Tag: Money

Transition Planning: 12 Steps to Keep the Family Farming

While many family-owned businesses have the long-term objective of “passing the business on to the next generation,” this is not an easy process. A great deal of planning, preparation, and communication is needed in order to accomplish the feat of moving the business from one generation to the next. The aspirations of both generations need to be addressed along with the financial feasibility of the operation supporting all involved. Checkout the K-State Research and Extension publication “Transition Planning: 12 Steps to Keep the Family Farming” and watch the video below as you work through the farm succession planning process!

By:  Nora Rhoades

Identity Theft: What to know, What to do

Is someone using your personal or financial information to make purchases, get benefits, file taxes, or commit fraud? That’s identity theft.

If have become a victim of fraud, the Federal Trade Commission shares that the first step is to call the companies where the fraud occurred.

  • Call the fraud department. Explain that someone stole your identity. Ask them to close or freeze the accounts. Then, no one can add new charges unless you agree.
  • Change logins, passwords, and PINS for your accounts.

Visit IdentityTheft.gov to report theft and get a personal recovery plan. Learn more steps in the FTC’s resource, Identity Theft: What to know, What to do.

By:  Nora Rhoades

Buying and Using Health Insurance – Consumer Resources

Nora Rhoades
Family and Youth
Development Agent

When choosing a health insurance plan for you and your family there is much to consider. The right plan for you and your family will depend on your health and your financial situation. The University of Maryland Extension provides some helpful consumer resources. These tools can help consumers be smart about buying and using health insurance. To access the resources visit https://extension.umd.edu/insure/consumer-resources.

By:  Nora Rhoades

Know Fact from Fiction about Insurance Coverage

Taking the time to read the fine print of health, auto and home insurance policies may not always happen with consumers. But it pays to understand what you’re purchasing so there are no surprises if you ever need to file aclaim.

Understand 9 common insurance misconceptions that may occur from a lack of policy knowledge. They were compiled from questions to the Kansas Insurance Department Consumer Assistance Division and the National Association of Insurance Commissioners (NAIC). Ken Selzer, CPA, Kansas Commissioner of Insurance provides insight about each misconception in the July 2017 column, “Insurance Matters”: http://www.ksinsurance.org/documents/department/insurance-matters/July2017-insurance-matters.pdf

By:  Nora Rhoades

Saving at Tax Time

Do you have plans for your tax refund? A tax refund provides the opportunity to improve your financial situation. Use the 30-40-30 plan to pay for your past, present and future. For more savings resources and tips on how to get the most value from your tax refund, visit America Saves at https://americasaves.org/ 

30-40-30 PLAN

  • PAST: Designate 30% of your refund to paying off debt and catching up on outstanding bills.
  • PRESENT: Earmark 40% for current use.
  • FUTURE: Use 30% to jumpstart an emergency fund or longer term savings.

By:  Nora Rhoades

Set a Savings Goal

Saving money, improving your financial life, building wealth. It all starts when you set a goal and make a plan to reach that goal. So what is your goal? Set up an emergency cash fund? Get out of debt? Make a down payment on a car or home? Sock away money for college or retirement? Setting a savings goal is important, and those with a savings plan are twice as likely to save successfully. There are lots of little things you can do to fund your savings.

Visit americasaves.org for saving tools and resources.

By:  Nora Rhoades

 

Simple Steps to Save Successfully

America Saves Week (February 27 – March 4, 2017) is an annual opportunity for individuals to assess their savings and take financial action. Set a goal, make a plan, and save automatically.

  • Assess Your Savings: Like your health, you should assess your savings annually to make sure your savings priorities are on the right track.
  • Evaluate your Savings Preparedness: Take time to evaluate your savings accomplishments and identify where your savings habits need strengthening for your future goals.
  • Take the America Saves Pledge: Savers with a plan are 2x more likely to save for retirement, have emergency savings, and stick to a budget. When you take the America Saves pledge, you can choose to receive text message tips and reminders to help you save towards your goals.
  • Follow America Saves on Facebook and Twitter to connect with the challenge and identify saving strategies that can work for you. You can also connect with savings resources by following the Post Rock Extension District on Facebook and Twitter.

By:  Nora Rhoades