Money Talks

Listeners discussed:

• how to choose an advisor http://moneytalks.mpbonline.org/episodes/money-talks-choosing-a-professional
• Why she didn't shop at a particular store
• What is fiduciary
• consumer economy
• climate change
• thank you
• fair trade
• anuity

Do you think about this before you make purchaes:

• Environmental impact of what you buy – single use vs reusable
• Impact of what it’s made from – petroleum products vs made from recycled materials
• Impact of how it’s made – child labor vs army labor vs well paid workers
• Where’s it’s made – USA vs over seas
• Packaging – incased in disposable material vs bulk and bring your own container
• Company that makes the product – social philosophy of CEO, politicians they endorse
• Treatment of animals – made of or tested on
• Are you willing to pay more for one item over another based-on Ethics?
• Want vs need. Are you buying on purpose or out of habit?
• Money stays with you or goes to a company that you may not agree with their philosophy
• Rather than “buying” things new buy: Secondhand, Swap, Trade, Repurpose to minimizes the amount of junk that makes its way into landfills, minimizes the number of new items being produced and minimizes your own expense. http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d58
• Will I use social media or tell my family why I choose one company over another to encourage them if they share your beliefs

Suggestions:

• Focus on the business you use most frequently – where do you spend the most money? Learn about that company / organization
• 3 Tips to help you be Money Mindful: 1) Keep a Money Diary 2) when you want to make an impulse purchase take 5 deep breaths to take yourself out of the “impulse moment” 3) keep your credit cards at home and only take them out with you when you plan to make a purchase
• Wake up and pay attention to what you spend your money on
• Educate yourself on companies and their practices. Learn about movements that interest you and follow their practices.
• Read labels on products and use your gut instinct.
• Talk to local business owners.
• Donate to organizations that fight for ethics you believe in.
• Volunteer for groups that think the same way you do.
• Support politicians who have views in line with your own. 

Information:

When you see a product with the Fair Trade Certified seal, it was made according to specific social, environmental, and economic standards. These products are available for purchase at Kroger, Target, Sam’s, Amazon, and other popular retailers.  https://www.fairtradeamerica.org/

Socially responsible investing (SRI) is an investing strategy that strives to generate both ethical change and financial returns for an investor. Socially responsible investments often include companies making a positive sustainable or societal impact.

https://www.moneyunder30.com/mindfulness-can-help-you-save-money

https://www.thesimpledollar.com/financial-wellness/shopping-ethically-without-breaking-your-budget/

https://www.fairtradecertified.org/products

https://www.ecowatch.com/shopping-ethically-2637784366.html?rebelltitem=6#rebelltitem6

https://medium.com/naturehub/what-is-a-conscious-consumer-and-why-does-it-matter-4b7a14ca08fc

https://qz.com/920561/conscious-consumerism-is-a-lie-heres-a-better-way-to-help-save-the-world/

https://growensemble.com/conscious-consumerism/

https://www.nerdwallet.com/article/investing/socially-responsible-investing

https://brainymoney.com/money-mindfulness-tips-to-stay-on-track/

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The Top 7 Retirement Concerns for Americans in 2020 from MoneyTalkNews (no relation!) from  Retirement Confidence Index from SimplyWise

1. Social Security will be gone: AARP article
2. Outliving savings: How to calculate RMD article and IRS 2020 rules on RMDs
3. Paying medical bills: https://www.medicare.gov/ Health Savings Account info
4. Paying daily living expenses
5. Not being able to retire at all How Work Affects Your Benefits from SSA Early withdrawal of 401K info
6. Having too much debt: suggestions on paying off debt
7. Feeling bored or lonely

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Factors to take into consideration when deciding to give someone money:

·      Fees, Speed, Sending amount, Where the recipient is located, Security, access to actual cash

https://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy

https://www.mic.com/articles/192848/4-reasons-to-always-carry-cash

https://www.usbank.com/newsroom/news/digital-payment-platforms-primed-to-topple-cash.html

https://www.cnbc.com/2019/01/15/more-americans-say-they-dont-carry-cash.html

https://www.nerdwallet.com/blog/banking/faq-send-money-individual/

https://www.gobankingrates.com/making-money/business/9-ways-transfer-money-friends-family/

1.   Cash – easiest and most obvious.       

a.   About 3 in 10 Americans said they make no purchases with cash in a typical week. 

b.   In a survey of more than 2,000 Americans, U.S. Bank found that 50 percent of respondents said they carry cash with them less than half of the time they are out. 

c.   More than 1 in 10 millennials use their digital wallet for every purchase.

d.   Adults with an annual household income of over $75,000 were more than twice as likely as those making less than $30,000 to say they do not make any purchases using cash in a typical week.

