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Building Blocks to Help Millennials Create a Financially Sound Future

Building Blocks to Help Millennials Create a Financially Sound Future

The Great Recession created a perfect storm for millennials. It was the worst financial crisis the United States had seen since the Great Depression, and it left millennials playing catch-up with their finances in the hopes of someday being able to retire. But even as they fight to break to even, millennials continue to accrue debt. In February, the New York Federal Reserve released a study showing that millennials have accumulated more than $1 trillion of debt including mortgages, auto loans, credit cards, and student loan debt. Additionally, Schwab’s 2019 Modern Wealth report, a May survey from Charles Schwab, revealed that 62 percent of millennials are living paycheck to paycheck while only 38 percent feel financially stable. Despite that statistic, millennials also say they spend nearly $500 a month in nonessential purchases. While the statistics above look grim, there is still hope for millennials pursuing the “American Dream.” It is important to remember that paying off cars and credit cards, buying a home and working towards retirement are not impossible feats. Like everything else in life, finances are about balance and finding an approach that works for you. Create a budget Budgets are not “one size fits all,” and no two people will have the same budget or goals. First, find a strategy that balances rewarding life experiences and saving for the future. Be realistic when crafting your saving and spending goals. For example, you can’t expect to go immediately from saving nothing each month to saving away $400 a month. Start with a number that is easily attainable and increase the amount when it’s feasible. Automate your finances...

Empower the next generation.

The world can be a tough place to grow up. Give the ones you love a leg up by sharing your secret financial weapon with them – us! When you refer your family members to join the Power Financial Credit Union family, we’ll give them a welcome gift of $100.* This might be the easiest $100 they ever make. A family that saves together stays together, and we’re ready to grow ours. Fill out this referral coupon to get started. *Promotion ends December 31, 2019. Subject to membership eligibility. Power Financial Credit Union’s membership consists of those who: live or work in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota or St. Lucie counties; employees of Ryder System; member sponsors and employees of Bonefish & Tarpon Trust and based in Coral Gables; and immediate family of all current members. Restrictions apply. $100 reward will be paid out after new member has been active for 90 days and has direct deposit set up. See credit union for full...
5 Ways to Travel on a Budget This Summer

5 Ways to Travel on a Budget This Summer

Isn’t it funny how you look forward to summer all year long, yet somehow it still seems to show up earlier than you expected? Between work obligations, family responsibilities, and the valiant attempt to maintain some semblance of a social life, most of our schedules are so full that time flies whether we’re having fun or not. So, here we are—standing at the summertime starting line. Even if you don’t have a fully funded vacation fund, wouldn’t you like to get away for a little rest and relaxation? And wouldn’t it be nice to do it without blowing up your budget or going into debt? 5 Suggestions for Budget-friendly Summer Travel Score some last-minute deals. Remember when your parents and teachers would warn you about the dangers of procrastination? They may have been right about schoolwork and household chores, but it turns out waiting until the last minute can be a good thing when it comes to travel planning. To help travelers just like you, the good folks at SmarterTravel.com managed to identify 18 online resources that specialize in finding last-minute deals on hotels, flights, tours, cruises, and more! You spent years telling your mom that you do your best work under the pressure of a deadline—here’s your chance to prove it. Stay with friends or family. Catching up with friends and family is fun, right? If they just so happen to live somewhere you want to visit and you can save a little money by staying with them, wouldn’t that make your trip even better? Yeah, we thought so too. Financial benefit aside, staying with someone you know...
How Much Does It Take to Be “Rich”?

How Much Does It Take to Be “Rich”?

