Where Should You Keep Your Money?

Whether you are a business or an individual, it is an important decision where to keep your money. There are more choices now than ever and for some, the choices are confusing. You can keep your money in a traditional bank (brick and mortar), or you can choose to keep it in a credit union, and there is the choice to keep your money in an online bank (that has no physical location). How do you choose? You can choose by looking at the features along with the advantages and disadvantages of each. You weigh these against your needs and your desired results, and then you will have a better idea of which is the right banking option for you.  Let’s begin by looking at the history of the traditional bank.

Traditional banking has been around since the late 1700s when the then current Treasury Secretary (Alexander Hamilton) was looking for a way to help the government but also help jumpstart business as well. The banking industry had a bumpy start with the government owning some banks and other banks owned by a combination of the government and private investors. With the volatile events of the time (war and fighting over who controlled the bank), the banking system dissolved and a new way to bank needed to be formed[1].

In the late 1830s, states were given the authority to open banks, and the industry began to grow. Because money was dependent upon the market and the amount of business they had, those banks that had few customers closed. After all of these changes and another war, the traditional banking system that is in place now began. The Federal Reserve started in the early 1900s and functioned as a way to stabilize the market to ensure that the value of money did not run too high or drop too low.  This was and is done by regulating interest rates and by buying and selling bonds[2].

Today there are many options for brick and mortar banking no matter in what state you reside. Additionally, after you choose a bank, there are many options regarding what type of account you can choose. There are banks that offer free checking, high-interest checking (which usually comes with the need to keep a certain balance), money market accounts, certificate of deposits (CDs), savings, IRAs (Individual Retirement Accounts), etc.  The brick and mortar banks offer physical branches where banking can be done.

One of the advantages of brick and mortar banking is the option to go into a branch and speak with a teller or other bank personnel. Some customers like to speak with the people who are holding their money and they appreciate the one-on-one interaction. The brick and mortar banks usually have several branches in different cities, so you do not have to travel far to find another branch. There are ATMs across the branches, so you have 24/7 access to your money. More brick and mortar branches have the option to handle some transactions online, such as balance inquiries and transfers. Additionally, more banks are allowing for online bill pay, which automatically deducts money from your specified account and transfers it to the business of your choice.

Some of the disadvantages of brick and mortar banking are the fees that can be associated with your account. Some banks charge extra ATM fees if you do not use the preferred ATM providers. Additionally, some banks charge fees if you do not keep a certain amount of money in your account or if you have too many or too few transactions during a month. The interest rates appear to be lower at the brick and mortar banks as well. Additionally, most banks are for-profit and regulated by the FDIC and owned by shareholders. Some people wanted an alternative to this and switched over to a credit union.

In the early 1900s, the first credit union began in the United States. Through this formation came the founding of the Credit Union National Extension Bureau (CUNEB) in 1921, and the Federal Credit Union Act of 1934[3]. These both stood to examine and solidify the rules and regulations related to credit unions at the state and federal level. In the early ‘70s, the National Credit Union Administration (NCUA) and the National Credit Union Share Insurance Fund (NCUSIF) were formed to oversee the federal credit unions and insure the deposits. As time went on, they became “backed by the full faith and credit of the United States Government” and were able to offer additional services like mortgages and loans.

Credit unions are owned by the members and are not-for-profit institutions. They generally have higher interest rates and lower fees. As with banks, credit unions are brick and mortar establishments that offer in-person transactions as well as ATM access. While banks usually have ATMs associated with them, credit unions can allow access (for no fee) at other establishments (such as ATMs at convenience stores). Also, the credit union board of directors is voted into office by the credit union members.  The credit unions allow online access to accounts where a member can check their balance, transfer funds, or set up bill pay, among other things.

Unlike traditional banks, there are fewer locations for credit unions. So, if you need to actually go to a branch, there might not be one close by. Some credit unions allow other credit union members to conduct transactions at their branch. Meaning Credit Union A will allow members of Credit Union B to conduct transactions. This is something that will need to be checked before you drive to another credit union.  Some credit unions have membership requirements. Everyone is not allowed to join, and you must meet the criteria needed for membership. Some individuals do not need the face-to-face interaction and choose to conduct their banking at an online bank.

