off at the register. Card holders earn while they spend!

The Wolverine State Credit Union mobile app allows individuals to control cards right from the palm of the hand. Card control functions include deactivating and activating the card, setting activity alerts, monitoring card activity and more. Local credit unions such as Wolverine State Credit Union also have personal service to help with any credit card questions or issues. It's hard to compare!

Lower rates, reward programs, better service and more make getting a local Visa credit card from your local institution a great option.

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Finding the right credit card for you Credit cards are a preferential method of payment for millions of consumers. Credit cards make buying items online convenient and provide more security than debit cards, which are directly tied to a bank account.

The modern credit card was invented in 1950 and was known as the Diners Club card. The idea came from Frank McNamara and business partner Ralph Schneider, who conceived of a way to pay without carrying cash after McNamara had forgotten his wallet while out hotel stays. Other cards offer cash back Type of cardholder to dinner in New York. Since that fateful, The next step is to identify which type on a percentage of purchases, like 2- to forgetful night for McNamara, the credit card industry has boomed, and Walle- of cardholder you are. WalletHub says 5-percent back on qualifying categotHub notes that consumers now have cards are designed for specific types of ries. Some credit cards help you immore than 1,500 credit cards to choose users and are geared toward particular prove your credit when it’s limited or from. Having so many options can groups’ interests and financial needs. damaged, says NerdWallet. make finding the right card somewhat These can include cards for students, challenging. Explore these methods to those for people with poor credit histo- Balance transfer policies and interest rates ries, small business cards, or cards for narrow down your prospects.

Another consideration on credit general consumers. cards is whether they offer introductoKnow your score ry lowor no-interest rates on balance Define your goals Before applying for a new credit transfers that enable you to transfer balCredit cards also are broken down by card, it is important to know your credit ances from high-interest cards to the score. The better your credit score, the their perks. Cardholders need to think new card.

Although it’s always best to greater the chance of being approved about what they want out of a card. For pay off your credit card balance with example, some credit cards are marfor a card which offers strong perks. each statement, that isn’t always possiketed to travelers and enable cardholders to earn travel miles or points toward ble. When shopping for a card, it helps

to find one with a low annual percentage rate (APR).

Additional features

Some credit cards will offer tools such as charts that can help you keep track of spending categories or will automatically advise you of your credit score. Secured or student cards can incrementally raise your credit limit as you establish good credit history. A card that has no late fees or penalty interest rate increases also can come in handy.

There are various factors to consider when shopping for a new credit card.

By narrowing down the major points of comparison, consumers can find a card that suits their specific needs.

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____________________________________________ Wednesday, January 17, 2024 ~Money Matters - 5

____________________________________________ 6 - Money Matters ~ Wednesday, January 17, 2024

How long to hang on to your tax returns

As individuals attempt to more effec- or bad debt deduction.

4. Keep records for 6 years if you do tively organize their homes, they may come across a familiar pile of documents not report income that you should rethat they might hesitate to discard. Con- port, and it is more than 25 percent of the ventional wisdom has suggested taxpay- gross income shown on your return. ers hold on to their tax returns for at least 5. Keep records indefinitely if you do seven years. However, the Internal Reve- not file a return. nue Service indicates that the seven-year 6. Keep records indefinitely if you file a timeline is not necessarily applicable to fraudulent return. everyone. The IRS recommends taxpay7. Keep employment tax records for at ers speak with their insurance company least 4 years after the date that the tax beor creditors to see if they require account comes due or is paid, whichever is later. holders to hold on their tax records lonThese can serve as guidelines taxpayger than the IRS. If they don’t, individuals ers can follow if they are attempting to decan follow these guidelines, courtesy of clutter at home but don’t want to discard the IRS. tax returns they might someday need.

1. Keep records for 3 years if situations Taxpayers also can consult with their ac(4), (5), and (6) below do not apply to you. countants or tax preparers for advice on 2. Keep records for 3 years from the how long to keep their returns. In addidate you filed your original return or tion, those who want to keep their returns 2 years from the date you paid the tax, can scan relevant return documents and whichever is later, if you file a claim for then store them digitally on an external credit or refund after you file your return. hard drive. This frees up space in a home 3. Keep records for 7 years if you file a and can calm any fears about discarding claim for a loss from worthless securities returns taxpayers may have.

Unlocking the Benefits of Credit Union Mortgages In the realm of home financing, credit unions stand out as unique alternatives to traditional banks. Offering a customer-centric approach, credit unions have gained popularity for their member-focused services, including mortgages. Let’s dive into the advantages of credit union mortgages and why an HPC Credit Union mortgage might be the right choice for prospective homebuyers.

Member-Centric Philosophy: HPC Credit Union operates on a not-for-profit basis, prioritizing our members’ interests over profits. This philosophy extends to our mortgage services, translating into potential cost savings for homebuyers. Lower fees and competitive interest rates are common features of our mortgages, providing financial benefits to members.

Personalized Service: One of the hallmarks of HPC is our commitment to personalized service. Unlike large banks, we have smaller, more community-oriented operations. This allows for a more intimate and tailored mortgage experience. Members can expect individualized attention, with our mortgage officers working closely with you to understand your unique financial situations and needs.

Competitive Interest Rates: HPC Credit Union mortgages often come with competitive interest rates. While rates can vary, we strive to provide our members with costeffective borrowing options, contributing to overall financial well-being.

Conclusion: HPC Credit Union mortgages offer a refreshing alternative for individuals seeking a home loan. With a member-focused philosophy, personalized service, flexible terms, community connection, and competitive interest rates, a credit union could be the right choice for you.

