Wednesday, August 26, 2015

7 Habits Wealthy People Live By (And You Should, Too!)

Wealth is more than just the number in your bank account - it's a whole mindset

Wealthy people did not achieve monetary success on accident. Their fortunes are the result of hard work, careful planning, and constant dedication. In other words, they owe their success to the habits they incorporated into their daily lives. In an attempt to help you on your journey towards financial success, the team at First Bank of the Lake is here to help you identify some of these habits and how you can make them a part of your life.


1. Networking
"It's not what you know, it's who you know." Wealthy people understand the incredible value of networking and expanding their circles of contacts, and they take every opportunity to attend networking events in their area.

2. Exercising
Wealthy people realize that their physical health is often directly correlated to their financial success. You have to be in good physical health in order to fully commit yourself to your career. Exercising on a daily basis keeps you healthy, improves sleep and overall quality of life, and keeps you ready to succeed in your career.

3. Reading
Constantly pursuing personal growth is a huge part of the wealthy mindset. Wealthy individuals make it a point to read as much as they can. Books directly related to time management, leadership, business, and communication are great places to start.


4. Getting Up Early
Night owls hate to hear this one, but almost all of the wealthiest individuals in the world are morning people. Getting up early lets you get a head start on your day so you can take time for personal development and growth before beginning work.

5. Not Buying Things You Don't Need
Useless spending is the quickest way to hurt your financial success. Wealthy people treat money as a prized commodity just like material possessions; rather than spending money on impulse purchases, they save their funds and only spend money when necessary. (This could even mean foregoing cable at their home!)

6. Avoiding Unnecessary Debt
Some debt (mortgage loans, car loans, etc) is good, because it allows you to build up your credit score. Unnecessary debt (such as credit card debt or unpaid bills), however, can hurt you financially. These delinquent payments can lower your credit rating and charge you large sums of interest. Wealthy people avoid unnecessary debt at all costs.

7. Managing Time Effectively
No matter what your income level is, your greatest financial asset is your time. We all have the same number of hours in the day, but wealthy individuals make it a point to maximize every single hour. Whether they are working, exercising, reading, or sleeping, all hours of the day are dedicated to something that contributes to their success.

By Adopting These Habits Into Your Life, You Will Be Well On Your Way To Financial Success!
As we mentioned in the beginning, wealth is more of a mindset than anything else. Once you understand that everything you do can in some way impact your financial success, you can begin to make intentional decisions regarding how you want to allocate your time.

Don't forget that another important part of the wealthy lifestyle is understanding how and where to invest your surplus funds. From free checking and savings accounts to incredible rates on CDs and money markets, our bank at the Lake of the Ozarks offers plenty of safe, smart options for people who need help managing or investing their money. Give us a call or check out our website for more information!


First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

Thursday, August 20, 2015

Tricks For Running A Profitable Business

If you're starting a business, your number one goal should be to make money. After all, that's the whole reason you're starting your company! Running a profitable business requires careful planning and dedicated follow-through on all of the strategies you put in place. Obviously, carefully managing your finances is a key component of running a successful business. Here are a few tricks for running a profitable business from the team at First Bank of the Lake.


1. Sell, Sell, Sell!
It's no secret that the first step towards developing a successful business is to sell your product to as many people as possible. In order to have money in the bank, after all, you have to have money coming in! However, be careful that you don't let your intense desire to make the sale cause you to use high-pressure sales techniques that scare away your potential customers. We recommend adopting a friendly, low-pressure sales strategy that allows your customers to feel comfortable and confident with their decision to work with you.

2. Don't Spend Beyond Your Means
This should seem like an obvious tip, but its importance cannot be overstated. If you want to run a profitable business, you have to make more money than you spend. For example, don't run up high balances on your credit cards that you will have to pay off at a later date with interest (this tip goes for your personal life, too). Some loans and debts can be a smart business choice, but it is important to carefully evaluate each new debt before you commit to it to ensure that it will be a smart move for your business.

3. Be Generous With Your Employees
Cutting costs may be important, but avoid skimping on your employees' payroll if at all possible. Your business' success is directly related to the skill and dedication your employees bring to the table, so it is important to cultivate an environment where your employees feel appreciated and valued. Money is a powerful motivator. Even if you have to keep your hourly pay lower, you can offer seasonal or holiday bonuses or paid vacation/sick days to keep your employees happy.

4. Think Twice About What You Do With Your Surplus Funds
In the world of business, what you do with your excess funds is just as important as what you do with your working cash flow. Business owners have a wide array of options when it comes to allocating their surplus funds, such as investing in stocks, retirement accounts, or money market accounts. There is no "right" or "wrong" answer; the key is to carefully evaluate all of the different options to determine which one(s) will work best for you and your business. Be careful, however, that you do not invest all of your surplus funds at one time - make sure you have enough liquid assets to cover any unexpected expenses that may arise.

