3 Important Finance Lessons for Your Teen

More high school students than ever will be collecting diplomas in the coming weeks, an increase attributed in part to new career-oriented schools that help students appreciate the link between learning and earning.

“After 40 years, we’re finally seeing significant improvements in high school graduation rates. The national average shot up from 72 percent in 2001 to 78 percent in 2010,” says retired business executive Cary Siegel author of “Why Didn’t They Teach Me This in School? 99 Personal Money Management Principles to Live By,”

“While it’s wonderful to offer initiatives like career-prep schools, I worry these new high school and college graduates won’t have a clue about how to manage their paychecks.”

“I wished I’d learned these things in school – I would’ve made fewer mistakes,” he says. “My main goal was to retire early enough to spend time with my kids while they were still young, and I was able to do that. It’s not because I’m rich; I’m not! It’s because I learned how to effectively manage my money.”

All high school and college grads should leave school armed with that knowledge, says the father of five teenagers ages 13 to 17.

He offers three of his favorite tips:

• Just say no to credit cards. (And don’t get one in college!) Credit card companies inundate college students with special offers. They want to hook you early on! But getting hooked on credit cards is as bad as getting hooked on drugs. The more you use them, the easier they are to use, and since you’re not required to pay off the balance each month, you can quickly spiral into debt. You pay for that debt, too. The average interest rate on student credit cards in April was 17.4 percent – which means for every dollar of debt you have, you’re charged almost 18 cents every month.

• Know what your bills are and take action when they go up. It’s amazing how many people don’t know what they’re paying their service providers each month. (If you don’t know within $5 what each monthly bill is, you’re probably overpaying on many of them.) When your cable, internet or cell phone company tells you it’s increasing its rates, call the company and ask to speak to a manager or someone in the retention department. Be polite and don’t raise your voice. Ask for detailed rationale for the increase; often, this will immediately stop the increase. If it doesn’t, stress how long you’ve been with the company and your excellent payment history.

• Spend an hour a week learning about personal finance. Once you start, you’ll find you’re learning so much, you’ll spend more than an hour exploring. Some free resources include the internet and the library. Look for a financially savvy individual, write up a list of questions, and ask if you can interview them. You may not have to look any further for this than your own family. Just one hour a week adds up to a lot of time over a few years: 52 hours your first year, and more than 200 hours during four years of college. “I’m fairly certain that is more time than 95 percent of other college students spend on learning personal money management,” Siegel says.

Source: www.carysiegel.com

5 Ways to Keep Your Social Security Number Safe and Guard against Identity Theft

As hackers devise more innovative ways to steal information from cyberspace, most consumers know that keeping your Social Security number (SSN) from strangers is one of the surest ways to guard against identity theft.


“The fact is, the fewer places your information resides online, the less chance it will be stolen,” says Credit.com’s Adam Levin. “Yet some of us are inclined to give our numbers out any time somebody asks for it.”

For example, he added, the forms you fill out at a doctor’s office routinely ask for your SSN – primarily to help in tracing you down if you default on your bill. But, in most cases, the office will be satisfied with the name and phone number of a relative who can provide the number if needed.

Levin points out five instances when you should never provide your SSN:

Companies or organizations who ask by mail or email – No matter how ‘official-looking’ a letter or email appears, credit card companies and retailers have no reason to ‘confirm’ your personal information. Call the customer service number listed on the back of the suspect credit card to reaffirm that your information is secure.

Anyone who telephones or stops you on the street – Don’t divulge your number to anyone on the phone, especially of you have not initiated contact – and don’t give it to anyone in any public place no matter what allegedly ‘free’ product or service they promise to give you.

Public schools - Your utility bill confirms your address, and your email and phone number give them channels to contact you in an emergency. Asking for your SSN is simply not necessary.

Little League, summer camp et al – For the same reasons, your SSN should never be required by sports organizations or other children’s groups. If you use credit to pay for the activity, it may be needed. If you pay upfront or with a direct debit to your bank account or credit card, they don’t.

