You may be surprised at how big of an impact spending your money locally has.

Whether buying groceries or gifts, heading to a local store benefits everyone, no matter the time of the year.

The Local Community and Economy Benefit

Let’s look at the numbers. According to the American Independent Business Alliance, local businesses recirculate 48% of their profits into the local community. Big box stores only recirculate 14% into their community.

Recirculation is a continuous cycle of money staying within a local economy.

Why? Because local businesses rely on other local businesses and residents.

By shopping locally, you’re helping every surrounding store. Businesses can take higher revenues and invest in their employees, who are your neighbors and friends.

Tax money is also more likely to stay within your city or town, and this revenue helps fund schools, provide money to police and fire departments, repair roads, and more.

Shopping locally benefits your community.

You Can Shape Your Community

Chain stores can sometimes have their virtues, but when was the last time you walked into a big-box retailer with a different layout or architectural design? The reality is most chain stores are the same across the nation. You know what to expect when you walk these stores.

Communities need their own identities to thrive, and independent stores help achieve that. By shopping locally, you’re helping your town develop and maintain a unique feel not found anywhere else. That unique identity helps draw in outsiders who spend their money in your community.

A Better Shopping Experience

You’re likely to see more familiar faces when you visit local establishments. Over time, you may even get to know a business owner and form a friendship. You’re meeting the people behind a store, learning about their passions and why they operate their businesses. Some small-business owners genuinely want to help their communities and provide meaningful services.

Independently-owned stores are also more likely to have better customer service. Every interaction is with a store employee, and you’re more likely to work with managers and owners to sort out serious issues. You can spend painstaking hours on the phone with a representative on the other side of the world.

Adding better customer service with personal connections, you have a more personalized shopping experience. Owners may stock up on items they know their customers will buy and can even help you discover new products.

Local stores may not have the flashy advertising campaigns of chain retailers, but they offer more personalized and pleasant shopping experiences. Most importantly, though, is that your money stays within the community.

Try shopping local this holiday season and in the future instead of relying on chain stores and online shopping. You sustain your community by shopping locally.

Updated post. Originally published November 2016.

Want to learn more about  the benefits of shopping locally? Listen to local shop owner, Marsha Lechefske, of Booj Boutique in an episode of Dream, Plan, Live.

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The holiday season is here. More than ever, shoppers turn to online shopping to shop for gifts and decorations.

Online shopping has its perks, but there are also risks involved. Knowing how to shop safely online this holiday season is essential to ensure your credit card and personal identifying information stays out of the wrong hands.

Here is some advice to make your online shopping experience a secure one:

Choose your card carefully

Most times, when you shop online, you’ll need to enter card data into an online form. But it’s important to ensure you’re using the right card for these purchases.

Your credit card is not linked to your bank account. When you swipe the card or enter the digits into a form, your credit card issuer is the one fronting the bill; you’ll pay it off later. This means that if a criminal steals your credit card information, they do not have access to your bank account.

This is different for debit cards. Your debit card links directly to your bank account. Someone who obtains your debit card number could reach into your bank account and take your funds.

Mobile banking can help you keep track of your spending. If you typically make online payments with your debit card, you can monitor unauthorized activity by setting up alerts with your checking account. You can set a notification whenever there’s a purchase over a certain amount.

Avoid complicated fraud claims

Another crucial difference between credit and debit cards is the legal process following fraud. And fraud is especially prevalent with online purchases.

Credit cards are more heavily protected, and most consumers who experience fraud with their credit cards won’t pay for fraudulent charges, The Balance noted. In many cases, the most you’ll lose is $50.

Debit cards, however, are trickier to dispute fraud with, and the process to resolve issues is longer.

Mobile wallets are another secure way to pay. If you use Fortress Union Bank’s mobile wallet, you can make quick and safe payments at your favorite stores that accept Apple Pay, Samsung Pay, or Android Pay.

Shop at home (or on a secure network)

One perk of online shopping is its convenience. You can shop while walking your dog, if you want to. But just because you can shop from anywhere doesn’t mean you should.

If you’re connected to public Wi-Fi, there’s always a chance that a hacker is spying on your activity and stealing your card data, NerdWallet pointed out. This is different when you’re connected to your internet at home or another network you know is secure.

Want to learn more about shopping safely this holiday season? Listen to our episode of Dream, Plan, Live.

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Budgeting for retirement isn’t the easiest thing, but it is essential. Splurging early in retirement is a sure way to derail your budget. This mistake can have long-lasting consequences when certain vital expenses, like health care, increase.

Here’s how to build a budget to live your best retirement life.

