First Financial FCU Hosts First NJ Retirement Fair for Staff at Asbury Park High School

PRESS RELEASE

APHS

(photo of Asbury park high school)

Wall, N.J. – Going back to the building where it was founded, First Financial Federal Credit Union brought an informative and interactive new Retirement Fair program to the staff of Asbury Park High School last month, which also happened to be the first ever Retirement Fair held in New Jersey. Throughout the day, teachers visited the library during their professional development period to learn whether they could afford the same lifestyle they are currently living once they retire, based on retirement scenarios.

The Retirement Fair was a hands-on experience where educators were provided a worksheet and then visited individual lifestyle stations such as health and fitness, food and clothing, travel and entertainment – and were given a calculation based upon a series of short questions. Once the teachers visited each station, they added their calculations and compared them to the national average to see if their current retirement savings plan was in the right place or if it needed to be adjusted.

First Financial’s Business Development Manager, Matthew Brazinski, and Investment & Retirement Center Coordinator, Samantha Schertz, gave a brief history of the credit union, explaining how it was founded right there, in the halls of Asbury Park High School in 1936. In the debriefing after the station visits, Mary LaFerriere, Financial Advisor with CUNA Brokerage Services, Inc., reviewed the experience with the group, pointing out the various components of retirement to keep in mind, including inflation, debt, expenditures, investments, and more. The participants were then able to schedule an appointment with the credit union’s Investment & Retirement Center if they wished to delve deeper into retirement planning or had questions about their results.

”Retirement planning is one of the top priorities for our members here at First Financial, and we were honored to be the first in the state to host this Retirement Fair event at Asbury Park High School – the very location in which we began nearly 80 years ago,” said Issa Stephan, President/CEO at First Financial. “We hope the educators who attended realize the importance of planning and saving for retirement, and if they need help or advice – they have somewhere local to go, to help them achieve their dream goals and lifestyle.”

The National Credit Union Foundation’s REAL Solutions Program in cooperation with CUNA Mutual Group have developed this new Retirement Fair program to assist credit unions in helping their members better prepare for retirement. The fair is an interactive learning experience, similar to the popular Financial Reality Fair program offered through the New Jersey Credit Union League Foundation.

4 Personal Finance Myths: Busted!

A computer generated image of a chain with a broken link.Financial myths are a force behind one of the biggest threats to your financial future – yourself. Here are some personal finance myths that could be costing you money and endangering your future security.

Myth 1: Two incomes are better than one. Truth: Today’s families often have two incomes out of necessity. They make more money than a one-income family did a generation ago. But, by the time they pay for the basics – an average home, a second car to get the second spouse to work, child care, health insurance, taxes, and other essentials, that family actually has less money left over at the end of the month to show for it.

The assumption in the myth is that with two incomes you’re doubly secure. But if you’re counting on both of those incomes, then you’re in serious trouble if either income goes away. And, if you have two people in the workforce, you have double the chance that someone will get laid off, or that someone could get too sick to work.

Housing prices are rising twice as fast for families with kids, and a big reason is dwindling confidence in public schools. People are bidding up the prices on homes situated in school districts with good reputations. The only way for a typical family to afford one of those homes is for both spouses to work. Average mortgage expenses have risen 70 times faster than the average family’s primary income, so, families are required to keep two incomes.

When two incomes are a necessity, the question of whether two may be better than one is moot. Busting this particular myth means understanding the true financial stakes involved in deciding to have children and raising a family, based on your personal situation.

Myth 2: Owning is always better than renting. Truth: The money you pay for rent is a necessity like your other living expenses. Do you consider the money you spend on food to be wasted? What about the money you spend on gas? Both of these expenses are for items you purchase regularly that get used up and appear to have no lasting value, but are necessary to carry out daily activities.

If you own a home, unless you paid cash for it, you pay a mortgage (and it’s likely as much as you’d be spending on rent), plus other expenses like property taxes, insurance, maintenance, etc.