Supermarkets – A frequent shopper card is neither a loan, nor a bank account. It’s a tool grocery stores use to track your purchases, primarily for marketing purposes. Yet many supermarket chains request customers’ Social Security numbers on their application forms. Refuse to provide it.

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5 Exterior Projects Sellers Can't Afford to Overlook

If you’re looking to get your home sold quickly and for the best price possible, making a good first impression is crucial. While getting your home’s interior in tip top shape is an important piece of the puzzle, the exterior of your home can’t be overlooked.

Here are five exterior projects that all home sellers should deal with before putting their house on the market.

1. Landscaping. Look around your neighborhood and see if your yard stands out among the others. If not, there are plenty of easy fixes that aren’t too costly. Start by planting some shrubs and flowers. Choose a colorful palate for the flowers and choose those that are easy to care for. In addition, make sure your lawn is mowed and remove any leaves and debris from the yard. Be sure to mulch if needed. You want potential buyers to see a beautifully manicured lawn that ultimately sets the mood for the rest of the house.

2. Painting. Since exterior paint jobs require more time and effort than painting the interior of your home, it’s normally a good idea to go with professionals. While you won’t need to drop a lot of money to paint your home, real estate experts believe that it’s an easy return on investment. If the color on your house is fading, you should consider sprucing it up with paint. Be sure to choose a color that works well in your neighborhood and check with your agent for suggestions as to what colors sell best (right now yellow seems to be hot!).

3. The Backyard. One of the biggest wish-list items for buyers is a big backyard for kids or dogs to run around in. Make sure to clean your yard and keep it maintained so that prospective buyers can envision using the space. It’s important to make the yard look as spacious as possible, so you may want to consider getting rid of that old tree house or swing set. For those with pools, make sure they are clean and the water is blue.

4. Roof Work. Roofs aren’t always something homeowners think about because they typically last for a long time, but every prospective buyer will eventually ask how old the roof is. This doesn’t mean you need to add a whole new roof, but if you have broken shingles or a leak, fix them. Things like this will come out during the inspection anyway, so if you take care of problems ahead of time, it could save you from having to come down in price. Also, if you have skylights, take the time to clean them while you’re concentrating on the roof.

5. The Front Door. You don’t need to get a new door, but make sure the one you have is clean and painted if needed. Fix any springs that may make the door close quickly and make sure screen doors aren’t ripped. Also, check to make sure house numbers aren’t falling off and that the doorbell works. Add a new welcome mat and your entrance way is set.

For more information about exterior projects that shouldn’t be overlooked, contact our office today

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First Time Home Buyer? Tips For A Smooth Sale

Attention to detail and proper preparation can alleviate much of the stress and save time for first-time home buyers.

Coby Crump, President of the Lubbock Association of REALTORS®, says to keep in mind personal finances, the bigger picture, and professional assistance to make for a smooth sale.

Before even beginning to look at the first house, Crump said, it would behoove buyers to sit down and consider their financial situation.

"You can waste a lot of time if you view homes without knowing what you can really afford," Crump says.

In addition to monthly payments and a down payment, it is important to consider property taxes and insurance. A REALTOR® can be beneficial in assessing one's finances.

"When considering finances, ensure to get pre-approved for any loans," he says. "This allows the comfort to search for homes in a buyer's price range. It can also show a seller that he or she is interested and serious, and can allow for an offer to be made quickly."

Crump adds to keep in mind the bigger picture and ultimate goal when faced with annoyances or hiccups in the process. Be realistic and be prepared to make minor concessions.

"You don't have to set low expectations about your home purchase," he says. "Just know that you may need to give a little on one of your search criteria."

With all hiccups or potential problems, it is helpful to have professional assistance; and this includes a professional inspector and a REALTOR®.

A professional inspector can determine what needs to be repaired or replaced. A REALTOR® will prove to be an invaluable partner for the duration of your buying experience. A REALTOR® belonging to the National Association of REALTORS® is held to a high standard of ethics.