Keep your personal information safe online

Keeping your personal information safe by maintaining vigilant cyber security is more important than ever. Scammers are always coming up with new ways to hack into your personal computer, phone, tablet or internet accounts to gain access to your personal information. There are several common strategies used by scammers so it is important to learn about them so you can protect yourself and your loved ones. Below are just a few tactics scammers take to get a hold of your personal information.

Phishing Scams
Phishing scams are when a scammer creates a fake email or web page that is designed to look like it’s from a legitimate person or organization. Typically, the email or web page will ask for personal information like your bank account information, Social Security number or password. If you receive a suspicious email, check the email address and review the content of the email for grammar, misspellings, or design issues. If it looks off, it probably is. Make sure to report it to your email provider, or employer immediately and delete the email.

Ransomware
Ransomware is a type of malware used by cybercriminals. Typically, it is used to freeze a computer, phone or tablet in order to steal important data while demanding that a ransom be paid. To avoid ransomware, don’t click on links or attachments in emails from email addresses you don’t recognize. Your best defense against these attacks is to keep your software up to date on all of your devices.

Charity Scams
Supporting organizations that help others is a great thing to do, but unfortunately, fraudsters have been known to take advantage of well-meaning people who are trying to support others. They may send fraudulent emails or set up donation pages that mimic a legitimate charity, or sound like they could be a legitimate charity. Before donating your hard-earned money, make sure to research the organization to make sure they are legitimate, and that they’re using the money in the way you want them to.

Bank/FDIC Scams
Unfortunately scammers sometimes also pretend to be bank employees. They may call you or get in touch via email or social media and falsely claim that they are making changes to your bank account. A legitimate bank representative will never call you to share this type of information. If you are suspicious of the person you’re talking to, reach out to your bank or financial institution right away.

Investment Scams
Many people invest in the stock market in order to get a return on their money. While historically, money often sees a return over a long period of time, there are scammers out there who make promises about helping you make a lot of money quickly. Investing in the stock market involves risk and returns are not guaranteed. You should be skeptical of anyone who promises big returns. Do not share personal information or access to your accounts with anyone who is not a trusted and legitimate advisor.

COVID-19 Scams
Unfortunately, since the start of the Coronavirus (COVID-19) pandemic, scammers have found new ways to scam people including offering fake treatments, fake test kits, medical supplies that don’t exist and more. Scammers have also attempted to go after the stimulus payments that many Americans received from the government. When it comes to COVID-19 information, make sure to get information from legitimate sources like the Centers for Disease Control and Prevention (CDC) or your state’s website.

To keep up with the latest scams that have been reported, you can visit StaySafeOnline.org for updates and information about how to keep your personal details safe on the internet. The Federal Trade Commission (FTC) is also a great source of information. They highlight the scam reports that they receive throughout the year so you can stay up to date on the latest tactics.

If you receive a suspicious email or if you suspect that you have been the victim of a scam, contact your financial institutions right away so you can begin to discuss a recovery plan. You can also contact the three credit bureaus, Equifax, Experian, and TransUnion to freeze your credit. You can also sign up for credit or identity monitoring services that can alert you if you have become the victim of a scam.

Back to school season means back to school supplies. New school supplies are always fun to get however, the long list of recommended supplies from teachers can add up quickly. Luckily, there are many ways to save money on your list, all it takes is a little bit of planning and research.

Assess what’s needed

Sometimes the lists are wish lists, not needs list. Think of your student and how they operate. Do they actually use white-out, or do they just cross out corrections on a paper? Will they need a hole punch, or does their teacher typically have one they can use? In some cases, you can eliminate several things on the list by being realistic about what your student actually needs. If school starts and it turns out they actually do need a certain item, you can always get it later.

Look through last year’s supplies

At the end of the school year, backpacks are likely to get tucked away with all of last year’s school supplies. Before going out to buy brand new supplies, consider the supplies your child already has. Can you get another year of use out of their backpack? Are their pens, pencils, and other supplies good for another year. It might take a little TLC to get them back into working condition (pencil sharpener, anyone?), but it could save you a lot of money to first take stock of what you already have.

Buy supplies out of season

The end of a school year, or early in the summer when no one is thinking about back-to-school season may be the best time to buy supplies. If you start scouting early, you may also be able to hit discounts throughout the summer.