First Bank Of The Lake Can Help!
If you are in need of a Lake of the Ozarks bank to help you manage your company's funds, look no further than First Bank of the Lake. We offer a wide range of services to business owners, including business checking accounts, business savings accounts, and payroll accounts. For business owners looking to invest while still keeping their assets accessible, we also offer the best rates on money market accounts at the Lake of the Ozarks. Give us a call for more information!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

Thursday, August 13, 2015

We Offer COMPETITIVE Rates On Money Market Accounts!

If you're a successful business owner or high-earning employee, it's time to start thinking about opening a money market account. A money market account is essentially a type of savings account where the money deposited accrues interest over time. Because they deal in high-dollar amounts, money market accounts are typically attractive options for people with thousands of dollars available in liquid assets. First Bank of the Lake is proud to offer very competitive rates on our money market accounts - if you're looking for safe investment opportunities, you've come to the right place!


Reasons To Invest In A Money Market
Money markets offer several unique perks that can make them attractive options for individuals looking for a safe place to put their funds. Here is a quick look at some of the top reasons to invest in a money market account.
  • They Offer A Guaranteed Interest Rate
    • Investing in the stock market gives you access to higher interest rates, but these higher rates come with a higher risk. Money market accounts let you store your funds and relax in the assurance that you will get rewarded financially for storing your money there.
  • They Offer a Convenient Place To Keep Your Money While Keeping Your Funds Liquid
    • The problem with investing is that it often requires you to lock your money into the investment accounts for a set amount of time. Because money market accounts are essentially savings accounts with higher interest rates, they offer a place to get something for your money while still having access to your funds.
  • They Offer A Safe Place To Store Your Funds
    • Having a surplus funds is certainly a blessing, but it comes with its fair share of decisions and responsibilities. Successful men and women have to decide what investment options offer a safe, lucrative place to put their money. Money markets offer a great solution for people who find themselves in this position!

Invest In A Money Market With First Bank!
Convinced? Stop by and see our bank at the Lake of the of the Ozarks about how you can invest in a money market locally! We're currently offering some outstanding rates on our money market accounts:
  • 0 - $24,999.99 ~ .10% APY
  • $25,000 - $49,999.99 ~ .15% APY
  • $50,000 - $99,999.99 ~ .25% APY
  • $100,000 and up ~ .50% APY
If you have any questions about money markets at the Lake of the Ozarks or how First Bank of the Lake can help you get your new account established, feel free to stop by our bank location or give us a call! We would be happy to assist you in any way we can.

* $5,000 minimum to open. Penalty for early withdrawal. Other terms and conditions may apply. Contact bank for more details.

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265

Wednesday, August 5, 2015

Our Interest Rates Are Second To None!

Looking for a chance to save your money - and earn a little extra cash at the same time? First Bank of the Lake is with a great solution for you: Certificates of Deposit. We're currently offering some great rates on our nine- and fifteen-month CDs that you won't find anywhere else!


What Is A Certificate Of Deposit?

A Certificate of Deposit (commonly referred to as a "CD") is a financial product fairly similar to a savings account, but with one distinct difference. With a savings account, you put money in and you take money out as needed. With a certificate of deposit, you put money in - but you don't take it out until after an agreed amount of time has passed.

Why Should You Get A CD?

If you have the funds to set aside a sum of money and know that you will be able to survive without touching it for a set amount of time, then getting a CD can be a great financial move. Investing in IRAs or other stocks can be lucrative, but the stock market is constantly fluctuating and those investments are unpredictable. When you get a CD, however, you can lock-in an interest rate that will remain constant throughout the duration of the term. This offers you peace of mind and confidence that your investments will grow.

Ultimately, investing in a CD is an easy, stable way to watch your money grow. If you have funds available to set aside, we encourage you to contact our Lake of the Ozarks bank to establish your CD.


Get Your CD At First Bank Of The Lake!

Our bank at the Lake of the Ozarks offers a variety of CD's to fit all of your unique financial needs. We have CDs with terms ranging anywhere from three months to forty-eight months. Currently, we're offering especially great rates on our nine- and fifteen-month CDs:
  • 9 Months - 1.00% APY*
  • 15 Months - 1.25% APY*
You won't find rates like these anywhere else at the Lake of the Ozarks. If you are ready to watch your investments grow, stop by and see us! We are conveniently located at the entrance to the Outlet Mall in Osage Beach. We look forward to seeing you!

* $5,000 minimum to open. Penalty for early withdrawal. Other terms and conditions may apply. Contact bank for more details.

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!
4558 Osage Beach Parkway, Suite 100
Osage Beach, MO 65065
(573) 348-2265