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An Introduction to Retirement Planning

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It’s never too early to start thinking about the future. Even if you are in your late 20s or early 30s and retirement seems like it is way off, this really is the time to start thinking about and planning your retirement. But, what do you need to do to start planning for your retirement? Here’s an introduction to this important financial planning:

  • The first thing to do is find a financial group that helps with retirement planning. These experts will be able to guide you through the process of savings for your future, including what options are available to you and how to start saving.
  • Try to estimate how much you will need to save. With the help of a professional, you will be able to determine how much you will need for various expenses, including housing, medical care, travel and so forth.
  • Set up a timeline. How much money do you want to save by the time you retire? Setting up a timeline of how much you aim to save by certain dates will make attaining your long-term goal a lot easier.

With these tips, you’ll be on the right track to saving for your future.

Financial Considerations When Applying for a Loan

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There are a wide range of reasons people apply for loans. Some want to refinance their debt, while others need to make a big, emergency purchase. But before you consider the financial solutions a loan may bring to your life, you’ll need to evaluate your finances. Securing any loan is a major responsibility; you’ll need to be certain you’re in a healthy state before you apply.

Credit Score

Before you incur another debt with a loan, you’ll need to verify your credit score. This number will actually dictate the amount of money for which you’re eligible. It can also affect the interest rate. Those with low credit scores will need to increase this number before they attempt a loan application. To do this, remove any inaccurate data from the report, pay some of your debts and make your payments on time.

Interest Rate

The interest rate is often displayed as an annual percentage rate or the APR. The amount is essentially the fee incurred by you to secure the loan. A larger rate implies you’ll be charged more. Loans often fall between 10 to 25 per cent. This number will be drastically Affected by your credit score.

Tips for Choosing the Right Bank for Your Business

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The right bank for your business will have many different needed characteristics than compared with your personal banking account. You’ll need a business account designed for your specific needs; to find one that is just right, you’ll need to take the time to investigate the state bank options. Your business banker will be a part of your team, helping you to expand in a healthy financial way.

Business Needs

Understand your business’s needs before you begin to look for a banking institution. Consider at least three to five years into the future to know if you may need banking loans, a line of credit or even investment advice. Understanding your precise needs will help you to narrow down your options.

Credit Union or Bank

One of the biggest debates when choosing a bank is whether to go with a credit union or a traditional bank. There are some positive reasons to choose a credit union; some offer lower interest rates and customers prefer their personal service. The downside of a credit union is their limit on the amount they can lend. For businesses, a traditional bank will provide the flexibility needed, especially during hard times.

The Basic Needed to Apply for a Car Loan

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If you’re on the market for a new car, you’re probably wondering how you are going to afford to pay for it. Unless you have a lot of money tucked away, you’re probably going to need to apply for a car loan. Before you apply, however, you probably have a lot of questions regarding what you will need in order to process the application.

Here’s a look at the basics that are needed in order to apply for a loan for a new car:

  • Proof of income – In order to apply for a loan for a car, you will need to be able to prove that you have a reliable source of income. Make sure you have pay stubs and bank statements to certify your proof of income.
  • Proof of insurance – You’ll also need to show that you have insurance for the vehicle before you apply for a loan. To do this, simply set up your insurance ahead of time, or call your insurance provider from the dealership.
  • Identity proof – The lender will need to certify that you are you. It may sound silly, but you’d be amazed to find how many scams are out there. A license, a social security card and a birth certificate are all valid proof of identity.

Savings 101: Your Introduction to CDs

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If you’re starting to plan your future, you are undoubtedly thinking about money. As you enter the workforce, you will probably start to think about saving some of the money that you earn for the future. A savings account is one option, but there are several other banking products available, which can make it difficult to choose which type of account to open. Certificates of Deposits (CDs) are one of the most common types of savings products. They are offered by several banks and credit unions. The main difference between a CD and a traditional savings account is that unlike a traditional savings account, you face penalty fees if you withdraw your money before a pre-determined term.

There are several types of CDs available. Here’s a look at some of the most common:

  • Fixed Rate CD – With this type of CD, the rate of savings is fixed. In other words, the amount that you will earn in interest is fixed.
  • Variable Rate CD – With this type of CD, the interest rate fluctuates. It can allow the depositor to take advantage of rate increases that may happen in the future.
  • IRA CD – This is a regular CD that is held within an individual retirement account (IRA) that is tax-advantaged.

Why Private Banking Might Make Sense For You

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For the majority of us, private banking might seem like it’s out of reach, and reserved strictly for the filthy rich and affluent. But nothing could be further from the truth.

These days, personalized financial and banking services that are conventionally offered to a bank’s high net worth individuals are now being offered to this who simply want to get a little more out of their banks.

In addition to offering exclusive investment-related advice, private banking addresses a client’s entire financial situation. Extra services may include protecting and growing assets, offering specialized financing solutions, planning for retirement, and planning for future generations.

If you’re in a position where you’ve got a significant amount of assets or more complicated financial requirements, you might need a lot more than the typical services from a bank. Private banking is not just helpful for the affluent; it’s also helpful for business executives, entrepreneurs, and retirees. It’s an easy way to handle all of your banking.

At Home State Bank, you’ll quickly find out how easy it is to engage in private banking with a professional financial institution. In fact, you don’t even have to open a trust account, and there are never any hidden fees involved. The entire process is easy, streamlined, and entirely confidential.

Visit HomeStateBank.com today for more information about private banking, and whether it’s right for you.