The North Texas Journal v23n32

8/9/2019 The North Texas Journal v23n32

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WEEKLY Volume 23, Number 32 - August 13, 20


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Dean SandersLawyer

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Wichita Falls, Texas 76308-1245

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In This Issue


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Tips To Talk Money With Your Childre

Kids these days. Theyre constantly bombarded

with information from all directions on every topic

maginable - except how to manage money.

n fact, the nancial literacy of high school studentshas fallen to its lowest level ever, according to a

survey of high school seniors and college studentseleased last year by the Jump$tart Coalition.

The survey reveals that just 17 percent of high

school seniors understand basic differences be-ween stocks, savings bonds and savings accounts.Only about 40 percent of them realize that their own

health insurance could stop if their parents becounemployed.

Who is responsible for teaching kids nancial sics?

Parents say they want to be the source of that inmation, yet they admit they arent following throuFewer than 50 percent of parents believe they competent teachers of nancial issues accordin

the Money Lessons Survey posted on about.com

So many parents tell us they dont know wherestart, says Laura Dierkenancial education progmanager with Thrivent

nancial for Lutherans, a fabased nancial services ganization. We empoparents to have conve

tions about money with t

children through naneducation workshops in cmunities across the count

While attending a naneducation workshop mayan option, dont hesitate

start the conversation tod

Here are a few to tips to

started.


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Tips to talk about moneyThe key with kids is to nd some lessons that workand then repeat them until they sink in. Money skillsare learned over time, and some of the best les-

sons are taught by what you do, rather than whatyou say.

1. Remember cash? With credit cards dominat-

ng our wallets, kids simply are not in touch withmoney. Help your kids see what money is by show-ng them coins and dollars and talking about theirworth. Help them understand what money does byusing cash for your purchases whenever possible.

We cant expect kids to understand the value ofa dollar when they rarely see visible evidence of

money leaving your pockets, Dierke adds.

2. Demonstrate the idea of interest earned byadding a small amount to what your kids save. Oroffer to match the amount they save to help doubleheir effort. Better yet, open a savings account for

your child, either online or in person at a bank, make the effort to talk about the value of savover time.

3. Try this when shopping with your older kWhen they want to buy something now, ask themstop, think and choose. Stop to consider whet

they want or need it, think how the money couldused more resourcefully and choose if the item

more important than other wants and needs.

4. With online bill pay and electronic bank stments, you have to be intentional about showyour kids the regular income and outow of yfamily budget. Make a point of sitting at the cputer with them to demonstrate these tasks.

These four tips are just a few ways parents the lessons started at home with younger childMake the conversations and real-life examp

about money skills and responsibilities part of ylife every day to help prepare your children fobright future.


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The Keys To HomeownershipIts a buyers markets a popular head-ne right now. Its one

hats hard to ignore,

especially if youre ayoung adult or even a

ong-time renter whohas been waiting for

he right time to pursuehe American dream

of owning your ownhome.

Buying your rst homecan be scary, but aswith anything else in

fe, the right prepara-

ion should bring yougood results - a homeyou want and one youcan afford.

Whether you are ready to buy a home in the nextew months or next few years, preparation is criti-

cal.

Thrivent Financial Bank offers the following ve

keys to open the door to homeownership.

Obtain a credit report. Review your credit report

prior to starting the home buying process. This enable you to dispute any incorrect entries and isfy any derogatory items on your report. You entitled to one free copy of your credit report ev12 months. Ensuring your credit report is accur

is critical as it is an important element lendersview to determine your credit worthiness for a lapproval.

Establish a budget. Knowing where you spend ymoney and how much you are able to set aseach month can, rst, help you decide if purching a house is a viable choice now or of it is sothing that will have to wait until later. Establisha monthly budget also helps determine how mhouse you can afford, which will help you zero in

possible homes to look at. If buying the home want is not in the cards now, use the opportuto take a closer look at your spending and savihabits and develop a plan to begin setting mo

aside for a down payment and monthly mortg

payments.

Secure a down payment. Although there are lprograms that will allow you to purchase a howith no money down, making a down payment is


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most always a good idea. The most common sourc-es of a down payment are your savings or a gift ofcash. The amount you put down has a direct im-pact on what your monthly mortgage payment willbe and will also determine if you will be required topurchase PMI, or private mortgage insurance.