2.   Bank Transfer       Banks electronically transfer money via ACH. Although some charge fees for a bank transfer, many banks let you transfer money for free to other accounts. Sending a wire transfer through your bank might be the best way to send a large amount quickly. Generally $2,000 to $10,000 per transfer, and delivery can take multiple days.

3.   Online Bill Payment       Although online bill payment is geared toward recurring payments, like monthly utility bills, it also works for one-time payments. Your bank will outline how to send money through its online bill payment system; the process typically involves logging onto the bank website, filling out the amount of money you wish to send and the recipient’s information, and authorizing the payment to be mailed out or transferred electronically.

Transfers from banks to banks:

4.   Zelle    Account holders at banks that are part of the clearXchange network can take advantage of the new Zelle app, which allows you to to securely send money to others by using your bank’s mobile app. With Zelle, users just need a mobile phone number or an email address to send money to their intended recipient. No account information is shared when you send money; the program will only use your email or mobile phone number to send or receive money to or from your bank account.

5.   Popmoney  Popmoney offers one of the easiest ways to send money via mobile devices or email if you have an account at a participating bank. You can send money for free if a Popmoney user sends you a request. Otherwise, it’s only 95 cents if you initiate the transfer.

Non-bank transfers:

6.   Walmart-2-Walmart: Walmart is cheaper than traditional money transfer companies, such as Western Union and MoneyGram. You can send to one of the thousands of U.S. Walmart stores, where a recipient can pick up the money within minutes. The maximum you can send is $2,500, and costs can reach up to $16.

7.   Person to Person apps - limit how much you can transfer. Examples are Square cash, Venmo – owned by PayPal, Facebook Messenger, Google Wallet, Dwolla

8.   International money transfers options:  When you make a transfer abroad, you generally encounter two costs: the upfront fee and the foreign exchange margin, or the markup on the exchange rate financial institutions use when transferring money among themselves. Consider both fees to find the best deal.

a.   TransferWise or OFX for free services

b.   Xoom, a PayPal division and MoneyGram are fast options

c.   Western Union  The biggest money transfer company worldwide, Western Union also has a sizable range of transfer options. On the provider’s price estimator tool online, you’ll see almost a dozen combinations of sending channels, payment methods and delivery options. You can send money from the Western Union website or its mobile app, and you can use a bank account, debit card or credit card — or send from a nearby agent location using cash.   The transfer giant’s physical network covers over 200 countries and territories and more than half a million locations globally.

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On this open topic show we discussed:

• stocks
• jobs
• online sales holidays
• stimulus checks UDATED DATE Nov. 21st 2020
• educational information about your budget, an emergency fund, and car buying
• the Mississippi lottery
• taxes and government
• loss and gains
• IRA withdrawals

Here are some links to additional information:

• https://www.amazon.com/primeday
• https://blackfriday.com/news/walmart-big-save-event-sale
• https://www.target.com/c/deal-days/-/N-xgolj
• https://treasury.ms.gov/for-citizens/financial-empowerment/for-individuals-families/
• https://www.irs.gov/coronavirus/economic-impact-payments
• https://www.irs.gov/newsroom/irs-to-mail-special-letter-to-estimated-9-million-non-filers-urging-them-to-claim-economic-impact-payment-by-oct-15-at-irsgov
• https://www.mslotteryhome.com/instantgames

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Guests: Frank Coxwell and Rachel Coxwell from Coxwell Attorneys PLLC https://www.mississippibankruptcyhelp.com/

We discuss what to do before you even think you might need to file for bankruptcy. Bankruptcy isn't as detrimental to your credit score or your reputation as you may think, suggests our guests.