First, consider your monthly essentials.

The Balance explains that your essential living expenses are the first costs you’ll need to consider. Your house is one of these. Others include:

• Health care
• Transportation
• Food
• Utilities

In many cases, retirees find that their housing expenses decrease during retirement. Maybe they’ve finished paying down a mortgage, or they chose to downsize to a smaller place that costs less to maintain. Either way, fewer housing expenses are often welcomed by retirees, according to The Motley Fool.

Transportation costs also tend to go down during retirement. Consider the price of your daily commute; fuel, parking, and auto maintenance costs add up quickly. While you’ll likely still hang onto your car after retiring, you probably won’t be driving it twice daily anymore.

Health care is one expense that most retirees can count on increasing, especially in their later years. When planning out your budget, don’t neglect to consider how aging will affect your health.

Solution: move and downsize.

Downsizing is beneficial for a few reasons. You can consolidate and lower your expenses. You can also simplify your life by having fewer things to manage.

Think about your home, for example. If you sell your current home, you can add the money from the sale into a savings or spending account, and you won’t end up paying as much in property taxes if you decide to move into a smaller home. If you move into a condo, there will be homeowners association fees but no costs associated with maintenance or anything similar.

Second, include less-frequent essentials

Typically, people calculate their expenses on a monthly budget. But some bills come around once or twice a year that are just as important. For example, auto insurance, property taxes, and insurance premiums are quarterly, biannual, or annual expenses. Don’t forget to include yearly spending on holidays and birthday gifts.

Solution: Have a separate fund to pull from.

You can start taking money from your 401(k) and Individual Retirement Accounts just before you turn 60. But you don’t want to rely on these funds to pay for everything.

Ideally, you should have an emergency account that contains roughly six months of living expenses. This can cover anything that pops up unexpectedly, such as hospital visits or car repairs. Talk with a financial advisor to strategize the best way for you to build your retirement investment portfolio.

Third, consider your retirement lifestyle.

Everyone has an idea of what they want their retirement to look like. Some retirees like to stay local and spend more time with family and friends. Others prefer to spend their golden years jet-setting and seeing all the sights they couldn’t see when working. Still, others choose to take up an entirely new hobby.

Solution: Dream big. Plan wisely.

Think about your dream retirement and what will fill your time. Then research the expected costs of it. Will your retirement hobby be learning how to sail? Factor in the cost of your boat (as well as sailing lessons, dock rental, and maintenance). Would you rather spend your retirement creating a beautiful garden? It’s a relatively inexpensive hobby, but it’ll cost some money.

Finally, take unexpected costs into account.

No one can predict the future – which is why you must prepare for anything. Bankrate noted that it doesn’t take much to knock your retirement budget out of whack. Two common traps many retirees succumb to are getting carried away with their newfound hobby or diving into vast home upgrades.

If you have children, don’t leave them out – even if they’re full-grown and on their own. Many adult children will turn to their parents when times get tough. If you think you’ll be inclined to help them financially, be prepared for your generosity. Set some money aside for this.

Solution: Continue Investing, But Simplify.

If you want to ensure your money lasts, you may want to continue investing. Talk to your financial advisor about your situation. You should also consider simplifying your investments. For example, think about consolidating your assets to one financial institution, so it’s easier to manage everything.

It’s important to know what exactly your risk level should be, however. You still need room for growth, but you don’t want to put all your money on the line.

Enjoy your retirement!

Planning your retirement budget may not be a fun or exciting activity. But, it certainly is an important one. Have a solid financial plan to prepare for anything your post-career years have in store.

Fortress Union Bank can help you save and plan for your retirement. Find a location near you.

 

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But unlike in the 1980s, agriculture is not on the edge of another farming crisis. To be clear: while the economy is shaky for American consumers, the agriculture sector is in a historically strong position to weather these economic changes.

Here’s what you need to know about managing your farming operation with higher interest rates.

In recent months, the U.S. Federal Reserve increased the benchmark interest rate for lenders, the highest hike since the 1980s, to combat rising inflation for everyday Americans. Here’s what you need to know about managing your farming operation with higher interest rates.

What To Watch In Volatile Markets

First, it’s essential to outline what elements farmers should watch when thinking about their operations in the larger economy. In an interview with AgWeb, Virginia Tech professor Dr. David Kohl laid out five macro factors that will impact the agriculture industry:

• Weather in the U.S. and throughout the rest of the world
• Central banking at home and abroad
• Duration of the dollar’s strength
• Technology and oil, including biofuels
• Developing nations in light of slow economic growth worldwide

Market Volatility and Commodities

Economists expect The Fed to continue raising interest rates this year as the battle to reduce inflation continues. These high costs have made their way to prices in farming operations. According to Zachary Carpenter, Executive Vice President and Chief Business Officer at Farmer Mac Magazine, commodity, input, and energy prices are reaching near-record highs. For farmers, this means a diminishment in previously healthy business margins.

