Guide to
Real Estate, Banking & Personal Finance
A Blank Slate Media/Litmor Publications Special Section • July 20, 2018
34 REAL ESTATE, BANKING & PERSONAL FINANCE • Blank Slate Media Newspapers, Friday, July 20, 2018
What credit unions, banks offer BY A L I C E M E L Z E R “Despite seven interest-rate increases by the Federal Reserve since 2015, many banks have resisted rewarding deposit customers with higher rates” So wrote Rachel Louise Ensign, in the Wall Street Journal, published June 23-24. What is fascinating is this: Credit unions have been increasing their interest rates on savings, including CD accounts. Yet, consumers are reluctant to place money in savings with either banks or credit unions. World Politics aside, saving money in your mattress makes a lumpy bed and will not make you any richer. It is about education. Look inside your wallet. You probably have credit cards from multiple sources. Turn on your phone. It is likely you have apps for one or more checking account(s). Now is a great time to review your cash as in where it is, what is it doing, and will you need to make some changes. Although credit unions and banks have been around for many years they are different. Both can and will offer savings and loans; yet their business structure and consumer base are different.
Credit Unions are not for profit organizations. Each Member, regardless of their amount on deposit has one Share. A Credit Union’s territory or charter may include: a specific region, a professional and or group. Profits made by Credit Unions generally become reinvested. The rewards may include goods, services and better membership rates. If you are reading this article, you are keenly aware money equals independence. What is autonomy? Originally credit unions facilitated those who would ordinarily be bypassed by traditional banks: underserved means: women, recent immigrants and individuals with emerging credit. Are you in this group? Is your bank or credit union overcharging for goods and services? Is it time to make a switch? The months between Memorial Day, July 4th and Labor Day benchmark the
summer season. Let’s revisit where we came from and how this affects finances. Everybody who lives in Nassau County likely has relatives or friends from someplace else. Gone are people who lived in one place and worked within10 miles from their birth-place. Consider your children. Does your Bank or Credit Union have a children’s savings account? How much $50 or $500 needs to be invested into it? What is the interest rate? Is it a stand-alone account? “In 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law, creating a national system to charter and to supervise federal credit unions. “ https://www.ncua.gov/About/Pages/ history.aspx Money and emotions are often intertwined. The best financial decisions are made when thinking and feelings are separate. When you seek a loan, mortgage and or Visa credit card, judge on merits and not on your feelings.
Do not be pushed or cajoled by salespeople who are ranked by the number of new accounts they open. For example, our credit union does not rank our reps on the number of new accounts they open per month or quarter. They are expected to provide friendly and professional assistance. When you are shopping for loans, determine the rate of the specific loan product. Some Banks offer 0 percent for the first six months. What then will that rate change to? Are their annual fees? What about late payment(s)? Ask, what is your monthly payments and what will the loan ultimately cost me? Are you going to accept the rate sheet a salesperson places before you? Be mindful about how you spend and save your money. Alice Melzer, Director of Marketing Port Washington Federal Credit Union Established in 1968, the Port Washington Federal Credit Union welcomes those who live, work or worship in Port Washington, Manhasset, Roslyn, Great Neck and the employees of the Town of North Hempstead. We are an equal opportunity lender.
ADVERTORIAL
Make Your Savings Work Even Harder with PCU. 60-MONTH SHARE CERTIFICATE SPECIAL!
2.63
%
APY*
Interested in joining PCU? Visit www.ProgressiveCU.org/Membership For more information, call us at 212-695-8900! *APY = Annual Percentage Yield. All rates are subject to change. Minimum Opening Deposit: $1,000 Assumes funds remain on deposit for a full year. Penalty may apply for early withdrawals. All savings at PCU are federally insured by the NCUA.
Progressive Credit Union recently has celebrated our 100th birthday – and looking ahead, the future is bright! In the early days, we got our start by working with immigrants in New York’s blossoming garment districts. Of these peer financial institutions that were founded alongside PCU, Progressive is the only financial institution that was able to weather the fiscal ups and downs of the 20th century. In the 21st, we’re continuing to evolve – all in the name of providing the best credit union membership experience around. Today, we are honoring our historic roots by serving a variety of financial needs, including deposit and savings products, commercial loans, and more.
Our member-owned financial institution continues to offer some of the best rates around, all while delivering some of the best personalized member service in the region. As an institution, we’ve always embodied the credit union philosophy of “people helping people,” and will continue to maximize the value of PCU membership. The best part is that thanks to our national charter, you can find PCU members across the country. If you’re interested in joining, be sure to check out www. progressivecu.org/membership, or give us a call at 212-695-8900!