While the ability to bank online (from a brick and mortar bank) has been around since early 2000, it was in 2005 when the first direct banks (banks purely online) were formed[4]. The banks offer the ability to conduct transactions at any time because as long as you have access to the Internet, you will have access to your bank. So if you would like to bank at 2:00 a.m. on Sunday morning, then you can. There is no waiting in line on Friday to deposit your check, and you can open accounts (checking, savings, CDs, money market accounts, etc.) easily. Banking online offers the ability to set up bill pay, as some brick and mortar establishment’s offer, and set up automatic payments. This can save money due to not needing to go to the post office or buy stamps. Another helpful area (that other establishments share) is the ability to alert you to potentially fraudulent activity or low balances.

Obviously, one downside to pure online banking is what to do when you don’t have access to the Internet. There are some that are worried about the security and encryption of their information, but most banking establishments have data that is kept online. So, as a general thought, any form of banking has online data components. As with credit unions, there may not be a large number of ATMs that you can access depending upon the bank that you choose. It is important to consider this before signing up with any particular bank.

There are many similarities that can be seen between all of the banking choices. The final consideration is how comfortable you feel putting your money in any of the establishments. Do you feel comfortable not having a physical bank? Would you like the institution to be owned by the members? What are your banking needs? By reviewing your banking needs and wants you can come to the decision regarding which institution is best for you.

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[1] Anderson, Kelly. "The Complete History of Banks in the United States." Mint. N.p., n.d. Web. 10 Jan. 2014. <https://www.mint.com/the-complete-history-of-banks-in-the-united-states/>.

[2] Ibid

[3] MyCreditUnion.gov. "Historical Timeline of Credit Unions." History Timeline of Credit Unions. National Credit Union Administration, n.d. Web. 10 Jan. 2014. <http://www.mycreditunion.gov/Pages/historical-timeline-of-credit-unions.aspx>.

[4] Yodlee. "Infographic: The History Of Internet Banking (1983 – 2012)." The Financial Brand Marketing Insights for Banks Credit Unions. The Financial Brand, 2 Oct. 2012. Web. 10 Jan. 2014. <http://thefinancialbrand.com/25380/yodlee-history-of-internet-banking/>.

The Women in My Life

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I have spent significant time with many women in my life. First, was the time with my mother. Caring for her and just being around her has affected me greatly. There were many things to learn from her. Due to her health issues, I would sometimes need to spend extended time with relatives. This brought time with my grandmothers into my life.

I was always fascinated by their stories growing up and generally by how they lived at the time when I was visiting. Both women were similar yet so different. My one grandmother collected everything. She had a miniature village set up and many antiques and trinkets that she picked up from her regular excursions to the flea markets. My other grandmother was always baking something: pies, bread, nut roll, etc. They both grew up on farms and had stories to tell about the funny things that happened. The grandmother with the miniatures moved from the farm to city life, while the baking grandmother remained in a farming atmosphere.

Due to my mother’s health issues, I spent part of a school year in the country. There are pictures of me entering and exiting the bus. Additionally, this was also the time of the infamous haircut that involved my grandfather. Who knew that if you screamed enough when he combed your hair that he would take you to the barber and the nice man would cut it off for you. Then you could be mistaken for a boy and never forget that experience, but I digress.

Time spent with one grandmother would consist of cooking in the kitchen or learning to sew (never got good at that) or helping out around the farm. Time spent with the other grandmother would consist of playing Canasta, eating hot buttered popcorn and having too much fun staying up too late. Fear not, there is another infamous story dealing with this grandmother. Being the curious person that I am, I loved checking out her perfume. She had many bottles, and I liked to smell them. I found a new bottle on her dresser and proceeded to take a long sniff. The horror!! My grandmother let me know after she heard me howling that I had opened her smelling salts! I was very cautious around her perfume after that.