But he explains in his article that ag lenders and farmers are both in better financial positions. “The total sector debt-to-asset ratio has averaged 10-15% since the early 2000s, compared to 15-23% during the farm financial crisis.”

Short-Term and Long-Term Loans

Farmers who borrow money for operating expenses, like cash rent, fertilizer, seed, and chemicals, typically take out short-term loans. When you apply for next year’s expenses, look for operating loans and credit services with fixed rates that won’t change when interest rates are raised and help your operation stay on budget.

Fixed interest rate loans are also essential to long-term investments with machinery, equipment, and land purchasing loans.

If you decide to lease or buy equipment, explore all your options for deductibles, such as Section 179. This will allow you to claim livestock, machinery, and vehicles as a total business expense.

Buckle In

If there were one piece of advice to the agriculture industry, it would be to settle in. While you may want to secure a long-term loan or purchase more equipment, you will want to limit your borrowing; only do so when necessary.

Likewise, be sure to have a cash reserve on hand. With interest rates expected to increase further, you will want to ensure you’re adequately prepared for bad and good effects.

The Ag experts at Fortress Union Bank are here to help you and your unique operation. Reach out to the ag finance experts at Fortress Union Bank.

Updated post. Originally published February 2016.

RELATED POSTS

• The ins and outs of farm management
• Transferring the farm to the next generation
• The farmer’s ledger: operating budget

The post How is agriculture affected by rising interest rates? appeared first on Fortress Union Bank.

If you’re looking for a unique way to give back to your community, here are five questions you should ask yourself to see if a volunteer board member position is right for you.

1. Do you want to dedicate your professional skills to growing a cause?

A non-profit board is responsible for steering an organization towards a sustainable future. Members of a board manage governing policies, set financial management policies, and advocate for the organization.

Think about what skills you have to contribute to these responsibilities. Do you work in finance or social media? Are you well-connected in your community? Are you someone who likes to work behind the scenes to get a job done? All of these skills, and so much more, would be assets to an organization’s leadership.

2. Are you collaborative?

Generally, there are two types of boards: advisory boards, which focus on the high-level driving for the organization, and working boards, which additionally handing some day-to-day tasks for the organization.

While there are different expectations for different kinds of boards, it’s crucial that you can work well with other people. The board’s responsibility is to work as a team to make key decisions, from budgeting to governing policies.

3. Do you have additional time to fulfill your service?

Serving on a board extends beyond attending monthly meetings. This amount of time varies between organizations, but you should expect to have additional work outside of meetings. That can include reviewing meeting materials, attending events, or contributing to subcommittees.

If you’re looking for a way to give back with less time commitment, consider searching for volunteer positions in your community.

4. Are you prepared for additional board expectations outside of your time?

Boards typically expect their members to donate to an organization to set an example and meet their fundraising goals. They may also require you to attend certain events throughout the year or plug the organization into your network. Make sure that you are in a position to support the cause you’re working with and meet these expectations.

5. Are you energized about being an ambassador?

As a board member, you are a face for the organization and the causes you’re advocating for. You’re responsible for explaining the organization’s impact and mission to drive engagement and donations. This is an exciting role, but you should be prepared to encourage others to connect with the work you’re doing for an organization.

Listen to an episode of Dream. Plan. Live. podcast with Kurt Wiegers of Fortress Union Bank discussing board service as a rewarding way to dedicate time and talent in your community.

Looking for more ways to give back?

• 5 ways donations help you and the causes you care about
• 4 ways to look for inspiring volunteer opportunities in your community

The post How you know if a volunteer board member position Is right for you appeared first on Fortress Union Bank.

Here are four ways you can look for volunteer opportunities that will boost your community and inspire you:

Consider what skills you can offer when you volunteer.

Ask yourself how you can offer your expertise or time to an organization in need. Do you have experience coaching or teaching? Are you good at taking direction? Do you have a knack for organization? Be realistic about the time and talents you can offer to local organizations. This will help you get a clear direction about where to look for volunteer opportunities.

Ask organizations you’re already involved with.