How Much Does It Take to Be “Rich”? The results of a recent YouGov survey show that most Americans think you need to make $100,000 per year to be considered “rich.” Assuming you weren’t one of the people interviewed for that survey, does $100,000 a year sound like wealth to you? What if someone makes less than six figures per year? Can they still be considered wealthy? How can someone with a goal of getting rich know when they’ve finally arrived? What does “rich” even mean? Here’s the challenging thing about defining what it means to be rich or wealthy—it’s all relative. In a recent article for CNBC, reporter Kathleen Elkins shared that, according to the 2018 Global Wealth Report, “If you have just $4,210 to your name, you’re better off than half of the people around the globe.” That report went on to show that anyone with a net worth of $93,170 or more ranks in the world’s wealthiest 10 percent. How about that? It turns out wealth has little to do with your income after all. Yes, earning a lot of money can help you build wealth, but there’s more to it than that. We’ve all heard stories of individuals who made massive amounts of money yet wound up broke and bankrupt. At the same time, there are many examples of ordinary people who earned average salaries and somehow managed to retire with extraordinary wealth and financial stability. When you analyze their stories, you find that those who were successful focused less on their income and more on their net worth. If you want to “get rich,”...
5 Ways to Get a Great Car for Less

5 Ways to Get a Great Car for Less

Premium styling. Flawless paint. Glistening tires. That unmistakable new car smell. Everything about a new vehicle practically begs you to buy it. When you close your eyes and think about driving your brand-new set of wheels off the lot, it quickens your pulse a little, doesn’t it? Shopping for your next vehicle is a uniquely exciting experience. Until you look at the price tag, that is. If you haven’t priced cars recently, you may be surprised by the figures you find. According to a 2018 report by Edmunds, the average loan amount for a new car jumped to more than $32,000, and the average monthly payment rose to $558. Sure, the latest models may be nice, but facts are facts—that’s a lot of money to pay for a car. Now, before we go any further, if you’ve been saving up for your dream car and figured out how to buy it without demolishing your budget, then by all means, go for it! But if you find yourself in the market for a new vehicle and you want to avoid overspending, we’ve got five tips to help you hang onto more of your hard-earned money. 5 Ways to Save Money When Buying a New Car Do your research. The last thing you want to do is show up to a car lot with no idea what you’re looking for. Lack of preparation puts you at the mercy of the salesperson. And while they may be genuinely nice people, sales professionals make their living by getting you to buy a product at the highest price possible. So, before you head to...

Let’s taco-bout your finances.

If you’re not a fan of your current financial situation, lettuce take you to the next level. We’ve got the expertise to assess your current financial situation and empower you to improve your status. Plus, when you join the Power Financial Credit Union family, we’ll give you a free burrito blanket to wrap up the deal.* Hungry for financial solutions? Click here to join now. *Promotion ends December 31, 2019. Prizes will be awarded upon account meeting qualification criteria. New accounts require opening a checking account with direct deposit or a minimum initial deposit of $500. Checking account must remain open for 90 days. Membership required; $5 membership deposit. Power Financial Credit Union’s membership consists of those who: live or work in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota or St. Lucie counties; employees of Ryder System; member sponsors and employees of Bonefish & Tarpon Trust and based in Coral Gables; and immediate family of all current members. Restrictions apply. Please visit or call Power Financial Credit Union for complete...
Possible data breach at Title Company: First American Financial

Possible data breach at Title Company: First American Financial

As your Credit Union continues to focus on you, our member family, and remain the trusted financial advisors you have relied on for guidance through the years we feel that keeping you informed is our duty. On May 24th it was reported that First American Title Insurance Company (First American) may have exposed Non-Public Information (NPI) of potentially millions of consumers. Records including bank account numbers and statements, mortgage and tax records, social security numbers, wire transaction receipts, and drivers license images were available without authentication to anyone with a web browser, according to the Krebs on Security report. The report added that there was no information on whether fraudsters had been aware of the exposure. If the investigation shows that any confidential information has been compromised, the company will notify and provide credit monitoring services to the affected consumers. First American is providing incident updates at here. This potential data breach does not impact Power Financial Credit Union members who have settled with our recommended business partner, as they are not affiliated with First American. Here are some other steps to take to help protect yourself after a data breach: • Check your credit reports from Equifax, Experian and TransUnion — for free — by visiting annualcreditreport.com. Accounts or activity that you don’t recognize could indicate identity theft. Visit IdentityTheft.gov to find out what to do. • Consider placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. Keep in mind that a credit freeze won’t prevent a thief from making charges to your existing...
Track Spending More Effectively with Money Management