What has been the most interesting about my life and these women is that we had the opportunity to come full circle. They tended to me when I was young, and then I got to return the favor when I became an adult. I took care of my mother off and on my whole life until she passed. I came to help my country grandmother when I was getting my life back together after difficult times. I ended with my city grandmother when macular degeneration and health issues hindered her ability to fully care for herself. For my country grandmother, it might have been more comic relief that I was around, but she still needed help, and I was more than happy to pay her back.

I had the opportunity to observe their lives, their loves, and their perseverance in the face of adversity, their laughter, their smiles, and the very essence that embodied them. I have been positively changed by each of them and do not have a single regret about our time together. They have helped shape me into the person I am today. I am grateful to have known them.  

The Teachable Moments

For several years I taught young children (ages 18 mo to 5 yrs), and the one thing that always stuck with me was that any time could be a teachable moment. When I asked the children questions, I tried to keep them open ended. When I asked for their opinion I also asked why they chose what they chose. I listened intently to every answer. When other teachers would raise their eyebrows at the children’s outlandish stories, I hung on every word. For me, this was the way to get to know the students. I wanted to know how they thought and where their imaginations took them. If someone declared, “It can’t be done!” I would chime in with, “Why not?”

There was a group of students who seemed to always be in trouble. If it wasn’t one thing it was another. They were scattered around in different groups, but it always seemed to be the same children. Being the inquisitive person that I was, I was fascinated with finding out why. After some discussion (and pushing on my part), the children were all transferred into my group so I could observe them better. I watched them as a group, but focused on them as individuals. There was one boy in particular who seemed to be trouble as soon as he showed up. He never asked for anything; he just took. Your answer could never be no, he was going to have it. Whoever tried to say no ended up getting hurt. While some passed this off as “just a phase” or him just being that way, I dug deeper. There had to be something else going on here. So I watched and made observations.

After observing and jumping in as referee when needed, I learned the reason behind the behavior. The boy did not have the proper language skills to ask for what he wanted. When he tried to talk he became frustrated because he could not state clearly what he wanted. So, he had a language barrier. This was fantastic. It turned out to be something that could be fixed. After working with him to use his words and other means to explain what he was trying to say, the altercations just about ceased.

Watching over the other children in the group, I determined that they needed more attention, group and individual. They wanted to be heard and listened to. They wanted to participate with each other and have personal triumphs. I could give this to them. The result of this was shocking.

The owner of the school system contacted the director who ran our location. She wanted to know what had changed about the room that I supervised. The director inquired why and asked the owner to explain. There had been such a significant drop in any type of incident that the owner thought they were just not being reported. By learning from the students about their needs and how best they would thrive, it made a large enough impact that the owner became aware. The teachable moments do not always happen from teacher to student.

What’s It Like To Attend Law School Online?

I knew I wanted to go to law school for some time. I received my bachelors and masters degree online and I liked the experience, so I wanted to see what options were available for law school. I have a preference for online learning. So, I looked around and choose a school. I did not need to take the LSAT (at least not the full test) but still needed to be evaluated before I began. I was accepted and then I began to get nervous.

One thing that was drilled into everyone attending the school was that this was not going to be like regular school. The learning method was different. For some, this was going to be their first experience online, so they might need to work on their computer skills. I work on a computer every day and attended school online already, so I just worried about the actual learning. Then it was time to get the books. One good thing about online learning is that no one can see the faces that you make when you see the price of everything.  After the initial sticker shock, I ordered books and went through some of the preliminary work that was available before school actually started. This was a way to get familiar with the classroom.

Attending law school online was very similar to attending my other schools. The type of learning was different because there was more reflection and personal learning than the bachelors or masters degree. This is due in part to the fact that although there are laws, everything is not cut and dried. There is the possibility for two people to look at the same facts in a different way. When they both give their analysis, they can both be right. This concept is difficult for some people to grasp. These concepts are not something that you memorize and repeat for a test. You need to understand the mechanics of how things work so that you can take that knowledge and apply it to different situations.

