Business & Finance

Finance is Fun: Retirement By The Numbers

Updated 3 days ago

Marion Syversen was in for this week’s Finance is Fun to talk about retirement and how are people getting ready for retirement, or already in retirement, how are they liking the decisions they made?

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Biz Tips: Tips for Job Seekers

Updated 1 week ago

It’s summer time and many new grads are out looking for work!
If that’s you – or you’re already working and thinking about making a change … Deb  Neuman shares tips to help you find that new job!

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Finance is Fun: Riskiest Businesses to Start

Updated 1 week ago

Marion Syverson was here for this week’s Finance is Fun to talk about what businesses are the riskiest to start.

Food - Grocery stores, in an already competitive filed there is a lot of pressure on prices is shops of this type. Margins, the profit above costs, are typically very small and could be as low as 1% Restaurants and bars are also risky businesses. Often owners are surprised by the high costs of equipment and building requirement for code compliance, licensing and wages.

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Penquis Tips for First Time Homebuyers

Updated 2 weeks ago

If you’re thinking of buying your first home know there is help available to get you there.

Certified housing counselor Heather Massow has tips for first time homebuyers.

Call 973-3500 or log on to penquis.org for more information

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Finance is Fun: Top Strategies When You Provide For Others

Updated 2 weeks ago

Marion Syversen was in for this week’s Finance is Fun to talk to us about the top strategies for you when you’re providing for others.

‘Responsibility requires action’ – This quote is both succinct and insightful. The responsibility of dependents requires you to act on their behalf, to both protect them now and in the event you cannot take care of them. Let’s give this some thought.

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Biz Tips: Summer Means Kids in Business!

Updated 3 weeks ago

Summer means kids in business!

Deb Neuman has some tips to help your kids have a summer business:

1. Let them pick the business!

2. Help them make a business “plan”

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Finance is Fun: Investing, Men Vs Women

Updated 3 weeks ago

Marion Syverson was in for this week’s Finance is Fun to tell us about how, research has shown that in general there are gender differences in how men and women behave in investing. Marion examined some of them so we can learn our strengths – and weaknesses.

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Consumer Contact

Updated 4 weeks ago

 

Russ Van Arsdale was in on Monday for this week’s Consumer Contact. Russ was speaking with Joy about how different charities can actually be more harm than they are helpful.

Read more on Consumer Contact…


Finance is Fun: Top 5 Reasons We Don’t Save

Updated 1 month ago

Marion Syverson, was her for this week’s Finance is Fun, to give us the answer to the question “Why don’t we save when we KNOW that we should?”

Wonky budgets - So we HAVE a budget, but it doesn’t ever really get spent as planned. Things unexpectedly go wrong and need fixing and after facing those challenges a few time, we simply give up and spend as we like. And like a garden once tilled and tidy, once left to nature, the weeds grow worse that other parts of the yard. Meaning we tend to be crazier after we tried to budget than we were at first.

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Biz Tips: Turning Your ART into a Business!

Updated 1 month ago

Deb Neuman talks about turning your ART into a business!

1. Hit up family and friends first!

2. Try a few art/craft shows this Summer!

3. Consider on-line sales – etsy.com

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Finance is Fun: Going to the Chapel-The Finances of Togetherness

Updated 1 month ago

Marion Syverson was in for this week’s Finance is Fun, talking about the finances of togetherness.

Legalities- no way for joint property to be separated should YOU get separated without a document of some kind. Either own things individually, get married or invest in a domestic partnership agreement so you aren’t financially ruined. Not romantic? I think strong fences make good neighbors. Being financially ruined is also not romantic.

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Consumer Contact: Summer Storms

Updated 1 month ago

Russ Van Arsdale was in the studio on Monday speaking with Wayne about the ways you can be ready for natural disasters hitting Maine.

 

For more information, visit:

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Finance is Fun June 17, 2014

Updated 2 months ago

Based on news reports about large-scale security breaches one might think that identity theft happens to everyone and we are doomed to have it happen to us. In fact according to a news article, identity theft affects only about three percent (3%) of the population.

