Making the Most of Your Fair Winnings

by Hope Roush, OVB Financial Literacy Leader

 

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Just like that another fair season has come and gone in a flash. While kids are now moving their focus from fair projects to books and school, it’s never too early to begin thinking about next year’s fair. Read more of this post

Shark Week Rules Can Help You Make Smarter Financial Decisions

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Shark Week is here! The Discovery Channel’s longtime celebrated week of television offers many tips for shark encounters. Much of the advice learned through shark week can be applied to your financial well-being? Say what?

Yes, it’s true. Simple Shark Week rules can be applied to your everyday life, specifically your finances. Many of the tips to prevent beach-goers from experiencing a shark encounter can be easily used to make smarter decisions in general. Consider the following:

  1. Shark Week Tip: Don’t go swimming after dark. This same piece of advice also works when dealing with your money. Financial Tip: Don’t make financial decisions after dark. If you are making a major decision regarding your finances late at night, you might not be in the most alert state of mind. Generally, you are more tired at night and worn out from the stresses of the day. Instead, it’s best to sleep on your thoughts and then make your decision when you are rested and rejuvenated the next morning.
  2. Shark Week Tip: Don’t go swimming alone. Swimming alone and dealing with your finances all by yourself are two choices that aren’t necessarily the best. Financial Tip: Seeking advice on your finances can be very beneficial. It’s good to explore many options when making a major financial decision. There are professionals that are more than happy to guide you on the path to make the best decisions with your money.
  3. Shark Week Tip: Steer clear of murky water. If the water looks grim, it’s probably a good bet it’s not safe. If you receive some type of money offer and it doesn’t quite look legit, it’s likely it would be something unwise to pursue as well. Financial Tip: If you get a “free money” offer in the mail that looks unclear, such as a “sweepstakes” win that you never entered, it’s probably a scam. This type of scam unfortunately affects many people. Avoid this “murky area” and contact your local financial institution if you are not sure what to do with this type of situation.
  4. Shark Week Tip: Stay calm. If you actually see a shark while swimming, the best thing to do is remain calm. Panicking could actually draw more attention to yourself, which could incite an attack. When dealing with your money, it’s best to always stay calm if you notice something wrong. Financial Tip: If you are ever in a situation where you notice suspicious activity on your accounts, the best thing to do is remain calm. Report your concerns and let your financial institution handle the situation. Also, if you are ever worried about your current money circumstances, such as making a payment on time, it’s a good idea to stay calm and contact your financial institution for advice on how to handle this issue.
  5. Shark Week Tip: Avoid swimming in deep water. Swimming in deep water increases the odds of a shark encounter. When dealing with your finances, it’s best to not get in too deep as well. Financial Tip: If you find yourself experiencing a financial problem, such as credit card debt, it is important to not get in over your head. For example, it could be bad and result in poor credit if you try to pay off one credit card with another. If you find yourself confused on how to handle a financial decision, don’t let the stress engulf you. Contact your financial institution for help before things get out of hand.

While it seems odd to compare Shark Week advice with financial tips, as you can see the lessons are often quite similar. The experts know how to handle shark encounters, just like the professionals at financial institutions, including Ohio Valley Bank, can help you make the best decisions regarding your financial well-being.

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If you didn’t get enough on the shark-side of things from us, be sure to check out the Discovery Channel’s 27th Anniversary of Shark Week, running from Sunday, Aug. 10 through Saturday, Aug. 16. For a full Shark Week line-up, check out www.discovery.com. For information on financial services at Ohio Valley Bank, visit www.ovbc.com.

Financial Tips From Frozen

Kids watching Frozen.

Hopefully they learned as much as we did from watching this.

Financial literacy is a huge topic right now, and rightly so. Proper financial management is considered a weakness for many Americans. Our hope at OVB, is that we can give you some thought provoking, and sometimes entertaining tips that will help you better manage your finances.

What better way to learn about financial literacy, than through tips gleaned from the wildly popular Disney movie, Frozen?

Before we go on, I should warn you that for the one percent of you who haven’t seen Frozen yet, there will be spoilers. If you don’t want a major plot point being spoiled for you, don’t continue on.

We’ll start with the easy one that’s pretty much spelled out by the characters in the movie.

Supply and Demand

When Kristoff goes into Wandering Oaken’s Trading Post during the “Big Summer Blowout” looking for winter supplies, he discovers that “supply and demand have a big problem.” The supply of winter gear is low, which results in the price he has to pay being much higher than expected.

The most glaring example of this in the real world is with mobile phones. When that brand new iPhone comes out, demand is very high and so is the price. If you can stand not having the newest, shiniest technology, waiting a year will allow you to buy the same phone at a greatly reduced price.

Set up an emergency fund

What caused the supply and demand problem in the previous section? That would be Elsa and her ice powers. Kristoff sells ice for a living, “a rough business to be in right now” for sure. If he had an emergency fund, he’d be able to live comfortably during this time of unexpected hardship.

Most experts recommend saving three to six months’ worth of income for your emergency fund. This fund can be used when unexpected things happen, such as losing a job, incurring unexpected expenses or your queen losing control of her ice powers and thrusting the land into an eternal winter, which happens more often than one would think.

Insurance

Kristoff’s sled went plummeting down into a ravine, eventually bursting into flames, Kristoff just might have been thinking, “Man, I wish I bought insurance on that thing.” Thanks to the eventual generosity of the royal family, Kristoff was able to replace his sled with an even fancier model, but we can’t all rely on that kind of thing.

Insurance is just in case protection. In other words, you are at least somewhat protected, just in case something bad happens. Some types of insurance are required, but some aren’t. For some people, insurance is completely unnecessary…until it isn’t. You can’t count on things always working out in your favor. When something does eventually go wrong, it’s good to know that your home, car and family will be protected.

Too good to be true

Lastly, if something seems too good to be true, it probably is. When Anna met Hans, fell in love at first sight and got engaged to someone she knew for ONE DAY, it seemed like a fairy tale come true. It was a fairy tale alright, but it wasn’t real. Hans eventually showed his true colors and turned on Anna.

Just like in the movie, there are a lot of disgusting people out there that will do whatever they can to take advantage of others. They will promise money, gifts and even their love in order to get what they want, which is usually money. My advice is to have a somewhat skeptical eye when communicating on the internet with someone you don’t know. If someone else initiates the conversation (through phone, email or social media) be very cautious about what information you give them.

Did any financial tips jump out at you when watching Frozen? If so, leave them in the comments below.