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We're centered around life stages
 
Life Stages

Career Focused

Financial guidance for maturing adults without children

 

Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise.  You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving.  The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement.  It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think. 

 

Raccoon Valley Bank can help you stay on track with your long term financial goals.

 

  • Ask for assistance when the need for borrowing money arises  –  Raccoon Valley Bank's loan officers can help you assess the lending options available to you and help you find an efficient way to borrow the money you need.  Consider home equity loans and lines of credit when extra cash is needed as a lower-cost option to reduce significant credit card debt.   Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debit once it is paid.

    With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Raccoon Valley Bank that meets your needs.  To apply for a loan now, click on the link below, or stop by and talk with one of our lending officers. 

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  • Understand your credit report - Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report.  Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification.  Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan.  Your credit score can also influence the interest rate you pay.  In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
  • Conserve time, money and paper with Raccoon Valley Bank’s convenient checking accounts with online banking, bill pay, eStatements and no activity charge ATM services – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage  while helping the environment as well.
  • Save for Retirement  — Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively?  Will you have to pay for your own health insurance?  These and other financial considerations come into play.  Now is a good time to up your contributions to your retirement savings accounts.

 

For help determining the best practices and products for sound and productive money management during your Career-Focused Life Stage, please contact us at 515-465-3521 or khoskinson@raccoonvalleybank.com.

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Tips for Effective Financial Management

  • Understand what your credit report score means and take a pro-active role in monitoring it.
  • Resist the urge to cut back on savings to meet rising expenses or accommodate other goals. 
  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28% of your gross monthly income.
  • Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.

Doubling Your Money

When it comes to finances, it’s usually safe to say that the longer you invest your money, the more you’ll have. You can figure out how long it will take to double your money with the “Rule of 72,” by dividing your interest rate into 72.

 

EXAMPLE: Savings interest rate = 3% ~ 72 ÷ 3 = 24 ~ Money in a savings account earning 3% interest takes 24 years to double.


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