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Finance is Fun: And The Survey Says…

Updated 2 months ago

Marion Syverson, recently read the results of a couple of surveys and thought you would like to hear what others are doing.

Apathy – Twenty-five percent of high net-worth investors, those with more than one-hundred thousand dollars to invest, do not have a financial plan and many of them don’t plan on getting one. The reason? Apathy. They think retirement is far away and that they can worry about it at some far-into-the-future time when they are old.

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Consumer Contact: Children and Advertising

Updated 2 months ago

 

Russ Van Arsdale was in the studio on Monday speaking with Wayne about the effects of advertising on children in this week’s Consumer Contact segment. He says it is important to monitor the kind of advertising your child is exposed to, to ensure they are not receiving negative influences.

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Biz Tips: How to Make Your Resume Stand Out

Updated 2 months ago

Many new grads are now out looking for jobs — if you’re a new grad or anyone else seeking a new job – we’ve got some tips to help you craft a resume that will improve your chances of getting the job you want!”

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Finance is Fun: It’s Not Too Late!

Updated 2 months ago

Recently Marion has had folks in their fifties saying, What’s the point. I didn’t know how to handle money in my youth and now it’s too late for a good retirement.
 
It’s never too late to make life better. Here are some ideas.
 
Estimate the goal – By some estimates a four percent withdrawal rate is the amount one should take out of their nest egg annually to have a good chance of not outliving their savings. So if you’ve saved a million dollars, you would take forty thousand dollars per year for living.  Because you may live a very long time, we need to make sure you have money for your entire life. You don’t want to outlive your money.
 
Plan a strategy – The problem with starting late is the help that compound interest provides for those with many years until retirement. Compound interest, as you may remember, is when interest accumulates on both the principal and interest payments. It is a benefit to those with many years to save.  You may have less time. So you need to save much more seriously, with a more significant portion of your income used wisely. And ‘used wisely’ is the key. The tax code allows for ‘catch up’ provisions which permit more significant contributions to pretax accounts after the age of fifty. Postponing retirement may also help as the few extra working years may be just what you need to be in an even better position.
 
Know the vehicles – Do you have a 401(k) or other retirement plans at work? It doesn’t matter if there is a match or not. These accounts are better when the firm makes additional contributions for you, but it’s time for you to make significant deposits into these kind of accounts and many corporate retirement plans allow for higher contributions. SIMPLE IRAs, 403(b)s, all have various rules and contribution limits. You may also be able to take advantage of individual retirement accounts to add to your savings.
 
Kick debt – If you owe on many kinds of debt your funds in retirement will be spent on paying for your past and not giving you the activities and travel that you dream of. Make savings a priority along with debt repayment. And don’t accumulate new debt, bud!
 
Let the worry drive you – Don’t let discouragement steer you off into despair and inaction. Let the worry about starting late drive you to save and pay off debt- and not accumulate more- so you can have that better future. Do not give up! Don’t ever give up.
 
And don’t lose one more moment not taking control of your beautiful future.
 
 
 
Citations:

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2014 Summer Start Your Business Series

Updated 2 months ago

James Macomber, a Microenterprise Consultant for MaineStream Finance was in to tell us about the 2014 Summer Start Your Business Series.

Every Tuesday a new session of videos and materials will be posted on the site. This online business course if for people that are thinking about starting a business or already have one.

Read more on 2014 Summer Start Your Business Series…


Is 80 the New 65?

Updated 2 months ago

We often hear people say things like, 50 is the new 40. But does that impact retirement planning? Let’s see!

Have you saved enough? – Surveys show that the majority of those near traditional retirement ages are not very close to their retirement savings goals. For whatever reasons, be they repeated job losses, or unwise spending or not having a great budget, but in some studies up to forty percent of respondents have so little saved they say they will need to ‘work until they drop.’

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Consumer Contact: Home Improvement Scams

Updated 2 months ago

 

Russ Van Arsdale was in the studio again on Monday for another segment of Consumer Contact. This time, he spoke with Joy about keeping an eye out on scammers when looking to find some home improvement workers.

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