If you think bankruptcy might be on the table – now or in the future – there are 12 things you need to know now. https://www.mississippiconsumerhelp.com/12-things-you-need-to-know-now/

According to our guests, bankruptcy is the most beneficial to you if you file before you lose everything or deplete your savings and retirement accounts. Why You Should Not Wait To File Bankruptcy https://www.mississippibankruptcyhelp.com/why-you-should-not-wait-to-file-bankruptcy.html

Calls concerned:

• bond index funds
• Wild Card exemptions
• Contractors and foreclosures

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Guests: Jackie Turner, Executive Director and Timothy Rush, Director of Unemployment Insurance from Mississippi Department of Employment Security mdes.ms.gov

As soon as you become unemployed, you may file a claim for unemployment insurance benefits online or by calling 601-855-3133 or 1-888-844-3577. MDES takes phone claims Monday to Friday 7am to 7pm. You can file claims online anytime on their website.

You should be prepared to provide the following information:

1. Your Social Security number,
2. Your complete mailing address and phone number,
3. The names, addresses, and phone numbers for all your employers for the last eighteen (18) months,
4. The dates you worked and the reason you left each employer.
5. Alien Registration number or Visa number, if you are not a U.S. Citizen.

ReSkillMS is a new program designed to help individuals adversely affected by the COVID-19 pandemic find jobs with better wages and also help support employers who want to hire and train new employees on the job. ReSkillMS.com

The “Mississippi Library Association’s Map of Free Wi-Fi Hotspots Across the State”.  website

MDES went from processing 800 claims per week to 5,000 per week to 45,000 claims per week.

Topics discussed:

• phishing scams
• financial market behavior
• national unemployment going down
• MDES's computer system
• self employed wages
• Pandemic Employment Assistance
• Lost Wages Assistance - distribution is on hold now. FEMA funds being used for other emergencies
• appeals process
• certification
• furloughed

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Guest: Mississippi Treasurer David McRae https://treasury.ms.gov/

Find Unclaimed Property https://treasury.ms.gov/for-citizens/unclaimed-property/

Learn ways to prepay college tuition or save for college https://treasury.ms.gov/for-citizens/college-savings-mississippi/

What's an ABLE Account? https://treasury.ms.gov/for-citizens/able-savings-program/

Find the MS Office of the Treasurer in the Trade Mart at the upcoming 2020 Mississippi State Fair October 7th through the 18th https://www.mdac.ms.gov/bureaus-departments/state-fairgrounds/fair/

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Our experts from New Perspectives teach us what the S & P 500 is, what it measures, what's included in it, and how you can buy it.

Here is the website for the S & P 500

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Money Talks expert host Dr. Nancy Lottridge-Anderson explains a stock split.

Listen to this podcast or watch the video https://youtu.be/LuWyZabCSKA

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Expert Hosts are Dr. Nancy Lottridge-Anderson, President of New Perspectives and Ryder Taff, portfolio manager at New Perspectives. Nancy and Ryder are both Chartered Financial Analysts and Ryder also holds the Certificate in Investment Performance Measurement from the CFA Institute. https://www.newper.com/

Office Address:

New Perspectives, Inc.

303 Highland Park Cove

Suite B

Ridgeland, MS 39157

Phone: 601-991-3158

Fax: 601-991-3168

Secure Post Office Box:

PO Box 489

Tougaloo MS 39174 

Nancy: [email protected]

Ryder: [email protected] 

Calls and discussions about:

• stock market
• payroll taxes
• coin shortage - how to turn in coins https://coinstar.com/
• stimulus
• buying cars?
• wash sales
• annuities
• shopping on the internet

Suggestions on what to Buy in September:

• older iPhone models
• grills
• patio furniture
• lawn mowers
• summer clothing
• denim
• bicycles
• mattress Money Talks: Mattress Buying
• appliances
• school supplies

https://www.nerdwallet.com/blog/shopping/what-to-buy-september/

https://fabulesslyfrugal.com/best-things-buy-september/

https://www.offers.com/blog/post/what-to-buy-in-september/

https://www.retaildive.com/news/the-running-list-of-2020-retail-bankruptcies/571159/

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