In law school you are given cases that you read, and you brief the case. This means that you develop a summary of facts, laws and the decisions that were described in each of the cases. Additionally, you can add analysis of why you feel the case concluded as it did. None of these are graded or handed in; they are for your own information. It is from this information that you develop your definitions. Yes, you are shown what elements are needed for each crime (for the most part), but you develop how you put the information together. Each case does not cover every element. Several cases are needed to give you a general overview of the crime.

My first year classes were Criminal Law, Contracts, and Torts. Additionally, there was a class dedicated to developing your writing skills. Each week I attended one lecture, but I needed to do work for every class. There was a syllabus to follow and the lecture did not necessarily coincide with what you were presently reading for the class. Different from other law schools, the one I attended had tests and written assignments to help you gauge how well you were learning the material as you were going along.

Basically, as with my other schools, attending law school online meant that you needed to budget your time to make sure you finished the reading and that you found additional learning to understand the concepts that were being presented. Additionally, you were encouraged to ask questions and there was the opportunity to join various societies and study groups if you desired.

When attending law school online, as with the school that I chose, students need to take an exam after the first year to prove that they understand the concepts that were presented. When you take this exam and pass it, then you are considered (by any school) to have completed one year of study.

Law school is not for the faint of heart, and online law school is not for the student who thinks they are going to be able to get it all done “at the last minute”. Seriously, there is no “at the last minute” with law school (online or otherwise). There is a lot of reading, a lot of writing and a lot of anxiety. Well, I guess for some people there might not be a lot of anxiety, but it is difficult to look at situations and realize that there could be several analyses that could fit the fact pattern. There is self doubt that creeps in after you take some tests or speak in class (through chat in the lecture) about concepts and realize that you have no idea what you are actually talking about. On the other hand, what a challenge and opportunity for growth!

I like this model of learning. Law school or otherwise, I am just a fan of online learning. I can attend class anywhere (because it is on the computer) and if any changes happen in my life (I moved during my masters degree), my life is not as disrupted nor is school. I don’t need to change schools; I just take it with me. I did move between classes though.

So, what is it like to attend law school online? It is one nerve-wracking, exhilarating, frustrating, exciting, anxiety-ridden heck of a ride!

And Now For Something A Little Different In Vegas

Las Vegas Mob Tour

What better thing to do in Vegas than to trace its mob roots? The tour begins in 1945 and travels through the 80s while you travel around town. There are sites along the way where robberies, murders and loan sharking took place. You learn about the legends in the mob scene such as Bugsy Siegel and Sam Giancana, along with many others. Your tour host decked out in mob attire, shares with you all of the famous and infamous players in the mob scene.

Fun facts and many famous stops along the way fill the over 2 hours of tour time. The final destination is a pizza party at what used to be the Bootlegger Restaurant but is now called Angelina’s Pizza Parlor. This was the place where the Hole in the Wall Gang used to plan their crimes.

You can see the shows, visit the casinos, and walk the strip, but it won’t be a true Vegas experience without the Mob Tour.

Some Gambling History:

Gambling was first legalized in Las Vegas on March 19, 1931. Before the legalization of gambling, betting took place in the backrooms of small businesses. Once it was legalized, gambling moved to the front of the businesses and faced Freemont Street. On November 7, 1941, the first hotel and casino opened: El Cortez Hotel and Casino. On March 28, 1945, Moe Sedway bought the El Cortez Hotel and Casino. The El Cortez Hotel and Casino is still standing today and received the honor of being the longest running hotel and casino in Vegas. Additionally, the hotel as the honor of helping bring the mob to Vegas, because Moe Sedway had been a long time associate of Benjamin “Bugsy” Siegel.

Contact Information: Explore Vegas Now (702) 677-9015

Haunted Vegas Ghost Hunt

Explore Vegas’ spooky side! Hunt for ghosts and other paranormal activity around Vegas on this guided excursion. What tools will you need to find the ghosts and spirits? Each ghost hunter will be given dowsing rods and an EMF meters to pick up the haunted signals.

Dowsing Rods

Dowsing rods, sometimes called divining rods, can be shaped in a “Y” pattern or be two separate sticks. They are used to pick up the presence of underground water, metal deposits, or gravesites. When the person is near such objects, the rods will point towards them.

