Money Talks

Guest: Dr. John Green, Professor with the Department of Sociology and Anthropology and Senior Research Associate with the Center for Population Studies both at the University of Mississippi

To be counted call the Census before September 30, 2020 at 1-844-330-2020

To find out more about the 2020 census please go to their website: 2020census.gov

Want to play a fun Census game? https://www.census.gov/programs-surveys/sis/resources/games/quiz.html

Mississippi KIDS COUNT is the leading resource for comprehensive information on Mississippi’s children and serves as a catalyst for improving outcomes for children, families, and communities. https://kidscount.ssrc.msstate.edu/

The Children’s Foundation of Mississippi is a new, independent operating foundation focused on improving the policies and systems that affect the well-being of children in our state. We were founded in 2019 to serve as a convener, facilitator, advocate, and catalyst for positive change. https://childrensfoundationms.org/

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Did you know your credit score will change this summer because of new metrics? Money Talks experts will explain what a FICO credit score is, how to obtain and understand your credit report, and take your personal finance questions.

·      To order, visit annualcreditreport.com, call 1-877-322-8228. Or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

·      UPDATE: Starting in 2020, everyone in the U.S. can get 6 free credit reports per year through 2026 by visiting the Equifax website or by calling 1-866-349-5191. That’s in addition to the one free Equifax report (plus your Experian and TransUnion reports) you can get at AnnualCreditReport.com.

Facts discussed in the show can be found:

https://www.consumer.ftc.gov/articles/0155-free-credit-reports

https://www.finra.org/investors/personal-finance/how-your-credit-score-impacts-your-financial-future

Calls and emails:

• taxes
• credit score
• balance transfers
• credit repair
• student loans

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Guest:career development manager and coach Brie Reynolds from Flex Jobs https://www.flexjobs.com/ an online resource for finding online jobs

.

• How does flex jobs differ from other job posting websites?
• Benefits on working from home
• How to be successful working from home
• Resources for parent returning to work after taking time off to care for a child 

Facts on Flex Jobs dot com:

• Colorado is the State With the Highest Remote Worker Population (7.9%) with Boulder having the highest (14.9%). Mississippi is the State With the Lowest Remote Worker Population (2.2%) with Jackson, MS having  the lowest remote worker population (1.5%).
• The average remote worker earns a higher median salary than an in-office worker. And the average person can save at least $4,600 annually by working remotely.
• About equal percentages of men and women work remotely.

Our financial experts also talked about proposed coronavirus benefits.

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Hosts Kevin Farrell and Dr Nancy Lottridge Anderson and Ryder Taff discuss, current events, credit cards and take your questions.

American credit card debt now exceeds $1 trillion. The average US household has $8,398 in credit card debt. 60% of Americans carry their credit card balance month to month. 

Coin shortage, mortgage rates, stores closing on Thanksgiving this year: everybody https://www.theblackfriday.com/stores-closed-on-thanksgiving-day.php

According to the website nerd wallet dot com credit score ranges are: 300-329 Bad, 630 – 689 Fair, 690-719 Good, and 720-850 means the likelihood of you repaying new debt is excellent. 

A credit card allows you to borrow money from a bank to make purchases. As long as you pay back the money you borrow within the “grace period” of 25-30 days, you don’t have to pay extra. If you don’t pay it back in that time period, you’ll have to pay interest — a percentage of the money you owe the bank — on top of what you borrowed. 

Until the passage of the Equal Credit Opportunity Act of 1974, women could not get a credit card without a husband as a co-signer. That meant single women and married women who wished to establish credit separate from their spouses were denied credit cards. The 1974 law made it illegal for creditors to discriminate against applicants on the basis of race, color, religion, national origin, sex, or marital status.

According to Shift Credit Card Processing: 14% of Americans have at least 10 credit cards

Pros:

You can make a large purchase now and pay it off in smaller amounts over time. 

Carrying credit cards is more convenient (and safer) than carrying a wad of cash, and credit cards are more widely accepted than personal checks.     

With responsible use, you can build your credit, which will be important later on.

Many credit cards give you rewards, essentially giving you back 1% or more of the money you spend. Or sign-up bonuses.

Cons:

You can easily dig yourself into debt if you’re not careful about your spending.

The ease of using credit cards can cause you to overspend.

Missing payments or maxing out a card can sink your credit score quickly.

Interest can make even a small debt become large over time.

Types of cards:

REWARDS – cash back, travel points, specific airline or hotel cards, store cards.Best for cardholders who pay their bill in full every month

LOW INTEREST - lower interest rate, might come with a 0% introductory APR period. Good credit needed to qualify

BALANCE TRANSFER - move your debt from another issuer to take advantage of a lower interest rate. Requires good or excellent credit.

