Tips on trying to meet two great financial goals at once.
Provided by Dennis Archer
Saving for retirement is a must. Saving for college is certainly a priority. How do you do both at once?
Following the completion of three consecutive years of rigorous training sessions, Superior Choice Credit Union’s Commercial Credit Analyst, Matthew Warren, recently achieved certification by the Credit Union National Association as a Credit Union Business Lending Professional (CUBLP).
Superior Choice Credit Union was featured on Fox 21 News yesterday evening. Fox 21 News reporter Chelsea Moe was on hand as we distributed healthy snacks and cases of water to more than 100 City of Duluth and City of Hermantown work crews who have been working to clear the area of storm debris.
We're so excited to be a part of our first Spirit Valley Days celebration! Well - technically we participated last year, but our Duluth Denfeld branch wasn't quite finished yet. Our sixth and newest branch has been open for nearly one year now, and we can't wait to have you stop by for an open house during Spirit Valley Days!
Stop by our newest branch in Duluth’s Denfeld neighborhood for our Spirit Valley Days open house! Learn more about Superior Choice Credit Union and take advantage of our Spirit Valley Days account special.
DATE: Friday, August 5, 2016
TIME: 10 a.m. to 4 p.m.
ADDRESS: 4125 Grand Avenue, Duluth
SPECIAL: $25 is on us when you open a checking account and set up for direct deposit! See details below.
Special is only available at Duluth Denfeld branch and valid until 8/31/2016. Offer is subject to change or discontinue at any time. Checking account requires an initial $25 deposit to open. Must be a new checking account to Superior Choice Credit Union and be set up for direct deposit in order to be rewards eligible. $50 reward will be deposited up to 30 days after first direct deposit is made. Annual Percentage Yield = 0%. Federally Insured by NCUA. Membership Eligibility Required.
We want to thank our loyal members for choosing Superior Choice Credit Union as their financial partner! We're hosting some summer fun at our Ashland and Shoreline branches.
SCCU's Shoreline branch in Superior will host a Membership Appreciation BBQ on Friday, August 19 from 11:30 a.m. to 1:30 p.m.
Provided by Dennis Archer
Why do some households tread water financially while others make progress? Does it come down to habits?
Sometimes the difference starts there. A household that prioritizes paying itself first may end up in much better financial shape in the long run than other households.
Superior Choice Credit Union will be closed Monday, July 4 in observation of Independence Day. We will resume normal operating hours on Tuesday, July 5.
Online banking is available 24/7. Just click here to log in. For after-hours help, please use the contact information below.
To report a lost or stolen debit card after hours, please contact our processor directly at: 1-800-535-8440
To report a lost or stolen credit card after hours, please contact our processor directly at: 1-800-411-8498
To change the PIN number for your debit card: 1-866-985-2273
You can report any lost or stolen Visa card directly to Visa by calling: 1-800-VISA911
Have a safe and fun Fourth of July weekend!
Looking for some fun ways to celebrate the Fourth of July? There are plenty of great activities happening in and around the Superior Choice Credit Union communities of Superior, Duluth, Hermantown, Ashland, and Mellen. Check out all the fun stuff below!
Provided by Dennis Archer
What can you do to start building wealth before age 35? You know time is your friend and that the earlier you begin saving and investing for the future, the better your financial prospects may become. So what steps should you take?
Reduce your debt. You probably have some student loan debt to pay off. According to the Institute for College Access and Success, which tracks college costs, the average education debt owed by a college graduate is now $28,950. Hopefully, yours is not that high and you are paying off whatever education debt remains via an automatic monthly deduction from your checking account. If you are struggling to pay your student loan off, take a look at some of the income-driven repayment plans offered to federal student loan borrowers, and options for refinancing your loan into a lower-rate one (which could potentially save you thousands).1
You cannot build wealth simply by wiping out debt, but freeing yourself of major consumer debts frees you to build wealth like nothing else. The good news is that saving, investing, and reducing your debt are not mutually exclusive. As financially arduous as it may sound, you should strive to do all three at once. If you do, you may be surprised five or ten years from now at the transformation of your personal finances.
Save for retirement. If you are working full-time for a decently-sized employer, chances are a retirement plan is available to you. If you are not automatically enrolled in the plan, go ahead and sign up for it. You can contribute a little of each paycheck. Even if you start by contributing only $50 or $100 per pay period, you will start far ahead of many of your peers.1
Away from the workplace, traditional IRAs offer you the same perks. Roth IRAs and Roth workplace retirement plans are the exceptions – when you “go Roth,” your contributions are not tax-deductible, but you can eventually withdraw the earnings tax-free after age 59½ as long as you abide by IRS rules.1,2
Workplace retirement plans are not panaceas – they can charge administrative fees exceeding 1% and their investment choices can sometimes seem limited. Consumer pressure is driving these administrative fees down, however; in 2015, they were lower than they had been in a decade and they are expected to lessen further.3
Keep an eye on your credit score. Paying off your student loans and getting started saving for retirement are a great start, but what about your immediate future? You’re entitled to three free credit reports per year from TransUnion, Experian, and Equifax. Take advantage of them and watch for unfamiliar charges and other suspicious entries. Be sure to get in touch with the company that issued your credit report if you find anything that shouldn’t be there. Maintaining good credit can mean a great deal to your long-term financial goals, so monitoring your credit reports is a good habit to get into.1
Do not fear Wall Street. We all remember the Great Recession and the wild ride investments took. The stock market plunged, but then it recovered – in fact, the S&P 500 index, the benchmark that is synonymous in investing shorthand for “the market,” gained back all the loss from that plunge in a little over four years. Two years later, it reached new record peaks, and it is only a short distance from those peaks today.4
Equity investments – the kind Wall Street is built on – offer you the potential for double-digit returns in a good year. As interest rates are still near historic lows, many fixed-income investments are yielding very little right now, and cash just sits there. If you want to make your money grow faster than inflation – and you certainly do – then equity investing is the way to go. To avoid it is to risk falling behind and coming up short of retirement money, unless you accumulate it through other means. Some workplace retirement plans even feature investments that will direct a sizable portion of your periodic contribution into equities, then adjust it so that you are investing more conservatively as you age.
