Category: Brandpoint Business & Finance

2019-06-20T08:01:00

(BPT) – Total student loan debt has surpassed $1.5 trillion, with 4 in 10 students carrying over $30K in outstanding student loans. Getting accepted into college or graduate school is an exciting time for students and parents. As college continues to get more expensive, determining how you’ll fund your education is a big decision. Review these tips to help keep costs down as you navigate this exciting time in a student’s life.

Stay in state

Consider attending school near home. In-state tuition is much less expensive than attending school out of state. Plus, you’ll save on transportation — and even room and board if you live at home. Public universities are also generally more affordable than private universities.

Additionally, you might be able to save on tuition and related costs by taking classes at a local community college before school begins or during summer breaks. Be sure to confirm that the credits will transfer to the college or university of your choice prior to enrolling in these community classes.

Take advantage of financial aid

Some students and parents are able to finance college or graduate school with their savings, while others may qualify for federal student loans, grants, scholarships and work-study programs.

“A student loan is often the first loan product for a young borrower,” said Carrie Foran Sepulveda, manager of education lending at Navy Federal Credit Union. “It can have a significant impact on their post-school financial life, so it’s important to do your due diligence and explore all of your financial aid options.”

If your student aid award or the federal student loan amount granted to you doesn’t cover all your college expenses, private student loans can help fill the gap. For example, at Navy Federal Credit Union, members can apply for student loans with variable rates as low as 5.32% APR or fixed rates as low as 5.99% APR with automatic payments — both for 10-year terms, up to the school-certified cost of attendance.

“We give a 0.25% interest rate reduction by signing up for automatic payments,” added Foran Sepulveda. “This is a great way to establish good financial habits that will help you build your credit history while you’re in school.”

Whether you choose federal or private student loans, make sure you fully grasp the loan’s terms, conditions, and repayment requirements.

Gain college credits in high school

If your high school offers Advanced Placement (AP) programs, you may be able to receive college credits at no cost or test out of some requirements — saving money that would have been spent taking the class during college. Check with the school for their rules on granting AP credits.

Earn money while in school

Apply for on-campus jobs if you have work study granted to you by the school, or look for part-time jobs off-campus to earn extra cash. During school breaks, consider finding a job with full-time hours, but on a short-term basis, to make the most of your time off.

Whether you’re a student or a parent, paying for your education can be doable with these tips in mind.

2019-06-18T06:01:00

(BPT) – Getting promoted into a leadership position or taking on a management role can be extremely exciting and anxiety-provoking. You want to do a great job and be as prepared as possible for the new position. The unfortunate truth is, many new leaders or first-time managers run into challenges almost immediately. That’s because in many cases, the things that made them successful in the past will not make them successful managers. To excel as a new manager, you need to adopt a new mindset and attitude, as well as communication and leadership skills.

Here are some of the things you can do to avoid mistakes and thrive in your new role.

Think like a leader

Chances are, you were selected for your new leadership position at least in part because you were so good at getting things done in your previous role. While you might feel increased pressure to continue and even exceed that performance now that you’re a manager, experts say you actually need to let go of that way of thinking.

Leading professional training and development company Dale Carnegie offers a training course specifically designed for new leaders. Experts who run the course say they often find that new leaders struggle to shift their mindset from being an individual contributor to a facilitator empowering others to do their best work. In short, you need to stop focusing on “doing” and start focusing on “leading.”

One of the best things you can do to position yourself for success is to constantly reflect on your responses to workplace situations. Ask yourself, “Am I responding like a team member or a leader?” This reflection can help you achieve a new level of self-awareness, which in turn will allow you to make better decisions and excel as a manager.

Focus on others

The success of any team leader or manager depends on the success of the team they oversee. Your team members should be your first consideration as you decide how to navigate your responsibilities, especially when it comes to implementing policies or strategies coming from the C-suite level. Think about all the ways you can provide effective feedback, coaching, support, guidance and motivation to help team members achieve their goals.

You also now play a critical role in driving and maintaining employee engagement. Research from Dale Carnegie shows that the manager-employee relationship is one of the most important factors in fostering an engaged workforce. To create that kind of team culture, you need to go beyond having a few positive interactions with team members. You need to make those interactions a daily habit, prioritizing your time to develop meaningful relationships with your team.

