Money Talks

What are you afraid of? Do you have financial worries? We’d like to address some common financial fears. We want to help you label the fear and give you ways to face the fear. Our experts are on hand to answer personal financial concerns and questions. 

Producer Liz Gill came across an article on the website: https://womenwhomoney.com/common-financial-fears-overcome-money-worries/

and wanted to get OUR experts opinions on the money fears the article brought up. 

Discussion:

• Financial Fear #1 – Never getting out of debt 
• Financial Fear #2 – Losing my job 
• Financial Fear #3 – Something terrible happening to me (or my partner) 

Calls:

• Inherited IRA
• Too much money
• 1031 exchange of property
• Another inherited IRA
• Where to get tax info

If you’d like more information about saving for your child’s education find the Money Talks podcasts from: September 15th, 2020 http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae

and August 27th, 2019 http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans

when we discussed 529 plans.

In Legal Terms discussed Section 1031 property exchanges on June 15th, 2021 http://inlegalterms.mpbonline.org/

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Everyone wishes they handled money better. The Mississippi Council of Economic Education hopes to increase economic and financial literacy in Mississippi. We learn from our guest, Selena Swartzfager, President of MCEE how they do this, and we take your personal finance questions. 

Family Financial Fun Day

Saturday June 12th – Lynn Meadow’s Discovery Center, Gulfport

9-11am Register online by Friday June 11th, 2021

Register here: https://form.jotform.com/MSEconEd/FFFDAY

Families should plan to remain for the entirety of the 2-hour event. Parents/Guardians MUST accompany their children.

Website for MCEE: https://mscee.org/

Social media:

https://www.facebook.com/mseconeducation

https://twitter.com/mseconeducation

https://www.instagram.com/mseconeducation/

https://www.youtube.com/channel/UCyAzG-xXanobxdWvUkBxgPw

• Economic Challenge
• Personal Finance Challenge
• Degree Programs
• CEUs for teachers
• Why learn?
• Partners

Calls:

• one parents experence
• unemployment taxes
• investment advice
• 1st time home buyers http://moneytalks.mpbonline.org/episodes/money-talks-first-mortgage

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Whether you’re 25, 55, or 75, maybe you’re dreaming of retirement. Today, we’ve got some tips geared for the 25 year-olds but everyone else will find some great information. Are you on fire for retirement? We're talking F. I. R. E.? We learn what that is and take your personal finance questions. 

Financial Independence, Retire Early from the 1992 book "Your Money or Your Life"

• save up to 70% of annual income, invest it with the help of a professional
• goal of retiring in 40s to either do nothing or travel or be selective in their job
• once savings reaches 30 times annual expenses you could retire

Calls:

• saving advice
• saving advice
• email - bond interest
• savings bonds

Other resources:

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/)

https://www.ramseysolutions.com/retirement/what-is-the-fire-movement#:~:text=Movement%3F-,F.I.R.E.,Be%20confident%20about%20your%20retirement.

https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp

https://www.investopedia.com/articles/retirement/08/retiring-early-retirement.asp

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

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Are you interested in a better job? Looking for a first job or are unemployed? The Mississippi Department of Employment Security is a resource for you. Experts from MDES will answer your job fair, win job center, and unemployment questions.  Our guests are from the Mississippi Department of Employment Security. Daphne James with the WIN Jobs Center, Adam Todd with the Governor’s Job Fair, and Jeff Rhodes a Benefits specialist. 

Podcasts about MS 529 College Savings Plans:

http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae

http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans

http://moneytalks.mpbonline.org/episodes/money-talks-back-to-school-finances

Website for Mississippi Department of Employment Security: https://mdes.ms.gov/

Job Fair Calendar: https://www.jobfairs.ms.gov/event-calendar

Look for the MDES MS Works app in the Apple app store. For android: https://play.google.com/store/apps/details?id=edu.msstate.nsparc.mdes&hl=en_US&gl=US

• Local Win Job Centers are now open - 05/18/2021
• Governor's Job Fair Network are drive through now - 05/18/2021

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 Is Bitcoin and its sister digital currencies really money? 

Money represents work and earnings on that work or skill. It has 3 functions. It’s a medium of exchange. You can buy stuff with it-- trade it for food, housing, clothing, etc. Certainly, we are hearing more and more about cryptocurrency being accepted as a form of payment.

