Money Talks

If you’d like a to buy a vehicle or a home, there might not be one for you to get a loan for right now. You could take this time to improve your credit score, so you’ll be ready when the supply is more plentiful. We’ll be giving suggestions on how you can raise your credit score on the show today and also taking personal finance questions.

Experian Boost program: https://www.experian.com/consumer-products/score-boost.html

Credit building loan: https://www.experian.com/blogs/ask-experian/how-do-I-get-a-credit-builder-loan/

Maintain your vehicle longer: http://autocorrect.mpbonline.org/

Free credit reports from: https://www.annualcreditreport.com

More information from Consumer Financial Protection Bureau: https://www.consumerfinance.gov/

More ways to improve your credit score: https://www.myfico.com/credit-education/improve-your-credit-score

Money Talks shows about credit score:

Past Credit shows

• 083121 http://moneytalks.mpbonline.org/episodes/money-talks-new-credit-freeze
• 051220 http://moneytalks.mpbonline.org/episodes/money-talks-credit-counseling
• 020420 http://moneytalks.mpbonline.org/episodes/money-talks-credit-reports-and-new-fico-score
• 100218 http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d6f
• 070318 http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d7c

Questions:

• remove a name from an account
• rebuilding credit
• using a credit card
• retired debt free
• check credit score

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We hear the news but sometimes wonder “how does that affect me?”. Today’s your chance to ask our personal finance experts how the war in Europe affects you. We’ll also talk about our Mississippi legislature and student loans. 

As of 03/01/2022

Bills alive: House Bill 530: Teacher pay raise, HB 770 and SB 2451: Equal pay bills, HB 1029: Increasing broadband access, HB 1367: Removing racist language from property deeds

Bills dead (? dead dead?): SB 2643: Divorce law reform, SB 2634: TANF savings accounts,

You have less than 41 days to pay your personal income taxes. For this year, the deadline to file your income tax is April 18, though you can file an extension for October 15. Remember that even if you file an extension, if you owe money, you must make income tax payments by April 18, 2022 to avoid interest and penalties.

The United States Continues to Impose Costs on Russia and Belarus for Putin’s War of Choice https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/02/fact-sheet-the-united-states-continues-to-impose-costs-on-russia-and-belarus-for-putins-war-of-choice/

Redeeming coupons makes shoppers feel smart — like they've outfoxed a brand. One study found customers who received coupons released feel-good oxytocin hormones and their heart rates decreased. https://www.cnn.com/2022/03/05/business/coupons-history-jcpenney-macys-procter-and-gamble/index.html

Federal and private student loan borrowers in Mississippi owe an average of $33,182 in debt, which is 10% less than the U.S. average.

https://studentaid.gov/announcements-events/covid-19

Questions:

• Inherited IRA
• moving money
• student loans
• social security

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One size doesn’t fit everyone. And there isn’t one type of investment. If you’re looking for that “just right investment” for your savings or a tax refund, we have quite a few options today that aren’t the stock market. 

Money Talks recently got an email from a listener that said:

I've got 250k in a bank savings account that earned a whopping 54 bucks last year and 2.06 last month. I need to invest in “something” but I don't like the markets. Ideas?

This seems like an email that could take a whole show to answer, so we will take the whole show to give some options and see what our investment professionals think.

The two major U.S. financial securities markets are the New York Stock Exchange and Nasdaq.

In April 2007, the New York Stock Exchange merged with a European stock exchange known as Euronext to form what is currently NYSE Euronext. The American Stock Exchange (AMEX) previously the 3rd largest stock exchange, was acquired in 2008 by NYSE Euronext. 

The NYSE is 3 times the size of the world’s 3rd largest stock exchange – Shanghai. Euronext and the Japan Exchange Group are next is size by market capitalization of listed companies.  

Discussion:

• Population growth
• War in Ukraine
• Real Estate Investment Trusts
• Peer-to-Peer Lending
• Savings Bonds; Tool to help you find savings bond information https://treasuryhunt.gov/#:~:text=Treasury%20Hunt%20is%20our%20online,and%20no%20longer%20earning%20interest).
• Gold
• Certificates of Deposit
• Venture Capital
• Annuities

Other options we didn't have time to discuss:

https://www.gobankingrates.com/investing/stocks/investment-options-other-than-stock-market/

Questions:

• Home equity load
• stock investment evaluation

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Today is an Open Topic show. We’ll have some money finding, spending, and saving tips. Information about jobs and tax tips will also be given out. This is all between your personal finance questions and email. 