SECURED credit card require a security deposit. For those with average or bad credit

STUDENT CARDS - The Credit Card Act of 2009 prohibits issuers from giving cards to people under 21 unless they have proof of income or a co-signer. Helps people establish credit

Remember:

Fees: late payment, annual fees, Balance transfer fee, Cash advance fee, Foreign transaction fee

Interest payments when you don’t pay off your debt in full: APR for purchases, APR for balance transfers, APR for cash advances, Penalty APR

Tips:

Pay your bill on time and in full every month

Keep your balance below 30% of your available credit

Wait at least six months between credit card applications

Review your account online weekly to track spending and avoid fraud

Keep no-annual-fee credit cards open and active to avoid hurting your credit score

https://spendmenot.com/credit-card-debt-statistics/

https://www.nerdwallet.com/blog/nerdscholar/credit-card/#:~:text=A%20credit%20card%20allows%20you%20to%20borrow%20money%20from%20a,round%2Dtrip%20ticket%20to%20France.&text=If%20you%20don't%20pay,top%20of%20what%20you%20borrowed.

https://www.nerdwallet.com/article/credit-cards/credit-cards-101?trk=nw_gn2_4.0

https://shiftprocessing.com/credit-card/

Calls about:

Bills

proving it's not your debt

debt collection time frame

keeping a file of correspondence

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In addition to answering your phone calls and emails, we've got money saving tips for 2020 from AARP https://www.aarp.org/money/budgeting-saving/info-2020/99-ways-to-save.html

• Amazon Prime Day is officially delayed, but not cancelled, due to the pandemic. A new date for the typical mid-July sales event has not been announced.
• Mississippi's sales-tax-free weekend is coming up Friday, July 31 to Saturday, Aug. 1. Sales tax will not be due on articles of clothing, footwear or school supplies if the sales price of a single item is less than $100.
• Sport clothing, shoes and accessories are still subject to the 7% tax rate and do not qualify during the holiday.
• Layaway items do not qualify for the tax break.
• The tax holiday only qualifies for in-store purchases. Mail, internet and telephone sales are still subject to sales tax.
• In 2019, the legislature amended the tax holiday to include school supplies in the tax holiday. Electronics such as laptops or tablets are not listed as eligible school supplies. There is a long list of what does qualify as a school supply. https://www.dor.ms.gov/Business/Documents/2020%20Sales%20Tax%20Holiday.pdf

The parent company of Ann Taylor, Justice, Lane Bryant, and Catherines clothing stores have recently filed for bankruptcy. Also finling from: Lucky's Market, Organic grocer Earth Fare, Pier 1, Modell's Sporting Goods, J. Crew, Neiman Marcus, Stage Stores, which owns Goody's, Palais Royal, Bealls, Peebles, and Gordmans, JCPenney, Tuesday Morning, GNC, the parent company of Chuck E. Cheese, Brooks Brothers, The parent company of New York & Co., and The Paper Store.  Men's Wearhouse and Jos. A. Bank will close up to 500 stores. You might find a bargain by shopping at one of them. 

https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2#cec-entertainment-the-parent-company-of-chuck-e-cheese-filed-for-chapter-11-bankruptcy-protection-on-june-25-its-finances-had-been-in-freefall-since-the-coronavirus-pandemic-hit-18

Use a stores loyalty program to save - Wendy's Rewards has added to its app https://www.wendys.com/rewards

Tips:

• Downsize your cart.when shopping
• Let your online shopping car sit.
• Pay for subscriptions up front.
• Have a "no spend month" or "no spend day"
• Buy don't rent a router
• Get free mulch / wood chips from your city or local tree care companies

Various phone calls touched on other topics.

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What is Day Trading? Is it risky? Can anyone do it?

Hear Ryder and Nancy's opinions.

We also talked about a cashless society / the coin shortage.

Calls concerned:

• cashless - discriminatory?
• why wouldn't a store want to take cash
• not all sales are belief that stock is going down
• buyer beware
• Katrina caused a cash only society

According to the new server Reuters: Major U.S. brokerages that reported quarterly results this week cheered the self-directed day trading happening on their platforms as individuals with a bit of extra money and time on their hands during the coronavirus pandemic have been engaging more in markets.      https://www.reuters.com/article/us-usa-banks-results-wealth/bored-bank-customers-flock-to-day-trading-platforms-during-pandemic-idUSKCN24I1EM

According to the website Smart Asset dot com, here are the The Best Day Trading Apps of 2019: TD Ameritrade, E*TRADE, Robinhood, Acorns, and Acorns. The article lists 8 in total, each with their own special feature.   https://smartasset.com/investing/day-trading-app

Is day trading just online gambling? We’ll let you decide.

