feb 2015

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FINANCE <strong>2015</strong> ANNUAL FINANCE ISSUE Money, budgeting and finance in general. It’s a tough issue for the majority of us, but one we must all address. Should we spend now or save for later unforeseen circumstances and retirement? How much should we spend and how much should we save? Should we invest what we save or just let it safely sit accruing interest? Which investments are safe and which are risky? These issues and more are addressed in this section’s six articles. There are topics that range from credit unions to real estate, from Bitcoins to investment, and from retirement to the middle class. Regardless of age, we hope you find some answers to your questions on the following pages. IN THIS SECTION 103 CREDIT UNIONS: A credit union executive compares banks and credit unions. 104 REAL ESTATE: Five local top-selling realtors give their opinions of the current state of the south Florida market. 106 BITCOINS: This controversial Internetbased currency is explained. 107 BONDS & MUTUAL FUNDS: A financial advisor analyzes bonds, funds and their ratings. 108 RETIREMENT: A wealth manager offers advice for those planning to retire out of state. 109 THE MIDDLE CLASS: Our middle class, formerly the largest in the U.S., appears to be shrinking. 102 FEBRUARY <strong>2015</strong>
FINANCE ARE CREDIT UNIONS FOR YOU? By Sandra Spence How are they different from banks? While the two entities provide financial services for the community, there are fundamental differences in philosophy and the way they affect your pocketbook. Credit unions are a viable alternative to banks. Although credit unions have been in America since the 1850s, the majority of Americans knows nothing about them. Walk into a credit union and a bank branch, and it’s hard to tell the difference. Both are likely to have drive thru windows, vaults and a teller counter with polite employees. Credit unions and banks are similar because both provide financial services to the public, have deposit insurance so your money is safe, and are government regulated. But this is where the similarity ends for the most part. While the two entities provide financial services for the community, there are fundamental differences in philosophy and the way they affect your pocketbook. Here are some of the more outstanding differences: PROFIT vs. NOT-FOR-PROFIT: Banks are profit-driven institutions, which pay dividends to stockholders and interest to their account holders. Credit unions are notfor-profit and return their earnings to their members. What does this mean? It means that these profits are returned to credit union members directly in terms of higher returns on investments, lower fees and rates on loans, and higher interest and lower fees on deposits. OWNERSHIP: Banks are owned by their stockholders. Credit unions are owned by their members. Each member has an equal say in the institution regardless of how much money they have on deposit. With local ownership and management, credit unions are generally more flexible in their loan decision process. CUSTOMER SERVICE: Banks are usually large regional entities with many employees who do not know their customers. The smaller size of a credit union means better service to its members who are generally well known by employees at the credit union’s branches. BOARD MEMBERS: Credit unions are governed by a volunteer board of directors, elected by and from the organization’s membership. Large banks usually have a board of trustees, who represent the interests of their stockholders. FINANCIAL EDUCATION: Credit unions assist their members and customers to become better-educated consumers of financial services. They do this with readily available online resources, group seminars and one-to-one counseling. Banks do not emphasize financial education. SOCIAL WORKS: The primary goal of banks is to create profits and maximize the bottom line. Social work in the community is a distant secondary aim at best. The goal of every credit union is to serve all their members well, including those of modest means. This people-first philosophy drives credit unions and their employees to get involved in community charitable activities and worthwhile causes. The Credit Union National Association (CUNA) estimated that Florida credit unions provided $366 million in direct financial benefits to the state’s 4.7 million members during the twelve months ending in June 2014. These are not mere statistics. They translate into real benefits for real people. Financing a $25,000 new car for 60 months at a Florida credit union, for example, will save members an average of $192 per year in interest expense compared to what they would pay at a banking institution in the state. For the consumer seeking a low cost alternative to banks, credit unions might provide a solution. The vast majority of credit unions are now open to the public. Credit unions work for their members who benefit from lower loan rates, higher returns on deposits, little or no fees and excellent customer service. Socially conscious consumers can also feel good about joining a credit union since these organizations pride themselves on serving their communities with financial education and charitable works. P Sandra Spence is the Vice President of Advertising and Public Relations at We Florida Financial Credit Union in Broward County. the PARKLANDER 103
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50 FEBRUARY 2015
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Page 60 and 61: Breakfast & Lunch Bagels, Bakery, &
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Page 74 and 75: PARKLAND LIBRARY EVENTS February 20
Page 76 and 77: SAVE THE DATE The Parkland Chamber
Page 78 and 79: MEDICAL DIGITAL Retinal IMA GING An
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Page 92 and 93: HEALTH & WELLNESS WHAT IS HYPNOSIS
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feb 2015

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