millionaire

How to NOT Become a Millionaire

Having a lot of money can be a burden. People constantly ask you for it, taxes are more complicated and you need a plan for your wealth when you’re gone. If you’re looking for ways to avoid becoming rich, here is some advice on how to not become a millionaire.

Don’t Think Ahead

If you’re not yet a millionaire, don’t make any dramatic changes — just keep on with what you’re doing. Becoming independently wealthy takes effort, so things like writing down your financial goals will only help those who are looking to make their resources grow. And don’t set small, achievable benchmarks either, because you may find yourself unintentionally achieving larger financial goals.

Limit Your Income Streams

You only need one income to get by. Anything else will only increase your earnings. A job and a single paycheck is the easiest way to maintain your savings instead of building them. Rental properties, side businesses and investments are only for people who want to diversify their revenue opportunities and accumulate money more quickly.

Never Invest

Speaking of investing, if you want to avoid becoming a millionaire, you should always keep your money easily accessible instead of making an investment that generates compound interest. With regular contributions to your America First dedicated savings account, for example, your initial investment could grow at a surprising rate with little effort on your part.

Spend It As Soon as You Get It

Saving is the gateway to investing. Decide how you want to spend your paycheck, tax refund or birthday money before you get it. That way, you won’t be tempted to put some away to build a rainy-day fund or contribute to your retirement. In fact, spend more than you have by maxing out your credit cards. Then you’ll continuously be paying off debt and you’ll also lower your credit score, so you won’t be tempted to take out a business loan.

Say Yes to Get-Rich-Quick Schemes

This may sound counterintuitive, but get-rich scams will actually make you poorer. Usually those who offer “exclusive opportunities” to “get in on the ground floor” with a “small initial investment” are the only ones who benefit. There is no fast and easy way to make money — it takes study, dedication and hard work. Losing money, however, is quite simple — especially with a bad investment.

Go It Alone

If you don’t want wealth, don’t ask advice those that are prosperous. Their words might inspire you to achieve success. Watch out for financial advisers, too. Their expertise will only bring you good investments and help you avoid bad ones. If you’re going to prevent yourself from becoming a millionaire, it’s best to be on your own.

financial tips

Financial Tips from Mothers

In honor of Mother’s Day, we asked some local moms about what they teach their children about finances. They also explain some monetary wisdom they wish had been imparted. We hope you enjoy these financial tips from mothers.

Penny

Dedicate yourself to your education first and find a job in which you can share your best talents — where you can see and feel the difference you make in others’ lives. Start your retirement planning now and build your deposits as you make more money. Choose your spouse carefully. Look for someone [who] has good saving habits. Put away money by being frugal now and you’ll be able to live comfortably later. You only need one credit card, that is attached to your deposit institution, so you can pay it off monthly.

Jennie

It’s important to understand the difference between needs and wants. Normally when a child says, “I need this,” it really means they just want it. Help them understand that sometimes wants have to wait or may never happen.

Kimberly

Hit the clearance racks first. Rarely pay full price for anything.

Karlene

Balance your checkbook. Start teaching your children early about finances. Even though you teach your children about finances, it does not always mean that they will understand. Let them learn from their mistakes.

Laura

First and foremost, try to save at least $10 to $20 every paycheck as a starting point. Don’t worry about coupon shopping—the discounts are often only on name-brand products. Do not encourage your children to think that name-brand clothing is the only way to dress. Have your children do chores to earn things they are aspiring for, even if your child is 18!

Tiffany

From the time you start earning money, have a budget. That way you will always spend within your means, be able to save, and never go into debt.

Alicia

Know the difference between needs and wants. Set a goal for your savings. Sometimes it’s easier to sacrifice with the end goal in mind. You can’t save money by spending.

Jennifer

Live within your means—in other words, don’t spend more than you earn. In our world today, everyone feels like they need everything right now. Young, old, newly married, married forever. I hope my children will understand the key to happiness is being happy with what you have and not always waiting to get more to find happiness.

America First Credit Union Holds 78th Annual Meeting; New Board Members Elected

For Immediate Release:

America First Credit Union Holds 78th Annual Meeting; New Board Members Elected

President and CEO John Lund stated, “I am happy and honored to report that 2016 was a successful year by every measure.”