Start by thinking about non-profit organizations that you’ve already worked with. Maybe you adopted a pet from a local animal shelter, ran a 5k for a local charity, or currently attend a church. Look for organizations you have connections with to see what opportunities they have for you. Even a quick search online for volunteer opportunities in your community will likely turn up needs organizations have that might inspire you.

Search your local news outlets for advertisements.

If you’re looking for one-off opportunities to volunteer, look at your local newspapers and radio stations for ads. If you know there’s a big event coming up, like a charity auction or a bake sale, organizations may put asks directly into the community to look for help.

Look for jobs with companies that incentivize volunteer time.

Corporate volunteering is a way businesses commit to giving back to their communities. It’s becoming more common, especially because it incentivizes young professionals to join their work. This could be in a cause that employees volunteer with every month, like packaging meals, or they could offer Volunteer Time Off (VTO) to allow employees to make an impact outside the workplace.

Interested in learning more about how to find volunteer opportunities? Listen to our episode of Dream, Plan, Live with Nate Amborn, one of Fortress Union Bank’s 2021 Volunteer of the Year Awards.

Fortress Union Bank is committed to serving families and organizations in communities across our branches. Learn more about our promise to give back with our employee volunteering and local grants.

Looking for more ways to give back?

• How you know if a volunteer board member position is right for you
• 5 ways donations help you and causes you care about

The post 4 ways to look for inspiring volunteer opportunities in your community appeared first on Fortress Union Bank.

Americans today across states, incomes, and ages, give more generously and regularly. If you have extra income that you want to pay forward or you want to support a cause you care about, your gifts can make an incredible impact on your community and your life.

Here are 5 ways why you should donate to charities:

1. Your donations are an investment in your community.

When you give a gift to a non-profit or cause you care about, you are investing in that mission to continue growing. Non-profits and charitable causes rely on donations from individuals to achieve their day-to-day work, like keeping the lights on at a children’s hospital or purchasing essential products for people in need.

2. Charitable gifts are tax-deductible.

If you donate to a qualified organization, you can deduct your charitable contributions during tax time. But certain restrictions apply. Stay up to date about what organizations qualify using the IRS Tax-Exempt Organization Tool. Donating is a great way to reduce your taxes in the name of a cause you care about.

3. A gift at any level makes a huge difference.

You don’t need to make a four-digit dollar donation to make a difference in a non-profit. If you give a recurring gift of $10 or more a month to a non-profit, you show consistent support for that cause. Its impact also builds over time. It’s also important to know that the American dollar goes further in other parts of the world. If you’re interested in giving to causes that build up our global community, research the organization before you give using Charity Navigator or Give.org.

4. Charitable giving supports your money management.

By setting aside a certain amount or percentage of your income to donate, you ensure that every dollar you earn has a purpose, from saving to spending. Incorporate giving into your monthly or annual budget by reviewing our guide to setting up your monthly budget.

5. When you give back, you feel good.

Paying it forward with charitable giving is one of the best ways to feel connected to your community and know that you’re making a difference. Your commitment to giving what feels generous to you is a life-long practice. And the gifts you make for your communities and causes will live beyond you.

Want to learn more about where to start when you want to give back? Listen to our episode of Dream, Plan, Live. We sit down with community leaders in non-profits from the Iowa Great Lakes Area for their guide to giving.

Looking for more ways to give back?

• How you know if a volunteer board member position is right for you
• 4 ways to look for inspiring volunteer opportunities in your community

The post 5 ways donations help you and causes you care about appeared first on Fortress Union Bank.

However, as you look at your travel options, our quarantine social distance experiences have taught us some lessons and offer some new rules for the road.

Pandemic dressing has reassured us you can wear the same stuff more than once and the sky won’t fall. And one pair of sneakers is probably all the footwear you need. T-shirts, hoodies and wind breakers make an all-weather ensemble for hiking, shopping or just relaxing.

If you can buy it, don’t pack it. Umbrellas, visors, even toothpaste can be purchased on the fly. Take advantage of complimentary hotel toiletries. Use them. Leave the unused portions when you depart.

Take time to define the big reason for your trip. Then, don’t compromise on what’s most important. Whether it’s adventure, nightlife, the beach, relaxation, golf, great food (or wine), make sure your destination can deliver the specific experience you’re looking for. But be willing to compromise in other areas (like accommodations or car rentals), because one destination rarely has it all.

Instagramability is a thing. One of the two most important destination determinants for young travelers is photo and video social media appeal. In case you were wondering, affordability is the other.

Rethink your destination. Airports and planes are still either dealbreakers or reluctance-inducing for many of us, but the upper Midwest offers many wonderful and unexpected options that are drivable.