Invest regularly; stay invested. When you keep putting money toward your retirement effort and that money is invested, there can often be a snowball effect. In fact, if you invest $5,000 at age 25 and just watch it sit there for 35 years as it grows 6% a year, the math says you will have $38,430 with annual compounding at age 60. In contrast, if you invest $5,000 each year under the same conditions, with annual compounding you are looking at $596,050 at age 60. That is a great argument for saving and investing consistently through the years.5
Dennis Archer may be reached at 715-398-8917 or [email protected]
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, CBSI is under contract with the financial institution to make securities available to members.
Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.
Superior Choice Credit Union recently underwent a three-day upgrade process to our Online Bill Pay services, available for free for SCCU members. Upgraded features of the new Online Bill Pay services include full integration within online banking, full mobile functionality for your smart phone or tablet, ability to configure email alerts, real-time access to checking account balance, reminders if balance isn’t sufficient to pay bills, and a more intuitive, user-friendly experience.
One of the best ways to ensure your children grow up financially fit is to give them practice managing money with an allowance.
But what’s the best way to do an allowance? There are many theories on that.
Ashland, WI — May 18, 2016 — The BRICK Ministries’ Board of Directors is pleased to award the May 2016 BRICK Builder Award to Superior Choice Credit Union’s (SCCU) Ashland and Mellen Branches. This rotating award was presented to SCCU to honor them for their significant contributions and dedication to The BRICK’s mission “to live Christ’s message to compassionately love and respect those in need.” Superior Choice Credit Union is a member-owned non-for-profit financial institution. Annually, both the Mellen and Ashland Branches donate a portion of members’ dividends to The BRICK Ministries to help serve the local community through the Food Shelf and Benevolence Programs.
In an effort to continually serve our members and provide them with the best services available, Superior Choice Credit Union is excited to announce that we will be launching a new, enhanced online bill pay system. Our new system will include features that will make this valuable tool even better, including:
We’re so thrilled to offer this enhanced online bill pay system to our members! To make sure this conversion process goes as smoothly as possible, we wanted to give you a bit of a heads up about what you’ll need to know through this process.
Provided by Dennis Archer
What is risk? To the conservative investor, risk is a negative. To the opportunistic investor, risk is a factor to tolerate and accept.
Whatever the perception of risk, it should not be confused with volatility. That confusion occurs much too frequently.
Learn what YOU can do to protect yourself and the older adults you know from abuse. Join us at the Twin Ports Elder Abuse Awareness and Prevention Conference and Community Forum on Tuesday, May 24 at the University of Wisconsin-Superior.
For many of today's young adults, the weakest link lies in learning the basics.
According to a 2014 survey conducted by Harris Poll on behalf of Junior Achievement USA (2014 Teens and Personal Finance Survey), 40% of teens do not have a savings account, checking account, or debit or credit card, and 59% of teens do not have money management classes offered at their schools.
Achieving economic prosperity is difficult, and it's especially hard for young people who've never learned how to manage money.
Superior Choice Credit Union is ideally positioned to respond because we believe in the power of education. We're here to help you launch the youth in your life toward financial independence, and here’s how:
Join. For starters, open a credit union savings account for each child in your family. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and tracking transactions.
Share. Include your children in household money discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell phone plan, calculating the total monthly cost of owning a car, or sticking to a budget for back-to-school or holiday spending.
Coach. Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service and philosophy of self-help make Superior Choice Credit Union and all credit unions a natural partner in pursuing financial security.
We're here to help. For more information, contact us by calling 800-569-4167 or visit www.superiorchoice.com
Superior Choice Credit Union is celebrating National Credit Union Youth Month April 25-29! We've planned a few activities to celebrate our youngest members:
Our April 25-29 youth celebration is focused on the theme of Credit Union Strong.
Young people face a bewildering financial landscape in their immediate future—one where technology has made spending as easy as breathing and the cost of higher education continues to skyrocket. That’s why we believe it’s more important than ever to ensure our youth possess strong money management skills.
As a not-for-profit financial cooperative, our core values include member education and social responsibility. We care about the community where we live and work, and the people in it. We look forward to watching the next generation grow and make it even better.