The choice between owning and renting is often a financial toss up. Busting this myth means understanding the most important reason to buy a home. Decide how badly you want to settle down for the long-term and invest in a permanent residence.

First Financial offers a number of great mortgage options, including refinancing – click here to learn about our 10, 15, and 30 year mortgage features and see what a good fit for your home is!*

To receive updates on our low mortgage rates straight to your mobile phone, text FIRSTRATE to 69302 and each time our mortgage rates change, we’ll send you a text message with the new rates.**

Myth 3: A near-perfect credit score will get you the best loan rate. Truth: Every expert, credit bureau, and loan officer has a different opinion as to where the threshold for excellent credit lies. In addition, “near-perfect” can be a relative term. Do we mean “near-perfect” as in “excellent,” or as in “perfect,” which doesn’t exist? Different loans and lenders have different standards.

Generally, any credit score in the mid-700 range and up is considered excellent credit, and will get you credit approvals and the best interest rates. But at this high end of credit scoring, extra points don’t always improve your loan terms much. Sure, the higher your score, the better. But even an extra 50 points in this range doesn’t always help you get a better rate on your next loan.

Those extra points can serve as a buffer if a negative item shows up on your credit report, however. For example, if you max out a credit card, you can get dinged 30-50 points. An extra 50 points would absorb the hit and minimize the possible damage.

So, there really is no “magic number” when it comes to credit scores. Busting this myth means understanding that more than just your score is taken into consideration. To get the loan you want, you may need a high credit score, no negatives in your credit file, and adequate income to afford it.

Credit score not where you want it to be? Try First Financial’s First Score Credit Counseling program; a low cost, interactive session with a First Financial expert, which simulates your credit score with various “what if” scenarios. You can email us at firstscore@firstffcu.com or call 866.750.0100, Option 4 to get started.

Myth 4: You need to earn more to save more. Truth: Your ability to save is defined by your discipline to sacrifice and set aside a percentage of your spending. Your income level is not really a factor. And no matter the amount, the younger you start saving, the more years you’ll have for your money and any interest earned to work its magic. You may decide you want to invest some of your savings too – talk to a financial planner and decide if investing in stocks and mutual funds might be a good option for your savings goals.

So, savings is not some arbitrary amount – but a discipline. Busting this myth means understanding that you need to sacrifice some of your spending now for financial security later. You simply have to decide how important that security is to you.

Consider how these personal finance myths and others like them could be contributing to money problems you’re experiencing now, and pose more serious trouble for your future.

“Busting” these myths offers the answers you need to take action and change your behavior with money – and assure your financial security.

Article Source: http://www.nasdaq.com/article/why-these-4-personal-finance-myths-perpetuate-money-problems-cm396086

*A First Financial membership is required to obtain a mortgage and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. Subject to credit approval. Credit worthiness determines your APR.

 **Standard text messaging and data rates may apply.

Learn “How To Drive Your Business Forward So It Doesn’t Drive You Into The Ground” at this FREE Seminar in October 2014

drivingbizforwardsemHave you ever been on a 1st date, it went well – but you didn’t have a 2nd one because there was something missing? This is the same with your marketing. Marketing is a function of creating a true emotional connection, not just posting flyers and social media updates. Join us for a FREE and interactive seminar presented by Jack Gottlieb, President of The Total Solutions Group, Inc.

Learn how to use marketing strategy to drive your business forward, including:

  • How to build a marketing approach/strategy that drives your business
  • Build a brand that creates the connection you want that transitions to the opportunity you want to have
  • Implement a system that will allow you to balance working on your business and still achieve sustainable results

Join us on Tuesday, October 28th at 8:30am for networking and a light breakfast followed by our seminar, “How To Drive Your Business Forward So It Doesn’t Drive You Into The Ground.” The seminar will be held at First Financial’s Corporate Office located at 1800, Rt. 34 North, Building 3, Suite 302, Wall, NJ. Space is limited – register below.

Register Now!

