One of the side-effects of being a banker is that people frequently ask you for financial advice. From questions about investing money to how to best save for college – these are questions I’ve heard numerous times throughout my banking career. Truth be told, it’s one of my favorite things about being in this industry!
Managing finances can be a challenge – it can be overwhelming to determine how to best manage your money and invest it in a manner so that it will continue to grow. As bankers, we eat, sleep and breathe finances. Making sense of the sometimes complex financial world is our job, and we enjoy helping others navigate this world and determine how to best manage their money.
Because we take our responsibility to educate on financial matters seriously, we created a series on our blog called “Best Financial Advice from MidWestOne Senior Executives.” The blog posts were so popular that we grouped them all together and created an eBook that contains them all in one spot. In this booklet, you’ll find articles by the MidWestOne leadership team sharing the best money management tips they’ve ever received. These simple and actionable articles are designed to help you become more educated – and confident – about managing your money.
For example, I share a tip from my father, who was the owner of a small bank in my hometown of Lancaster, Missouri: “There are only two good reasons to borrow money – to buy your business, or to buy your home.” I talk about how this has become a mantra in my life, which has proven to be difficult at times since in our culture today it’s almost universally accepted to have credit card debt or an auto loan.
Sue Evans, our Chief Operating Officer, also shared a great one: “Retire your debts before you retire.” She was talking about how credit cards, loans, a mortgage and other debt can become a major problem for retirees. After all – living on a fixed income can make it very challenging to reduce debt while also paying other living expenses. As a result of this advice, Sue and her husband have worked hard to develop a plan that will allow them to enter retirement with little or no debt.
I’ve often stated that one of the causes of the 2008 financial crisis was that many Americans are not well versed in simple financial matters. It’s our responsibility to teach our children and grandchildren simple financial concepts. This e-book will get you off to a good start!
Please take some time to check out our financial advice to you and don’t hesitate to reach out to me or anyone else on the MidWestOne team when you’ve got a question related to banking and finances. It would be our great pleasure to help.