Tag Archives: financial planning

How to Financially Prepare for Natural Disasters

When it comes to preparing your finances for certain occasions, natural disasters usually aren’t one of the events that come to mind. However, not creating an emergency fund for the unexpected could hurt you immensely since Mother Nature doesn’t care whether you’re prepared or not. That’s why First Security Bank has put together a few tips on how you can ready yourself for a natural disaster.

Make Your Fund A Priority

While some disasters come with a warning, others do not. If you try to prepare too quickly and scramble to figure out what the best strategy for saving your emergency fund is, things will fall apart. Adding to your fund by taking a little out of each paycheck will help you to begin saving quickly. For example, an emergency fund of $500 would be able to pay for a small family’s hotel, transportation, or food if a disaster occurred.

Have Cash On Hand

When being forced to evacuate, ATMs may be overrun or go down, meaning there is no way for you to get cash. Power can go out, leaving debit and credit cards useless. By having cash on hand, you will be able to know that you can purchase necessities when an event occurs.

Document

Be sure to have a fireproof and waterproof box with documents you will need to pick up the pieces after a disaster. You will need documents that have numbers and information to your bank, creditors, health insurance, and property insurance. By having your personal, legal, health, and financial documents together, moving through the disaster will be a much smoother process. Other documents to include would be passports, birth certificates, health records, social security cards, bank routing numbers, deeds, income tax information, and more.

Take Inventory

Be sure to take videos and photos of your belongings. Photograph the interior and exterior of your home along with your vehicle. By documenting all of your belongings and the state they were in, you can be sure that your insurance company won’t shortchange you.

We don’t ever hope a natural disaster will strike, but it’s better to be prepared if something does occur. By having some cash on hand when disaster strikes, you will have a foolproof plan to help aid in your recovery. Contact THIS BANK to set up an emergency fund or to understand what more you can do in order to be prepared financially!

 

The Miracle on Ice: If You Believe It You Can Achieve It

Miracle On Ice

Sometimes there are stories so inspiring they give you chills, make you want to go out and accomplish something spectacular simply because you now know the impossible can occur. In the financial realm of 2016 we believe anything is possible, and if you dream it, we want to help you achieve it.  So today if you’re a little short on motivation, enjoy this tale of the incredible feat by the 1980 U.S. Olympic Hockey Team, known as the Miracle on Ice.

In the summer of 1979 U.S. hockey coach Herb Brooks held auditions for the 1980 U.S. Winter Olympic Hockey Team. With a final roster of 20 young men, averaging an age of 21, the U.S. had its youngest team in history. Brooks decided to retain only one player from the prior Olympic team, Buzz Schnieder. Brooks knew that the U.S. was to be considered an underdog, and during the exhibition games he insisted the players learn a more European style of play to build strength and cohesiveness. In their final exhibition game on February 9, the U.S. played their future opponent, the Soviet Union National Team. They lost in an agonizing defeat of 10-3.

Once the Olympic Games began, the Soviet team paved their way to the top, scoring large leads against the majority of their opponents. During their first game, the U.S. team tied Sweden with a 2-2 game, pushing both teams forward. After several close games, the U.S. found themselves in the semi-finals playing against the Soviet Union National Team, which had defeated them less than two weeks prior.

In the first period of the game, the Soviets managed to sink a puck and gain the first lead. The U.S. managed to gain a goal, keeping toe-to-toe with the Soviets after another goal, eventually ending the period in a 2-2 tie with a last second goal by the U.S. In the second period the Soviets again took the lead gaining one culminating goal. After only eight minutes in the final period, the U.S. found its momentum. Through an incredible power play the U.S. earned a goal, and then another only minutes later. The Soviets began to panic, yet Brooks kept his players calm. He continued to keep the U.S. on offense making several other attempts on goal, repeating to his players, “Play your game! Play your game!”

As the seconds of the final period counted down, the sportscaster for ABC, Al Michaels joined in, famously saying, “Do you believe in miracles?! YES!!!!” When the final buzzer rang the field house was filled with exclamations from the U.S. fans as the players stormed the ice, cementing the moment as one of the best sports moments in the 20th Century.

After the game, sports anchor Jim McKay shared a comparison of the game as a group of Canadian college football players defeating the Pittsburgh Steelers.

Against all odds and predictions, the 1980 U.S. Winter Olympic hockey became a real life David and Goliath, knocking down the Soviet Union National Team and making hockey history. The U.S. later went on to defeat Finland in the finals to gain the gold medal.

Anything is possible if you plan and work to achieve your goals. We are happy to share this incredible tale to inspire you to reach for the stars. Share you financial aspirations with us, and we will work to help you do what perhaps you never thought was possible.

How Football Boosts Your Finances

How Football Boosts Your Finances

The grills are fired, the crowds are roaring, and the television is primed and ready for Saturday action. There’s only one explanation: it’s football season, baby. You can strategize fantasy football teams with the best of them, but do you know how to strategize your financial game plan? Let First Security State Bank help you tackle debt with these financial planning tips. (That victory dance is all you, though.)

Continue reading

Are You Ready to Retire? Take Our Quiz to Find Out!

Have you thought about retirement? Take our quiz to find out how much you know!

Have you thought about retirement? Take our quiz to find out how much you know!

If you are 50 or older, it is time to start thinking about your exit from the working world. The sooner that you start planning your retirement strategy, the more time you will have to explore all the different options you have and take the necessary actions. The question is “Are you really ready to retire?” Ask yourself these questions to find out!

  1. If you were born between 1943 and 1954, what percentage of your full Social Security benefit will you lose if you collect at 62 when you are eligible, rather than at the normal retirement age of 66?
    1. 10%
    2. 25%
    3. 50%
  2. If you retire at 66 and inflation over the next 25 years averages 3 percent, how much buying power would you lose by the time you are 91, without inflation-adjusted cost of living increases?
    1. One third of your buying power
    2. More than half
    3. 80%
  3. Retirement savings must last the rest of your life. What are the chances that at least one member of a 65-year-old married couple will live to be over 92?
    1. 10%
    2. 25%
    3. 50%
  4. To make sure that you don’t outlive your savings, what’s a good rule of thumb for annual withdrawals?
    1. Don’t touch the money until you really need it
    2. Restrict your withdrawals to 4 percent of your savings during the first year of retirement. Increase withdrawals to keep pace with inflation in the future.
    3. Withdraw the money only in case of emergencies.
  5. How much should a 65-year-old couple retiring today expect to spend on out-of-pocket healthcare costs throughout their retirement years?
    1. $40,000
    2. $140,000
    3. $240,000
  6. The average cost of a private room in a nursing home is around $81,000 a year. Who covers that cost if you need care?
    1. Your health insurance
    2. Medicare
    3. You do, unless you have special long-term care insurance

So how did you do? If you got most of the questions right, way to go! You are off to a good start toward your retirement goals. If you think you have some work to do, let First Security State Bank help! We offer an online retirement calculator to help you figure out what it will take to create a secure retirement. We want to help you feel confident and secure in your later years. Contact us today!