Great scenery. Consider the lush shoreline of Door County, Wisconsin, the dramatic Badlands of South Dakota’s Black Hills, or the charm of Mackinac Island, Michigan.

Getting away from it all. Want to escape the heat and kick back? Go north. Brainerd Lakes in Minnesota offers a plethora of lake homes for rent amid quiet, hikeable surroundings. Or go south. The Lake of the Ozarks area boasts 25,000 boat docks and lots to do for families.

Surprising cities. Minneapolis, Eau Claire and Columbus are friendly, mid-sized cities that affordably offer good accommodations, and lots to see and do.

Taking the kids? On driving vacations, consider leaving at dusk, not dawn. Sleeping children make for a quiet, fewer-rest-stop journey.

Pack cortisone cream. Bee stings and bug bites can – and do – happen everywhere.

Define your work availability while you’re gone. Not surprisingly, it doesn’t matter whether you’re a Millennial, Gen Xer or Boomer, most of us are going to be working and keeping in touch with the office at some level. Set expectations before you go as to how much and when you’ll be responding to emails and texts.

Say “yes.” Vacations are meant to shake up your routine, energize you, and educate you. So don’t order a cheeseburger at a fresh fish café. Take some Dramamine® and try the sunset sail excursion.

Find compatible vacation companions. If you’re a free spirit who prefers a no-schedule day and your traveling buddies love organized excursions, you may spend valuable time negotiating rather than enjoying your trip.

One last note: Don’t take anything you’re not willing to lose. Things happen. Leave the good stuff at home and enjoy your getaway!

Related Posts

Your step-by-step summer vacation savings guide

The post Dreaming of a getaway? appeared first on Fortress Union Bank.

There used to be a time when malicious pop-ups were only on questionable sites, but those days are gone. Hackers are smart and develop ways to inject malicious malware into pop-ups and online advertisements – even on the most trusted sites.

One of the most common attacks we see occurs when you visit a site and a pop-up appears that says, “Your computer is infected! Download our antivirus now!” If you click on this, a bogus virus scan will start. After the “scan” completes, you’ll be asked to pay for a full-version of the software or to call a helpline to connect with a support representative.

Spoiler alert: The software is not real and the fake support representative will take control of your computer to try and “fix” the issue, but end up causing more damage.

How to prevent

Although hackers are smart, you can be smarter. Here are some tips to protect yourself from these types of attacks:

• Avoid clicking on pop-ups. 
• Update your operating system regularly (don’t postpone or snooze these important updates!) 
• Use web-filtering software to warn you before accessing potentially harmful sites.

Remember, these attacks are only successful if we fall for them.

Bottom line: Don’t trust pop-ups. Stay alert and be cautious.

Source: The KnowBe4 Security Team
KnowBe4.com

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Recent years have brought many challenges to farmers in the Midwest. Although production has been high, commodity prices have remained low. Trade negotiations with China have added more strain on an already struggling industry.

Agricultural lenders are familiar with all of these issues and can help area farmers overcome the obstacles they face in today’s economy. They can act as your financial mentor, offering guidance when you have to make difficult decisions.

The issues facing today’s farmers create many reasons to worry, but it is not time to panic. Farmers need to work with lenders, input suppliers, agronomists and marketing specialists to position their businesses to take advantage when the economy improves.

5 Tips for Farmers in Difficult Times

While dealing with a tough economy can be stressful, it is important that area farmers are not intimated by the short-term outlook of the industry.

Following are five tips that can help during challenging times:

• Reduce debt. Properly structuring debt is crucial. You may need to consider selling off capital assets or repositioning short-term debt where possible.
• Reduce expenses. Until the economy improves, it is important to look for ways to cut down production costs. Any measures you can take to reduce the cost of seed, chemicals or rent will better position you for success.
• Adjust living expenses. Changes you can make to personal expenses can have a positive effect on your business. Look for ways you can reduce or eliminate expenses until things improve.
• Create a marketing plan. Look for opportunities to expand your customer base and for ways to set your farm apart from your competition. Hire a professional who can help you create a marketing plan that will open up new opportunities.
• Talk to your lender. Maintaining communication with your lender is critical. Make sure to schedule an appointment to discuss financial concerns as early as possible. He or she may be able to suggest alternatives you have not considered.

Source: Tips provided by the Iowa Bankers Association.

RELATED POSTS

• The ins and outs of farm management
• The farmer’s ledger: operating budget
• Insuring your business’s (or farm’s) stability: Key person insurance and buy-sell agreements

The post Need Help Navigating a Challenging Ag Economy? appeared first on Fortress Union Bank.