Compare prices

Certain retailers may offer the same exact item for a cheaper price. It doesn’t hurt to do a quick google search to see what else is available. You may even be able to ask a certain retailer to price match the product.

Sign up for store emails and follow them on social media

Emails from retailers are likely the first place you’ll hear about discounts and deals. Sign up to receive their updates, and you can be on the lookout for good deals. You can also follow brands on social media like Twitter, Instagram or Facebook to get the latest updates on their sales.

Try using money-saving apps

There are apps like RetailMeNot or ShopSavvy that can help you find deals, discount codes, or that can quickly price match items for you.

Check the dollar store

Before heading to top retailers for school supplies, make sure to swing by your local dollar store. Often, they will have the exact products you’re looking for at a fraction of the price.

Buy used

Buying used can be especially helpful when purchasing electronics. Technology is used in the classroom more than ever before and it can be a huge expense. Visit websites like eBay or Craigslist or go to your local Best Buy or apple store to ask about refurbished products. You may also be able to find other supplies at thrift stores, like backpacks, clothing, shoes and more.

Try a supply swap

It’s likely that there are other people you know who are also trying to save money on supplies who would be open to a trade, or possibly even giving you hand-me-downs. Check in with your friends and family who have school aged children and ask them what supplies they may be willing to part with.

Tax-free weekend

Some states offer a tax-free weekend that typically falls in the summer. This can be particularly helpful for high ticket items like laptops, calculators and other technology. Check to see if your state offers a tax-free weekend and plan to do your shopping then.

Talk to your kids about a budget or ask them to contribute to their supplies

Many kids have an allowance that they are able to use to spend on items they really want. It may be reasonable to explain to them that you will help them buy the basic school supplies, but if they want anything extra on the list, like a new backpack (when last year’s works just fine), or new fancy erasers, etc. they can use their own money to buy it.

Ultimately, back to school is an exciting time and school supplies are a fun part of the process. It’s totally possible to buy supplies without breaking the bank, and still setting your student up for success.

Lessons to teach your kids financial literacy at home

Teaching your kids about financial literacy is an important lesson for children to learn as early as possible. If your child understands the importance of budgeting, saving, giving and eventually investing money, they will be set up for a lifetime of success.

Your child may not be able to earn their own money by working just yet, but to begin getting them comfortable with managing their own money, it may be a good idea to give them an allowance. The allowance money can be in exchange for chores they do around the house, or just a set amount of money that they receive regularly and can manage on their own.

If you choose to require chores in exchange for an allowance, make sure to explain what they have to do (like care for a pet, pick up their toys, etc.), how often they will be paid, and how much money they will receive. This exercise will help them start to learn the value of a dollar.

Once your child begins earning money, you can begin talking with them about the following money management topics:

Spending money on wants vs. needs

Having a conversation with your child about necessary items like food, clothing, shelter, etc. and items that are unnecessary, but nice to have items like toys and vacations. Explain how money should be divided between wants and needs, but there are times when needs have to be put before wants.

Discuss a savings goal

Maybe they have been asking for a new skateboard, or the latest toy. Help them understand how much the item costs and how much money they will need to save to be able to afford the item. Then, talk about how long it will take for them to earn enough money to afford the item.

Teach them to shop around

Help them learn to compare prices at different retailers and discuss discounts and coupons. Explain how to research different features on a product and to determine if those features are worth the extra cost. Learning to put in a little research can save them a lot in the long run.

Show them how money grows over time

If they have a piggy bank, they’ll be able to see their money grow. Once they’re old enough, they can open a savings account and manage their money through Online or Mobile Banking. Seeing progress with their money may help encourage them to save more.

Talk about saving

Share the importance of saving and encourage them not to spend all of their money at once. Ideally, they would consistently save a certain percentage of all of their income, including gifts. Discuss how saved money can be put toward a long-term goal, like purchasing a car when they get their license, or paying for college.

Offer saving incentives

To further encourage your child to save money, you can offer a savings incentive, like matching. For example, if they commit to putting $20 a month into their savings account, you can match the amount dollar for dollar, and then they would have $40 per month. Or you could offer to give them a “bonus” when they reach certain milestones. For example, if they’re aiming to save $300, you could offer to give them $50 when they reach the halfway point.