Hold yourself accountable

As a manager, you’re accountable for your team and the work they produce. It’s your job to ensure that they’re consistently meeting deadlines, hitting targets and completing projects. To do this, you need to set clear expectations for each team member and maintain that clarity even as things get messy during the natural course of business.

As much as you need to hold your team accountable, being a successful manager also means you need to hold yourself accountable as a leader. To do that, you really need to focus on your communication style, and make sure that you aren’t letting people off the hook or creating other barriers to accountability. This doesn’t mean you need to be a tyrant. It just means being clear and direct in your communication and understanding that you aren’t doing yourself or your team any favors by letting things slide. If you can adopt a leader’s mindset, constantly consider how your actions affect the team and remain firm in your commitment and expectations, you’ll be well on your way to being an effective new leader.

2019-06-13T09:01:00

(BPT) – Whether you’re one of the nearly 100 million Americans planning to take a family vacation this year, according to a March 2019 AAA report, or embarking on a solo trip this summer, traveling can take a toll on your wallet. From transportation to accommodations, planning ahead can save you time and money on your much-deserved vacation.

Here are a few simple travel tips to help you save more for what you travel for.

Be strategic with timing.

A great way to save money is by traveling on less popular days of the week for trips. Tuesdays and Wednesdays are known for being days less traveled. Consider leaving a day or two early to avoid peak travel and save big on hotels and airfare.

Hit the road.

Save money this summer by taking a good old-fashioned road trip. AAA found half of traveling families expect to take a road trip this year. Not surprising when you factor in airline baggage fees, overpriced airport food and layovers. Don’t have a car? Consider renting one or seek out ride share options for shorter distances.

Stay cool by the pool.

Skip the waterpark lines and fees by staying somewhere with a pool. The majority of Motel 6 locations offer swimming pools that give parents the relaxing vacation they want and the fun their kids crave. BYOF (bring your own floaties)!

Bring your pet.

Avoid the cost of cat sitters and doggy daycares by bringing your furry friend on the road. If you stay at a pet-friendly rental or hotel like Motel 6, your pet can stay free of charge — saving you more money for the adventures you (and your pet) travel for.

Pack light.

If you are flying, take a Marie Kondo approach to packing to avoid extra baggage fees, which typically range from $30-100. Chances are, the 15 outfits you have planned will not all bring you joy on your seven-day trip. Weigh your bags at home to avoid surprises at the airport.

Live the suite life.

Save on restaurant expenses by booking an extended-stay hotel, which features suites with full kitchens and other amenities. In a suite you can conveniently cook food on your own, avoiding the expensive tab often associated with dining out.

2019-05-29T08:01:00

(BPT) – Flag Day is celebrated every year on June 14 to commemorate the adoption of the U.S. flag on June 14, 1777, by resolution of the Second Continental Congress. After decades of state and local celebrations across the country that date as far back as the early 1900s, Flag Day was officially established by President Woodrow Wilson in 1916. However, the designation was not written into law until 1949 when President Harry S. Truman signed an Act of Congress officially establishing June 14 as Flag Day.

In advance of its 100th anniversary this year, the American Legion Auxiliary (ALA) will celebrate Flag Day with pride, but the organization — which has been around since there were only 48 stars on the flag — believes the American flag should fly high and proud throughout the year and be celebrated every day. It symbolizes the pride of our nation and serves as a constant reminder of those in the military who fight to protect our country and our freedom.

The flag has led our troops into battle, inspired creativity and patriotism, and has served as a symbol of our country, our form of government and our freedom for more than 240 years. It has withstood difficult weather conditions and unimaginable assaults and remains flying outside our businesses, our schools, our government buildings, at our outposts around the world and on the moon.

It is strong and resilient, just like the American people. In a world with so much unrest, our flag serves as an enduring reminder of our strength and the privileges of freedom and stability we enjoy in the United States.

On Flag Day, take time as a proud American to show your patriotism, your strength and your support for the veteran community by celebrating our nation’s flag the right way. As you raise your Old Glory this Flag Day, remember these simple U.S. Flag Code rules:

• When hoisting or lowering the flag, salute or place a hand over your heart.
• Display the flag vertically from sunrise to sunset, whether indoors or outdoors.
• The flag should not be displayed on rainy days, unless it is an all-purpose flag.
• When lowered, the flag should never touch anything beneath it.

