 In today’s digital world, debit card fraud is an ever-present threat. Among the many tactics scammers use, debit card takeover scams are particularly alarming. These scams can result in unauthorized access to your financial accounts, drained bank balances, and countless hours spent trying to recover your hard-earned money, which is often futile. The good news? By recognizing the warning signs and taking proactive measures, you can safeguard yourself against such attacks.
How it works: Scammers often call, text, or email you posing as your financial institution. They will go as far as making the numbers or email addresses appear to be from the real institution. They give you enough information to make you believe it is legitimate, like card numbers, phone numbers, and even addresses. Then they will try to scare you with some sort of threat, like a fraudulent charge, or overpayment. The scammers then ask for account or personal information. They will ask for things like pin numbers, social security numbers, or passwords. LEGITIMATE financial institutions will never call you requesting sensitive information this way. How to Avoid Falling Victim to This Scam Be Wary of Suspicious Calls
Debit card takeover scams are unsettling, but with awareness and proactive steps, you can protect yourself. Educate yourself about the latest fraud tactics, remain cautious with your financial information, and always trust your instincts. Remember: when in doubt, contact your bank or credit union directly to verify any suspicious communication or activity. By staying vigilant, you can safeguard your finances and peace of mind.
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 Bitcoin ATMs are becoming increasingly common, appearing in gas stations, grocery stores, smoke shops, and other locations. However, scammers are exploiting these machines to steal money from unsuspecting victims. According to the Federal Trade Commission, consumer losses from Bitcoin ATM scams have reached $114 million—and this alarming trend has even affected our local community.
How it works: Scammers typically call victims and create a sense of panic by presenting an urgent and dire situation. Using intimidation and pressure, they convince the target that the only resolution is to withdraw money from their bank account and deposit it into a specified Bitcoin ATM. Unfortunately, due to the nature of Bitcoin and its systems, once the funds are transferred, they cannot be recovered. How to Avoid Falling Victim to a Bitcoin ATM Scam
 McAfee imposter scams are a type of phishing or fraud where scammers pretend to be from McAfee, a well-known antivirus company, to deceive individuals into giving away sensitive information, money, or access to their devices. Here's how to spot such scams and what to do if you’re targeted:
We advise that you immediately shut down your computer. DO NOT click any links provided. DO NOT call any number provided. Do not let their manufactured urgency scare you into giving the scammers any sensitive information.
 Q: How can I determine if a debt consolidation service is legitimate?
A: In a debt consolidation scam, an alleged debt consolidation service will reach out to an individual with an offer to consolidate all debt into one low-interest loan. But, after fees and information are collected, the “company” vanishes and never fulfills its promise of moving the debt. Debt consolidation scams can be difficult to spot, so it’s a good idea to learn how to recognize the red flags. Here’s how to determine if a debt consolidation service is legit. Check accreditation and licensesLegitimate debt consolidation companies should be accredited by recognized organizations like the National Foundation for Credit Counseling (NFCC) or Financial Counseling Association of America (FCAA). These organizations set strict ethical guidelines for member companies. Also, many states require debt consolidation services to hold a license to operate. You can verify a company’s legitimacy by checking with your state’s regulatory body. Research the companyThoroughly research the company by checking reviews from previous clients. You can also look up the company on sites like the Better Business Bureau (BBB) and Trustpilot for honest customer feedback and ratings. If you notice a pattern of complaints, especially regarding shady business practices, take it as a signal to avoid them. Understand the fees and costsLegitimate debt consolidation services should be transparent about their fees. If a company is vague or hesitant to detail costs upfront, this is a big-time warning sign. Typical fees can include origination fees for setting up the loan or service, and some may charge a percentage of the debt amount. However, any high and unexplainable fees should be considered a red flag. Be wary of upfront feesBe cautious of any service wanting payment before doing anything. This is often a telltale sign of a scam. Genuine debt consolidation services usually take their fee from the amount saved or through regular payments once the debt restructuring or consolidation is in progress. Evaluate the terms and interest ratesA legitimate debt consolidation service will offer clear and reasonable terms. Before signing up, review the proposed interest rates and compare them to your existing debts. While the purpose of debt consolidation is to lower your overall interest rate, some companies may offer terms that don’t actually do that in the long run. Avoid companies with claims that sound too good to be trueOne major sign of a debt consolidation scam is a company that makes outrageous promises. If a service claims it can “erase your debt overnight” or “guarantee results,” proceed with caution. No legit company can promise to remove your debt entirely without repayment or to erase it from your credit history instantaneously. Ask about their debt counseling servicesMany legitimate debt consolidation companies offer credit counseling services as part of their offering. These services should include educating you on managing your debt, budgeting and financial planning. This ensures you don’t fall back into financial trouble later. If a company isn’t interested in helping you improve your financial habits and only focuses on consolidating your debt without any long-term guidance, it’s worth reconsidering your choice. Consult with a financial advisorA third-party professional who is not tied to the debt consolidation company can help you review the terms and ensure the option you’re considering is truly in your best interest. They can also help you weigh other potential solutions, such as debt management or bankruptcy, depending on the severity of your situation. Red flags Before choosing a debt consolidation service, check for these warning signs:
Stay alert and stay safe!  Thanksgiving isn’t cheap! With the costs of food, decor and travel, there are so many expenses to cover. With a bit of planning, though, you can enjoy a festive holiday without breaking the bank. Here’s how to save on Thanksgiving costs this year.
