Newsletter 7/14
Neighbors News

Neighbors receives platinum sponsorship for the 2015 Clays for Kids event

The Neighbors Capital Area Foundation is proud to announce that Enterprise Car Sales has agreed to be a platinum sponsor for next year’s Clays For Kids Sporting Clay Tournament. This will be the second annual sporting clay tournament hosted by the Neighbors Capital Area Foundation with proceeds once again benefiting the Baton Rouge Children’s Advocacy Center (BRCAC).

Neighbors Capital Area Foundation is an initiative by Neighbors Federal Credit Union to provide support for community service organizations in Baton Rouge. Enterprise Car Sales VP of Business Development, Brandi Cummins, was on hand last week to present the check of $2,500 to the Foundation. "I am so thankful that we are able to contribute to such a purposeful and needed cause,” said Cummins. "The BRCAC is a refuge and help to those without a voice. We hope to continue to work together with Neighbors Capital Area Foundation to bring hope and healing any way we can to these children.”

The BRCAC plays a vital role in our community in the fight against child abuse, seeking to lessen the trauma experienced by child victims when abuse allegations are investigated, and to provide support during subsequent proceedings within the criminal justice system. The Center is a facility designed to be non-threatening and to reduce anxiety for children and families while providing forensic interviews for evidence collections. The BRCAC provides coordination of investigation, prosecution, and treatment by bringing together child protection services, the district attorney’s office, law enforcement, medical and mental health professionals as a multi-disciplinary team.

Pictured (left to right) NFCU VP of Marketing Brett Reynolds, Enterprise Car Sales Business Development Manager Brandi Cummins, NFCU Foundation Coordinator Gary LaBauve, and NFCU CAO Dan Robichaux

Neighbors helps celebrate EBR's Teacher and Principal of the Year Awards

On May 7, the EBRP School System announced the 2015 Teachers and Principals of the Year at an awards reception. The event was held at the districtfs Office of Professional Development and co-sponsored by Neighbors Federal Credit Union, I CARE and other community businesses.

Teacher of the Year and Principal of the Year is an opportunity to celebrate the outstanding performance of the devoted educational professionals in the parish. There were many deserving teachers and principals who should be recognized for their dedication to student learning, and choosing a winner was difficult considering the wonderful qualities all the nominees possess. Winners in the elementary, middle school, and high school categories were honored:

2015 Teachers of the Year
Joy Watson - Woodlawn Elementary School
Andrew Pizzo - Sherwood Middle Magnet School
Daniel Eiland - Woodlawn High School

2015 Principals of the Year
Sharmayne Rutledge - Greenbrier Elementary School
Herman Brister - McKinley Middle Magnet School
Howard Davis - Scotlandville Magnet High School

Congratulations to all of this yearfs winners!

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5 financial concepts kids should know by the age of 10

Reflect for a moment about what financial information you wish you had known about sooner. How did you learn about money? What kinds of mistakes were made when you first started handling your own paycheck and checking account? What do you wish you had learned sooner?

The most common response people share during workshops is that they wish they had learned about handling money efficiently a younger age. Now is the time to "pay it forward” and think about how you can introduce practical money management skills to your kids. As you plan your child’s financial development, the following concepts serve as a great fiscal foundation which will guide future decision making.

Money is earned:
Help your child grasp the concept that money is earned through work; it doesn’t magically appear out of an ATM or your wallet. Many parents reinforce family values by assigning children household chores as a necessary part of productive family life, but other "extra” paying jobs can be a great financial teaching tool. Lemonade stands, babysitting jobs, dog walking gigs, and other ventures offer kids the opportunity to see and appreciate the financial rewards for their labor.

Develop the habit of saving money:
Saving money is a habit, so start this practice early! Set the foundation for future financial security by creating a practice of saving at least one-third of all money earned or received. Children who learn to save early will continue to save as teens and adults.

"Needs Vs Wants”:
Ensuring that "needs” are met before splurging on "wants” is critical for future money management success. Have them use their money for some of the things they need such as school field trips and school supplies. Learning early in life that money must be spent on more than just "wants” will help kids develop a sense of balance and set financial priorities.

Money is limited:
Help them understand that there isn’t an endless stream of money to spend; it has a definite end so purchases must be prioritized. Tie this lesson in with the "needs vs wants” message and give your children the gift of financial balance.

Live Within Your Means:
Learning that you can’t have everything you want helps children determine what they really want. Allow your child to set spending priorities, encourage them to think about what they have before making spending decisions, and help them explore the benefits and consequences of various purchases. This skill will help your kids become savvy shoppers who can think critically and confidently as young adults.

How Neighbors can help:
Come to our next free community workshop!

Time is money: Compound interest

In an effort to save money, we want to see good return on our investments! For every dime we tuck away, we want to see additional returns. So how do we make the most of our cash-stashing efforts? Start early and leave it alone to grow, and then let compound interest work its magic!

Time is money:
The effects of compound interest are most apparent over time. The sooner you start saving and the longer you can leave money in an account that compounds interest, the greater your return will grow. When considering investment products look for ones which compound frequently.

What is interest?
Interest is the price paid for borrowing money. Consumers pay interest, known as Annual Percentage Rate or APR, when borrowing money (credit cards, cars, house). Consumers can earn interest, known as Annual Percentage Yield or APY, on deposits in savings accounts, money market accounts, retirement accounts, and even checking accounts. When consumers invest money for retirement, they are counting on the interest their money earns to help build their nest egg.

What is the difference between simple interest and compound interest?
Simple interest is only calculated on the initial amount of money (the principal). Compound interest is calculated on both the principal and the accumulated interest. Simple interest is preferable when borrowing money and compound interest is ideal for saving. The more frequently the money compounds, the more return investors see on their funds.

Interest rate corresponds with risk!
The percentage rate your investment earns, or APY, is related to the amount of risk for your principal. Insured investments will earn a lower rate of return (reflected as APY) because the money is safe. Money invested in the stock market may earn a higher rate of return, but investors run the risk of losing some or all of their money if the market takes a downturn or crashes. There are various investment tools which allow investors to mitigate some risks but still earn good returns. An investment advisor can help you choose the plan to best fit your needs.

It adds up:
National Endowment for Financial Education (NEFE) put out a chart to show the effects of compound interest over time on a retirement account. If a person saves $2,000/year from the age of 18-27 (10 years only and then never added more savings to this money), they would have saved $20,000 of their own money. If it was saved in a compound interest account (at 7%APY) it would grow to $361,418 by age 65. The same investor who started saving at 31 and saved until they were 65 (35 years) in the same fund (at 7% APY) would have invested $70,000 of their own money and their investment would total $276,474! The lesson here is to start saving! Earlier is better- but it’s never too late to start.



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