Local Banking

Does local banking make sense for you?

Community banks and credit unions are often locally controlled and operated, they work within established localities and typically reinvest depositors' money into local businesses, farms, and individuals.

In this Letter to the Editor posted on MyrtleBeach online, the impact of local banking is explored.

Comments

Post a Comment

Popular posts from this blog

What is a TFSA?

Image
If you've ever wanted to know more about TFSA's, you've come to the right place. Suppose you were 18 and you had $5,500 to spare.  Imagine that you opened an account and invested it and that by the time you were 65 you had almost $500,000 in it.  If you left it there until you were 73, it could be more like a $1 million.  Does that sound too good to be true?  What if you had that $5,500 every year until you retired and put it in there?  Can you imagine what this might grow to?  Maybe $5.4 million.  These numbers assume the Canadian government leaves the TSFA intact over your lifetime and that your TSFA earns an average of 9.8% each year (the average annualized total return of the S&P 500 over the past 90 years).  The numbers show the power of compounding and the benefits of a Tax-Free Savings account. First, let’s explore what compounding is.  Compounding means you are earning money on your money earned.  For example you begin with $5,500 in year one.  It earns $539
Read more

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) is a program in Canada that allows an individual to withdraw up to $25,000 in a calendar year from a Registered Retirement Savings Plans (RRSP) to buy or build a qualifying home. The withdrawal is not taxed as income and no interest is owed on those funds. There are set terms governing the payback of the loan. Resources CRA: What is the Home Buyer's Plan? Am I Eligible for Home Buyers' Plan (HBP)
Read more

Save Time and Money with the Right Financial Data

Do you have any idea how much information hits you every day? Or the effect constant interruptions really have on your productivity? Email, texts, news sites notifications, never in human history have we had to process as much information as we do now, and more comes every minute. How do we process it all? How do we see it all? Or rather, how do we see only what we need to see? Jonathan Spira is the CEO and Chief Analyst of Basex, a research firm focusing on issues companies face as they navigate the knowledge economy. In his book Overload! How Too Much Information Is Hazardous To Your Organization , published in 2011, Spira estimated that interruptions and information overload were eating up 28 billion wasted hours a year, at a loss of almost $1 trillion to the U.S. economy. I wonder what the estimate is at present, and what the projected growth on this loss is. Clearly, organizations and individuals need to get a handle on information inflows. When I began my career in finance o
Read more