Start your shopping early Retailers start displaying Thanksgiving staples early, so if you start ahead of time, you can build up your supplies over weeks while spotting the best deal on everything. Plan your menu around these deals to save even more. Stick to your list and budget Before starting your prep, take the time to create a Thanksgiving shopping list and a budget for all your expenses. Without a budget, it’s easy to go overboard with your shopping. Be sure to include all Thanksgiving expenses in your budget. Plan your travel wisely If your Thanksgiving plans include traveling, follow these tips to keep costs low. First, choose to fly on slower travel days. Flying the Monday before Thanksgiving will generally net you cheaper tickets than traveling on Tuesday or Wednesday. You’ll also want to book tickets at least six weeks ahead so you don’t end up paying a premium for last-minute plans. Finally, consider traveling lightly to avoid baggage fees. Go potluck Save on your Thanksgiving dinner costs by sharing the load and going potluck. Ask each of your guests to bring along one dish for a dinner that’s easier to prepare and lighter on the wallet. As a bonus, your dinner will have a lot more variety and will likely be more enjoyable as well. Keep it simple Thanksgiving is about spending time with the people who matter to you most and expressing gratitude for blessings in your life. Keep this in mind as you prepare for the holiday and resist the pressure to go overboard with food or décor. A simple meal served by a calm and present host can be more meaningful than an extravagant spread prepared by a cook who is frazzled and worn out. Decorate on a budget Instead of spending boatloads of money on store-bought décor, make your own with items you already have. Beautiful fall leaves, pinecones and branches can be used to create striking centerpieces and table settings. You can also repurpose things you already own, like Mason jars, candles and baskets. Use these tips for a memorable Thanksgiving on a budget.  Q: This time of year can be expensive, so I’m looking to pad my pockets with some extra cash. What are some side hustles I can do during this holiday season?
A: The holiday season can take a toll on anyone’s budget. Here are five side hustles you can do this holiday season to earn some extra money: Holiday gift-wrapping serviceGift wrapping can be time-consuming, and many people would gladly pay someone else for this task, especially during the busy holiday season. You can offer your services in several ways:
Holiday light installation Stringing up those lights on the roof, trees and around the yard can be a big hassle. This is where you come in! Offering a holiday light installation service can be a lucrative side hustle. Here’s how to get started:
Seasonal baking or cateringThe holidays are the perfect time to turn your kitchen into a money-making machine. From cookies and cakes to holiday-themed dishes, people love having homemade goodies at their holiday gatherings, but not everyone has the time to make them. Ideas for seasonal baking or catering include:
Freelancing onlineIf you prefer staying indoors during the cold winter months, online freelancing offers a flexible and profitable way to earn extra income. Popular freelance opportunities include:
Personal shopping and errand runningBetween gift buying, holiday party planning and traveling, there’s not much time to catch a breath during the holiday season. If you have a knack for shopping or enjoy helping others get things done, consider offering a personal shopping and errand-running service. Here’s how you can turn this into a side hustle:
 Unless you’re an auto mechanic or self-professed expert on cars, you likely don’t know all there is about the inner workings of your car. This can make you vulnerable to falling for an auto repair scam, which can be challenging to spot.
