First Bank of the Lake: July 2017

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

Thursday, July 20, 2017

First Business? Financial Do's & Don'ts

Owning a business can be challenging financially, but it doesn't have to be. Your bank at the Lake of the Ozarks has the experience and know how to guide you in the right direction financially. First Bank of the Lake is happy to give you the financial DO's and DON'Ts when running your first business, along with business checking options.

Financial Do's

Save on costs when possible, have a budget!

Budget your money and don't be extravagant when buying supplies. Only buy what you need, not what you want. Stick to your budget and do your best not to go over.

Create automatic loan payments.

With this being your first business, you most likely had to take out a start up loan. Be sure to set your payments up to automatically draft from your account. This will help you to not miss a payment due to forgetting.

Have a separate account for your business.

Separate your personal finances from your business finances. Have a business checking account, specifically for your business spending. This will help to keep your finances organized.

Financial Don'ts

Don't lose track of your finances.

Don't get overwhelmed by your new business related bills. Keep track of your bills & develop a payment plan that will keep you on track.

Don't hide from debt.

Don't let your debt add up, stick to your payments. You don't want to be drowning in debt on your first business.

Don't spend just because you can.

When your business does well, it can be tempting to spend more on things you don't necessarily need. Don't be tempted! Be smart and stick to your budget.

Business Banking at the Lake of the Ozarks

When owning your first business, it can be tough to find a bank you can trust with your business finances. Look no further! We have sole proprietor, LLC or corporate accounts in BOTH checking and savings.

Business Checking

Our business checking account requires $500 to open. This includes:

monthly statements
free direct deposit
debit card

First Free Business Checking

Our first free business checking requires a minimum $100 as a beginning balance. With this great product you have:

NO minimum balance
150 FREE transactions per month, electronic statements only

Please note with this account, over 150 transactions per month will result in a charge of $.50 per transaction.

No matter what your new business venture may be, your local bank at the Lake of the Ozarks is here for you. We offer business checking accounts that will make your life easier. Don't stress! Give us a call today at 573-348-2265 to hear more about our business banking options!

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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

Friday, July 14, 2017

5 Tips to Financially Plan for the Terminally Ill

No one enjoys thinking about it, but when a loved one has passed away, it's best to have a plan of action that already exists. In this blog, your bank at the Lake of the Ozarks will discuss steps to take in order have financial peace once a loved one has been diagnosed with a terminal illness.

1. Be sure to create or update a will.

Creating a will is one of the most important things you can do if terminally ill. A will ensures your things will go where you intend them to. If you have an existing will, make sure it's up to date. Many major life changes could have occurred since you last looked at your will, so it's important to make sure everything is accurate.

2. Make sure passwords are passed along.

It can be a nightmare if your loved ones don't have access to your accounts. The best way to avoid this is to make a list of passwords and give it to a trusted loved one. This will help ensure that all bills get paid in a timely manner upon hearing of your diagnosis.

3. Get medical directions in order.

Nothing is worse than not being able to have a say in your own medical matters. It's best to do the following, just in case:

Add instructions in your living will that indicate what kind of medical care you want in case you become incapable of communicating. This could include a "do not resuscitate" if you so choose.

Prepare a medical power of attorney. This will ensure someone you trust will make medical decisions for you if you are unable to do so.

4. Set up a revocable trust.

Setting up a revocable trust is a good idea if you have important assets. All your assets will be put into a trust in your name and you will receive income distributions from it until your death. At that point it will be passed down to the beneficiaries you name. In the meantime, you can name a co-trustee to help manage your affairs in case you become incapacitated.

5. Leave instructions.

Don't forget to leave instructions for your loved ones. It can be hard to make decisions at such a difficult time. A list of instructions concerning your funeral arrangements, financial decisions, etc. will be more beneficial that you realize.Your loved ones will appreciate the burden taken off their shoulders and they grieve.

If you are ever in need of financial guidance or just have banking questions, visit our friendly banking staff at the Lake of the Ozarks. We are here to help you with any concerns or questions you may have in regard to financial planning or banking.

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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, July 6, 2017

MUST KNOW Tips to Saving For Retirement

The earlier you start saving for retirement, the better. Your local bank at the Lake of the Ozarks cares about your retirement planning and we offer a few products that will help you do just that. In this blog, we will give a few tips that will help guide your savings for retirement.

First Bank of the Lake offers the following IRAs that will help you save for your retirement.

IRAs

IRA stands for "Individual Retirement Account." It is a tax advantaged way for you to save money for you retirement. There are 4 basic types of IRAs and each are very different from one another. IRAs offer tax-deferred compounding once your money has been invested, but there are 4 types that differ in how they work and how much money you can contribute into them annually.

Traditional IRAs

You may contribute up to $5500 ($6500 if you're age 50 or older) as long as you/ and your spouse have sufficient taxable income. A tax deduction may be granted when you contribute, but your money is eventually taxed as ordinary income with you withdraw it.

Roth IRAs

You may also contribute up to $5500 with Roth IRAs ($6500 if you're age 50 or older) as long as you and/or your spouse have sufficient taxable income. You don't get a tax deduction when you contribute to this but with withdrawals can be taken out FREE from income taxes.

SEP IRAs

The SEP IRA is treated like a Traditional IRA, except it's funded by the employer on the employee's behalf. The employer can invest up to 25% of the employee's compensation, up to a limit of $52,000.

SIMPLE IRAs

This IRA is funded by both the employee and the employer. It's only available to smaller companies. Employees can contribute up to $12,000 ($14,500 if you're age 50 or older.) The employers can either choose to match your your contribution up to 3% or provide a nonelective contribution of 2% on up to $260,000 of the employee's pay. This is also treated like a Traditional IRA.

Take advantage of an employer retirement plan if you have the opportunity.

If you are fortunate enough to work for a company that offers a retirement plan, contribute to it! Some companies will match your contribution, so be sure to contribute up to the amount that your company will throw in.

Automate your savings for retirement.

If you can, set your account to automatically deduct a portion every month for your savings. Find a percentage that works for you and regularly contribute. You may even get so used to this, that you won't even notice much of a difference.

Determine your goal.

Figure out what you will need when you retire. There are several personal retirement calculators you use online to help determine this. A goal will make your investment process seem easier, once you have a plan in motion. Our experienced banking staff can assist you with any questions you may have regarding saving for retirement.

Our friendly banking staff at the Lake of the Ozarks can assist you with your retirement needs. It's never too early to start saving for retirement and why not do it with a bank you can trust. Call 573-348-2265 for more information on IRAs today.

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First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.