Vincenza Vicari-Bentley, AFC & Lead Program Coordinator Empowering Financial Wellness There are lots of reasons why women should invest. One of the most compelling reasons is that women face unique challenges when it comes to retirement.
These reasons compel us to believe that it’s even more important for women to ensure that we set aside money for our future selves. Life is unpredictable. Investing for the long term can provide financial security and independence, allowing a woman to support herself, regardless of her marital status or other circumstances. Overall, investing is a powerful tool for building wealth, achieving financial goals, and securing a brighter future! Where do you begin? Did you get a tax refund? Use some of that tax return and open your own investing account with as little as $25 at your local bank/credit union, or a low-cost brokerage. Want to learn more? Join us for our FREE webinars on investing basics for women where we help you build the confidence and tools to learn how to invest in yourself and your future security. Go to finance.usu.edu/efw to learn more.
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Kelan Combe, AFC Candidate Empowering Financial Wellness Program Coordinator Tax season is upon us! You know what that means? Tax returns! I’m sure most of us are excited to see that nice tax return hit our bank accounts, but do you know who else is excited? Scam artists.
In today’s digital world, scams are becoming increasingly common, and tactics are constantly evolving to take advantage of those who may not be looking out for them. To help keep you protected, we have come up with a few of the most common scams we have seen in the last little bit, and will give you some tips on how to identify and deal with them. 1. Text Scams I, and I’m sure many of you may have seen a recent increase in random texts coming from unknown numbers saying things like “Do you want to go golfing this weekend?” or, “Why aren’t you responding? Are you at work”, or even just a simple “How are you?”. Many of these messages are automatically sent to large numbers of people at once with one goal: Get someone to respond. Once someone responds, the scammer either tries to start a conversation with you hoping that they will get some information out of you, send a picture, which once downloaded can infect your device with malware aimed at discovering passwords, bank information, or other personal information, or a combination of both. In addition to this, once you respond the scammer now knows that you have a working number, and the frequency of these texts could increase. When you get one of these messages, DELETE IT! Do not respond, and do not click on any links, files, or pictures that may have been sent. You can also report the text by forwarding it to your phone provider, for example for Verizon you would forward it to 7726, or you can report it to the Federal Trade Commission at reportfraud.ftc.gov. 2. Phone Scams Phone scams involve fraudulent calls attempting to deceive individuals into providing personal information or making payments. Most of the time the scammer will be pretending to be a bank, or government organization such as the IRS or police departments. Protect yourself from phone scams by avoiding providing personal or financial information over the phone, especially if you receive unsolicited calls. Legitimate organizations will never ask for sensitive information over the phone. You should also be wary of threats or pressure. Scammers often use threats or pressure tactics to coerce individuals into compliance. Hang up immediately if the caller uses aggressive language or demands immediate action. 3. Email Phishing Email phishing scams involve deceptive messages that trick individuals into revealing sensitive information, such as passwords or financial details. The scammer usually tries to impersonate a legitimate person or company. The goal of the emails is usually for you to click a link, or download and attachment that will let them install malware on your computer or collect personal information. To protect yourself against phishing, you should:
Lastly, here are a few tips to help keep you and your identity safe: 1. Put a freeze on your credit report. This will make it so even if someone manages to get ahold of your information, they will not be able to use your SSN to open credit. Click HERE for instructions to place a freeze on your credit. 2. Request an Identity Protection PIN from the IRS. This PIN prevents identity thieves from using your SSN to file for a tax return. Find out more at the IRS website. 3. Review your credit reports often. You can review your reports up to once a week completely for free. Reviewing your report can often be the first and only sign that someone is using your personal information to open accounts. Check it by going to: https://www.annualcreditreport.com If you want to know more about how to protect yourself from fraud, specifically investment fraud, join us for our webinar on March 5th where our guest presenters from the Utah Division of Securities will teach strategies for protecting your investments from scams. Rochelle Allen Empowering Financial Wellness Program Coordinator Waking up each morning, buzzing with excitement about diving into a side hustle that feels more like a thrilling adventure – that's the dream, right? We all yearn for that "cool side gig" where our passions propel us towards success. But how do we turn that dream into a lucrative side hustle?