Money is also a store of value. The money I make today doesn’t have to be spent today. I can put it in the bank or under my mattress and store those earnings for another day. Okay, so crypto qualifies here.

Money is also a unit of account. That means the number of dollars, euros, renminbi, required to purchase something has meaning. When I travel overseas and find myself looking at price tags in another country, I’m clueless. They have no meaning to me, but prices in dollars and cents help me to peg a value on a good or service. Wow! That’s a good deal. Or, wow! That’s expensive. This is where crypto falters. Valuations fluctuate so widely that it is hard to translate the numbers to real value. Cryptocurrency lacks stability, and, so, fails the test on this function.

But crypto is pushing the bounds of our definition of money. We have used many types of currency through the ages. Maybe this is just a new one taking hold. At one time, we used whale teeth for money. Of course, the precious metals have had their run—gold, silver, copper. We’ve even used salt for money! Heaven help you if you had a hole in your pocket. Money has gone through many iterations as we humans have looked for ways to move beyond bartering as we trade goods. For a look at a really strange currency, check out The Island of Yap.

Money has 2 forms: commodity money and fiat money. Commodity money has value in and of itself. Think of gold and silver and even that salt. But fiat money has no real intrinsic value. Its value comes from the entity backing the currency. 

Anyone with old Confederate dollars in your attic? They only had value when the Confederacy was alive. Now, they are worthless (thank goodness). Ever pull out some coins from your trip to Canada at the convenience store? Sorry, worthless here. When it comes to fiat money, location is everything. Euros in Europe. Pound sterling in London. Renminbi in China. Each government issues its own currency, and the strength and stability of that currency is correlated to the strength and stability of that government.

But crypto is different. It isn’t issued by a government. As such, it’s not confined to a location and particular borders. And that’s what makes it so appealing. No converting from Euros to dollars and back again, with all the requisite fees in between. Supposedly, it would be universally accepted. No banker is keeping track of your account. The system is self-contained to assure coins are transmitted appropriately.

And crypto seems the natural transition as fewer and fewer actual coins and dollars are used. Rarely do I have actual dollars in my purse. My money is recorded in an account somewhere, and I pull out a debit card or use PayPal or Venmo to make purchases. The currency in my name is just a number on a computer screen somewhere, and isn’t that what crypto is? It’s just a digital currency.

In 2009, someone or some people with the name of Satoshi Nakamoto invented the first truly digital currency called bitcoin. The ability to move vast sums across borders very quickly made it quite appealing to the criminal element. The dark side of this currency caused it to languish until recently. More and more, reputable businesses are trading in and accumulating digital currency.

New digital currencies have sprouted up with names like Dogecoin, Ethereum, and even Polkadot. None are related to a particular government, but each serves different functions. Recently, we heard a presentation by an investment group solely focused on cryptocurrency. They have created exchange traded funds that own crypto and are encouraging advisors to include this in a diversified portfolio. We’re not convinced yet.

Implicit in our current system is the position of an intermediary. These are the folks who are in between each transaction as money changes hands throughout the day. They are the bankers. A digital currency that is self-contained does not need an intermediary. That sounds appealing since it would reduce cost and increase speed. Imagine going to your house closing and pushing the button at the table to transmit your down payment. Voila! Deal done.

But we still worry about the security of such a system. And we worry that the crypto we own today will lose value overnight. So, maybe it’s just not money… yet.

Certainly, crypto investors have been reaping big benefits in the last couple of years. Our presenters from Bitwise Asset Management told us to NOT think of it as a medium of exchange. They describe it as a new technology that can speed up the pace of business while keeping costs low. They also said to think of different types of crypto like different types of software.

It’s all so bizarre! Programmable money? Coins created from mining. Mining is just the solving of a puzzle. Coins stacked in blocks to create a blockchain. Money or not? Sort of. Maybe. But it’s crazy popular right now.

So how do you get your hands on (computers on) some crypto? Well, you can’t go through your regular brokerage account. You’ll have to go through a crypto-exchange like Coinbase or Gemini. Robinhood can give you access. You can also sign up with an investor group. There are several private crypto funds. BITW is the publicly traded exchange traded fund that we heard about.

But be careful. This is new. It’s exciting. It’s cutting edge. But it’s risky. As for us, we’re taking a “wait and see” approach. Digital currency may be the wave of the future, but, right now, it just feels like a tsunami. 

