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Tradewinds Credit Union of Comstock Park, MI Signs Agreement with Money Concepts Capital Corp. to offer Financial Planning Services

 

Tradewinds Credit Union of Comstock Park, MI Signs Agreement with Money Concepts Capital Corp. to offer Financial Planning ServicesIndependent broker-dealer Money Concepts is pleased to announce a new strategic relationship with Tradewinds Credit Union.

 

(PRWEB) January 29, 2015

 
Wealth Management and Financial Planning firm Money Concepts signed a new agreement with Tradewinds Credit Union a $17.5 million asset credit union based in Comstock Park, MI.

 
Mary Sullivan, President & CEO of Tradewinds Credit Union has been serving the West Michigan building trades and community since 1956. “I am excited about our partnership with Money Concepts International Inc. and the financial planning service it will provide for our members. Money Concepts like Tradewinds Credit Union will offer the unique combination of friendly and professional service and attention to our member’s individual financial needs.”

 
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10 Financial Terms Everyone Should Know

10 Financial Terms Everyone Should Know

 
Understanding financial matters can be difficult if you don’t understand the jargon. Becoming familiar with these 10 financial terms may help make things clearer.

 

 1. Time value of money

The time value of money is the concept that money on hand today is worth more than the same amount of money in the future, because the money you have today could be invested to earn interest and increase in value.

 

Why is it important? Understanding that money today is worth more than the same amount in the future can help you evaluate investments that offer different potential rates of return.

 

2. Inflation

Inflation reflects any overall upward movement in the price of consumer goods and services and is usually associated with the loss of purchasing power over time.

 

Why is it important? Because inflation generally pushes the cost of goods and services higher, any estimate of how much you’ll need in the future–for example, how much you’ll need to save for retirement–should take into account the potential impact of inflation.

 
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Key Numbers for 2015

Key Numbers for 2015Every year, the Internal Revenue Service (IRS) announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2015.

 

Retirement plans

  • Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $18,000 in compensation in 2015 (up from $17,500 in 2014); employees age 50 and older can defer up to an additional $6,000 in 2015 (up from $5,500 in 2014)
  • Employees participating in a SIMPLE retirement plan can defer up to $12,500 in 2015 (up from $12,000 in 2014), and employees age 50 and older will be able to defer up to an additional $3,000 in 2015 (up from $2,500 in 2014)

 
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Do you understand the definition of financial aid?

 
Do you understand the definition of financial aid?The term “financial aid” goes hand in hand with paying for college. But it can mean different things to different people, and often the term is used in various ways, even by colleges.

 
“Financial aid” is money that can help students pay for college. Many people think of student loans when they hear the term financial aid, but loans are just one part. In addition to loans, financial aid includes scholarships, grants, and work-study jobs. Scholarships and grants are gifts; they do not need to be repaid. Loans, on the other hand, have to be repaid with interest, while work-study jobs are a work obligation for the student. Aid can be need-based or non-need-based, though most people think of financial aid as being strictly need-based.

 
Loans. The main sources of loans are the federal government and private lenders. Students with the greatest financial need are eligible for the government’s subsidized Stafford Loan and Perkins Loan (“subsidized” means Uncle Sam pays the interest while the student is in school and during certain other periods); all students are eligible for the government’s unsubsidized Stafford Loan. The loan amounts are capped each year.

 
For parents, the government offers PLUS Loans, which let parents borrow up to the full cost of their child’s education. Private lenders also offer student loans and parent loans. Generally, the government offers more favorable loan repayment options than private lenders, most notably several income-sensitive repayment options.

 
Grants & scholarships. Though students with the greatest financial need typically qualify for a federal Pell Grant, the main source of grants and scholarships for the majority of students is colleges. College grants and scholarships can be based on financial need (as determined by the college’s own aid form) or on merit, whether academic, athletic, or some other talent. Colleges vary widely in the type (need-based or merit-based) and amount of grants and scholarships they offer. As your family researches college options, exploring these differences is probably the single biggest thing you can do to optimize your bottom line.

 
Work-study jobs. The government underwrites work-study jobs for the neediest students, but colleges may also offer campus jobs that are not necessarily based on need.

 

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