Are Credit Unions FDIC Insured? – One Minute Reads

If you’ve ever wondered whether credit unions are FDIC insured, the short answer is no. However, credit unions have their own equivalent protection through the National Credit Union Administration (NCUA).  The FDIC (Federal Deposit Insurance Corporation) insures deposits at banks, ensuring that your money is safe up to $250,000 per depositor, per insured bank. Credit unions, on the other hand, are insured by the NCUA (National Credit Union Administration) through the National Credit Union Share Insurance Fund (NCUSIF). This coverage also protects deposits up to $250,000 per individual depositor.  So, while credit unions aren’t FDIC insured, the NCUA provides a…

August 1, 2024One Minute Reads, Uncategorized No Comments
Are Credit Unions FDIC Insured? – One Minute Reads

If you’ve ever wondered whether credit unions are FDIC insured, the short answer is no. However, credit unions have their own equivalent protection through the National Credit Union Administration (NCUA).  The FDIC (Federal Deposit Insurance Corporation) insures deposits at banks, ensuring that your money is safe up to $250,000 per depositor, per insured bank. Credit unions, on the other hand, are insured by the NCUA (National Credit Union Administration) through the National Credit Union Share Insurance Fund (NCUSIF). This coverage also protects deposits up to $250,000 per individual depositor.  So, while credit unions aren’t FDIC insured, the NCUA provides a…

Preventing Lifestyle Creep from Overtaking Your Finances

Have you ever found yourself daydreaming about how you will spend your next pay raise or bonus? Maybe you plan to make repairs on your home, begin saving for your child’s future college expenses, or want to eliminate high-interest credit card debt.   However, before you know it, those funds are gone, and your goals remain incomplete. Where did all this new money go? It’s a phenomenon called lifestyle creep. We’re here to help you understand its causes and consequences and how to avoid it.  What is Lifestyle Creep?  Lifestyle creep, also known as lifestyle inflation, is when your general spending…

July 25, 2024Future Planning, Wallet Wins No Comments
Preventing Lifestyle Creep from Overtaking Your Finances

Have you ever found yourself daydreaming about how you will spend your next pay raise or bonus? Maybe you plan to make repairs on your home, begin saving for your child’s future college expenses, or want to eliminate high-interest credit card debt.   However, before you know it, those funds are gone, and your goals remain incomplete. Where did all this new money go? It’s a phenomenon called lifestyle creep. We’re here to help you understand its causes and consequences and how to avoid it.  What is Lifestyle Creep?  Lifestyle creep, also known as lifestyle inflation, is when your general spending…

How to Use Compound Interest to Build Wealth

You’ve probably come across the term “compound interest” when considering savings and investment options. But what exactly is compound interest, and how does it impact your wealth-building strategy?  Compound interest is a powerful tool that can appear minimal at first, but when coupled with time, it can tremendously impact your savings journey. Together, we’ll explore this concept, explain how it works, and reveal ways to leverage its power to build wealth and secure your financial future.  What Is Compound Interest?  When you invest money, the financial institution will often pay you interest (an amount for holding your money at their…

July 15, 2024Future Planning, Wallet Wins No Comments
How to Use Compound Interest to Build Wealth

You’ve probably come across the term “compound interest” when considering savings and investment options. But what exactly is compound interest, and how does it impact your wealth-building strategy?  Compound interest is a powerful tool that can appear minimal at first, but when coupled with time, it can tremendously impact your savings journey. Together, we’ll explore this concept, explain how it works, and reveal ways to leverage its power to build wealth and secure your financial future.  What Is Compound Interest?  When you invest money, the financial institution will often pay you interest (an amount for holding your money at their…