Related Materials:
Doubling Your Money
When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have. You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.
EXAMPLE: Savings interest rate = 3%
72 ÷ 3 = 24
Money in a savings account earning 3%
interest takes 24 years to double.
Career-Focused Adults
Financial guidance for maturing adults without children
Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
ChoiceOne Bank can help you stay on track with your long term financial goals.
1.
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at ChoiceOne Bank that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.
2.
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases, the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
- Equifax – www.equifax.com
- TransUnion – www.transunion.com
- Experian – www.experian.com
3.
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
- Smart Choice Checking – Our free checking account with Interest.
- Super Choice Checking – Our account with high interest combined with the most value.
- ChoiceNet Online Banking – A convenient and FREE produce to simplify and streamline the way you manage your money.
4.
Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.
Now is a good time to up your contributions to your retirement savings accounts. Contact ChoiceOne Bank’s Investment Services to learn about the products we offer that can help you meet your retirement goals.
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Tips for Effective Financial Management
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For help determining the best accounts and products for sound and productive money management during your Student Lifestage, please contact us at 888-775-6687 or ch1info@choiceone.com.
