Money Talks

What should you buy and what should you stay away from this month? How do you find cheap gas?

https://www.dealnews.com/features/discounts/months/June/ suggests: Spring clothes, family movies, lingerie, gym memberships, local fruit and veggies BUT NOT Amazon products, laptops, grills, or patio furniture.

Ryder Taff and Nancy Lottreidge-Anderson took calls concerning medical bills, rolling over pensions, car buying, long-term care insurance and nursing home insurance.

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Guest: Adam Black, mortgage broker from Renasant Bank https://ablack-renasantbank.mortgagewebcenter.com/

The show discussed current interest rates, costs to refinance, and how to decide if you would benefit from refinancing your mortgage. Did you know most mortgages are originated by online, non depository lenders?

Calls talked about home equity loans, reverse mortgages, and cash out mortgages.

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We would like to remind you: when disasters strike our state you can tune in to MPB for statewide coverage:

Biloxi at 90.3; Bude at 88.9;

Jackson at 91.3; Meridian at 88.1;

Greenwood at 90.9; Starkville at 89.9

Booneville at 89.5; Oxford at 90.3

• The Atlantic Hurricane season, which affects Mississippi and all of the Gulf Coast began on June 1st and runs through November 30th. The Mississippi Emergency Management Agency suggests that in addition to:
• Flashlight and battery-powered radio with additional batteries.
• Canned and non-perishable food.
• Bottled water.
• Toiletry items.
• Pet food and pet supplies.
• Medicine and prescription medication.

You need Copies of important family papers and documents and CASH. Money Talks suggests you print the FEMA Emergency Financial First Aid Kit and fill out the worksheets so you’re ready for an evacuation or a disaster. https://www.fema.gov/media-library-data/1524144185649-5dd9736e7ff89b5997182396f4e13fee/Emergency_Financial_First_Aid_Kit_(EFFAK)_signed_04.09.18_508.pdf

The Federal Emergency Management Agency suggests 4 simple steps to financial preparedness

1. Assess and compile: gather your important document and contacts.
2. Review your insurance policies and financial paperwork to be sure that they are still accurate and current.
3. Safeguard your paper and electronic copies of your files.
4. Update or revisit your financial first aid kit often, especially when you have life changes.

Having Household information with you during a disaster can help you to:

• Prove the identity of all household members
• Maintain contact with your extended family
• Maintain contact with your employer
• Apply for FEMA disaster assistance.

Some of the household identification you need to gather include:

• Copies of driver’s license
• Birth certificates, adoption papers, child custody documents
• Marriage or divorce documents
• Military and pet records

Another section of the Emergency Financial First Aid Kit we’re discussing today is the Financial and Legal Documentation part. This includes information about:

• Housing payments
• Utility or debt payments
• Lists of banks, retirement accounts
• Insurance policies
• Frequent flier or reward accounts
• Powers of attorney or will / trust info

They have a section for Household contacts.

The kit has suggestions for protecting your identity, keeping your electronic records safe.

Their tips on passwords and PINS include:

• Select something that is memorable but not that is public information about yourself
• Don’t use the same password for more than one account
• NEVER give out your password or PIN for any reason, no matter whom the person is or claims to be.

http://Ready.gov is a website that can help you prepare for different types of emergencies. The FEMA website has information about: Thunderstorms & Lightning, Extreme Heat, Power Outages, an Active Shooter, and how to Get Involved with your community.

There is a FEMA app

We’re talking about being financially prepared in the event of a disaster, but the Mississippi Emergency Recovery Agency has information about preparing for Hurricanes, Tornadoes, Earthquakes, Radiological, Floods, Winter Weather, and Disaster Kits at http://msema.org

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We’ve got some suggestions on how to travel with your money concerning safety, convenience, and fees.

• Traveler’s Cheques
• Credit Cards
• ATM Cards
• Cash
• Exchange Rates 
• Behavior tips

Ryder Taff from New Perspectives, gives expert advice. https://www.newper.com/

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How do you know you need a new mattress? How do you choose one?