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We love to have guests and special topics on Money Talks but sometimes we like to just see what you’d like to ask. We call these Open Topic shows. We’ll have some current events to discuss. You’re welcome to call in with your opinions and questions about what’s going on in the news now. 

Discussion:

• gasoline supply
• 8th of May Emancipation https://themsms.org/8th-of-may-emancipation-celebration/
• April Jobs Report
• Shortages! such as truck drivers, boba, manufactured items, chlorine, wood, silicon chips, childcare
• Emergency Broadband Benefit Eligible households can enroll through an approved provider or by visiting GetEmergencyBroadband.org. Find broadband service providers more information here.

Calls:

• What to read
• unemployment benefits
• inherited IRA
• Jobs comment
• stimulus check

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Money Talks will de-mystify asking for a raise with this broadcast. Our guest today is Scott Stinson – Director of Human Resources here at Mississippi Public Broadcasting who will give us inside information on the best time and the best way to ask for a bigger salary. 

Discussion:

• Why don't we talk about salaries more?
• What are the laws?
• Prepare to ask for a raise
• Know what your job could pay
• Is your agency healthy enough to give raises
• Document your abilities
• What should you actually say?
• Yes, Maybe, No
• What else could you ask for?
• What about government employees?
• Promotions?
• Unions?

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Guest, Ray Higgins - Director of PERS This podcast has information about PERS for retirees, those close to retirement, and those employees still working with retirement in the future.

You could read the Public Employee Retirement System of Mississippi handbook, or listen to MPB’s Money Talks broadcast and podcast with the director of PERS, Ray Higgins. You’ll get a good understanding of how PERS benefits state workers and retirees. 

Contact PERS at their statewide number: 1-800-444-7377 or email them at their email address: [email protected]

Website: pers.ms.gov

Department of Finance and Administration for Mississippi: Health Insurance for Retirees http://knowyourbenefits.dfa.ms.gov/

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What’s an annuity? Are they all the same? Who needs one? We’ll learn about these financial products from our financial analysists - Nancy and Ryder - who can also take your personal finance questions.

Discussion about annuities

Calls:

• paying off a student loan
• are annuities good or bad?
• what is an index fixed annuity
• how to get started in investing
• paying extra on a mortgage
• what's up with GameStop

IRAs podcast: http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d57

S and P 500 podcast: http://moneytalks.mpbonline.org/episodes/money-talks-s-and-p-500

Baby Steps of Investing: http://moneytalks.mpbonline.org/episodes/money-talks-investing-baby-steps

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If you are a renter or a landlord, you'll particularly want to listen today’s Money Talks. Our guest is the Executive Director for Mississippi Home Corporation. Scott Spivey talks about the agency and the grants available to Mississippians who can’t pay rent during this pandemic. He discusses programs for first time home buyers and rehabilitation assistance. Our expert hosts are also available to answer personal finance questions. https://www.mshomecorp.com/ https://www.newper.com/

RAMP – the rental assistance program. It’s for those impacted by COVID-19 - renters and landlords

www.ms-ramp.com     If you need assistance or wish to speak to a representative, call 601-533-8401 (local) or 1-888-725-0063 (toll-free)              **Harrison County received its own funds for rental assistance. If you are a resident of Harrison county and wish to apply, you must call the Open Doors Homeless Coalition at 228-604-8011.

Trailers too!

The Emergency Solutions Grant COVID-19 (ESG-COVID) program created by the CARES Act funds is designed to prevent and respond to the coronavirus pandemic (COVID-19). Individuals and families who have been laid off or have current income under 50% of area median income (AMI) and individuals who are homeless or receiving homeless assistance are eligible to receive funds. https://ms-ramp.com/esg/

Twitter: https://twitter.com/MSHomeCorp https://twitter.com/NewPerMS https://twitter.com/MPBOnline

First time homebuyers assistance

Youth Drawing Competition

Partnerships with developers

In the news:

• COVIF-19 funeral assistance from FEMA https://www.fema.gov/disasters/coronavirus/economic/funeral-assistance
• COBRA subsidy during pandemic https://www.natlawreview.com/article/new-covid-relief-act-provides-cobra-premium-subsidies-and-increased-exclusion

Calls:

• annuity
• mortgage assistance
• PPP loans through your bank

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