Understand mortgage options. There are many

ypes of loans available to suit your needs. The fol-

owing is a list of some of the more common typesof loans.

Fixed rate loan - The interest rate is xed for theife of the loan. The life of a xed rate loan mayange from 10 to 30 years.

* Adjustable rate mortgage (ARM) - The interate is xed for a certain period of time, but othat period expires your interest rate will adjust cording to the terms of the mortgage.

* Negative amortization (pay option) loan - The mimum payment is less than the interest that accron the loan. In this loan, your principal balance

increase when you pay less than the interest taccrued.

* Balloon - The interest rate is xed for a periotime. At the end of that period, your entire balaon your loan is due. (Example. With a ve-year


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Please Join Us For Sunday Services


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oon, your loan is xed for ve years and at the endof ve years your remaining balance on your mort-gage is due.)

Interest only - The minimum payment is just thenterest that accrues on the loan.

Also, get an estimated, hypothetical look at yourmonthly payments for the various types of mort-

gages by using the Thrivent Financial Bank mort-gage calculators. However, these are not meant toeplace professional nancial advice.

Get pre-approved. Now that you have done yourhomework and are ready to purchase a home, youshould meet with a personal banker to get pre-ap-proved. A pre-approval allows the lender to review

your situation and make recommendations prior to

entering any formal purchase contract. The papproval will establish for you a limit on the doamount the lender will commit to your home pchase.

To begin this process, your loan ofcer will coplete an application with you and will also chyour credit report. After some analysis, your lofcer will inform you of the various programs

the amount you qualify for. They will also give a pre-approval letter that you can give to your rtor so they know the price range of homes they

show you.

To be pre-approved, youll need to submit the lowing to a potential lender:

* Tax returns and W-2s for the past two years.* Pay stubs to prove youre currently employed.

* Documentation of other typesincome, including investments osecond job.* Recent bank statements.

These preparations are just the ginning of your journey to hoownership. Youll also want toyour homework for the next stasuch as selecting a realtor, hohunting, putting in an offer and ting an inspection.

Buying a home is one of the biggdecisions that you will ever makeyour pursuit of the American dremake sure you follow the keyssuccess and enjoy this exci

journey.

Bank products and trust serviare offered through Thrivent Fincial Bank, (Member FDIC, Eq

Housing Lender), a wholly owsubsidiary of Thrivent FinancialLutherans. Insurance, securitinvestment advisory services,

trust and investment managemaccounts are not deposits, are guaranteed by Thrivent FinanBank, are not insured by the For any other federal governm

agency and may go down in val


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Accountants Are Needed To Keep Businesses Afoa

As the economy continues to recover, an increasedemphasis will fall on the accountability, transparen-cy and responsible nancial management of busi-nesses large and small - putting accountants andauditors more in demand than ever before. The em-ployment of accountants and auditors is expected

o grow at least 22 percent by 2018 - a rate fasterhan the average for all other occupations, accord-ng to the Bureau of Labor Statistics.

Why small businesses need good accountantsThe impact of a savvy accountant is even more pro-nounced in small businesses and entrepreneurialventures. Small businesses will be instrumental tohe nations economic recovery, creating 80 per-

cent of all new jobs and driving innovation in virtu-ally every eld, the Small Business CongressionalCommittee predicts.

With this in mind, its essential that these business-es understand and practice important accountingfunctions in order to stay aoat. Unfortunately, 82percent of small businesses fail because they cantmanage their money, reveals a study published byJessie Hagen of U.S. Bank.

Whether its evaluating credit access, reviewing

erms of a vendor agreement, learning how to keep

a business protable or even how to choose right accountant, all small business owners shopursue a strong understanding of accountings in managing costs and maintaining success, sRieva Lesonsky, former editorial director for trepreneur magazine and current CEO of Grow

Media. A good accountant can help to avoid ncial pitfalls and put checks and balances in plby developing a comprehensive accounting plaaction.

