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Myth #1: Debit is always better than credit. 

The real deal: Credit cards may actually be the payment method of choice on occasion. First, many credit cards offer rewards in the form of travel miles, cash back and other bonuses. Second, building and maintaining a strong credit history is crucial for your financial wellness; the best way to achieve this is by using your credit cards and paying your bills on time. Finally, lots of credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items. 

 

Myth #2: Buy a home at all costs. 

The real deal: For many people, including those who are not yet ready to put down roots or who anticipate a career change that necessitates moving across state lines, renting a home or apartment might be the better choice. It can also be a financially expedient option if you live in a super-expensive area. 

 

Myth #3: Investing is for rich people. 

The real deal: Anyone with a small pile of funds can get a foothold in the stock market. A smart investment strategy puts you on the track to financial independence. 

 

Myth #4: My partner manages our finances, so I don’t need to think about money. 

The real deal: While it is fine for one partner to actively manage the family’s money, it is crucial for both partners to be aware of the state of the family finances. They both should also be capable of managing household expenses and investments if something were to happen to their partner. 

 

Myth #5: Credit cards will get me through any financial crisis. 

The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig into a deep pit of debt. Thanks to interest, you’ll be paying back a lot more than you spend. Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce or illness. It’s best to build an emergency fund with three to six months’ worth of living expenses so that you’re completely covered in case the unexpected happens. 

 

Myth #6: I’m so young; I don’t need to think about retirement. 

The real deal: The younger you are when you start building your retirement fund, the less you’ll be required to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable retirement by maxing out your 401K contributions and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic! 
 

Myth #7: I have enough money in my account for my expenses, so I don’t need to budget.  

The real deal: Budgeting is for everyone, regardless of their financial standing. A budget will force you to make responsible money choices, and ensure that you’re fully aware of the state of your finances at all times. 

Who wouldn’t love some extra pocket money? Here are six ideas for easy side hustles. Maybe one or more of them is right for you.  

1.) Play with dogs

When you offer your services as a dog-walker or pet-sitter you can charge as much as $25 an hour, depending on the going rate in your area. Hang flyers to advertise your services, post on the Nextdoor app or sign up with a dog-walking app like Rover or Wag. These Uber-like services match pet owners with sitters or walkers for a small fee.

2.) Social media guru

Offer your services to local and remote businesses as their social media brander. Depending on your skill set, you can write the company blog posts, manage their social media presence or focus on graphic design. 

3.) Yard work

Do you enjoy landscaping or gardening? Are you an expert lawn mower? Get paid for tending to people’s yards. You can charge by the hour or per job. Check out some other local yard workers to get an idea of fair asking prices.

4.) Take online surveys for pay

Make the time you spend online count by taking surveys on sites like Survey Junkie and Swagbucks. Most of these sites will pay you as soon as you complete a survey. It’s an easy way to pad your wallet with extra cash.

5.) Work for a rideshare service

These services allow you to set your own schedule and decide how many hours you want to devote to driving passengers. If you don’t like the idea of strangers riding in your car, consider a similar service but for food ordering and delivery. With this side hustle, you get paid to pick up fast-food meals and deliver them to customers, with the same flexible terms.  

6.)  Tutor

Are you a geometry whiz or a science buff? Offer your services as an individual tutor for school-aged children and you’ll have a meaningful way of earning some extra money.

Use this list to find the side hustle that works for you and start boosting your income!

 

Advancial is saddened by the loss of Carl Young, longtime credit union advocate and Advancial’s Chairman of the Board, who passed away on July 24, 2019.
 
Carl joined Advancial in 1963 when he was a young executive at Atlantic Richfield. He began his service to the credit union more than 40 years ago when he was asked to serve on the Supervisory Committee in 1977. A few years later, he transitioned to the Board of Directors and rose to Chairman where he has served ever since.
 
Carl’s dedication and commitment to Advancial and our members has been a vital part of our growth and success. His wisdom and long-term perspective helped guide and shape Advancial through many transitional moments in our history. We have been privileged to have his service for more than four decades and he will be forever remembered as a great leader, colleague and friend.
 
Advancial extends its deepest sympathies to Margaret, his beloved wife of nearly 62 years, and the entire Young family.  Thank you for being part of the Advancial family and for sharing Carl with us all this time. We are honored to have known him.
 

If you’re in the market for a new home, don’t forget to include an inspection contingency in your contract. A professional home inspection can save you a ton of aggravation and thousands of dollars in the long run. The inspector will carefully examine the entire house, checking its systems, structure and equipment for functionality and potential problems. 
 