Jack Gottlieb is the President of The Total Solutions Group, Inc. a strategic consulting, training and coaching firm committed to driving a sustainable increase to an organization’s results, value proposition and culture. Jack brings 14 years of proven high level success along with the collective capability of his team and advisory board. Jack has also been one of the highest ranked speakers at various state wide SHRM (Society of Human Resource Managers) Annual Conferences as well as the New Jersey Organizational Development Annual Conferences for the past 7 years. Jack also serves on the Executive Board Collegiate Empowerment which is an educational firm committed to driving systemic change and impact for Colleges and Universities. Jack also is actively involved with two universities. The first is Kutztown University where he is one of the key leaders of the College of Business Advisory Board to support their efforts in further development and expansion. The second is with Rider University with their Center for the Development of Leadership Skills.

Learn Credit Management & Debt Reduction at this FREE Seminar in October 2014

credit:debtseminarAre you interested in improving your credit score, paying down debt, and saving money in order to get your finances on track? If so, allow the experts at First Financial to provide you with insightful information to help you manage your credit & debt in this free seminar.

Attending this seminar, you will learn:

  • What affects your credit score
  • What makes up your credit score and how to improve it
  • How to budget and cut spending
  • How to promptly pay off debt

This FREE Credit Management & Debt Management Seminar will begin at 6:00pm on Thursday, October 23rd at First Financial’s Neptune Branch. The seminar will teach attendees ways to keep their credit score where it should be in just a few simple steps. The seminar is located at 783 Wayside Road (Off Route 66) in Neptune. Register today, space is limited. 

Register Now!

Add Kmart and Dairy Queen to the Latest Data Breach List and Check Your Statements!

Kmart_logoRecent data breach news reports have Dairy Queen admitting to a breach at as many as 395 stores between August and September 2014, and Sears Holding Co. disclosing that malware at Kmart point-of-sale registers stole customer debit and credit card data.

Kmart customers who shop in its Brick, Manahawkin, Toms River, or Wall, NJ stores may need to check their debit and credit card accounts, after the retailer discovered a data breach last week.

According to an article on APP.com, the company announced its payment system had been attacked by hackers who stole customers’ debit and credit card numbers. Kmart discovered the intrusion into its payment system on Thursday – but the investigation shows it goes back to early September 2014, Kmart said in a statement released Friday.

Kmart joins a list of other big companies, including retailers Target, Acme, and Home Depot, that have been attacked by hackers recently.

“According to the security experts we have been working with, our Kmart store payment data systems were infected with a form of malware that was undetectable by current anti-virus systems,” the company said in a statement. “We were able to quickly remove the malware. However, we believe certain debit and credit card numbers have been compromised.”

No personal information, debit card PIN numbers, email addresses, or Social Security numbers were obtained by the hackers, the company said. There also is no evidence that Kmart.com customers were affected. Dairy_Queen logo

In late August, Dairy Queen announced its data breach after it was reported by KrebsonSecurity, which placed the attacks as early as June 2014.

Dairy Queen and Kmart have said there is no indication that Social Security numbers, personal identification numbers, or email addresses were taken in these incidents. Krebs also reported on the malware incident at Kmart, which posted a notice Friday about the malware incident.

In related news, federal investigators reportedly believe the hackers who breached JPMorgan Chase over the summer also stole information from Fidelity Investments, according to the Wall Street Journal. The paper’s sources do not believe the breach of Fidelity was on the same scale as the JPMorgan breach affecting contact information for as many as 76 million households.

First Financial would like to remind our members that your accounts with us are monitored 24/7 by an experienced team of security professionals for any suspicious or potentially fraudulent activity. First Financial employs the most advanced fraud detection and prevention technology to guard members’ credit and debit accounts against unauthorized access and use. Here’s a quick update for your peace of mind:

  • If our security team observes any unusual activity on member accounts, we will contact members immediately to determine whether the transaction activity is legitimate and authorized.
  • It is also a good practice for members to keep a watchful eye on their accounts and transactions and look for any unauthorized activity or purchases.