Talk about giving back

Discuss the importance of giving money to those in need. Maybe your child would be interested in donating a portion of their money to a cause that matters to them, like an animal shelter or other local charity.

Let them make mistakes

This part may be challenging to watch as a protective parent, but it’s important for kids to learn from their errors early on when the stakes are low, so they can avoid making bigger money mistakes later in life. For example, if they express remorse after spending all of their money on one item, discuss how in the future, it would be better to use the money in multiple ways like buying two cheaper items, saving, giving, etc.

Talk about money

Share your personal money information like your salary, your debit, your savings, how much you give, etc. Discuss your money habits and goals, like saving for their college education and your retirement. Explain how you manage money every day by making certain purchases, shopping around, etc. Be transparent and allow your child to ask questions. Over time, they will be able to learn a lot from you.

Starting to discuss money early can be very beneficial to your child. The more they understand about earning, spending, giving and saving money, the better prepared they will be to manage their money once they’re old enough to begin working and living on their own.

Estate planning gives you the opportunity to decide well in advance who will handle your estate in the event of your death or incapacitation.  Thinking about your own passing is never a fun exercise, but it is necessary if you intend to leave a plan for your caretakers and loved ones to ensure that your wishes are carried out and they are taken care of in the long term.

It’s important to remember that nothing is set in stone, and you can adjust your plan as your personal and financial situation changes. Estate planning may seem overwhelming at first, but if you follow the key steps below, you will have a plan in no time.

Make a list of your stuff

When thinking about your stuff, consider both your tangible and intangible assets.

Tangible assets include items such as:

•   Property like homes, land or other real estate
•   Vehicles including cars, trucks, motorhomes or boats
•   Collectibles such as antiques, comic books, or art
•   Any other physical personal possessions

Intangible assets include:

•   Bank accounts like checking and savings accounts
•   Stocks, bonds and mutual funds
•   Life insurance policies
•   Retirement plans including 401(K) plans, 403(B) plans and individual retirement accounts
•   Health savings accounts
•   Business ownership

After you have listed your tangible and intangible assets, list the value of each asset. Even if you don’t know the exact value, an estimate is a good place to start. Consider seeking out valuations if certain items like a precious antique, or your car for a more precise number.

Consider what your family will need when you pass

After you’ve tallied up your assets, consider who you want to receive each one. Make sure to note who specifically you want each individual asset to go to, or if you want them evenly spread out between several people.

Consider adding to your assets in a way that will help your loved ones once you’re gone. They’re likely to have a lot of immediate expenses like funeral costs, and a lot of long-term expenses like mortgage payments. Life insurance is a way to protect your family after you’re gone. If you have a spouse and dependents, a life insurance policy will help them to continue to pay the bills and save for bigger expenses like retirement or a college education.

Consider naming a guardian for your children. If something were to happen to you, naming a guardian can make the transfer of guardianship seamless. Similarly, you should document your wishes for your children’s care, so the new guardian has a sense of your wishes.

Establish a pet trust

Legally, pet animals are considered property. Because of this, they cannot inherit money or property when you pass. However, you can establish a pet trust with funds that you intend to take care of them after you’re gone.

Consider donating your assets

Did you know that you can donate your money and other assets after you’re gone? If you wish, you can designate all or some of your money to go to a non-profit organization as a gift. You can also give in-kind donations of your possessions. For example, if you own an antique car, you can direct that it be donated to an automobile museum when you pass.

Name a durable power of attorney

Estate planning is about what will happen with your assets when you’re gone, but it is also about how things will be handled in the event that a medical issue prevents you from being able to make decisions for yourself. A durable power of attorney (DPA) is typically a trusted relative or friend who will handle your affairs after you can no longer manage them yourself. The difference between a durable power of attorney and an ordinary power of attorney is a DPA has authority if you become incapacitated.

Create an advance health care directive

With a healthcare directive, you name a healthcare agent or proxy who ensures that your medical wishes are carried out in the event that you cannot decide for yourself. You can also document what you want them to decide for you in certain situations.

Organize your files

In the digital age, there will likely be account information for online programs like Online Banking, investments, insurance that the person in charge of carrying out your wishes will need to access. There will likely also be paper copies of original documents. Organize your digital files and passwords in a secure way that can be accessed by your executor, the person appointed to carry out the terms of your will. Paper copies should be kept in a safe, or in a safe-deposit box at the Bank.