News Times Newspapers, Friday, July 20, 2018 • REAL ESTATE, BANKING & PERSONAL FINANCE
39
Beginner’s Guide to Real Estate Investments
P
urchasing a house or property is about more than setting up a home. Although quite a number of people buy real estate to establish their future, long-term abodes, many others recognize the potentially lucrative investment that lies within a real estate purchase. Despite the ups and downs of the economy, real estate has become a common investment vehicle — one that has plenty of potential for making big gains for those who are willing to put in the effort. According to the experts at Entrepreneur, even in a bad economy, real estate investments will usually fare better than stocks. Real estate also continues to appreciate despite the occasional economical slow-down. Like any other endeavor, there is a right and a wrong way to go about investing in real estate. Novices may not know where to begin their first forays into the real estate market as investors, even if they already own their own homes. Buying a property as an investment is an entirely different animal than buying a home to establish a residence. However, with the right guidance, anyone can dabble in real estate. Establish financial goals. Before you even begin looking at properties or put forth the effort of meeting with an agent, you must determine what you expect from the investment. The days of buying real estate and flipping it for a fast profit may no longer be here. However, real estate can provide a steady stream of long-term income. Understand what you hope to achieve by investing. If it’s to become an overnight millionaire, you may be looking at the wrong investment vehicle in real estate. Establish a plan. New investors who do not have a plan in place will
likely spend too much or have more setbacks than others who have planned accordingly. When investing in real estate, it’s more about the bottom line than the property itself. According to Springboard Academy, a real estate academy for investors, look for motivated sellers and stick to a set purchase price. Try to make offers on a variety of properties that work in your financial favor. And know what you want to do with the property (i.e., renovate and sell, remove and rebuild, or rehab and rent) before you buy. Fit the house to the plan, and not vice-versa. Start small. If this is your first time out there, stick with properties that will turn over quickly. Research areas in and around urban centers or close to transportation and shopping. A good starter property is a small house or a condominium that can be refurbished and then rented. Rental properties offer steady sources of income when renters are properly vetted, offers Investopedia, an investment resource. Look at many different properties. Become an expert by learning as much as you can about what is out there. Attend open houses; look for vacant/unattractive properties; scour the classifieds in your local paper; or put the word out there that you’re interested in buying a property. Only look at properties that have motivated sellers, because then you’ll get closest to the price you want to pay. And don’t forget to research the area and the home turnover rate for the specific area where you are looking. Don’t make assumptions that a property will appreciate without doing your homework. Real estate can be a worthy investment opportunity. With research, a plan and the right price, just about anyone can be a real estate investor.
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YOUR MOVING CHECKLIST 1. CHANGE OF ADDRESS NOTIFICATIONS J Post Office: File your change of address at least 30 days prior to the date of move J Accountant/CPA Attorney J Banks: (auto loans, checking accounts, credit cards, home equity, IRA’s, mortgage, safe deposit box, savings account, retirement plans, Broker) J Cell phone provider, internet provider, newspaper, magazines J Doctors, Pharmacy J Civic organizations, charities, professional organizations, church J Dept. of Motor Vehicles, Internal Revenue Service, Social Security Office, Passport J Health clubs, House cleaning service J Insurance providers (auto, health, life, vehicles) J Family members and friends 2. ONE MONTH BEFORE YOU MOVE J CALL MEN ON THE MOVE J Arrange hotel accommodations, car rental, airline reservations or temporary housing, if necessary J Make a list of relatives, friends and other people who need to know about your move J Contact your bank to ordeer new checks with new address J Call your utility companies for: cable, gas, electric, water and internet to schedule a disconnection date for your old house and transfer to your new address, if necessary 3. TWO WEEKS BEFORE YOU MOVE J Contact the moving company and confirm your dates J Continue packing, Make sure to label each box and keep an inventory J Make arrangements with a cleaning service to clean your old home, if necessary 4. ONE WEEK BEFORE YOUR MOVE J Try to finish packing J Fill any prescriptions or medications, if necessary J Plan meals for the whole week so you can start emptying your refrigerator
40 REAL ESTATE, BANKING & PERSONAL FINANCE • Blank Slate Media Newspapers, Friday, July 20, 2018
5. THE DAY BEFORE YOUR MOVE J Pack your overnight case J Check all cabinets, drawers, and closets to make sure you packed everything J Set aside boxes, tape, scissors, markers, etc for last minute packing J Empty, clean, and defrost your refrigerator and freezer 6. MOVING DAY J Do not make any plans for the day other than your move J Verify the delivery address and directions are correct with your moving company J Carry all items yourself such as important documents, jewelry, etc. J Before leaving the house, make sure to check the entire house to be certain you don’t forget anything J If the house will be vacant, contact your insurance agent and the police department so they know the house will be empty