187 episodes

email: money@mpbonline.org
Money Talks airs Tuesday mornings at 9 Central Time on MPB Think Radio and over the internet at mpbonline.org
Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. 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. They join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more.

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Money Talks MPB Think Radio

    • Investing
    • 4.8, 13 Ratings

email: money@mpbonline.org
Money Talks airs Tuesday mornings at 9 Central Time on MPB Think Radio and over the internet at mpbonline.org
Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. 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. They join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more.

See acast.com/privacy for privacy and opt-out information.

    Money Talks: Credit Cards

    Money Talks: Credit Cards

    Hosts Kevin Farrell and Dr Nancy Lottridge Anderson and Ryder Taff discuss, current events, credit cards and take your questions.
    American credit card debt now exceeds $1 trillion. The average US household has $8,398 in credit card debt. 60% of Americans carry their credit card balance month to month. 
    Coin shortage, mortgage rates, stores closing on Thanksgiving this year: everybody https://www.theblackfriday.com/stores-closed-on-thanksgiving-day.php
    According to the website nerd wallet dot com credit score ranges are: 300-329 Bad, 630 – 689 Fair, 690-719 Good, and 720-850 means the likelihood of you repaying new debt is excellent. 
    A credit card allows you to borrow money from a bank to make purchases. As long as you pay back the money you borrow within the “grace period” of 25-30 days, you don’t have to pay extra. If you don’t pay it back in that time period, you’ll have to pay interest — a percentage of the money you owe the bank — on top of what you borrowed. 
    Until the passage of the Equal Credit Opportunity Act of 1974, women could not get a credit card without a husband as a co-signer. That meant single women and married women who wished to establish credit separate from their spouses were denied credit cards. The 1974 law made it illegal for creditors to discriminate against applicants on the basis of race, color, religion, national origin, sex, or marital status.
    According to Shift Credit Card Processing: 14% of Americans have at least 10 credit cards
    Pros:
    You can make a large purchase now and pay it off in smaller amounts over time. 
    Carrying credit cards is more convenient (and safer) than carrying a wad of cash, and credit cards are more widely accepted than personal checks.     
    With responsible use, you can build your credit, which will be important later on.
    Many credit cards give you rewards, essentially giving you back 1% or more of the money you spend. Or sign-up bonuses.
    Cons:
    You can easily dig yourself into debt if you’re not careful about your spending.
    The ease of using credit cards can cause you to overspend.
    Missing payments or maxing out a card can sink your credit score quickly.
    Interest can make even a small debt become large over time.
    Types of cards:
    REWARDS – cash back, travel points, specific airline or hotel cards, store cards.Best for cardholders who pay their bill in full every month
    LOW INTEREST - lower interest rate, might come with a 0% introductory APR period. Good credit needed to qualify
    BALANCE TRANSFER - move your debt from another issuer to take advantage of a lower interest rate. Requires good or excellent credit.
    SECURED credit card require a security deposit. For those with average or bad credit
    STUDENT CARDS - The Credit Card Act of 2009 prohibits issuers from giving cards to people under 21 unless they have proof of income or a co-signer. Helps people establish credit
    Remember:
    Fees: late payment, annual fees, Balance transfer fee, Cash advance fee, Foreign transaction fee
    Interest payments when you don’t pay off your debt in full: APR for purchases, APR for balance transfers, APR for cash advances, Penalty APR
    Tips:
    Pay your bill on time and in full every month
    Keep your balance below 30% of your available credit
    Wait at least six months between credit card applications
    Review your account online weekly to track spending and avoid fraud
    Keep no-annual-fee credit cards open and active to avoid hurting your credit score
    https://spendmenot.com/credit-card-debt-statistics/
    https://www.nerdwallet.com/blog/nerdscholar/credit-card/#:~:text=A%20credit%20card%20allows%20you%20to%20borrow%20money%20from%20a,round%2Dtrip%20ticket%20to%20France.&text=If%20you%20don't%20pay,top%20of%20what%20you%20borrowed.
    https://www.nerdwallet.com/article/credit-cards/credit-cards-101?trk=nw_gn2_4.0
    https://shiftprocessing.com/credit-card/
    Calls about:
    Bills
    proving it'