The process of estate planning may bring up uncomfortable feelings, but ultimately it is a way to ensure your wishes are carried out. Thinking through different scenarios and having a plan will most likely make you feel better and will certainly make things easier for those you appoint to carry out your wishes.

A small business start up can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.

Conduct market research

Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.

Write a business plan

At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.

Select your location

If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.

Find funding

Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.

Choose a business structure

Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.

Select your businesses name

This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.

Register your business name

Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.

Get federal and state tax IDs

Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.

Apply for licenses and permits

Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.

Open a business bank account

No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.

Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.

We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.

Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.

Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.

Heat up your savings this summer with some strategies that will give you a sunny feeling. Summer is usually a time when people spend more. The weather is warm, there’s more to do, people typically pack up for a vacation and have a more carefree approach to spending.

Create a summer fun budget

In addition to your standard monthly budget that covers standard items like bills, groceries, mortgage payments, etc, make sure you set aside some money to have fun over the summer. If the summer is a time where you like to spend more time outside, or go on adventures with loved ones, make sure you plan head and set aside money for fun. By planning and budgeting for fun, you are less likely to feel deprived and then overcompensate by overspending down the line. Plus, it will help you prioritize the things you really want to do, compared to the things you only kind of want to do.

 Save money on summer fun

Once you establish your summer budgets, take a look at the areas where you can save money. Below are some areas you can start

Take a staycation

Swap out a weekend away for a thoughtful staycation and be a tourist in your own area. Check out local spots you don’t usually have time to discover.

Get the season pass

Depending on how often you go to the beach, the theme park or the museum, you may save money by buying the season pass up front.

Visit your local library (or check their website)

In addition to offering free books, movies and other entertainment, they also typically have free museum passes to local museums or aquariums.

Seek out free events

Many towns have free events like concerts in the park, outdoor movies or festivals. Visit your town’s website for local details.

Wash your own car

Everyone likes having a clean car, but the cost of bringing it in for a proper detail and car wash can add up fast. Grab a hose and some sponges and wash your car at home on a hot day.

Have a garage sale

Summer is a great time to clear out old items that you don’t want any more. Host a garage sale and you may be able to get some cash in return for your items!

Shop on tax free weekend

Some states host a tax-free weekend where you can save a lot of money on major purchases. If you were already planning to buy a big-ticket item like a couch or tv, tax free weekend might be a good time to spend the money.

Buy cheaper snacks ahead of time

Before you head out on a road trip or to an outdoor movie, plan ahead and grab some snacks at the grocery store. You’ll likely save a lot of money, and you’ll be sure to have the snacks you want.

Conserve energy

Close your blinds and curtains during the day to keep your home cooler. Consider taking on some home improvement projects that will make your home more energy efficient, like caulking your windows and doors.

Dry your laundry outside

Avoid using your dryer by hanging your clothes on a line outside to dry. They will dry naturally and have a fresh outdoor scent, and you will save money on your electric bill.

Pause your gym membership

With the warm weather, many people prefer to exercise outside. If you aren’t going to the gym anyways, it might be a good time to pause your membership in order to save money. Many gyms allow you to do so.

Make saving a priority

Once you have your fun planned, and have found additional ways to save money, it’s time to get serious about saving. Decide how much you want to save from each paycheck. If you’re doing a summer savings challenge, consider saving more than you usually do, like 20-30% or more of your paycheck. Set up automatic deposits so your money goes into your savings account before you ever have a chance to spend it.

At Guaranty Bank, we offer several different types of savings accounts to help you meet your goals. We offer money market accounts, savings accounts and certificates of deposit (CDs). If you’re aiming your savings efforts toward your retirement accounts, we also offer Individual Retirement Accounts (IRAs). Contact a member of our team today and we can help you determine which account works best for your goals.

Picture this: it’s a beautiful day, and you’re lying on a beach somewhere in paradise. Suddenly you realize you forgot to pay a bill! Yikes. But don’t worry, Guaranty Bank has several digital banking features that will put your mind at ease.