Ensure there's a demand for what you're offering by doing thorough market research. Dive into your target market's preferences, gather insights, and position yourself effectively. Study your competitors, refine your unique selling points, and establish yourself as the go-to expert in your chosen niche. Invest in yourself – always. Keep learning, whether it's through courses, workshops, or mentorship. Continuous growth not only sharpens your skills but also boosts your confidence. Think of it as fine-tuning your craft before diving into the main act! Become the best you that you can be. Craft a solid business plan that maps out your goals, strategies, and financial projections. Stay focused and flexible, adjusting your plan as you go. Cover all the bases, from defining your audience and pricing strategy to mapping out your marketing tactics and operational processes. Think of a business plan that will allow you to continue balancing your main profession and family. Build a brand that speaks volumes about who you are. Create a logo and brand voice that stand out, and keep it consistent across all platforms. A strong personal brand builds trust and credibility, turning casual followers into loyal fans. But don't forget to enjoy the ride! Share your passion on social media, connect with others who share your interests, and seek advice from those who've been there, done that. Collaborate with like-minded individuals and explore partnership opportunities that benefit everyone involved. By following these steps, you'll be well on your way to turning your passion into a profitable side hustle. It takes dedication, resilience, and a willingness to keep learning and evolving. So embrace the journey, savor every moment, and watch as your dreams become your reality. Vincenza Vicari-Bentley AFC & Lead Program Coordinator Empowering Financial Wellness Do you love money or do you not like dealing with it? Why is money such a hard topic to talk about, especially with our significant other? A lot of spending habits and the mindset we have about money often come from childhood. The way we spend and save money is based on habits and attitudes about money that we learned at an early age. Money is the biggest reason why marriages fail, but it’s not the money itself, and not even the lack of money. It’s the lack of talking about it and working it out together. Early in my marriage we were “learning to talk” about money and it was awkward and it felt “judgy”. It’s important to talk to your partner about why you might be the way you are—financially.
The discussions are less about making excuses and feeling judged and more about self-awareness. For a lot of couples all across America, money is the pink elephant in the room but it doesn’t have to be. The solution? Plan money dates! Pick a date and time, put it on your calendar and agree to a time limit (having favorite snacks and beverages can help). Talk about your dreams and goals. Seeing eye to eye on money starts by having a shared goal. Maybe you are saving up for a trip, a house, to start a family, pay off debt or just a nice date night. Without guilting one another for spending or slip ups, create a shared goal and connect your habits and actions to it. Doing this on a regular basis (weekly or monthly) can help you create a roadmap (insert budget) so that together you can both get to where we want to go! The time you put into these discussions is an investment in your relationship. Looking for more ideas on money tips with your honey? Join us for our special free webinar on February 13th and 15th “For the Love of Money- Empower your Relationships with Insights on Financial Habits & Attitudes”. Register at finance.usu.edu/efw Amanda H. Christensen, AFC, Extension Professor Utah Money Moms Editor “Loud budgeting”, the latest financial trend, encourages shedding the stigma around frugality by openly sharing savings goals and money boundaries. Advocates of loud budgeting communicate their priorities, like forgoing lunch dates to prioritize buying a home or paying off debt, fostering a more transparent approach to finances. This trend not only puts you in control of your spending but also removes the taboo associated with budgeting.
As an Accredited Financial Counselor, here’s what I think of this “loud budgeting” movement; I like that it encourages shedding the stigma around frugality by openly sharing money goals and boundaries. Successful ‘Loud Budgeters’ are setting a clear financial goal like ‘I am saving for a down payment’ or ‘I am eliminating credit card debt’. They then kindly inform family and friends about their commitment to that goal to avoid confusion when declining some invitations. And they are not entirely eliminating fun money or the social aspects that money can facilitate like inviting friends over to cook dinner and watch a movie. Tips to be successful with “Loud Budgeting”
Here’s to normalizing open communication about money goals and embracing the opportunity to support each other along the way! Join my free Budget Mastermind. Click HERE for locations and dates! |
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