Entrepreneurial opportunities in accountingThe Small Business Association noted in a recbrieng that entrepreneurship is crucial to the tions economic revival and competitiveness i

global marketplace. Furthermore, an environmripe for those with dreams of owning their own bness, combined with the need for such new bnesses to have a deep understanding of nanpractices, opens many doors for the entrepreneially minded accountant.

Rita Talamonti, a personal nancial advocate wrecently launched her company, Good Egg Lknows rsthand of the entrepreneurial accouncareers. The recent graduate from DeVry Univsitys Keller Graduate School of Management

turned to school to earn her master s degree incounting and nancial managemafter experiencing a ood of quests by other business ownersher accounting expertise, which had gained while running a famowned medical practice busines

Going back to get my accoundegree has provided me with

awareness of what is standard

the industry and what is requireservice my clients at the next le

by keeping abreast of new regtory changes in the accounting through continued certication professional associations says

lamonti. Combined with my pexperience, this new knowledge

lowed me to understand cash taxes and nancial statements - h


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o fund and start my business, determine how myevenue was going to be generated, and how to in-

vest it after paying taxes on prot. Talamonti soonecognized this type of knowledge was in high-de-

mand by a growing number of newly launched fam-ly businesses.

Accounting for business and career resultsThe key to a sustainable business is making sure

hat all involved parties are aware of intimate nan-cial details, says Joyce Barden, senior professor

of accounting at DeVry University, who speaks fromher own experience as both a Fortune-level nan-cial manager and a public accountant serving pri-marily small businesses. Its important for all em-ployees to have a solid, foundational grasp on theskills necessary to provide this vital information.

Barden also sees a growing number of profession-als from varying industries, and comprising a wideange of ages, take advantage of existing account-ng degree programs. Accounting is an industrywith an accessible entry point, which means that

people can use it to redene their career focus atany time, she says.

DeVry University, along with its Keller GraduSchool of Management, is helping to meet the

creased demand for accounting skills by providan integrated, fast-track path for students to ethe undergraduate and graduate credentials tneed to become respected and sought-after counting professionals.

Whether starting as a high school graduate, tra

ferring from a community college or changing reer focus, students interested in an accouncareer can begin at DeVry University - www.deedu - where they can earn their bachelors degin business administration with a concentrationaccounting. For those who wish to obtain a madvanced degree, Keller offers masters deg

programs in business administration (MBA) andcounting and nancial management (MAFM). matter the career path to which they are appl

accounting skills will continue to be essential to ating and sustaining successful businesses in 21st century.

Courtesy of ARAcontent


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*Finance oer subject to credit approval, applies to purchases o new Yamaha Motorcycles, ATVs & Scooters made on a Yamaha Installment Financing loan account rom 7/1/10-9/30/10. Minimumcontract length is 24 months and maximum length is 36 months. Minimum amount fnanced is $5,000. Fixed APR o 3.99%, 5.99%, 8.99%, or 14.99% will be assigned based on credit approvalcriteria. Monthly payments per $1,000 fnanced based on 36 month term are $29.52 at 3.99%, $30.42 at 5.99%, $31.80 at 8.99%, and $34.66 at 14.99%. **Customer Cash oer good on select2010 (and prior year) models between 6/1/10-9/30/10. Offer good only in the U.S., excluding the state of Hawaii. Proessional riders with advanced skills on closed course. Some modelsshown with optional accessories. Dress properly or your ride with a helmet, eye protection, gloves and boots. Do not drink and ride. It is illegal and dangerous. Yamaha and the MotorcycleSaety Foundation encourage you to ride saely and respect the environment. For urther inormation regarding the MSF course, please call 1-800-446-9227. ATVs with engine sizes over 90ccare recommended or use only by riders age 16 years and older. Yamaha recommends that all ATV riders take an approved training course. For saety and training inormation, see your dealeror call the ATV Saety Institute at 1-800-887-2887 ATVs can be hazardous to operate For your saety: Always avoid paved suraces Never ride on public roads Always wear a helmet eye

HURRY - OFFER ENDS SOON!

401 N. Scott Avenue

Wichita Falls TX 76306

Phone: 940.322.4121

Fax: 940.716.9333

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The North Texas Journal v23n32