MoneyWisdom Blog

Being a real estate investor is an appealing idea for many people. It can seem like a fun and lucrative way to make some extra money. But, of course, it’s not quite as simple as that. Before you sink money into an investment property, you need to know what your ultimate goal is:

It's now 2020, a number synonymous with clarity and vision.

So what better time to take a good, hard look at your finances?  

Consider making a resolution to save money, one of the best ways to secure many happy new years ahead.

If you're establishing direct deposit through your employer, ordering checks, or transferring money between financial institutions, you'll be asked to provide a routing number along with your personal account number to execute the transaction. 

A routing number is a 9-digit code identifying a financial institution, such as a credit union, bank, or investment firm. This number helps reduce confusion between financial institutions that may have similar names and allows money to flow between these institutions without glitches. Sometimes an institution may have more than one routing number depending on its size and the type of account (checking account vs. investment account, for example). 

Beating incredible odds, you’re holding a winning lottery ticket in your sweaty-hands. Your heart is racing. You’ve checked the numbers more times than you can count. What should you do? Breathe. We spoke with several investment advisors and attorneys to find out the top advice for lottery winners, and we share their advice here.

To start, they advise that you don’t make any life changes right away. In fact, keep quiet about your winnings until you have had time to think through the consequences of making the news public. Don’t go on a spending spree. Don’t post your windfall on Facebook. Do everything that you can to maintain your privacy because predators will be knocking at your door. 

Next, follow these smart steps for lottery winners: 

Many people use the terms "heir" and "beneficiary" interchangeably, but there are important differences between the two designations. Here's how an heir and a beneficiary differ:

If you're a fan of direct deposit, you know how much time it saves you: there's no running to your financial institution with a paper check in hand, hoping you'll get there to cash it before closing. You don't have to wait around for your check to clear before you pay your bills. And you'll never spend time worrying if your check got lost in the mail, or worse, stolen.

Direct deposit is dependable and simply makes life easier. But did you know direct deposit can also help you build wealth? Here's how:

The day may not be as well-known as Christmas or Thanksgiving, but Aug. 14 is a milestone day that could change your life. National Financial Awareness Day is celebrated Aug. 14. This date reminds us to be aware of how to build financial stability and to be prepared for our financial future. After all, ignoring your financial situation can be scarier than Halloween. So here’s five pieces of good advice to consider on this Financial Awareness Day. Recognize these sayings? They apply to finances as well:

As a not-for-profit financial cooperative, Hanscom Federal Credit Union is accountable to its members — that's you! — and not a profit-driven group of shareholders. This means it's in our best interest for our members to have financial tools at hand and the wisdom to make sound decisions about their money. When our members do well, we do well, and it's why we offer free financial education for anyone who's looking for a secure financial future.

Recent news headlines have many Americans worried, suggesting that in the future, monthly Social Security checks may be smaller than expected. According to a troubling report recently issued by the federal government, Social Security payouts will exceed incoming contributions in 2020. As a result, Social Security's reserve fund will be depleted in 16 years and monthly checks will be smaller than currently scheduled, unless Congress steps in.