Digital Banking gives you the freedom to manage your money from anywhere. It includes both Online and Mobile Banking which allows you to complete most banking activities from the comfort of your home (or anywhere) with your computer, smartphone or tablet.

To access Online Banking, simply log into our Online Banking portal through our website. For Mobile Banking on a smartphone or tablet, download the Guaranty Bank app for Apple® or AndroidTM devices.

If this is your first time using Online or Mobile Banking, you may have to enroll to get started. Simply complete our Online Banking Application on our website.

Once you are up and running with Online or Mobile Banking, you can do most of your banking through digital banking.
You can pay bills, deposit checks, view account activity, check account balances, and more.

Online Banking Features

Check your account balances
Need to know your account balances fast? You can quickly check your account balances any time, so you know exactly how much money is in your account. You can also view pending and cleared transactions.

Transfer funds between accounts
If you need to move money around you can easily transfer funds between your accounts (even accounts at other financial institutions) without having to make a trip to the bank.

Pay your bills with Bill Pay
Bill Pay lets you set up one time or reoccurring payments to almost anyone. Save time, envelopes, stamps and never miss a payment. Plus, you will get notified when the payment goes out, and you will have a record of each payment if you need to refer back to it.

Get Alerts through Email or Text
Managing your money is an ongoing process. That’s why our Online and Mobile Banking comes with alerts that can be customized to fit your specific needs and goals. You can get notified about account balances, transfers, payments, and more.

Access eStatements for up to 12 months
There are many benefits to eStatements. They allow you to stay organized, avoid clutter, they cut down on the potential of your personal information getting into the wrong hands, and they are paperless. You can access eStatements directly within your Online Banking account. View your statements online or download and print them for your files.

Mobile Banking Features

Check your account balances
Similar to Online Banking, with Mobile Banking, you can view your account balances and recent activity at any time on your mobile device or tablet. This is particularly convenient when you’re out and about and need the information quickly.

Transfer funds between accounts
Just like Online Banking, Mobile Banking allows you to transfer money between your accounts. You can even transfer money to accounts at other financial institutions. Simply select the transfer option and provide the requested details.

Pay bills
Schedule Bill payments easily on the go with your smartphone or tablet to ensure you never miss a payment.

Make a deposit on your mobile device
Use Mobile Deposit to deposit a check without a trip to the bank. Simply endorse the back of the check, take a picture of the front and back with your smartphone or tablet, and the money will be deposited into your account.

Mobile Wallet

You can add your Visa card to your mobile wallet and enjoy contactless payment. No more having to rummage through your wallet or touch a dirty payment terminal. Your card from Guaranty Bank will work with Apple Pay™, Samsung Pay, Android Pay. Visa Purchase Alerts will give you the freedom and security to make payments as you like.

Online and Mobile Banking for Business Owners

Guaranty Bank offers a robust Online Banking system to enhance your business. Contact a member of our team today to discuss customizing your online experience so you can save time and money.

Online and Mobile Banking are great tools to help your banking activity fit seamlessly into your life. We know our customers are busy people on the go, and we’re proud to offer options that allow them to manage their money whenever it works for them. If you have any questions on how to get started with Online or Mobile Banking, Mobile Wallet or Business Online Banking, please contact a member of our team today.

Shifting from spending to investing is a change that can have a big impact on your financial wellbeing in the long-term. Spending is necessary, and it can also be fun, but at a certain point, is important to ask yourself how much of your income you could be investing.

Assuming you already have an emergency fund of 3-6 months of living expenses set up, now may be the time to begin investing your money.

Investing will not necessarily make you rich over night, but the idea is that it will help support you down the line when you want to retire, buy a house, or pay for another big goal, like a college education, etc. Saving money for all of these occasions is a great start, but investing the money will help you to earn higher yields.

Take a look at your monthly budget and consider any extra money you have that you could start to invest. Your future-self will thank you.

Why invest

Investing can help you grow your money overtime. Your income is one way to earn money, investing is another. Investing is a vehicle to help your existing money grow. Essentially, you give your money to an entity for a period of time, and over that time, the money earns interest. Eventually the interest compounds (earns interest on the interest). The most important factor in investing is time. Giving your money time to grow, and compound can help you see significant returns on your investments.

