Money Talks

Our experts from New Perspectives discuss with our MPB host ways to cut expenses from your life.First: start by tracking your spending habits.Next, get on a budget.When looking to cut expense, re-evaluate your subscriptions.Utility and specifically electric use are large portions of the average household budget. The food budget is usually a pretty big part of a budget. If you’re looking to cut expenses, make it harder to spend money.( didn’t get to: Your insurance payments may be taking up more of your budget than needed.Sometimes cutting expenses means more drastic measures.Look at housing costsSometimes vices or bad habits are putting a drain on your wallet.A very drastic measure to save money might be have a family member live somewhere else – such as a pet. Also look at gift giving options, organized children’s activities, and personal grooming.)Websites to look at:https://www.debt.org/blog/how-to-cut-expenses/https://www.thesimpledollar.com/save-money/trimming-the-fat-forty-ways-to-reduce-your-monthly-required-spending/

Guest: Charles Mortimer, Owner/Manager at Windsor Properties of MississippiHow to make money from real estate?How to include property in your investment portfolio?Home ownershipRental propertiesFlipping housesReal Estate Investment GroupsReal Estate TrustsOnline Real Estate platforms

Our experts from New Perspectives https://www.newper.com/ help us learn all about CDs.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.What is a CD?When is opening a CD a good idea?Is a 6-month CD at one institution identical to another?Where can you buy one?What’s the minimum or maximum for putting money into a CD?Do you earn a higher rate of return if you put in more money?Do CDs ever “go on sale”?How safe are CDs?Can you ever get out of a CD early?What are: Bump-up, Add-on, No penalty, Jumbo, IRA, and Callable CDs?

Open Topic November! What's in the News:If you haven’t received the first and so far only Economic Impact payment: November 21 at 3 p.m. ET Deadline to Request Your Economic Impact PaymentIf youdid not:file a 2019 federal tax return,get an Economic Impact Payment,register for an Economic Impact Payment already.If that is you then, useNon-Filers: Enter Payment InfobyNovember 21to register for your payment.Social Security, Railroad Retirement and Department of Veteran Affairs benefit recipients who already received a $1,200 payment now have until November 21 to register for a payment for their spouse or qualifying child.You will receive an additional $500 Payment for each qualifying child you claimed on your tax return being used to calculate your Payment. Here's the criteria you should consider:Relationship to the individual who is eligible for the Payment:The child is the son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, grandchild, niece, or nephew).Child's age:The child was under age 17 at the end of the taxable year.Dependent of the individual who's eligible for the Payment:The child is claimed as a dependent on the 2018 or 2019 tax return or entered on the Non-Filers: Enter Payment Info Here tool.Child's citizenship:The child is a U.S. citizen, U.S. national, or U.S. resident alien.Child's Residency:Child must have lived with the individual eligible for the Payment for more than half the tax year.Support for Child:Child must not provide over half of own support for the tax year.Child's taxpayer identification number:The child has a valid work eligible Social Security number or an Adoption Taxpayer Identification Number (ATIN) that was issued before July 15, 2020.https://www.irs.gov/coronavirus/economic-impact-payment-information-centerFor Election Day, you can get:A free glazed doughnut at Krispy Kreme along with a special voting sticker while supplies last Tuesday. Planet Fitness is offering a way to work off the stress of the election with a free workout and massage Tuesday through Nov. 8.Uber and Lyft also are offering discounted rides to the polls.DoorDash: The on-demand delivery app will have free delivery on all orders with a $15 minimum placed on Election Day with promo code VOTEStarting Tuesday and through Nov. 9, McDonald's is giving away its new pastry items with the purchase of a hot or iced coffee through its app.Get free delivery Tuesday on Grubhub orders over $25.Shake Shack: Poll workers get a free sandwich including the Shackburger and the Chick’n Shack from Sunday through Election Day with proof of badge.https://www.usatoday.com/story/money/food/2020/11/03/voters-freebies-poll-workers-deals-election-day-2020/6090281002/We discussed buying coconut mild picked by monkeys. https://www.usatoday.com/story/money/food/2020/10/28/coconut-milk-chaokoh-monkey-labor-peta-costco-walgreens/5918418002/According to an article on CNN:The S&P 500 fell 0.04% between July 31 and October 31. That means the market forecasts -- by a hair -- that Joe Biden will win, according to CFRA Research's Presidential Predictor.The stock market has a fairly reliable track record: Since World War II, when the S&P 500 fell in the three months leading up to the November vote during a presidential election year, the incumbent president or party of the outgoing president has lost the election 88% of the time.https://www.cnn.com/2020/11/01/investing/stock-market-joe-biden-donald-trump-election/index.htmlThe Governor’s Job Fair, a division of The Mississippi Department of Employment Security has some job fairs coming up.2020 I-59 Drive-Thru Job Fair Begins:9:00 am until 3pm on November 5, 2020 at Magnolia Center Fairgrounds Parking Lot, 1459 Ellisville Blvd, Laurel, MS https://www.jobfairs.ms.gov/node/582020 Mississippi Drive-Thru Job Fair Begins:9:00 am until 3pm on November 10, 2020 atTrustmark Park Parking Lot, 1 Braves Blvd, Pearl, Mississippi https://www.jobfairs.ms.gov/node/602020 Gulf Coast Drive-Thru Job Fair Begins:9:00 am until 3pm on November 12, 2020 at Edgewater Mall Parking Lot, 2600 Beach Blvd, Biloxi, Mississippi https://www.jobfairs.ms.gov/node/59The Madison County Economic Development Authority has announced UPS will be building a new $28.6 million distribution facility in Ridgeland starting in early 2021 and is expected to bring more than 160 new jobs to the area with an average annual salary of $57,000. Those interested in applying for a position at the new facility can visit www.upsjobs.com.Amazon is prepping for another facility in Mississippi, this time in Madison County. The development marks the fourth investment by the company in Mississippi in just over two years. In July, Amazon announced hiring more than 500 new, full-time positions at its fulfillment center in Olive Branch, MS. Interested candidates applied online at www.amazon.com/missjobs The full-time jobs started at $15 an hour with comprehensive benefits starting on day one.Home furniture maker Fusion Furniture has announced a new manufacturing plant in Mississippi. Between 150 and 180 new jobs will added. Production was to begin yesterday. Starting pay for experienced woodworkers and upholsters will be $21 an hour and all positions come up with benefits.https://www.clarionledger.com/story/business/2020/10/29/ups-build-28-6-million-facility-ridgeland-create-160-jobs/6071327002/https://www.localmemphis.com/article/money/business/amazon-to-hire-500-full-time-workers-in-olive-branch-mississippi/522-ef9dcf55-4c88-4d2c-a05b-636bd2849ab4https://www.woodworkingnetwork.com/news/woodworking-industry-news/fusion-furniture-adds-200000-sq-ft-facility-150-jobs

