Category: Wealth Management

Should You Pay Off Your Mortgage Before Retirement?

Pre-retirement woman stacks coins to evaluate how much to pay off mortgage

In the past, it was not uncommon for homeowners to buy a house around the age of 30 and have paid it off in full by the age of 60, hence the 30-year term for mortgages that has become the industry standard. But the Federal Reserve Board has found that more than a third of… Read more »

4 Tips to Help Build Your Teen’s Credit Score

Parent discusses credit score with teen daughter

When your teen finally reaches high school graduation, they’re going to need a solid credit score for their next steps in life: renting an apartment, getting a loan or finding a good deal on insurance. For that reason, it’s important that teens build up their credit scores before they move out. There are a few… Read more »

Success Story: Minster Bank’s Private Wealth Management and Trust

Steve Eiting private wealth management department manager at minster bank ohio

For Steve Eiting, manager of the Private Wealth Management department at Minster Bank, the key to doing successful business is simple: Always put the client first. “Our goal is to be their one-stop financial institution,” said Eiting. “Here, they can get all their loans, they can do all their banking and we can do the… Read more »

What Should I Do with a Retirement Plan from an Old Job?

Woman rolling over her retirement plan from her old job to her new job

If you’ve switched jobs, are over 59 ½ or retired recently, you may be wondering what to do with the money left in your 401(k) or another retirement plan from the previous job. The good news is that money is yours to keep (minus any of the company’s contributions that aren’t vested). Most commonly, you… Read more »

Start the New Year off Right with These Savings Tips

Yellow sticky notes with New Year’s resolutions written on them

A new year is a great time for a money makeover. If you struggle with saving or want to save even more than you do already, here are seven strategies worth implementing. Saving Strategy #1: 30 Day Rule According to The Simple Dollar contributor Trent Hamm, one of the simplest ways to avoid impulse purchases… Read more »

Simple vs. Compound Interest: What’s the Difference?

Piggy banks demonstrate simple and compound interest rates

Do you have a loan or mortgage to pay off? If you’re between the ages of 35 to 54, odds are you do. When you borrow money, odds are you’ll be paying interest on that loan. It pays to know the differences between simple and compound interest and the way they’ll affect you, depending on… Read more »

When Should You Set Up Your Child’s Savings Account?

Family and children hold piggy bank with savings account money

It’s never too early to start saving money, which is why a growing number of parents are opening savings accounts for their children. Doing so can help establish a brighter financial future for your child. Dave Sieminski of the Consumer Financial Protection Bureau notes a study that found children from low-income families were three times… Read more »

Is Your Financial Information Secure Online?

Man is confident his financial information is safe when he uses his credit card for an online transaction

Online banking and investing are modern-day service that provide convenience if you often find yourself on the go. When banking online, you never have to worry about waiting in line, making it into a branch before the end of the day, or visiting your financial planner. You can easily pay bills and move money around… Read more »

What is a Fiduciary?

Obtaining a fiduciary to make essential arrangements for your assets

When you are making arrangements to ensure financial security for yourself and for your family, you might happen across the idea of naming a fiduciary. A fiduciary can ensure that your money and assets are handled appropriately if you get sick, become injured or die. Knowing what a fiduciary does, the standards by which they… Read more »