Flag Day is a perfect opportunity for Americans to demonstrate their patriotism by supporting our veterans, military and their families. Celebrating those who serve our country is core to the American Legion Auxiliary’s values and the central focus of the organization’s activities. For nearly a century, the organization has been honored to serve, educate and support those who serve our nation in the military. Last year, ALA members donated 5 million hours of community service to our nation’s veterans. Members contribute time and funding to advocate on veterans issues, mentor youth, award scholarships, support shelters for homeless veterans and volunteer at local U.S. Department of Veterans Affairs hospitals.

To learn more about celebrating Flag Day and flag etiquette, visit ALAforVeterans.org.

2019-05-26T08:01:00

(BPT) – Growing a business requires strategy, persistence and money. Even the most successful business owners occasionally need extra cash to expand their operations. However, getting this funding through a bank can be an uphill battle.

That was the case for Kate Lester, owner of Kate Lester Interiors, a luxury design firm based in Southern California. After Lester’s business took off, she set her sights on opening a retail space to attract even more clients.

“When the perfect space became available on the Pacific Coast Highway,” she said, “we didn’t have all that capital in the bank.” After reviewing her finances, she decided to apply for a bank loan. Despite being a longtime customer, and having excellent credit and zero debt, she was denied.

Unfortunately, this is a common occurrence for small-business owners across the country. According to a 2018 Fed Small Business Survey, nearly one in two small-business owners struggle to get the financing they need to expand and pursue new opportunities.

That’s largely because banks are still ignoring small businesses, despite their contribution to the economy.

A new report from Oxford Economics shows that:

• Small businesses are responsible for 60% of all jobs in industrialized countries
• And yet, in the United States, loans to small businesses make up only 0.7% of banks’ balance sheets
• Only 13% of business owners who applied for a commercial loan of $25,000 to $100,000 from a bank received at least half the money they asked for

Continued neglect from big banks is leading small-business owners to seek alternatives. After being rejected by her bank, Lester called Funding Circle, an online small-business loans platform that connects business owners who need capital with investors willing to provide it.

“We thought it would be a longer process because of what happened when we went to our bank,” she said. “I spent eight hours on the phone with my bank just trying to get someone to talk to me.”

Banks are notorious for having tedious loan application processes and lengthy turnaround times. Compiling paperwork for an application can take multiple days, and business owners often have to wait another several weeks or months just to receive a response.

Online credit providers, on the other hand, pride themselves on offering faster, simpler financing to small businesses without sacrificing on affordability. For business owners like Lester, maximizing time and resources is crucial.

“Time is something that’s super valuable to me,” she said. “For me to go to a bank, and maybe get one or two points difference in the interest rate, wasn’t worth all the back and forth it would have required.”

Today, Lester’s sales are up 150% after receiving a loan from Funding Circle in 2017. Her story, while remarkable, isn’t exceptional.

Online providers are driving growth and profits for millions of small businesses in the U.S., in turn creating more jobs and boosting the economy. In 2018, businesses borrowing from Funding Circle supported 38,000 jobs and contributed $2.8 billion to the American economy (measured in gross value added).

2019-05-20T12:01:01

(BPT) – As cybercrime continues to skyrocket and every day brings news of yet another data breach, many people worry that fraudsters will hack into their bank or credit card accounts and drain their funds or go on a shopping spree. While criminals do directly attack online accounts, the greater risk actually comes from a less obvious source: the telephone.

While banks and other financial firms have made significant investments in cybersecurity measures to protect their computer systems and online platforms, one critical area they often overlook is their call centers. The problem stems from vulnerable caller authentication procedures — the processes your bank uses to confirm that you are who you say you are when you call.

Unfortunately, many financial services companies rely on asking personal questions (“What’s your mother’s maiden name?” “What are the last four digits of your Social Security number?”) to determine whether people calling in are really the customers they’re claiming to be. This approach is called knowledge-based authentication — and it’s a fraudster’s paradise. They can easily beat it because so much private information is now public. Personal information stolen in data breaches is commonly available for sale on the dark web, and social media accounts offer a treasure trove of useful details as well.

