Education Articles

Plan For Retirement, Especially In Your 20s

If you’re in your 20s, retirement may seem too far off to worry about. Besides, you probably have more immediate concerns, like student loans, car loans, and credit card debt. And if you’re in your 30s or 40s, you may be more focused on buying a house and raising children than on retirement planning. But the sooner you get into the habit of savi...

After Recent Decline, CDs Rebound

With the highest rates in years, CDs are well worth a look. Not only are SELCO’s certificate rates among the best anywhere, if our rates rise within 30 days, we'll automatically increase yours. Rewind to the early 1980s. The United States was feeling the sting of two full-blown recessions . Inflation rates hovered around 10–13% and interest rate...

Signs You Might Be Living Beyond Your Means

In an age of plastic spending and mobile payments, living within  your means can easily slide into living  beyond  your means. And many of us fall into this trap without realizing it. Getting out of this trap can be “easier said than done,” said Nick Manley, Financial Advisor for SELCO Investment & Retirement Services. “Living within your means...

What To Know About ‘Buy Now, Pay Later’

They’re so easy to use, they almost seem too good to be true. Is there a catch? With Buy Now, Pay Later (BNPL) services, you can walk away with that expensive exercise bike, entertainment system, sectional sofa, or anything else that catches your eye, even if you can’t cover the costs in the moment. And in return, retailers can make more sales b...

Looking to Consolidate Debt? Try a HELOC.

What would you rather have—several hundred dollars in monthly payments spread across all your credit cards or one smaller payment over a set number of years? If you’re a homeowner, a home equity line of credit (HELOC) may be what you need to reel in debt. A HELOC can be more than just a means of improving or renovating your home—it’s also a...

Crypto May Be Hot, But These Investment Options Are Safer

If you haven’t heard, cryptocurrency is the flavor of the month in the investment world. More than 20 million Americans own some form of  cryptocurrency . With Bitcoin leading the way, the  global market capitalization  of crypto is hovering around $2 trillion. El Salvador became the first country to  adopt Bitcoin as legal tender . Crypto was...

5 Misconceptions About CDs

A certificate of deposit (CD), similar to a certificate at credit unions, is a safe way to invest money for a fixed period of time at a specified interest rate. There’s a lot CDs have to offer (and not only for those with money to burn). Interest rates have been on the rise as of late, so there’s no time like now to consider this investment...

Start Saving Now for Your Child’s Education

It should come as no surprise that college tuition costs are rising, but the extent to which these costs are outpacing inflation can be alarming. In the past 30 years, the  average cost of tuition  at public four-year institutions has more than tripled. And this doesn’t even account for costs of housing, books, meals, etc. If the trend continues...

Time to Rethink Your Savings Strategy

If you’re like many Americans, chances are you put saving on your back burner the past couple years. The personal savings rate, which measures the percentage of your disposable income that you save, has historically averaged 8.45% from 1959 until now. For obvious reasons, that rate soared to 33% during the height of the COVID-19 pandemic in 2020...

Wants vs. Needs: Finding the Perfect Balance

The end of the year (or beginning of a new year) is a great time to take a look at your household’s budget and start planning for the new year. Whether you’re creating a new budget from scratch or reviewing previous months’ expenses, it’s helpful to consider if those expenses fall into the category of a  want  or a  need . What’s the difference?...