Track Spending More Effectively with Money Management

Tracking your spending used to be an ongoing and neverending task. To live is to spend and that spending has to be tracked somehow. Times change and pen and paper, once your most reliable option, were made obsolete with the introduction of computers, excel, and the game-changing spreadsheet. While spreadsheets brought with them some much needed added features like built-in calculation and a customizable grid, it still required diligent manual input and oversight. With the increasing connection between your financial information and your phone, it is now possible to automate expenditure tracking to a degree of detail that would have previously required cutting your hours back to part-time. Furthermore, this technology can boil those trends down into easy-to-digest graphs and charts that give you insight and suggestions on your spending habits. With optional email or text alerts backing it all up, you’ll never feel out of the loop when it comes to your accounts. That’s why we reached out to an industry leader for help in making this a reality. We don’t think you should be wasting your time stressing lines on a spreadsheet or staring at a computer screen poring over your daily/weekly/monthly/yearly spending. We are proud to provide Money Management to help you effortlessly monitor your spending easier and more effectively. Money Management is a personal financial wellness tool designed to help you track all account activity in a streamlined and easy to manage platform. We chose to offer Money Management after experiencing its all-encompassing financial summarization functionality. This functionality allows you to track spending, create a budget, and assists in improving overall financial well-being. It’s free...
Medical Expenses Have Gone Crazy. You Don’t Have to Do the Same

Medical Expenses Have Gone Crazy. You Don’t Have to Do the Same

In the United States, healthcare has grown into a $3 trillion industry. That’s $3,000,000,000,000. That’s a lot of zeros—so many that for most of us, the number doesn’t even seem real. But if we break it down to a personal level, that means the average American spends more than $11,000 per year on healthcare costs. If that doesn’t sound troublesome, consider the fact that the annual cost of healthcare for a family of four tops $28,000. With the median household income coming in at $63,000 per year, that means the average US family can wind up spending more than 40% of their annual income on medical-related expenses. That’s steep. Even with employer-provided health insurance, which covers roughly 56% of the US population, the employee contribution and out-of-pocket deductibles can leave families buried under an avalanche of medical debt. It’s hard to understand how an industry responsible for personal care can seem so unconcerned when it comes to the financial state of its patients. But with a growing number of hospitals being operated as investor-owned, for-profit businesses, return on investment often seems more important than compassionate patient care. Difficult Times Call for Creative Approaches As medical bills continue to climb, the corresponding rise in medical collection agencies only perpetuates the healthcare industry’s callous reputation. In a conversation about the cold, impersonal nature of medical collections, Elizabeth Rosenthal, author of An American Sickness, observed, “…to them [collection agencies], a bill is a bill is a bill. They don’t care if it’s for somebody’s heart transplant…or if someone spent a lot more money on a Rolex watch that they couldn’t afford.” Over...
Credit Card Regret: It’s More Common Than You Think

Credit Card Regret: It’s More Common Than You Think

“Regrets, I’ve had a few. But then again, too few to mention.” – Frank Sinatra If you’re the kind of person who prefers to play it safe, there’s a good chance that, like Ol’ Blue Eyes, your list of regrets is mercifully short. But if you’re the adventurous type who’s more likely to yell “YOLO!” than take the time to consider pros and cons, you may have made more unfortunate decisions than you care to admit. Either way, it’s safe to say we all have regrets. And if we’re being honest, some of them are probably related to finances. Going into credit card debt is one of the most common financial regrets. According to a recent NerdWallet survey, “About 6 in 7 Americans (86%) who have or had credit card debt say they regret it.” With numbers that high, it’s safe to assume most of us would make different credit decisions if given a chance. Have you ever signed up for a new credit card and immediately wished you hadn’t? If so, the following reasons will probably ring a bell. If not, pay close attention. You can learn a lot from others’ mistakes. Common Reasons for Credit Card Regret If you’ve ever opened a new credit card account and felt that distinctive twinge that tells you it was a bad decision, there’s a pretty good chance you filled out that credit application for the wrong reason. Bad reasons come in a variety of forms. Here are a few of the most common: You wanted that sign-up swag. – T-shirts. Koozies. Collapsible drink coolers. It doesn’t matter what it is;...