Here’s what you need to know about auto repair scams, and how to keep yourself from falling victim. How auto repair scams play out Auto repair scams can come in many forms, but they generally follow a similar pattern. Here are a few common scenarios:
Look out for these warning signs that you may have been targeted by an auto repair scam:
Protect yourself Here’s how to protect yourself from falling victim to an auto repair scam. First, before hiring a mechanic or heading to an auto repair shop, do your research. Look up reviews online, ask for recommendations from friends or family and check the shop’s credentials. It’s also recommended that you familiarize yourself with your car’s basic maintenance needs and how it functions. The more you know, the less likely you are to be taken advantage of. Next, get a second, or even third opinion on any major repairs before agreeing to have work done. Comparing estimates can help you determine if a shop is overcharging or recommending unnecessary work. Keep detailed records of all repairs and services performed on your vehicle so you can track its history and identify any inconsistencies if a mechanic claims something needs repeated attention. Finally, if you find a mechanic you trust, stick with them. Building a long-term relationship can help ensure that your car receives honest, high-quality service over time. Auto repair scams can be a nightmare for car owners, but by staying informed and vigilant, you can protect yourself from falling victim. Stay safe!  You’ve got an unexpected phone call from a helpful representative wanting to sell you a fabulous product, and you didn’t even know you’ve been missing it: an extended warranty on your car. Don’t sign up for anything just yet! You may be the target of an extended warranty scam.
Here’s what you need to know about extended warranty scams and how to avoid them. How do these scams play out? Extended warranty scams play out like this: First, you get an unsolicited offer. This can be by phone, email or a letter from a company claiming to provide extended warranties for your vehicle after your current warranty expires (whether you have one or not). Next, the scammer seeks to create a sense of urgency by claiming this is a limited-time offer, so you have to act now or risk costly out-of-pocket repairs. Once you show even the slightest bit of interest, the scammer provides vague or misleading info about the coverage. Then, after convincing you to sign up, the scammer asks for your credit card information to charge an upfront fee and set up recurring monthly payments. When the dust clears, you’ll be left with fake or useless coverage. Red flags of extended warranty scams Look out for these signs of an extended warranty scam to protect yourself from falling victim:
Protecting yourself from extended warranty scams requires vigilance and skepticism. Here are some tips to help you stay safe. First, before agreeing to any warranty, research the company that’s offering it. Look for reviews to see if the company is registered with your state’s consumer protection agency. A lack of information or negative reviews should be a major red flag. Next, if you’re unsure whether your current auto warranty is about to expire or if you need an extended warranty, contact your car dealership directly. They can provide accurate information and offer legitimate options, if needed. If you are considering an extended warranty on your car, be sure to read the contract carefully. Pay close attention to what is and isn’t covered and don’t sign any contracts until you fully understand the terms. Finally, never share personal information with unverified contacts. Extended warranty scams can prey on unsuspecting car owners and trap them in high-cost but useless plans. Use this guide to stay safe!  When you get a loan to buy a car, you’ll get a new set of keys — and a new monthly payment. It may have you wondering how this payment is determined and how it’s calculated.
So many questions, and we’ve got answers! Let’s break down the parts of a car payment, explain how monthly payments are calculated and offer tips for managing your payments well. What re the components of a car payment? 1. Principal The principal is the amount of money you borrow to purchase the car. For example, if you buy a car priced at $35,000, and you put $5,000 as a down payment, the principal of your loan is $30,000. A portion of each monthly mortgage payment will go toward paying down the principal balance of your loan. 2. Interest Interest is the cost of borrowing money from a lender. It’s calculated as a percentage of the principal amount and is added to your monthly car payment. The interest rate on your loan will depend on a handful of factors like your credit score, the length of the loan term and the current market conditions. 3. Loan term While this is not really a part of the loan, you’ll likely see this referenced on your monthly statement or loan bill. The loan term is the length of time you have for repaying the total loan, typically expressed in months. Common auto loan terms range from 36 to 72 months, with some loans extending even longer. The longer the term is, the lower the monthly payments will be, but the more interest you’ll pay over the life of the loan. If you’ve rolled additional costs into the loan, they may also be part of your monthly payment. This can include: 4. Taxes and fees If you choose to finance taxes, registration fees or other upfront costs of the loan, these will be included in your loan amount and will increase your monthly payment. These costs are not itemized separately; instead, they’ll be incorporated into the principal. 5. Add-ons Optional add-ons like extended warranties, gap insurance and other products you choose to finance will also be included in your loan principal, thus increasing your monthly payment. Additional costs of car ownership While not included in your monthly loan payment, these expenses are an inherent part of owning a car:
To calculate your monthly payment, the lender will take the principal of the loan along with any add-on costs, and the interest amount due, and divide this number by the months in your loan term. This is the amount you’ll need to pay each month. Managing your car paymentManaging your car payment well requires careful planning and budgeting. Here are a few tips to help you stay on top of your payments and minimize the overall cost of your car loan:
 Q: Politics are taking a wild ride these days and there’s so much uncertainty about the future of our country. How does political unrest affect the economy?