As prospective homebuyers explore financing options, considering credit unions could lead to a more personalized and financially advantageous homeownership journey.

HPC Credit Union, where we are invested in you! www. hpccu.com (989) 354-4698

Teaching young adults about credit

A young person’s eighteenth birth- money spent only if the full amount is ment. It should be explained that while recently opened accounts. According day marks something of a turning point not paid off by the bill due date. the minimum payment is advertised on to Monica Eaton, a certified financial in his or her life. In addition to acquira billing statement, it is in the account education instructor and author, paying various rights, such as being able to holder’s best interest to pay the entire ment history makes up 35 to 40 percent Credit limits vote or serve on a jury, this is the age at Quite often young adults who have balance to avoid paying interest, which of the total credit score, and paying which teenagers may be introduced to not yet established credit will have a can make it challenging to pay down bills on time (even if only the minimum credit cards and loans. lower credit limit than someone else. the credit card bill. In fact, if a credit balance) is essential. Credit scores can According to Forbes, prior to age 18 Credit limit is the maximum amount card is treated like cash, it is less likely it is possible to have a credit card if the that can be borrowed. This limit may be that a borrower will get into financial range from 300 to 850, and the higher score the better. minor individual is added as an autho- raised as the lender has greater confi- trouble.

Young adults are trusted with manrized user on another account, namely dence in the borrower who is paying aging their own finances as they get a parent’s or guardian’s. However, a the bill each month.

Makeup of a credit score older.

Learning the right way to utilize person must be 18 in both the United Explain that a credit score is deterStates and Canada to be an account Minimum payment mined by payment history, how much credit is among the most important lesholder on his or her own credit card.

Many teenagers new to credit (and money is owed, length of credit history, sons a young adult can learn.

Around the same time, teenagers even adults) quickly get themselves in the types of credit, and the number of also may be exploring schooling op- debt by only paying the minimum paytions. According to data from U.S. News about the class of 2021, students who took out loans to pursue a bachelor’s degree borrowed $30,000 on average.

Although loan information training is included in U.S. federal loan applications, many young adults do not fully understand this type of debt.

It’s important that young adults learn about financial planning and smart credit usage. Here are a few ways to get started.

Define credit and interest

Young adults should recognize that credit is not free money, and it comes with an expense in some instances.

When money is borrowed from a lender, it is understood it will be paid back later. Interest is the money the lender will charge for borrowing money. It is based on a certain interest rate. Credit card companies will charge interest on

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Registered Representative of and securities offered through OneAmerica Securities

a Registered Advisor, Member FINRA, SIPC. Financial Services

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Wednesday, January 17, 2024 ~Money Matters - 7

New Year, New Finances: Why You Should Work With a Financial Planner

(StatePoint) As 2024 gets under- sionals commit to high ethical For example, if you’re newly money on taxes and to assist you in way, it’s time to set new financial standards and have made a com- graduated and just starting your planning for the future – including goals and make a plan to reach mitment to CFP Board to act as a career, you may need advice on for the unexpected. With a CFP® them. fiduciary, meaning they act in your how to pay off student loans while professional by your side, you can Whether you have a fixed, short- best interests when giving financial saving for the future. A financial feel more confident in your finanterm goal, such as paying down planning advice. They must also planner can help you prioritize cial future, whether you’re planning debt, or you’re looking to draw up acquire several years of experi- these competing goals. Likewise, for college, retirement or growing a comprehensive roadmap for your ence delivering financial planning if you’re established, a financial your family. financial future, a CERTIFIED FI- services and pass a comprehensive planner can help you manage and NANCIAL PLANNER™ profession- exam. These rigorous qualifications safeguard your wealth for the next How do I plan for my first al can be integral to the process. can offer you peace of mind that generation. meeting?

To find a professional you can your financial planner is someone While you don’t need to have all trust and to get the most out of knowledgeable who has your best What value does a financial your goals set in stone at your first working with them, consider the interests in mind. planner offer? meeting, being prepared is helpful. following answers to commonly A CFP® professional will learn In addition to any paperwork that asked questions.

Is financial planning for me? about your financial goals and the advisor sent you ahead of time, A common misconception is that needs and can develop a holistic gather copies of financial stateCan I trust my financial planner? financial planning is only for those financial plan tailored specifically ments from your banks, brokerage The credentials of a “financial with a certain level of income or to you. Their education and expe- firms and retirement account cusplanner” can vary widely. It’s best wealth, or for those who are near- rience make them uniquely suited todians, as well as tax, insurance to ensure that your financial plan- ing retirement. The truth is that fi- to help you choose investments and estate planning documents. ner is a CFP® professional. Certi- nancial planning is for everyone at that align with your time horizon Come prepared to discuss your infied by CFP Board, CFP® profes- every life stage. and risk tolerance, to help you save come, expenses and debt. Finally, prepare a list of questions. This is your opportunity to find out about the feasibility of your dreams and goals.

How do I find the right planner for me?

Perhaps you are estate planning and have unique concerns due to family dynamics. Perhaps you’re launching a new business and need assistance with cash flow and budgeting.

If you have specific financial goals or challenges, it may be helpful to work with a CFP® professional who specializes in that area.

You can use the “Find a CFP® Professional” tool at letsmakeaplan. org to search by specific planning services and your location.

As you set your financial goals for 2024, consider how a financial planner can help you. ____________________________________________ 8 - Money Matters ~ Wednesday, January 17, 2024