Listeners discussed: how to choose an advisor http://moneytalks.mpbonline.org/episodes/money-talks-choosing-a-professionalWhy she didn't shop at a particular storeWhat is fiduciaryconsumer economyclimate changethank youfair tradeanuityDo you think about this before you make purchaes:Environmental impact of what you buy – single use vs reusableImpact of what it’s made from – petroleum products vs made from recycled materialsImpact of how it’s made – child labor vs army labor vs well paid workersWhere’s it’s made – USA vs over seasPackaging – incased in disposable material vs bulk and bring your own containerCompany that makes the product – social philosophy of CEO, politicians they endorseTreatment of animals – made of or tested onAre you willing to pay more for one item over another based-on Ethics?Want vs need. Are you buying on purpose or out of habit? Money stays with you or goes to a company that you may not agree with their philosophyRather than “buying” things new buy: Secondhand, Swap, Trade, Repurpose to minimizes the amount of junk that makes its way into landfills, minimizes the number of new items being produced and minimizes your own expense. http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d58Will I use social media or tell my family why I choose one company over another to encourage them if they share your beliefsSuggestions:Focus on the business you use most frequently – where do you spend the most money? Learn about that company / organization3 Tips to help you be Money Mindful: 1) Keep a Money Diary 2) when you want to make an impulse purchase take 5 deep breaths to take yourself out of the “impulse moment” 3) keep your credit cards at home and only take them out with you when you plan to make a purchaseWake up and pay attention to what you spend your money onEducate yourself on companies and their practices. Learn about movements that interest you and follow their practices.Read labels on products and use your gut instinct. Talk to local business owners. Donate to organizations that fight for ethics you believe in.Volunteer for groups that think the same way you do.Support politicians who have views in line with your own.Information:When you see a product with the Fair Trade Certified seal, it was made according to specific social, environmental, and economic standards. These products are available for purchase at Kroger, Target, Sam’s, Amazon, and other popular retailers. https://www.fairtradeamerica.org/Socially responsible investing (SRI) is an investing strategy that strives to generate both ethical change and financial returns for an investor. Socially responsible investments often include companies making a positive sustainable or societal impact.https://www.moneyunder30.com/mindfulness-can-help-you-save-moneyhttps://www.thesimpledollar.com/financial-wellness/shopping-ethically-without-breaking-your-budget/https://www.fairtradecertified.org/productshttps://www.ecowatch.com/shopping-ethically-2637784366.html?rebelltitem=6#rebelltitem6https://medium.com/naturehub/what-is-a-conscious-consumer-and-why-does-it-matter-4b7a14ca08fchttps://qz.com/920561/conscious-consumerism-is-a-lie-heres-a-better-way-to-help-save-the-world/https://growensemble.com/conscious-consumerism/https://www.nerdwallet.com/article/investing/socially-responsible-investinghttps://brainymoney.com/money-mindfulness-tips-to-stay-on-track/

The Top 7 Retirement Concerns for Americans in 2020 from MoneyTalkNews (no relation!) from Retirement Confidence Indexfrom SimplyWiseSocial Security will be gone: AARP articleOutliving savings: How to calculate RMD article and IRS 2020 rules on RMDsPaying medical bills: https://www.medicare.gov/ Health Savings Account infoPaying daily living expensesNot being able to retire at all How Work Affects Your Benefits from SSA Early withdrawal of 401K infoHaving too much debt: suggestions on paying off debtFeeling bored or lonely