https://www.investopedia.com/articles/basics/10/investing-or-gambling.asp

https://www.fool.com/investing/general/2015/10/09/why-day-trading-stocks-is-not-the-way-to-invest.aspx#:~:text=To%20put%20it%20mildly%2C%20day,odds%20on%20a%20regular%20basis.

https://www.thebalance.com/the-striking-similarities-between-trading-and-gambling-1345200

https://www.daytradetheworld.com/trading-blog/top-4-reasons-why-day-trading-not-gambling/

Dangers of Day Trading https://www.nytimes.com/2020/07/08/technology/robinhood-risky-trading.html

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Guest: Adam Black, Renesant Bank 601-540-0302 https://apply.renasantmortgage.com/#/loan-officers/adam.black@renasant

• Who is a "first time" home buyer?
• What are some special programs available?
• Do you know the difference between pre-qualified and pre-approved?
• How much of a loan do you qualify for vs. can you afford?
• What's the difference between deferment and forbearance?

https://www.ms.gov/Agencies/mississippi-home-corporation

Calls concerned:

• penalty for paying off mortgage
• red lining
• student getting a home
• construction loans and mortgage
• RMD from IRA
• refinancing

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Guest Shawn Mercer, Regional Manager with the Social Security Administration is our guest.

Calls dealt with:

• payroll tax
• end of life documents needed
• do earning affect benefit
• disability and civil service benefits
• benefits
• medicare
• taxes
• email with myssa

Social Security Administration handles:

• Retirement insurance
• Survivors insurance
• Disability insurance
• Hospital and medical insurance for the aged, the disabled, and those with end-stage renal disease
• Prescription Drug Benefit
• Extra help with Medicare Prescription Drug Costs
• Supplemental Security Income
• Special Veterans Benefits
• Unemployment insurance
• Public assistance and welfare services

At ssa.gov yo can:

• apply for retirement, disability, and Medicare benefits online
• check the status of an application or appeal
• request a replacement Social Security card (in most areas)
• print a benefit verification letter
• and more – from anywhere and from any of your devices!

Social Security employees will never threaten you for information or promise a benefit in exchange for personal information or money. For more information click on the top of the ssa.gov webpage.

https://twitter.com/SocialSecurity

https://www.facebook.com/socialsecurity/

https://blog.ssa.gov/

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https://www.finra.org/investors/learn-to-invest/choosing-investment-professional

Registered Financial Professionals

• Buy and sell securities for their customers, including individual investors. They are regulated by FINRA and the SEC.

Investment Advisers

• Provide advice about securities tailored to the needs of their clients. They are regulated by the SEC or state securities regulators.

Financial Planners

• Provide an array of financial services that vary from provider to provider. Regulation and licensing depends on the services offered.

Insurance Agents

• Sell life, health and property insurance policies, and other insurance products, including annuities. They are regulated by state insurance commissions.

Accountants

• Provide professional assistance with taxes and financial planning, tax reporting, auditing and management consulting. They are regulated by national and state licensing standards.

Lawyers

• Offer legal assistance to clients related to financial planning and investment decisions, and may represent clients in disputes with firms or investment professionals. They are regulated by state bar associations. 

https://www.investor.gov/home/welcome-investor-gov-crs

mymoney.gov

https://www.federalreserveeducation.org/

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

https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-0

Investor Bulletin: How to Select an Investment Professional

Choosing an investment professional is an important decision. This updated Investor Bulletin provides a few key tips to help you make a well-informed choice. A number of questions you should consider asking before you hire an investment professional are in the investor bulletin “Questions to Ask When Hiring an Investment Professional.” Should you have any questions, feel free to call Investor.org’s toll-free investor assistance line at 1-800-SEC-0330 or use the online question web form at https://www.sec.gov/oiea/QuestionsAndComments.html.

Tip 1. Make sure the investment professional is licensed.

Tip 2. Find out if the products and services available are right for you.

Tip 3. Understand how you’ll pay for services and products, and how your investment

Tip 4. Ask about the investment professional’s experience and credentials.

Tip 5. Ask the investment professional if he or she has had a disciplinary history with a government regulator or had customer complaints.

https://www.usa.gov/

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This broadcast highlighted many of the organizations that provide help during the pandemic and our recent podcasts that dealt with some of these issues.

Unemployment

The CARES Act added $600 per week from the federal government on top of whatever base amount a worker receives from the state. July 13th, this benefit end.