Our guest, Horace McMillon from Miskelly's Furnature will guide us through how to tell when it's time for a new mattress, what are our options, and how to choose a mattress.

https://www.consumerreports.org/mattresses/buy-a-better-mattress/

https://brandongaille.com/31-mattress-industry-statistics-and-trends/

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We let the listeners decide what to talk about on this Open Topic day. The results: savings bonds, 401 K contributions, what to do with your cash, and credit card debt. We also suggested what to buy in May and what gifts a new graduate might like.

Savings Bonds information: https://www.treasurydirect.gov/

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You've got 11 months before the next tax day. What can you do to make it easier on yourself?

How long do you need to keep what paper? It's time for Financial Spring Cleaning. Listen to the show to learn what you should do about your retirement accounts, insurance, beneficiary information, debts, and automated payments.

It's time to evaluate your tax withholding, charitable giving, and scheduled medical procedures. Keep good records for yourself and your family for emergencies, disasters, or in case of death. 

• Keep Sales Receipts until warranty expires or can no longer return or exchange
• What to keep for 1 month:  ATM Printouts (When you balance your checkbook each month throw out the ATM receipts)
• What to keep for 1 year:
• Paycheck Stubs
• Utility Bills
• Cancelled Checks
• Credit Card Receipts
• Bank Statements
• Quarterly Investment Statements
• What to keep for 3 years
• Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you filed a tax return. If you omit 25% of your gross income that goes up to 6 years and if you don't file a tax return at all, there is no statute of limitations.)
• Medical Bills and Cancelled Insurance Policies
• Records of Selling a House
• Records of Selling a Stock
• Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return
• Annual Investment Statement
• What to keep for 7 years:  Records of Satisfied Loans
• What to hold while active:
• Contracts
• Insurance Documents
• Stock Certificates
• Property Records
• Stock Records
• Records of Pensions and Retirement Plans
• Property Tax Records Disputed Bills
• Home Improvement Records
• Keep Forever
• Marriage Licenses
• Birth Certificates
• Wills
• Adoption Papers
• Death Certificates
• Records of Paid Mortgages

*These documents should be kept in a very safe place, like a safety deposit box.

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Do you have a part time gig? Do you have many part time gigs as your only source of income?

We have some helpful tips for those who are looking to increase their income and some cautions for those who aren't considered "employees". 

Remember: if you aren't an employee, you probably aren't having Social Security, State and Federal Taxes with held from your payment. You are responsible for paying those amounts in each quarter. 

There are a few tests that must be passed to determine if a worker is an employee or if they are an independent contractor: https://www.dol.gov/newsroom/releases/whd/whd20190429

 https://www.thebalancecareers.com/15-side-jobs-to-make-some-extra-money-4074574 has a list of 15 Side Jobs to Make Some Extra Money and web links to get you started:

1. Ride Share/Delivery Driver

2. Household Helper/Personal Assistant

3. Care Giver

4. Pet Sitter or Dog Walker

5. Customer Service Representative

6. Get a Freelance Gig

7. Rent Your Extra Space

8. Sell Your Stuff

9. Get Some Micro Jobs

10. Participate in Research Studies or Focus Group

11. Organizer/Mover

12. Party Planner

13. Work for a Caterer

14. Tutoring

15. Work at a Market or Festival

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Today's show was listener driven. Callers wanted to talk about Social Security and Student Loans.

So that's what we did! 

Our experts 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/

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How should an investor evaluate a stock? Our financial advisers give some tips and take personal finance questions on the show. 

Our experts are Dr Nancy Lottridge Anderson, President of New Perspectives and Ryder Taff, Portfolio Manager at New Perspectives. https://www.newper.com/

Seven things an investor should consider when picking stocks:

• Earnings growth
• Stability
• Relative strength in industry
• Debt-equity ratio
• Price-earnings ratio
• Management
• Dividends

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