 Here are seven reasons to not skip a home inspection: 

1.)   Find deal-breakers 
A house may look fantastic, yet have major issues with wiring, roof, HVAC, plumbing and more. A quality home inspection will give you the inside scoop. If the inspection reveals any large problems that may take heavy work or expensive repairs, you might want to back out of the deal. 

2.)   Safety concerns 
An inspection can reveal the presence of harmful substances like radon, carbon monoxide and mold. Look for these hazards before it’s officially yours. You don’t want any unpleasant surprises when it’s too late to back out. 

3.)   Anticipate future costly repairs 
A home’s systems and equipment may appear to be working fine when they’re actually on their last legs. A professional inspector can determine the age and condition of the systems and equipment, and then forecast when they’ll need to be repaired or replaced. This can help you budget for a major repair several years down the line. 

4.)   Reveal illegal additions 
The awesome rec room you love in your potential new home might have been illegally built. An inspection will check for rooms, garages and basements that were added or finished without following legal codes or obtaining the proper permits. Having an illegal addition in your home means owning property that does not officially exist. This can get you into big trouble with home insurance and property taxes. 

If a home inspection reveals any illegal additions, you can ask the seller to obtain the proper permits now, use this information as a bargaining chip or choose to back out of the deal. 

5.)   Obtain insurance easily 
 Lots of home insurance companies will not insure a home if it has not undergone a certified inspection. 

6.)   Learn how to protect your investment 
The inspector will be an invaluable source of information for you, providing tips and knowledge on how best to maintain your home. Knowing how to properly care for your home can save you thousands of dollars over the years. 

7.)   Negotiate 
Most home inspections will reveal problems. If they are minor enough to keep you interested in buying the house in its present condition, use them as bargaining chips and renegotiate the purchase price of the home. 


SOURCES:
https://www.ahit.com/news/why-home-inspections-are-important.htm
https://www.investopedia.com/financial-edge/0511/10-reasons-you-shouldnt-skip-a-home-inspection.aspx
https://www.veteransunited.com/futurehomeowners/5-key-reasons-to-have-a-home-inspection-before-you-buy/
http://www.homeinspectionexpertsraleighnc.com/5-reasons-to-get-a-home-inspection-on-a-new-home/
 
 

Steep cab fees and car rentals are some of the best ways to kill a vacation budget. Read on for five ways to get around for less while on your dream vacation. 
 
1.) Share a ride 
Ridesharing companies, like Uber and Lyft, are changing the way people get from point A to point B all around the world. If you haven’t already done so, download each service’s app and input your information so you can order and pay for a ride in just seconds while on vacation. To compare prices from both services at a glance, check out apps like RideGuru and RideshareApps. 
 
2.) Hop on a bus or board a train 
Buses and trains can be an affordable, convenient and enjoyable way to get around in many countries. Western Europe, in particular, is famous for its super-efficient public transportation system. 
Do your research before using public transportation. It may be worth your while to purchase a daily or weekly pass for unlimited rides on the city’s bus or train system. If you’ll be visiting several different countries in Europe, consider purchasing a Eurail pass to help you get from country to country in an easy, inexpensive way. 
 
3.) Rent or borrow a bike 
Pedaling your way through town is becoming increasingly popular in major cities throughout the world. For a nominal fee, you can explore the city up close, help keep the air clean and get a wonderful workout at the same time. 
 
4.) Take a walk 
Instead of calling a cab or Uber, consider walking. In many crowded cities with an impossible traffic problem and expensive parking fees, this can actually be a faster way to get around. 
 
5.) Rent a car 
Sometimes, the best way to get around when on vacation is by rental car. This is especially true if you’re traveling to a city that is not known for its efficient public transportation system and/or if you’ll be staying in your vacation spot for a while. 
 
Before you sign up for a rental, keep these tips in mind: 
 

• Book early. For the best deals, keep a watch on car rentals in the area you’ll be visiting in the weeks (or even months) leading up to your vacation. Car rentals sometimes offer random deals on their rentals, but only for tourists who book during a specific window.
• Don’t rent a car at the airport. On-the-spot car rentals at the airport tend to inflate their prices according to demand.
• Go small. A compact car will be cheaper, easier to maneuver through narrow roads and simpler to park in crowded spaces.
   

Happy travels! 
 
SOURCES:
https://travelmamas.com/tips-saving-money-vacation-transportation/
https://ordinarytraveler.com/save-money-travel-transportation
https://www.mintnotion.com/travel/10-travel-expenses-youre-forgetting-vacation-budget/