A: Political instability can shake the foundation of a country’s economy and have far-reaching effects. Let’s look at how political unrest affects the economy. Market volatility and investor confidence Political unrest can lead to market volatility, where stock markets and currency values fluctuate without warning. Investors tend to be wary of uncertainty. Whether it’s uncertainty about government policy, the stability of leadership or potential changes in trade agreements, investors will generally respond by pulling back on investments or selling off assets. Slower economic growth When a country is having internal turmoil, its ability to produce goods and services declines. Businesses face operational challenges, including disrupted supply chains, reduced workforce productivity and damaged infrastructure. In the long run, political instability discourages business investments and entrepreneurship. Entrepreneurs and companies may be reluctant to expand operations or start new ventures in countries having political uncertainty. Without consistent investment in growth, economies stagnate. Inflation When governments become unstable, the country’s currency can lose value due to loss of confidence in economic stability. This devaluation can raise the prices of imports, leading to higher inflation rates as the costs of goods go up. In countries heavily dependent on imports, political instability can quickly worsen the inflation rate, making everyday items like food, fuel and medicines more expensive. Government spending One common response to political unrest is an increase in government spending, particularly on military or law enforcement. To restore order, governments may allocate significant resources toward controlling unrest, funding peacekeeping operations or repairing damage caused by protests or uprisings. This puts a strain on public finances. Trade disruption Political unrest can disrupt trade, both domestically and internationally. For example, protests can stall shipments of goods in and out of a country, and general unrest can lead to road closures or labor strikes, bringing entire industries to a standstill. On a larger scale, political instability might lead to sanctions or trade restrictions imposed by other countries. If a nation is seen as volatile or poses risks to global peace, trading partners may reduce or cut ties, further reducing the country’s access to international markets. Impact on employment and poverty When political unrest destabilizes an economy, the job market usually suffers. Businesses may close or reduce operations, leading to layoffs and higher unemployment. This is especially common in industries that depend on global supply chains or foreign investment. As businesses face financial uncertainty, they may hold off on hiring or even begin laying off. High unemployment, in turn, leads to rising poverty rates, especially if the government is unable to provide adequate social safety nets during the crisis. Protecting your finances during times of political unrest While these stats may sound alarming, the good news is that, even during times of political unrest and instability, there are steps you can take to protect your finances from harm. First, diversify your investments. Spreading investments across different countries, industries and asset classes can help reduce the impact of a crisis in any single region. If you’re a business owner operating in a politically unstable country, it’s a good idea to develop a contingency plan in case your operations are disrupted. Finally, be sure to stay informed about the political climate. Avoiding risky investments and maintaining a healthy emergency fund can help you weather financial uncertainty during politically turbulent times.  Trying to understand your mortgage payment can be like trying to decode a secret language. At the very least, you may be wondering what all the lingo means.