Don’t wait until it’s too late! Check out First Financial’s ID Theft Protection products – with our Fully Managed Identity Recovery services, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored and you can try it FREE for 90 days!*

Our ID Theft Protection options may include some of the following services, based on the package you choose to enroll in: Lost Document Replacement, Credit Bureau Monitoring, Score Tracker, and Three-Generation Family Benefit. To learn more about our ID Theft Protection products, click here and enroll today!**

We will continue to monitor all members’ accounts for suspicious activity. If you have any additional questions or concerns, please give us a call at 866.750.0100 or email us at info@firstffcu.com. Thank you for being a valued member of First Financial.

*Available for new enrollments only. After the free trial of 90 days, the member must contact the Credit Union to opt-out of ID Theft Protection or the monthly fee of $4.95 will automatically be deducted out of the base savings account or $8.95 will be deducted out of the First Protection Checking account (depending upon the coverage option selected), on a monthly basis or until the member opts out of the program. **Identity Theft insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

Article Sources:

http://www.app.com/story/money/business/consumer/2014/10/10/kmart-hacker-attack/17080339/

http://patch.com/new-jersey/wall/do-you-shop-wall-kmart-check-your-credit-and-debit-cards-0?utm_source=newsletter-daily&utm_medium=email&utm_term=business&utm_campaign=newsletter#.VD0z5WddUuc

http://www.nafcu.org/News/2014_News/October/Dairy_Queen__Kmart_in_latest_data_breach_stories/

 

3 Sneaky Things Hurting Your Credit That You Can Easily Fix

Credit-ReportWhen it comes to understanding your credit, it can feel as complicated as trying to solve a Rubik’s cube. Frustrated by this confusion, many consumers neglect their credit, which can have a devastating impact on their financial futures.

A Consumer Action study recently revealed that 27% of Americans have never checked their credit report. That’s alarming, because it’s estimated that a large number of consumers have errors on their credit reports that could damage their credit.

Here are three things that could be hurting your credit:

1. Wrong Information

The wrong personal information on your credit report could hurt your credit. This could be things like your name misspelled, your incorrect home address, where you’ve worked in the past or even your Social Security Number listed incorrectly. How does a wrong address hurt your credit? Your information may be mixed up with someone else’s, especially if you have a common name, or are a “Jr.” or “Sr.” Or it could indicate identity theft — and that could really wreak havoc with your credit. By reviewing your credit report, you’ll be able to quickly see if there’s any information that needs to be updated or changed.

2. High Balances Compared to Limits

Another sneaky thing that could hurt you is your credit card balances — even those you pay in full. How can a credit card that you pay off hurt your credit? Issuers typically report your balances as of the statement closing date. But then those cards aren’t due until about a month later. So in the meantime, the balance on your reports may look high in comparison to your credit limits.

Generally you want the balance on each card to stay below 20 to 25% of your available credit. If you have a retail card with a small limit or a rewards card that you use to pay for everything to earn points, then this factor could come back to haunt you.

So you need to either pay your charges off before the statement closing date or ask for a higher credit limit. Of course, a higher credit limit should not be an invitation to overspend. You won’t improve your credit scores if you get in over your head with debt!

3. Outstanding or Delinquent Bills

The third sneaky thing that could hurt your credit score could be outstanding or delinquent bills. You’ll want to make sure you check your credit report to make sure that you have no outstanding bills or any delinquent bills that you need to get addressed.
Review your credit report and make sure you’re not being marked for anything delinquent that could be damaging your credit. This could be things like former gym memberships, old credit cards, or even medical bills.

Need to get your credit score in check? Try First Financial’s First Score Program, a low cost, interactive session with a First Financial expert, which simulates your credit score with various “what if” scenarios. You can email us at firstscore@firstffcu.com or call 866.750.0100, Option 4 to get started.

*Article Source Courtesy of Jeff Rose of Daily Finance Online