Types of investing

There are several types of investments one can make including stocks, bonds, mutual funds, futures, precious metals, real-estate, businesses and more. Many people opt for a combination, or a diversified portfolio. The idea behind having a diversified portfolio is to ensure that if one area of investment fails, you still have other avenues to continue making money. Yes, there is risk involved in investing. Nothing is guaranteed, but the overwhelming majority of investments do create a positive yield and therefore makes the investment worth it.

Why not just keep money in a savings account?

If you keep your money in a savings account, it will not grow nearly as fast as if is invested, which can cost you big over time. Even high-rate savings accounts, which earn interest, will not earn interest at the rate of investing. Since compound interest is the magic that makes investing worthwhile, keeping your money in a savings account will prevent you from seeing those high returns. It is a good idea to keep your emergency fund in a savings account so you can access it quickly and easily in case of emergency, but typically, everything else outside of the money allotted to your monthly budget can be invested. Make sure to speak with a financial advisor to discuss your specific financial situation.

How to get started

Investing is easier than ever now that there are several trading apps and accessible websites to use. Now it is also possible to buy fractional shares of a stock. Because of this, it’s possible to start small without having to take on a lot of risk while you learn the market.

Investing also gives you the power to become and owner in the companies you care about. When you buy a stock, you become a partial owner in the company. For example, if you’re a big Disney fan, you can buy Disney stock and then you’ll be a part owner of the company.

Investing for retirement

It is particularly important to invest toward your retirement. When you retire, you will no longer have an income, so it is important to make sure you save money in an investment account such as a 401(k), 403 (b), IRA or Roth IRA. Typically, these accounts can be accessed through an employer.

The FIRE movement

The FIRE movement is a popular strategy among young people. It stands for Financial Independence, Retire Early (FIRE). People participating in the movement save as much as 70% of their income and are able to retire around the age of 40-45 instead of 60-65 years, like most Americans. A popular component of the movement is a frugal lifestyle, both while investing, and while retired.

Ultimately, there is no one right way to invest. Money management is a personal choice, and it’s important to do what is best for you. You can talk to a financial advisor to get help with your specific personal financial situation and goals.

Starting a business can be an exciting endeavor that allows you to use your skills and abilities in a unique way. If you’re thinking of starting a business, there are several things you’ll need to think through before launching.

Conduct market research

Whether you’ll be selling a product or offering a service, it’s important to get a sense of who you’ll be competing with in your area. Learning more about the needs of your area along with the competition may give you valuable information about positioning your product or service for success.

Write a business plan

At the root of every business is a business plan. Writing a business plan allows you to create a strategy for how to run and grow your business. It also provides a way to outline your goals so you can measure success down the line.

Select your location

If you are opening a brick-and-mortar business, finding the right location will be a very important piece of the puzzle. For example, if your business is a shop that requires a lot of foot traffic to draw in new customers, you may want to look for a space in a bustling city where lots of people will walk by regularly.

Find funding

Businesses need cash to get started. Having your business plan in order can help you raise or borrow capital by getting others on board with investing in or supporting your endeavor.

Choose a business structure

Some common types of business structures include sole proprietorship, partnership, limited liability company (LLC), corporation (C Corp, S Corp, or B Corp), or Nonprofit just to name a few. Each type of business structure offers various benefits and legal protections. The taxes you are required to pay may vary too, so it may be helpful to speak with a business counselor, attorney and accountant to weigh the pros and cons of each option.

Select your businesses name

This step is easier said than done. Whether you already have a name in mind, or you have no idea what you want to pick, it’s important to be thoughtful about it because changing the name down the line may be a hassle. Consider your future company’s brand and what type of culture and vibe you want to give off. Maybe your brand is going to be fun and whimsical. Maybe it will take a serious, professional tone. It’s important to consider this when picking the name. Next, make sure to google the potential name, and check for it on social media. If it is already being used, or if it has a negative connotation for any reason, you may want to go back to the drawing board.

Register your business name

Once you have picked a name, it’s time to set it in stone by making it legal. Make sure to register the name to protect it. There are several ways to protect your name. Entity name protects you at state level. Trademark protects you at a federal level. Then, secure the domain name for your business website address and secure the social media handles for any social media platforms that may be relevant like Facebook, Twitter, Instagram or LinkedIn.