No worries; we can help! Let’s take a look at the different components of your mortgage payment, explain how it’s calculated and offer tips for managing payments effectively. Principal The principal of your mortgage is the amount of money you borrow from your lender when buying your home. A portion of each payment goes toward paying down this principal. In the early years of your mortgage, a smaller portion of your payment goes toward the principal while most goes toward interest. As time goes on, though, this balance shifts, and more of your payment goes toward principal. Interest Interest is the cost of borrowing money from your lender and is calculated on the outstanding principal balance. It’s typically expressed as an annual percentage rate (APR). The interest rate you get depends on several factors, including your credit score, your down payment amount and current market. There are two main types of interest rates: fixed and variable. A fixed-rate mortgage keeps the same interest rate for the life of the loan, while a variable-rate mortgage can change over time based on market conditions. Property taxes Property taxes are levied by local governments and are based on the assessed value of your property. These taxes fund essential services in your community, like schools, police and fire departments and road maintenance. The amount of property taxes you’ll pay varies widely by location. Homeowners insurance Homeowners insurance protects your property and belongings from damage or loss due to events like fires, storms and theft. Most lenders require borrowers to carry homeowners' insurance, so your choice will not be whether to get insurance, but how much coverage to purchase. Private mortgage insurance If your down payment is less than 20% of the home’s purchase price, your lender will likely require you to carry private mortgage insurance (PMI), which protects the lender in case you default on your loan. The cost of PMI varies, but typically ranges from 0.3% to 1.5% of the original loan amount per year. Once you have built up 20% equity in your home, you can usually request to cancel PMI. Tips for managing mortgage payments Budget for your payments: Create a budget that includes your mortgage payment and other homeownership costs. Refinancing: If interest rates have dropped since you got your mortgage, consider refinancing. Refinancing can lower your interest rate and/or monthly payment. It’s also a way to switch from a variable to a fixed-rate mortgage. Extra payments: Making extra payments toward your principal can help you pay off your mortgage faster and save on interest paid over the life of the loan. Understanding the anatomy of a mortgage payment is essential for managing your finances. Use this guide to learn about the components of your mortgage and how to manage your payments effectively.  Are you self-employed and without a retirement plan? A solo 401(k) may be the solution you need! This retirement plan is designed specifically for self-employed individuals and small business owners who have no full-time employees other than a spouse.
Let’s take a closer look at solo 401(k)s, how they work and how to manage one effectively. How solo 401(k)s work Here are some key features of a solo 401(k). Contribution limits:
How to manage a solo 401(k) effectively
What are the benefits of a solo 401(k)? Here are some of the benefits of opening a solo 401(k):
What are the potential drawbacks of a solo 401(k)? Here are some of the potential drawbacks of opening a solo 401(k):
A solo 401(k) is a versatile and powerful retirement savings vehicle for self-employed individuals and small business owners.  Q: Summer’s here, and my energy bill is burning right through my budget! How can I save on energy costs?
A: It’s hot out, but you can keep your cool with our energy-saving tips! Follow these hacks to save on energy costs this summer. 1. Have your HVAC system professionally inspectedFirst, you’ll want to make sure your home is being cooled efficiently. You can do this yourself, but it may be worth hiring a professional to check your HVAC system for leaks and other problems. 2. Use your AC efficiently Don’t waste any of that cold air! In addition to regular maintenance, ensure you’re using your AC system as efficiently as possible. Avoid placing lamps or large TV screens near your thermostat, clean your air intake vents regularly and keep doors and windows closed when running the AC. 3. Get smart If you haven’t already done so, consider using smart technology to keep your home cool and your costs down. Connecting your thermostat to a mobile device will enable you to control it from a distance and avoid cooling an empty home. You can also use smart technology to set your thermostat on a schedule that suits your family’s needs. 4. Get grillingYour oven and stovetop can heat up much more than your food this summer. Make it a habit to take your cooking outside and keep your home cooler. 5. Time your choresUsing large appliances, like a washing machine and dishwasher, can add extra heat to your home, especially if you live in a small space. Use these machines after dark, when it’s generally cooler. 6. Use appliances efficiently
Have you brought down your energy costs this season while still keeping your house cool? Share your best tips and tricks!  It’s a new product — and you can try it for free!
Sounds amazing? Well, know that a free trial can actually be a gateway to a devastating scam. Here’s what you need to know about free trial scams and how to stay safe. What are free trial scams? Free trial scams typically involve a business offering a product or service at no cost for a limited time. But the catch is that by signing up for the trial, consumers unknowingly agree to pay for ongoing subscriptions or other products. These scams are particularly shady because they seem legit, often using professional-looking websites and marketing materials to trick users. There’s also nothing criminal about free trial scams; just manipulative and deceitful marketing. How do free trial scams work? Here are the steps of a free trial scam:
 One of the most effective tools for a comfortable retirement is a 401(k) plan. This employer-sponsored retirement savings plan has many benefits, making it a cornerstone of retirement planning for millions of Americans.