    • 47 min
    Money Talks: Money Saving Tips

    Money Talks: Money Saving Tips

    In addition to answering your phone calls and emails, we've got money saving tips for 2020 from AARP https://www.aarp.org/money/budgeting-saving/info-2020/99-ways-to-save.html

    Amazon Prime Day is officially delayed, but not cancelled, due to the pandemic. A new date for the typical mid-July sales event has not been announced.Mississippi's sales-tax-free weekend is coming up Friday, July 31 to Saturday, Aug. 1. Sales tax will not be due on articles of clothing, footwear or school supplies if the sales price of a single item is less than $100.Sport clothing, shoes and accessories are still subject to the 7% tax rate and do not qualify during the holiday.Layaway items do not qualify for the tax break.The tax holiday only qualifies for in-store purchases. Mail, internet and telephone sales are still subject to sales tax.In 2019, the legislature amended the tax holiday to include school supplies in the tax holiday. Electronics such as laptops or tablets are not listed as eligible school supplies. There is a long list of what does qualify as a school supply. https://www.dor.ms.gov/Business/Documents/2020%20Sales%20Tax%20Holiday.pdf
    The parent company of Ann Taylor, Justice, Lane Bryant, and Catherines clothing stores have recently filed for bankruptcy. Also finling from: Lucky's Market, Organic grocer Earth Fare, Pier 1, Modell's Sporting Goods, J. Crew, Neiman Marcus, Stage Stores, which owns Goody's, Palais Royal, Bealls, Peebles, and Gordmans, JCPenney, Tuesday Morning, GNC, the parent company of Chuck E. Cheese, Brooks Brothers, The parent company of New York & Co., and The Paper Store.  Men's Wearhouse and Jos. A. Bank will close up to 500 stores. You might find a bargain by shopping at one of them. 
    https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2#cec-entertainment-the-parent-company-of-chuck-e-cheese-filed-for-chapter-11-bankruptcy-protection-on-june-25-its-finances-had-been-in-freefall-since-the-coronavirus-pandemic-hit-18
    Use a stores loyalty program to save - Wendy's Rewards has added to its app https://www.wendys.com/rewards
    Tips:
    Downsize your cart.when shoppingLet your online shopping car sit.Pay for subscriptions up front.Have a "no spend month" or "no spend day"Buy don't rent a routerGet free mulch / wood chips from your city or local tree care companies
    Various phone calls touched on other topics.

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    • 44 min
    Money Talks: Day Trading

    Money Talks: Day Trading

    What is Day Trading? Is it risky? Can anyone do it?
    Hear Ryder and Nancy's opinions.
    We also talked about a cashless society / the coin shortage.
    Calls concerned:
    cashless - discriminatory?why wouldn't a store want to take cashnot all sales are belief that stock is going downbuyer bewareKatrina caused a cash only society
    According to the new server Reuters: Major U.S. brokerages that reported quarterly results this week cheered the self-directed day trading happening on their platforms as individuals with a bit of extra money and time on their hands during the coronavirus pandemic have been engaging more in markets.      https://www.reuters.com/article/us-usa-banks-results-wealth/bored-bank-customers-flock-to-day-trading-platforms-during-pandemic-idUSKCN24I1EM
    According to the website Smart Asset dot com, here are the The Best Day Trading Apps of 2019: TD Ameritrade, E*TRADE, Robinhood, Acorns, and Acorns. The article lists 8 in total, each with their own special feature.   https://smartasset.com/investing/day-trading-app
    Is day trading just online gambling? We’ll let you decide.
    https://www.investopedia.com/articles/basics/10/investing-or-gambling.asp
    https://www.fool.com/investing/general/2015/10/09/why-day-trading-stocks-is-not-the-way-to-invest.aspx#:~:text=To%20put%20it%20mildly%2C%20day,odds%20on%20a%20regular%20basis.
    https://www.thebalance.com/the-striking-similarities-between-trading-and-gambling-1345200
    https://www.daytradetheworld.com/trading-blog/top-4-reasons-why-day-trading-not-gambling/
    Dangers of Day Trading https://www.nytimes.com/2020/07/08/technology/robinhood-risky-trading.html