Get federal and state tax IDs

Your employer identification number (EIN) will help you in the process of growing your business because you’ll need it to open a bank account or to pay taxes. It’s similar to a social security number for your business.

Apply for licenses and permits

Depending on the industry you are operating in and the product or service you’re offering, you may need to apply for licenses and permits to operate legally. Be sure to check your specific state’s requirements for your specific product or service.

Open a business bank account

No matter what type of business you are operating, you will need a way to manage your money. At Guaranty Bank, we have several different types of business accounts that could work for you depending on your business’ specific needs.

Our checking accounts include Guaranty Edge Checking, Business Analysis Checking, Civic Checking and Business Checking with Interest. All of our accounts offer free Online Banking and Bill Pay, free Online Statements with Images, and Cash Management services.

We also offer business savings accounts including a Guaranty Prime Investment Account and Commercial Money Market account.

Plus, we offer business loans and lines of credit to help with day-to-day costs, inventory, equipment, real estate and development.

Contact a member of our team to learn more about which of our accounts suit your business and your goals the best.

Saving money for your child’s future college education is something many parents think about. Like with most savings goals, its best to start as soon as possible. First, you should consider how much you will need to save for college. There are several free college savings calculators on the web, but ultimately you will need to consider the state you live in, how many years you have left to save, the cost of tuition at the college your child would like to attend, what you expect their living expenses to be, how many years they’ll be in school, how much, if any you have saved already, and how much you can reasonably expect to receive in scholarships and grants.

If gathering this information feels challenging or overwhelming, don’t worry, it’s just an estimate and it can be adjusted later once new details become available. Below are a few different accounts to consider, along with a strategy to involve your child on their way to paying for college.

529 Plan
If you want to save additional money for education, or if you exceed the income limit for the Education IRA, a 529 plan may be a better option. Make sure the 529 plan you select gives you the freedom to choose the funds you invest in with the account. With a 529 plan you have the option to change the beneficiary to another person in your family if the intended recipient chooses not to go to college. 529 plans to not have annual contribution limits and there are not income limits or age restrictions for use of the account.

UTMA or UGMA (Uniform Transfer/Gift to Minors Act)
These accounts are designed for more than just education savings. The account gets set up in the child’s name but is controlled by a custodian (like a parent or guardian). The child is eligible to access the account when they turn 21 (or 18 for the UGMA account). The child is allowed to use the account any way they want.

Students who plan to pursue higher education should also be involved in the college saving process. Even though they are students, they can still help to build their funds, or apply for scholarships to help with the task of paying for school. By involving them, it will help them understand the cost of college and hopefully it will establish a healthy understanding of money and savings habits. Here are some great ways for your student to start getting involved in the college saving process:

Get a job
Whether your student works full time during the summer, or part-time during the school year, it will be helpful for them to begin to gain work experience, and a paycheck to put towards college tuition and expenses. Bonus points if the job is related to their desired field of study. For example, if they are interested in becoming a chef, they can apply to wash dishes in a kitchen, or if they’re interested in the medical field, they can apply to help at a local nursing home, which will help them gain industry insights and build their network while working.

Volunteer
Although volunteering doesn’t pay cash, it will help when applying to colleges, and scholarships. The volunteer experience will look good on their application and help them get a leg up on their peers. Their time volunteering will also expand their network and potentially help connect them to other opportunities

Apply for scholarships
Scholarships are free money and there are all different types. There are scholarships for sports, academics, extracurricular activities or even location-based scholarships for members of certain communities. If your child is eligible to apply, they should apply. Any amount of scholarship money can help toward limiting the amount you have to pay out of pocket.

Take Advanced Placement (AP) Classes
Advanced Placement (AP) Classes can count as college credits depending on how well the student does in the class. If your student already has college credits, that’s one less class you will have to pay for when they are enrolled in college.

Open a savings account
By opening a savings account, your student will have a place to begin building their funds. Visit a branch or contact a member of our team today to learn more about our savings account options.

Learn to save money
Chat with your child about saving money. Share your saving philosophy and explain how important it is that they set savings goals. Whether it be for a car when they get their license, or money to contribute toward their college tuition and expenses, it is best to get them involved in the savings process as soon as possible.

Ultimately, saving for college is a process that takes planning and teamwork to accomplish the goal of graduating debt free. The sooner you get started, the better.