EMF Readers

An EMF meter is a scientific instrument used for detecting the strength of electromagnetic fields (EMF) within an area. It has been speculated that the presence of paranormal activity and ghosts disrupt the EMF readings and cause spikes or unexplained fluctuations in the readings.

What types of areas will be explored: There is a bridge, a park, and a haunted house where spirits will be tracked down. Since this will be an outdoor quest, it is recommended that comfortable shoes and weather-appropriate attire are worn.

Length of tour: 2.5 hours

Contact Information/Ticket Sales: 866-218-4935

Both tourist attractions are not handicapped accessible. Photography, both still and video, is encouraged while on the hosted tour. There are stops made that give the opportunity for everyone to depart the tour vehicle and walk around the designated areas. 

GET RICH QUICK!

What is it about these words that conjure such excitement? Is it the rich, the quick, or the fact that there is the opportunity for both? Just thinking about it makes my pulse quicken. So, if this is possible why is this not happening for more people? If all I have to do is just pick up the phone and attend a seminar on such a wonderful product, why are more people not insanely rich?

There are many infomercials available that offer training and all one has to do is register for a free seminar that will be coming to their area soon. After attending the seminar then participants will be well on their way to becoming rich individuals and will hold the elusive status of financially independent. I find it interesting that there is usually no mention of the free seminar being a pathway to offering pay services. There are lofty messages stated, and wonderful success stories touted that show what a great system it is and the potential results that can come from its successful use.

People who have attended the seminar praise the wealth of information that is offered and how after a short time after following the system they were well on their way to early retirement. They never really mention how much money they spent to acquire the knowledge, tools, website access, or any other extra that I am sure they had to pay for. They also usually fail to mention the fact that there could be monthly costs associated with any system and, of course, there will always need to be further education to continue the program’s success. Additionally, there is no mention of how much initial time was needed to ensure the system was working correctly and how long it took to get comfortable with everything.

I guess there are reasons for this. If one were to find out that the “free” system costs thousands of dollars in initial start-up and hundreds of dollars monthly, they might become turned off by the prospect. Furthermore, if they learned that the easy system was rather complicated, this too might sour them on the prospect. Now, if I am offering such a product would I want to sour people before they had a chance to come to my free initial information seminar? Honestly, after I already have them there, I am sure it would be easier to sway them to how great my product is and how the initial start-up will be returned many times over in no time.

So, why don’t you just attend one of my free seminars, give me your credit card number and I can share with you ways to make huge profits?

Oh, you have already caught onto my plan? I guess my work here is done.

How Do You Know What Is The Right Thing To Do?

With all of the books, tapes, seminars, and lectures regarding money and finances, how does one decide what is best? First and foremost, it is important to formulate some goals regarding your money. These goals should encompass the long-term as well as the short-term. Are there kids to put through college? Is there mortgage to pay off? Is the Caribbean calling, or is it simply time to increase the amount put into retirement or savings? Yes, all of the books and tapes, etc. available might seem enticing, but if it is not in line with goals you have created, then it will just be a waste of money.

Time and time again it has been stated that goals should be many things. Among these, they should have the ability to be measured, be able to be achieved, and most importantly, the goals should be realistic. Another important fact regarding goals is that they should be written down somewhere. Writing them down, or just saving them somewhere, makes goals more concrete and allows the ability to review and update as needed.

After goals are established, and a path is created then if further research is desired books, tapes, seminars, and lectures can be scrutinized. Any information that can be obtained with little or no money is good as long as the information is coming from a reputable source. It would be wise to shy away from deals that promise any get rich quick scenario. Furthermore, some seminars might be free from the outset, but once there, it is found that money must be spent to find out the rest of the story. All of this will just come down to understanding the motives behind the products. Is it really to help you out or is it more to help their wallet?

Knowing the right thing to do comes down to knowing yourself and understanding your abilities and limitations. Limitations can be changed through educating oneself in the importance and power that money holds. Additionally there are many competent professionals available to answer questions and offer guidance.