• Uncertainty - VIX is the ticker symbol and the popular name for the Chicago Board Options Exchange's CBOE Volatility Index, a popular measure of the stock market's expectation of volatility based on S&P 500 index options. Don't REACT but do REVIEW. Liz Ann Saunders on twitter. https://twitter.com/LizAnnSonders
• Ryder's current book: The Price You Pay For College by Ron Lieber https://ronlieber.com/books/the-price-you-pay-for-college/
• Recycle and gift cards or coupons: https://finance.yahoo.com/news/target-amazon-4-more-retailers-200024608.html#aoh=16448433239452&csi=1&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Ftarget-amazon-4-more-retailers-200024608.html
• Monroe County Job Fair – in Amory February 24th. Louisville-Winston County Job Fair is March 3rd. Neshoba County Job Fair in Philadelphia is March 9th. https://www.jobfairs.ms.gov/event-calendar
• St. Patrick's Day on March 17th. National Ravioli Day on March 20 and Pi Day on March 14.
• Discounts on winter sports gear, unsold grills and air conditioners, and tax software.
• MPB’s Java Chatman mentioned on Deep South Dining heard on MPB Monday’s at 9am. That the Girl Scouts are selling cookies a little differently this year. There’s an app now – Girl Scout Cookie Finder. With the pandemic the Girl Scouts have set up an app to give you the dates and location of their table sales at grocery stores and shopping centers. You can turn on the location sharing feature or just put in a zip code.  Apple App or the Google Play Store
• Have you checked for lost money lately? Treasury dot ms dot gov is where you can start your Unclaimed Money search.   https://treasury.ms.gov/ Or listen to our podcast: http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae

Questions:

• Swiffer tip
• Transfer on Death
• Social Security information and tax filing http://moneytalks.mpbonline.org/episodes/money-talks-ssagov
• online banking
• savings for college 529 plans podcast http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans
• contribute to church from IRA
• never filled IRS
• Set up account

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According to a report from the Federal Trade Commission: Romance Scammers Steal a Record 547 Million Dollars. Adults 70 and older had $9,000 median loss in 2021. Money Talks wants to make sure the person that steels your heart doesn’t steel your wallet.  https://www.ftc.gov/news-events/blogs/data-spotlight/2022/02/reports-romance-scams-hit-record-highs-2021?utm_source=govdelivery

You can help stop scammers by reporting suspicious profiles or messages to the dating app or social media platform where you found them. Then, tell the FTC at https://reportfraud.ftc.gov/#/

If you are the victim of a romance scam, report it to the FBI and your financial institution. In some cases, money that victims sent by wire can be recovered if the fraud is immediately reported. 

You can learn more about romance scams at the website: https://www.consumer.ftc.gov/articles/what-you-need-know-about-romance-scams

Ryder mentions:

• Tinder Swindler Official Trailer https://www.youtube.com/watch?v=_R3LWM_Vt70
• Coin Desk https://www.coindesk.com/
• Coinbase https://www.coinbase.com/
• Gemini https://www.gemini.com/

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We’ve got a guest on the show who has a very particular set of skills, skills he has acquired over a very long career, skills that make him . . . a fantastic guest for Money Talks. District Manager for Social Security, Shawn Mercer. Shawn answers social  security questions while Nancy and Ryder take personal finance questions. 

• Many questions can be answered from information found on the Social Security website: https://www.ssa.gov/

On the SSA website you can also find information about Emergency Assistance for Homeowners and Renters. If you’re a renter, a homeowner, or landlord look through their information to see if you qualify for help.

• That national phone number is 1-800-772-1213 if you need to call or call your local SSA office.

Consider following Social Security on social media. There are tweets about current events, protecting your identity, and reminders on what Social Security is all about. 