• The legislation also adds 13 weeks of unemployment insurance.
• Typically, self-employed people, freelancers and contractors can't apply for unemployment. The CARES Act created a new, temporary Pandemic Unemployment Assistance program through the end of this year to help people who lose work as a direct result of the public health emergency.
• On our April 7th Money Talks, we had executives from Mississippi Department of Economic Security. http://moneytalks.mpbonline.org/episodes/money-talks-unemployment
• Online filing is encouraged! A claim may be filed on-line at www.mdes.ms.gov twenty-four (24) hours a day, seven (7) days a week.
• call the MDES Contact Center at 1-888-844-3577
• you may contact your local WIN Job Center – there are over 40 of them -  for assistance.

mdes.ms.gov/unemployment-claims/covid19

Time off from work

• Eligible employees get 2 weeks of paid sick leave as long as they’ve been at employed at least 30 days.
• Some workers can also get 12 weeks of paid leave to care for children whose’ s schools were closed or whose child care provider is unavailable.
• The leave law expires December 31st.

https://www.dol.gov/coronavirus

Food banks and pantries

MS Food Network's executive director was on the show June 9th http://moneytalks.mpbonline.org/episodes/money-talks-ms-food-network

• He talked about how many people who had never needed a food pantry before were now looking for assistance.
•  601-353-7286 is their phone number where you can find out where pantries are near you.
• Their web site        msfoodnet.org
• Supplemental Nutrition Assistance Plan (SNAP) provides nutritional food assistance for those who meet eligibility requirements. https://www.fns.usda.gov/snap/recipient/eligibility
• Women, Infants and Children (WIC) provides low-income women, infants and children with food, nutrition counseling, and access to health services. https://www.fns.usda.gov/wic
• Mississippi Department of Human Services provides many services for individuals, families, children, and seniors in need. https://www.mdhs.ms.gov/covid-19-updates/

Mortgage assistance and forbearance

• Mississippi Home Corporation (MHC) has reopened the Hardest Hit Fund (HHF) to provide short-term mortgage assistance to those who have lost employment or income due to the COVID-19 pandemic. This will allow MHC to pay monthly mortgage payment assistance. People can submit applications through an online portal : mshomesaver.com
• If you have a federally backed mortgage, and if you experience financial hardship due to the coronavirus pandemic, you have a right to request a forbearance for up to 180 days. You also have the right to request an extension for up to another 180 days. You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.

https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

• Forbearance is when your mortgage servicer or lender allows you to pause (suspend), or reduce your mortgage payments for a limited period of time while you regain your financial footing.
• Forbearance doesn’t mean your payments are forgiven or erased. You are still required to repay any missed or reduced payments in the future.
• Make sure you understand how the forbearance will be repaid. There can be different forbearance programs or options, depending on the type of your loan.
• If and when your income is restored, reach out to your servicer and resume making payments as soon as you can so your future obligation is limited.

Credit Cards

On May 12th we had a guest on our show from the National Foundation for Credit Counseling. In addition to mortgage forbearance, he talked about credit cards and asking for help with your debt. http://moneytalks.mpbonline.org/episodes/money-talks-credit-counseling

• Contact your provider to formally request financial assistance.
• Tell them you’ve been impacted by the coronavirus pandemic
• Ask questions about the credit card relief packages they offer
• Get a written copy of your agreement
• Ask to lower your monthly minimum payment or ask for waiving or refunding late fees. Reduce your interest rate. Establish a payment plan to pay off existing balances.

https://www.consumerfinance.gov/about-us/blog/credit-card-debt-during-coronavirus-relief-options-tips/#:~:text=Lowering%20or%20deferring%20your%20monthly,after%20your%20forbearance%20period%20ends.

Small business assistance

On May 20, 2020, Governor Tate Reeves signed SB2772 into law, establishing the Back to Business Mississippi Grant Program.

The grants will be used to help businesses in Mississippi with 50 or fewer employees recover from the economic impact of COVID-19, including operating expenses and salaries.

The Mississippi Development Authority is now accepting applications on this site from small businesses.

https://www.backtobusinessms.org/

Child Care

The Childcare Crisis Assistance in Isolation Response Plan (CCAIR) is designed to serve as temporary, emergency childcare facilities during this crisis period for families listed as essential workers in Executive Order 1463. For more information on CCAIR, as well as what steps that must be taken before being considered for certification as a CCAIR site, you can go to www.mdhs.ms.gov/ccair.

• Don't forget to redeem your gift cards before stores go out of business
• United Way and Salvation Army might be of assistance for you.
• The Mississippi Department of Mental Health has resources on its website and a phone number to call for help. 1-877-210-8579

http://www.dmh.ms.gov/regarding-the-covid19-coronavirus/

https://www.entergy.com/covid-19/msresources/

https://www.mississippi.org/coronavirus/

Calls:

• Unemployment for self employed
• Get my payment https://www.irs.gov/coronavirus/get-my-payment
• Retirement
• Unemployment and EIP

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