Here’s what you need to know about the 401(k) and how to maximize it. How do 401(k)s work? A 401(k) plan allows employees to save and invest a portion of their paycheck before taxes are paid. This pre-tax contribution means that the money put into the 401(k) reduces the individual’s taxable income for that year, potentially lowering their overall tax bill. Employers often match a portion of employee contributions, which is essentially free money added to your retirement savings. Tax benefits and compound growth One of the most attractive features of a 401(k) is the tax deferral on earnings. Investments in a 401(k) grow tax-deferred until you withdraw the money, usually after age 59½. This tax deferral allows your investments to grow faster than they would in a taxable account, since money that would have been used to pay taxes is being invested and earning returns. With compound interest, this can lead to exponential growth in your retirement savings. Diversification and investment options 401(k) plans typically offer a range of investment options, including mutual funds, stocks, bonds, and sometimes even company stock. This variety allows you to diversify your portfolio, which is a key strategy for managing risk. Potential drawbacks While 401(k) plans offer significant advantages, there are potential drawbacks to consider. One is the limited control over investment choices compared to an individual retirement account (IRA). The investment options in a 401(k) are selected by the plan administrator, and while you can choose from this selection, it may not include all the assets you’d choose yourself. It’s also important to remember that 401(k)s have penalties for early withdrawal. If you withdraw money from your 401(k) before age 59½, you’ll typically owe a 10% early withdrawal penalty on top of regular income taxes. Finally, some 401(k) plans have high administrative fees or expensive investment options that will decrease your overall savings. How to maximize your 401(k) benefits To get the most from your 401(k), start by contributing enough to get the full employer match. Next, consider increasing your contributions over time. Lastly, take advantage of catch-up contributions if you’re age 50 or older. Getting started If you’re interested in opening a 401(k), check with your employer to see if they offer the quintessential retirement account to employees. Most businesses do, and getting started is as easy as filling out some paperwork. Once you’ve enrolled in a 401(k), you’ll be offered a selection of investment opportunities for your funds. Make your choices and your 401(k) is good to go! Use this guide to learn how to open a 401(k) and manage it effectively.  You’ve been frauded! It’s a disaster, and the longer you wait to act, the worse it will get.
What do you do now? It’s a crucial question, and we’ve got answers! Here’s what to do if you’ve fallen victim to fraud: Immediate steps As soon as you discover the fraud, take these steps:
Here are the key organizations to contact:
Depending on the type of fraud, you may need to report to additional specialized agencies:
Monitor your checking account statements, credit bills and credit reports regularly for sketchy activity. Also, use strong, unique passwords for all of your accounts. Never share personal information with an unverified contact. Finally, keep yourself educated about scams. Stay safe!  Q: I need to transfer funds between accounts, so I’m considering my options. How do Automated Clearing House (ACH) payments and direct deposits differ?
A: ACH payments and direct deposits both involve the electronic transfer of funds, but there are differences between the two methods. Let’s take a look at ACH payments, direct deposits and their unique characteristics. What is direct deposit? Direct deposit is the electronic transfer of funds directly into an individual’s checking or savings account. It’s routinely used by employers to pay their employee salaries. Instead of issuing paper checks, employers can electronically deposit funds into employees’ designated accounts on payday. What are ACH payments? ACH payments include a broad range of electronic transactions beyond payroll deposits. The ACH network also facilitates bill payments, business-to-business transactions and person-to-person transfers. It generally takes two to five days for the clearing house to process the transaction. What are the primary differences between direct deposit and ACH payments? There are several key differences between direct deposits and ACH payments, including: UsageACH payments can be used for a large variety of electronic transfers, while direct deposits can only be used for payroll, government benefits and other transactions where money is transferred directly into one’s checking account. TimingDirect deposit transactions are typically initiated by employers on payday, with funds deposited into employees’ accounts on the designated pay date. ACH payments, however, can have varying processing times. Depending on the transaction type, there can be a delay of several business days before the payment clears. Authorization requirementsDirect deposit requires authorization from the employer and the employee to initiate the electronic transfer of funds. In contrast, only some types of ACH payments require authorization from the account holder. Credit vs debitWhile ACH payments can include both credit (adding funds) and debit (withdrawing funds), direct deposits are only credit payments, in which money is deposited to another account through ACH. Use this guide to learn the key differences between these two electronic transfers and how to make an informed decision when choosing the method that best suits your needs.  Q: I’m doing work on my house soon, so it has me wondering how I can increase my home’s value at the same time. What kind of home improvements can add value to my home?