This makes it too easy for a criminal who calls a bank posing as a customer to correctly answer the call center agent’s security questions. Before you know it, the password for the targeted account has been reset or the mailing address changed and — boom! — the imposter has cashed out the account without the real customer realizing anything has happened. This method of attack, called an account takeover, is used thousands of times a day as criminals convince call center agents that they are actual customers who need help accessing their accounts online. Banks are increasingly privy to this problem, but your bank might not be moving fast enough to protect your financial well-being.

The U.S. government and industry experts have recommended for years that financial institutions replace simple knowledge-based authentication with multifactor authentication — combining knowledge (something the person knows: a PIN, a birth date) with inherence (something the person is: a voice print, a retina scan) or ownership (something the person has: a trusted phone, a credit card) — and companies are starting to shift to stronger methods of caller authentication to keep their customers’ accounts safe. As an alternative to identity interrogation and part of a multifactor authentication solution, TRUSTID, a Neustar company, offers pre-answer caller authentication — identifying callers automatically, instantly and invisibly before their calls are answered. Many companies combine these technologies to create multifactor authentication systems that strongly protect customer accounts.

You don’t need to just sit around and wait for your bank to make the change. Here are three things you can do now to make sure your funds and information are being protected.

1. See what process your bank uses to identify you when you call. When you phone the bank for help with your account, does the customer service agent first ask you several questions to determine who you are? If so, that’s a warning sign the bank is still just using knowledge-based authentication and may not be doing all it can to safeguard your account. Newer authentication technologies can confirm your identity by analyzing your phone or by listening to your voice and many of these approaches work in the background or before your call is even answered.
2. Ask questions. Do a bit of research to find out what’s going on behind the scenes. Ask the agent how the bank authenticates callers. Does the call center use voice analytics to make sure callers’ voices match the customers’ recorded voice prints, or use telephone network forensics to confirm that customers’ calls are legitimate calls coming from their actual phones? If the answer is no, your bank may not be using the most sophisticated anti-fraud technologies available today.
3. Move your business. If you don’t get the answers you’re looking for, it may be time to take your money elsewhere. Banks, credit unions, credit card companies, brokers and other financial services companies that make security a top priority are constantly evaluating and investing in technology upgrades to protect their customers’ accounts. Organizations that really want to earn your trust will do everything they can to demonstrate that they value account security.

Sometimes, the right place to park your money is not always the bank with the best interest rates or the most enticing credit card deals. You also need the peace of mind that comes with knowing your financial institution is fully committed to protecting your account. This means protecting your account against hackers, of course, but it also means making sure that criminals who get your personal information from somewhere else can’t use that information to trick call center agents into turning over the keys to your life.

2019-05-20T08:01:01

(BPT) – These days, everyone’s looking for bargains and ways to save while shopping online from the comfort of their own homes. With low prices, a wide selection and fast shipping for customers, Amazon has a lot to offer to save you both time and money. Below are seven easy ways to save when shopping on Amazon:

1. Discounted offers: Customers receiving government assistance through EBT or Medicaid can enjoy the benefits of an Amazon Prime membership for a discounted monthly price of $5.99, with the ability to cancel anytime. With Prime, members can enjoy fast, free shipping, exclusive savings, and easy access to entertainment with Prime Video, Prime Music, Prime Reading and more. Learn more and sign up for a free 30-day trial at http://amazon.com/qualify.

2. Stick to your budget. Making purchases with cash is a savvy way to stick to your budget, as it makes you more conscious of what you’re spending. When you’re shopping online, you can use Amazon Cash instead of your debit or credit card. It’s a simpler way to shop and will help you manage your spending. You can visit more than 45,000 participating stores — including pharmacies like CVS and convenience stores like 7-Eleven — to add cash to your Amazon Balance. This method is quick, easy and Amazon doesn’t charge any fees.

3. Take advantage of subscriptions. Families can maximize their savings by enrolling in convenient programs such as Subscribe & Save, which allow you to subscribe to a wide selection of items you buy frequently (such as diapers, baby food and household products), and have them shipped to you for free on a regular basis. You’ll not only save up to 15% on the purchases, but you’ll also save the time and energy normally spent on trips to the store.