Calls:

• how much can you make after your retire
• outstanding debt to Social Security
• what to know / when to retire
• why go to the office?
• back to work after disability
• nursing home

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The Mississippi House approved a bill last month to phase out the personal income tax, reduce the grocery tax and increase the state sales tax on most items. What do you think? We’ll learn about the measure with our guest Dr. Brian Pugh, Executive Director for the Stennis Center for Public Service author of the book “Chaos and Compromise: The Evolution of the Mississippi Budgeting Process”.

https://stennis.gov/about-us/stennis-center-staff/dr-brian-pugh-biography/

House Bill 531- phasing out the personal state income tax - The Mississippi Tax Freedom Act of 2022  http://billstatus.ls.state.ms.us/2022/pdf/history/HB/HB0531.xml

News reports:

https://www.clarionledger.com/story/news/politics/2022/01/12/philip-gunns-plan-cut-mississippi-income-taxes-ready-vote/9176793002/

https://www.supertalk.fm/mississippi-house-of-representatives-votes-to-eliminate-income-tax/

https://www.natlawreview.com/article/mississippi-house-revisits-income-tax-phase-out-2022

https://www.usnews.com/news/best-states/mississippi/articles/2022-01-11/mississippi-house-panel-oks-bill-to-phase-out-income-tax

https://www.mpbonline.org/blogs/news/mississippi-house-of-representatives-pass-bills-on-income-tax-and-teacher-pay/

Calls:

• How does it affect low income earners
• Revenue stream and budget shortfall
• What percentage is revenue stream
• Pro Income Tax elimination
• Attracting new residents
• Grocery Tax

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Housing costs may be a big portion of your budget. Our expert is going to give his opinion on ways to cut some of your expenses associated with how you live. 

A recent article on the website: https://www.moneycrashers.com/jobs-provide-free-housing/ has a list of ways to save money on housing costs. The suggestions range from easy to drastic. 

• reduce water and electricity usage
• make sure your home is insulated and well maintained
• do your own maintenance and repairs
• improve your credit before getting a mortgage
• remove PMI from your mortgage payment
• House Hack - find a way for someone else to cover your housing expenses (Here's our podcast about Airbnb http://moneytalks.mpbonline.org/episodes/5cd31f1633f6c1be55607d95 )
• Move to a More Affordable Housing Market
• Buy a multifamily property and move into one unit and rent out the others.
• Downsize to a Smaller Home
• Move into an Attached Home
• Consider Renting
• Buying a house to flip and living in it until you sell it
• find a job that provide free housing

Calls:

• paying off mortgage early
• ADU
• how much money to put into a house

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What software do you use for Personal Finance? Do you use a program to do your taxes? Do you keep track of your budget on your phone with an app, or on your PC with software? We’ll tell you some options and we want to hear what works for you. 

• What to consider when looking at software
• What are examples
• IRS news
• Budgeting software
• What to lookout for

https://www.nerdwallet.com/article/taxes/best-tax-software

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

https://www.irs.gov/newsroom/national-taxpayer-advocate-delivers-annual-report-to-congress-focuses-on-taxpayer-impact-of-processing-and-refund-delays

https://home.treasury.gov/news/press-releases/jy0553

https://www.techradar.com/best/best-personal-finance-software

https://www.pcmag.com/picks/the-best-personal-finance-services

https://www.thebalance.com/best-personal-finance-software-4171938

https://www.theatlantic.com/technology/archive/2013/04/what-tax-preparation-software-looked-like-in-1991/274985/

https://en.wikipedia.org/wiki/TurboTax

https://www.investopedia.com/personal-finance/best-budgeting-software/

https://www.hp.com/us-en/shop/tech-takes/best-personal-finance-software-apps

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New Year means a new start for good habits. Let’s talk about your money plans for 2022. What are your savings goals? Your retirement contribution goals? Do you have a budget to help you achieve these goals? 

• News
• If you receive extra money
• New financial contribution limits
• Look over last year's financial plan
• Budget

Is eating out “eating” into your ability to save? By planning meals to eat at home or bring from home, you might be able to put more money towards savings or retirement.

Apple TV plus, Amazon Prime Video, Disney Plus, Netflix, HBO Max, Paramount Plus, Peacock, Hulu, Discovery Plus. Do you pay for each of these? Some of these? What could you do without to save money each month?

Do you still need life insurance now? Is your car over insured? Is your homeowner’s insurance at the correct amount? Take some time to check over your insurance to see if you can save yourself some money.

Podcast just on budgeting. Look for that from September 17th of 2019.

http://moneytalks.mpbonline.org/episodes/money-talks-budgets

Calls:

• who are these suggestions for
• returning item bought on credit card
• tax advantage of gifts
• long term care
• life insurance

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