Riverdale, Utah – (May 8, 2017) – America First Credit Union held its 78th annual meeting on Tuesday, April 18, 2017. The agenda included the Board of Directors election and filling its leadership roles. James G. Wendler, Linda K. Carver, and Gil A. Miller were elected by the voting membership to serve on the Board. James Wendler will continue as Board Chairman, with Linda Carver as Vice Chair and Kenlon W. Reeve as Secretary.

Taking place in April, the America First annual meeting provides an opportunity to share the success and financial state of the organization, as well as giving the membership the ability to determine the credit union’s course of action by electing volunteers to serve on the Board of Directors. These dedicated and qualified individuals share their time, talents and efforts without compensation, making them part of America First’s unique cooperative, not-for-profit structure.

The annual event was once again streamed live via the credit union’s social media accounts for added engagement and conversations online. Giveaways were also held for those tuning in who were unable to make the meeting in person. For more information, go to americafirst.com or visit them on Facebook, Twitter, Instagram and Pinterest.

About America First Credit Union:
In its 78 years of service, America First has become of the largest and most respected credit unions in the nation, providing an extensive branch network and 24/7 access through award-winning mobile and online banking platforms. America First offers a wide range of financial solutions, including mortgages, free checking, auto & RV loans, Visa® cards, business loans & services, trust services, insurance, and investments. America First has 123 locations, is the 11th largest U.S. credit union in assets with over $8.4 billion, and the sixth largest credit union in membership with more than 831,000.

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Contact:
America First Credit Union
Nicole Cypers
C: 801-726-9480
ncypers@americafirst.com

Quillin Advertising, Public Relations & Social Media
Melanie Devries
D: 702-506-0828
mdevries@quillinlv.com

shopping online

Tower Defense: How to Stay Safe While Shopping Online

These days, going to a store to buy something might feel like a hassle — most prefer internet purchases. In fact, a recent study shows that 80% of Americans are shopping online, a number that keeps going up. Unfortunately, it means cybercriminals are becoming more advanced, too, making it equally important to stay safe while shopping online. Here are some tips to help prepare you for the virtual battle against identity theft and credit card fraud.

Gathering Intel

Sometimes the best deals aren’t on popular sites such as Amazon or eBay. But if you’re visiting one for the first time, do your research. Look up reviews and check out the company’s reputation before entering any information. And trust your feelings: if it’s a strange URL, has a dated look, is loaded with excessive pop-ups or anything else that seems shady, it’s probably worth going somewhere more credible.

Also, look for https:// at the start of the web address. This lets you know they encrypt sensitive data and keep your information private. Browsers additionally display green boxes & text or lock icons in the address bar when the connection is secure. Using official company apps on mobile devices also ensures better security.

Fortifying your Defenses

You are your own first line of defense against hackers. For example, avoid buying over public Wi-Fi connections and remember to keep your browsers updated to prevent breaches.

Don’t offer more information than necessary when creating accounts or checking out — only enter the required fields. If a company wants more than that, walk away. No reputable store will ask for your Social Security number or PIN. If you do create accounts, use secure passwords and change them periodically.

Credit card purchases are common & safe options, with automatic protections built in. You can also put an extra layer of security between you and vendors with systems like PayPal. Plus, America First provides Visa® cards that come with free identity theft recovery services in case you’re ever a victim.

Defending your Stronghold

Once you buy, keep an eye on your account for the transaction to clear. Using free online banking regularly is a good way to avoid any unwanted charges. Also, file your email receipts in a dedicated folder. That way, you won’t be fooled by spammy emails about fake purchases.

If you get a message about something you didn’t buy, don’t click on any links. You can also spot scams by looking at the sender’s address. If it says Google, but the email is coming from ggl24601@hs-42.ithosting.biz, you can safely assume it’s fraudulent. To confirm if it’s legit, go to the company’s site and contact their support team.

Finally, if you suspect any breach or compromise, contact your financial institution immediately. With all the threats out there, it’s hard to feel completely safe while shopping online. But if you do your research, take proper precautions and stay on guard, you can avoid many of these virtual pitfalls.