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    • 46 min
    Money Talks: First Mortgage

    Money Talks: First Mortgage

    Guest: Adam Black, Renesant Bank 601-540-0302 https://apply.renasantmortgage.com/#/loan-officers/adam.black@renasant

    Who is a "first time" home buyer?What are some special programs available?Do you know the difference between pre-qualified and pre-approved?How much of a loan do you qualify for vs. can you afford?What's the difference between deferment and forbearance?
    https://www.ms.gov/Agencies/mississippi-home-corporation
    Calls concerned:
    penalty for paying off mortgagered liningstudent getting a homeconstruction loans and mortgage RMD from IRArefinancing
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    • 47 min
    Money Talks: Social Security 2020

    Money Talks: Social Security 2020

    Guest Shawn Mercer, Regional Manager with the Social Security Administration is our guest.
    Calls dealt with:
    payroll taxend of life documents neededdo earning affect benefitdisability and civil service benefitsbenefitsmedicaretaxesemail with myssa
    Social Security Administration handles:
    Retirement insuranceSurvivors insuranceDisability insuranceHospital and medical insurance for the aged, the disabled, and those with end-stage renal diseasePrescription Drug BenefitExtra help with Medicare Prescription Drug CostsSupplemental Security IncomeSpecial Veterans BenefitsUnemployment insurancePublic assistance and welfare services
    At ssa.gov yo can:
    apply for retirement, disability, and Medicare benefits onlinecheck the status of an application or appealrequest a replacement Social Security card (in most areas)print a benefit verification letterand more – from anywhere and from any of your devices!Social Security employees will never threaten you for information or promise a benefit in exchange for personal information or money. For more information click on the top of the ssa.gov webpage.
    https://twitter.com/SocialSecurity
    https://www.facebook.com/socialsecurity/
    https://blog.ssa.gov/


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    • 46 min
    Money Talks: Choosing a Professional

    Money Talks: Choosing a Professional

    https://www.finra.org/investors/learn-to-invest/choosing-investment-professional
    Registered Financial Professionals
    Buy and sell securities for their customers, including individual investors. They are regulated by FINRA and the SEC.Investment Advisers
    Provide advice about securities tailored to the needs of their clients. They are regulated by the SEC or state securities regulators.Financial Planners
    Provide an array of financial services that vary from provider to provider. Regulation and licensing depends on the services offered.Insurance Agents
    Sell life, health and property insurance policies, and other insurance products, including annuities. They are regulated by state insurance commissions.Accountants
    Provide professional assistance with taxes and financial planning, tax reporting, auditing and management consulting. They are regulated by national and state licensing standards.Lawyers
    Offer legal assistance to clients related to financial planning and investment decisions, and may represent clients in disputes with firms or investment professionals. They are regulated by state bar associations. 
    https://www.investor.gov/home/welcome-investor-gov-crs
    mymoney.gov
    https://www.federalreserveeducation.org/
    http://moneytalks.mpbonline.org/episodes/money-talks-unemployment
    https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-0
    Investor Bulletin: How to Select an Investment Professional
    Choosing an investment professional is an important decision. This updated Investor Bulletin provides a few key tips to help you make a well-informed choice. A number of questions you should consider asking before you hire an investment professional are in the investor bulletin “Questions to Ask When Hiring an Investment Professional.” Should you have any questions, feel free to call Investor.org’s toll-free investor assistance line at 1-800-SEC-0330 or use the online question web form at https://www.sec.gov/oiea/QuestionsAndComments.html.
    Tip 1. Make sure the investment professional is licensed.
    Tip 2. Find out if the products and services available are right for you.
    Tip 3. Understand how you’ll pay for services and products, and how your investment
    Tip 4. Ask about the investment professional’s experience and credentials.
    Tip 5. Ask the investment professional if he or she has had a disciplinary history with a government regulator or had customer complaints.
    https://www.usa.gov/

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    • 47 min

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4.8 out of 5
13 Ratings

13 Ratings

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