A Successful Financial Advisor
Solera National Bank was formed specifically with Latinos in mind — a dedication it still trumpets seven years after it was created — yet the bank has done very little mortgage lending to that community, federal data shows.
The bulk of the bank’s home loans through 2013 — nearly $257 million for home purchases or refinancing existing mortgages — have been to non-Latinos, and a large share of those dollars went to areas far from Solera’s Lakewood headquarters, including mortgages in Hawaii and Alabama, according to data from the Federal Financial Institutions Examination Council.
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Just like most people, having my own home is one of my life goals.
And usually, when we say that, we think of it as buying a house. That’s the dream, at least. But when you start planning for it, you realize it can take many forms.
Superficially that means a choice of House, Condo, or Townhouse (or Duplex). I say superficially, because although you would have your own preference of those choices,what you will really need to prepare for is the way you would acquire it.
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A while back I posted about why you need SSS if you want to improve your financial future. I still don’t think it’s a great investment by itself. But being an SSS member does let you have access to bank products.
In addition, SSS benefits are still useful, even if not nearly enough to rely on. But while I mentioned before what benefits are available, I left off how you can avail of them.
And I thought that info might be useful, since there’s a lot of bureaucracy involved. At the very least you’ll need your SSS ID, pay your contributions, and go to the nearest SSS branch. However, depending on the benefit, there are numerous forms and documents to submit.
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I came across this infographic and while I don’t think its productive to measure up your finances against a billionaire, some of the investment advice at the bottom is insightful or at least useful.
(warning: It’s a huge file. It may take some time to load. …or cost you a lot of money if you’re on a mobile without an unlimited data plan.)
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CHERRY HILL, New Jersey, Oct. 7, 2014 /PRNewswire-HISPANIC PR WIRE/ — TD Bank, America’s Most Convenient Bank®, today released its second annual TD Bank Checking Experience Index survey which found that the Hispanic banking experience has improved in the past year. According to the Index, 84% of Hispanic consumers consider their day-to-day experience with their checking accounts excellent or very good (compared with 80% in 2013).
Although most Hispanic consumers have a checking account and are generally happy with their bank’s services, 30% of survey respondents said they have used a check cashing service within the past three months, followed by 28% who used money transfer agents. The TD Bank Checking Experience Index is a nationwide survey of more than 1,500 consumers, including more than 500 Hispanics, with checking accounts at various financial institutions.
“Nearly all (95%) of Hispanic consumers surveyed currently have a checking account, but some still use alternative banking services,” said Ryan Bailey, Executive Vice President, Head of Retail Deposit and Payment Products, TD Bank. “Consumers should speak with their bank to help identify the most appropriate services to help them meet their everyday financial needs.”
Human Interaction, Accessibility are Important
When asked about their primary checking accounts and day-to-day banking needs, Hispanic consumers ranked their financial institutions as having friendly and helpful service (82%), accessibility (79%) and making day-to-day banking easier (78%) as being excellent or very good.
The top five ranked banking services which Hispanic consumers said were either excellent or very good were:
• Debit card or check card (84%)
• Easy to use online banking (83%)
• Online bill pay (81%)
• Online account-to-account transfers within your bank (79%)
• Convenient banking hours (73%)
More than half (59%) of Hispanic consumers said that availability of materials in Spanish for their primary checking accounts and day-to-day banking needs was either excellent or very good.
Alternative Preferences with Modern Banking Behaviors
Check cashing services are still commonly used by Hispanic consumers, despite having a bank account. Of the 30% of Hispanic survey respondents who reported using check cashing services, they cited the following reasons for using them:
• Cashing a check (19%)
• Convenience (13%)
• Need for cash (12%)
Of the 28% of Hispanic consumers who used money transfer agents, they did so to transfer/send money to friends/relatives (14%) and transfer/send money out of the USA (13%).
Regional Differences: New York City and Miami/Ft. Lauderdale
Based on the results of the Index, Hispanics in New York City and Miami/Ft. Lauderdale have similarities and differences with their banking behavior:
• More Hispanic consumers in Miami/Ft. Lauderdale have checking accounts
compared with Hispanic consumers in New York City (98% versus 88%)
• Hispanic consumers in New York City reported using a check cashing
service in the past three months than those in the Miami/Ft.
Lauderdale area (56 % versus 40 %)
• More Hispanic consumers in Miami/Ft. Lauderdale have used money
transfer agents (74%) than those in New York City (69 %)
• Prepaid card usage for day-to-day purchases in Miami/Ft. Lauderdale
(40%) is significantly higher than Hispanics in New York City (13%)
• Most Hispanic survey respondents in New York City use prepaid cards for
online purchases (63%)
• More Hispanic consumers in Miami/Ft. Lauderdale rated their bank as
excellent and/or very good (83%) compared to those in New York City
(73%)
• Hispanic respondents in both markets said that the debit/check card is
essential and can’t imagine not having this service (69% New York City,
64% Miami/Ft. Lauderdale)
Survey Methodology
The study was conducted among a nationally representative group of consumers from August 25 through September 1, 2014. The sample size of 1,510 consumers has a margin of error of +/- 2.5%. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
About TD Bank, America’s Most Convenient Bank
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US. TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.
SOURCE: TD Bank
For decades the path to adulthood looked something like this. Graduate from high school, go to college, graduate from college, get a job, get your own place, and, ta-da, you’re an adult. But a new economic reality has changed that.
Multi-generational housing, having three generations living together, is become more and more normal. College grads that can’t find work, older people who can’t live on their own, and the generation paying for them both, all living under one roof.
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It’s actually not about gambling.
I’ve posted about Loss Aversion before, but this 7:19 video explains it much better.
If you aren’t investing or have just started to, this helps explains what you’re probably feeling. Heck, I’ve been investing for yeas and I feel it still.
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Emails, texts and notifications that communicate the balance, status and movement of cash are services offered by most banks worldwide and demanded by a vast majority of tech-savvy individuals who carry handheld devices, cell phones, computers and/or interactive screens of any kind.
Since online/home banking was introduced in the early 1980s, the digital and virtual management of monetary funds has become mainstay, and would later become favored over traditional banking, particularly by Hispanic Millennials and certain upscale/affluent Latinos.
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