A: Renovating your home with an eye toward its future value can help you recoup the costs of the project – and more. Here are five home improvement projects that can boost your home’s value when it comes time to sell. Kitchen Remodel The biggest return on investment in home projects is the kitchen. This is where realtors and interested buyers usually spend the most time while checking out a new home. And the kitchen is the hub of many households. The most recent Cost vs. Value Report shows that a kitchen remodel involving cosmetic changes like new floors, cabinet fronts and appliances, can net an 85.7% return on investment (ROI). For example, a $26,790 kitchen remodel can add $22,963 to a home sale. If you do go with a kitchen remodel, keep costs down. A major remodel, such as replacing cabinets, adding custom lighting and expensive appliances will likely not return as much as a more modest renovation. Bathroom Remake Next up, the bathroom. Potential buyers pay these areas extra attention. Updated walls, floors and fixtures can really make your home more marketable. Plus, you can charge more for your home when the bathrooms have been remodeled. According to the RenoFi Renovation Index, a mid-range bathroom remodel has an ROI of 64% while an upscale remodel can net a 56% return. Upgrade Your Insulation Improving your home’s insulation generally pays for itself when you sell your home, according to the Remodeling Impact Report. However, in addition to breaking even on the cost of the project, your home will feel warmer in winter and lower your energy bills. Basement Conversion Converting a basement into a livable area can be another fabulous way to increase the value of your home. According to the National Association of Realtors, a basement conversion can cost $57,500 on average while bumping your home value up by $49,250 for an 86% ROI. Replace Your Roof A roof replacement is one of the most expensive homeowner jobs, so a new roof can significantly boost your home’s resale value. According to the 2022 Remodeling Impact Report, a new roof at $12,000 will easily pay for itself. However, a larger, metal roof, at $52,436, will only boost a home’s value by $28,196, netting you a 54.8% ROI. What determines if a renovation will add value to your home? In addition to the type of remodeling job, several other factors can determine if home improvements will increase the value of your home, including:
Are there any home renovations that can decrease the value of my home? Believe it or not, yes, some remodeling projects can lower home value. This includes renovations that are highly personalized, converting bedrooms into closets and remodels that require ongoing maintenance. Are you looking to fund a home improvement project through a Home Equity Loan Call, click or stop by Ingersoll-Rand FCU today to get started. Our favorable rates, generous eligibility requirements and easy terms, make a Ingersoll-Rand FCU Home Equity Loan, a great choice.  Investments are rarely without risk – and it’s not just the basic risk. Investing also brings the risk of falling prey to a scam.
Investment scams can include promises of high returns for super-low investments that never materialize, scammers posing as financial planners offering useless advice for a hefty fee and illegal securities offered as IRA investments. However, the most common investment scam is the Ponzi scheme. Let’s take a closer look at this scam and how you can avoid falling victim. What is a Ponzi scheme? In a Ponzi scheme, the orchestrator promises high returns, often through a fictitious investment opportunity or business venture. Instead of using investments to generate profit, though, the scammer uses these funds to pay returns to prior investors. The scheme grows, with more investors joining, and the scammers at the top of the pyramid making the most money. Eventually, it all comes toppling down, with investors losing tons of money. How to spot a Ponzi scheme Watch for these red flags of a Ponzi scheme:
Protect yourself from Ponzi schemes Ponzi schemes are fairly common, but with a little bit of knowledge and awareness, you can prevent yourself from falling victim. Here’s how to protect yourself from Ponzi schemes:
 Your grandson’s calling – and he’s in bigtime trouble! He’s been kidnapped and being held for ransom, so he needs you to wire over money ASAP.
Before you wire over anything, stop! You’re probably being scammed. Here’s what you need to know about emergency scams and how to protect yourself. How the scams play out In an emergency scam, a target gets a phone call, email or text message pretending to be a close relative. The caller will claim to have been caught in hot water, which can be anything: a kidnapping, an issue with the police, a car accident or getting stuck overseas with no money. The caller will then ask the target to send over money pronto, using a wire transfer or prepaid debit card. While emergency scams are commonly played out with a grandparent of an alleged caller, they can also target the parents, uncles, aunts and siblings of the “caller.” Unfortunately, if the target follows the caller’s directions by sending over money, these funds will go into the scammer’s pockets. Red flags Here are some signs that can alert you to the possibility of an emergency scam:
Protect yourself Follow these tips to help keep yourself safe from emergency scams:
Stay safe! |
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