Category: Brandpoint Business & Finance

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.

2019-05-01T08:01:00

(BPT) – Think about it: The food you purchased at the grocery store and cook for dinner tonight might have come from other locations around the world. Your clothes bought online might come from a manufacturing plant across the country. That package sitting outside in your entryway when you get home from work could have traveled coast-to-coast before arriving at your door.

Thanks to the trucking industry, you are able to purchase and use the things you want and need. In fact, the trucking industry is the lifeblood of the U.S. economy, with about 71 percent of all the freight tonnage moved in the U.S. being done so on trucks, according to the American Trucking Associations. As the industry saying goes: If you bought it — a truck probably brought it.

To move 10.5 billion tons of freight annually requires over 3.6 million heavy-duty Class 8 trucks and over 3.5 million truck drivers. It also takes almost 39 billion gallons of diesel fuel to move all of that freight, according to the association.

However, the trucking industry is changing with the times. With a forward-thinking mindset, transportation leaders and proactive companies are embracing the trend of using alternative-fuel vehicles such as electric vehicles in commercial transportation.

You probably have heard of electric cars for personal use, and maybe you even own one yourself. These types of vehicles are designed to use a battery instead of traditional fuels, which helps eliminate tailpipe emissions.

Larger commercial vehicles like trucks and buses may also benefit from this electric technology. The switch to electricity is slowly changing commercial transportation. In the future, you might receive your food, goods and packages — either directly or indirectly — by a commercial electric truck or van rather than diesel-powered or gasoline-fueled vehicles. While currently in limited availability, electric trucks are starting to take root in some of the larger trucking fleets.

Consider Penske Truck Leasing for example, which operates and maintains a truck fleet of more than 311,000 vehicles in North America. The company recently announced it was adding small, medium and large electric trucks to its overall fleet mix. And, it is also building out commercial electric vehicle charging stations at select California locations as a start.

Penske is an industry leader in transportation and in the areas of operating and maintaining fleets of traditionally fueled vehicles as well as alternative-fueled vehicles, which includes natural gas, propane, electric and diesel-electric hybrids.

Early introductions from truck manufacturers and large fleets like Penske are helping to re-shape the future of mobility in commercial transportation. The goods you use today that are shipped via traditional diesel trucks may one day be shipped using alternative fuels such as electricity.

2019-04-30T08:01:00

(BPT) – If you had to grade your financial literacy, what would it be? Are you an A+ saver, investor and planner, or do you think you could do better? If you grade yourself average at best, you’re not alone.

When asked to grade their own financial literacy, more than half of Americans say they’d earn a “C” or lower, according to new data from Prudential Financial. This isn’t surprising, considering data from Prudential’s Financial Wellness Census shows less than half of Americans are on track to meet their financial goals, including planning for retirement.

“Regardless of where you are on your family’s financial wellness journey, the best way forward is through financial literacy,” says Prudential Advisors President Brad Hearn. “Researching, educating yourself and getting advice from a financial professional can help you make the best decisions based on your life stage, risk tolerance and goals.”

Hearn says each family’s situation and goals are unique, and things like life stage and personal preference will impact how they choose to prepare for their financial future. To get started, here are five financial wellness basics every family should master:

Set up an emergency fund

Life is a series of experiences, and sometimes the unexpected can hit your finances hard. Whether it’s a car breaking down, your AC unit on the fritz or even losing a job, it’s important to be prepared for emergencies. If you don’t already have an emergency fund, start saving a little each month until you reach your goal. A good rule of thumb is to have three months’ worth of expenses saved in an emergency fund. So, if your monthly expenses are $2,500, you should have $7,500 saved.

Create a budget

Saving for college? A new car? How about starting that emergency fund? Whatever your family’s financial goals are, it’s important to have a plan in place that helps you achieve those goals. Budget to manage day-to-day expenses, and include in that budget a commitment to save for bigger milestones. For tips on getting started, do some research. There’s no shortage of advice, whether you decide to go it alone or consider using the help of a professional financial advisor.

Plan for the unimaginable

If you have people who count on you for financial support or caregiving, you should have life insurance. A life insurance policy can help give your family financial peace of mind should the worst happen. There is no rule as to how much life insurance you need, but important things to consider are your annual income, mortgage debt, potential college costs for kids and other future financial obligations.

Save for retirement

According to Prudential data, of Americans who have retirement savings and debt, nearly one-quarter have more in total debt than in retirement savings (23%), while 15% of Americans say that they have no debt, but also have nothing saved for retirement. Planning for retirement is something that should start as soon as possible. If your work offers any type of matching program, make sure to take advantage. If you don’t, you’re essentially leaving free money on the table.

Seek professional advice

Retirement, life insurance and savings can be confusing. Information overload is partly to blame. According to Prudential data, two-thirds of Americans agree that the list of things they need to learn to successfully manage their finances keeps growing, not shrinking. That’s where financial literacy programs and professional financial advice can play a key role. Nearly two-thirds of Americans don’t have a financial advisor. They say they cannot afford one (42%) or don’t believe their financial situation warrants needing an advisor’s help (26%). The reality is that advice is more within reach than ever before — and it’s not just for the wealthy. A financial professional can help at various stages in life and work with you to create a strategy based on your timeline, risk tolerance and goals.

“Financial wellness isn’t always a matter of having more money,” says Hearn. “Instead, it’s a journey that takes a combination of proactive effort, dedication and professional guidance.”

Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates.

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