4. Scout out deals as they pop up. You can track the best deals on Amazon with Lightning Deals, which offer new deals daily to help you save money. It allows you to find the best prices on items you need, want and love. You can also sign up for “watch a deal” alerts so you’ll never miss out on a discount!

6. Earn rewards by waiting. Not in a hurry to get your package? Here’s a little-known Prime perk for those who don’t need their order right away — selecting the “No-Rush” shipping option at checkout earns you rewards and discounts on future purchases. Rewards are automatically added to your Amazon balance, so you can start saving right away. Keep an eye out for this option next time!

7. Discover Bargain Finds. Check out Amazon’s Bargain Finds for a wide selection of seasonally relevant products that are priced even lower — items can vary from clothing and jewelry to gifts and home decor.

Shopping online does not have to break the bank, and you don’t have to spend all your time surfing and comparing prices. Thanks to Amazon, you can enjoy some of the best options available for shopping all in one place, and do it within your budget.

2019-05-09T08:01:00

(BPT) – Follow these four simple steps to successful financial management.

2019-05-07T15:41:00

(BPT) – FedEx Office, a world-class provider of convenient, state-of-the-art printing, packing and shipping services, released today the results in its latest print survey showing 82 percent of small business owners and 61 percent of consumers choose to have items professionally printed at the same or a higher rate than they did in the year before. Professionally printed materials remain highly valued, with nearly half of audiences citing that convenience offered through digital and mobile access is a very important factor in the process.

2019-05-03T07:31:01

(BPT) – Need a new car, but not sure whether to buy or lease? You’re not alone. It can be a confusing decision, and there’s a lot to think about before you decide what’s right for you and your situation.

Here are a few questions you should ask yourself to help in making that decision.

Do you like having a newer car?

If you like being able to drive a newer car, but don’t have the financial resources to buy a new car with the frequency you replace your phone, leasing may be a good choice for you. Lease terms can usually run from two to four years, after which time you return the vehicle. You can then lease another vehicle for a new term.

How many miles do you drive?

If you drive more than 10-15,000 miles per year, you’d be better off purchasing your next car. Most lease terms run from two to four years and require mileage limits. If you exceed the limit, fees are applied. So be sure you know how many miles you’re likely to put on your vehicle before locking in to a lease. In addition, most lease agreements include provisions that you may be liable for any damage to the car beyond normal wear and tear.

Is your credit good?

No matter whether you buy or lease a vehicle, the lender or lessee will be evaluating your credit profile. That means looking at information such as your credit score in combination with factors like the amount of down payment you have and/or your income. Whether you plan to buy or lease, you should check your credit score first. You’ll want to avoid any unpleasant surprises when you apply for a car loan or lease by making sure that everything is accurate, and doing what you can to improve your credit score.

VantageScore credit scores are used by most consumers and thousands of lenders. VantageScore is a highly accurate, predictive and consistent measure of borrower credit risk, using the same information trusted by dealers. VantageScore scores approximately 40 million more consumers than other conventional models. Find sites offering free VantageScore credit scores at VantageScore.com/free. Like many models, 300 is the lowest and 850 is the highest score. Check here for tips from VantageScore on how to improve your credit score, like making timely payments, reducing your overall credit card debt and not cancelling older or little-used cards.

Does leasing (versus buying) help or hurt your credit?

Leasing a car, similar to financing, means adding a liability to your overall financial picture, and just as with an auto loan, missing a payment can hurt your credit score. However, one advantage is that leasing usually means a lower monthly payment, as you are not actually purchasing the vehicle. If a lower payment each month is better for your overall finances and helps you stay on top of the lease — and other — payments, this might be a good option. However, remember that at the end of the lease term, you’re giving back the car, not keeping it to use or sell.

When making your final decision whether to purchase or lease a vehicle, remember also that the length of time needed for repaying a car loan may be much longer than a two- to four-year lease term. Car loan repayment periods can vary anywhere from two to seven years. Either way, if you can put down a sizable down payment first, your loan or lease payments will be lower per month. See these tips from VantageScore for helpful information about applying for a car loan.