Goal getter's guide: Tips for upping your credit score game

BRANDPOINT - As any athlete will tell you, you can't win unless you have a game plan.

According to the U.S. Bureau of Economic Analysis, the personal savings rate in the U.S. hovers below 4%, while household debt and credit card delinquency rates are both rising, especially among Gen Z, as reported by the Federal Reserve Bank of New York.

In the game of life, saving should be just one part of your financial strategy but knowing the benefits of responsibly managing your credit is equally important. Whether you are gearing up to buy a home, get an education or start a business — understanding your FICO^® Score is an important first step in laying the foundation for financial literacy.

That’s why this summer, FICO, a leading software analytics company, teamed up with Chelsea Football Club and the U.S. Soccer Foundation to offer free financial education workshops for students and adults in the cities where Chelsea is playing on their summer tour.

Workshop participants were also able to attend their local match for free.

Here is a starter playbook of the 3 ways soccer and financial literacy are similar:

• Know Your FICO^® Score. A credit score is a three-digit number that helps lenders, such as a mortgage company, auto lender, or credit card issuer, quickly (based on data and without bias) determine how likely you are to repay a loan as agreed. The higher your number, the more likely it is lenders will offer you credit and better repayment terms such as interest rates.
  
  Many factors go into your FICO^® Score. It’s calculated based on data that is collected by the three major credit bureaus. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). Because your credit report changes based on your financial behaviors, like whether you pay your bills on time, so does your FICO Score. That means it’s important to know how your financial choices can impact your FICO Score.
  
  You can check your FICO^® Score for free at https://www.myfico.com/free.
  
  
• Have a Game Plan. Championships don’t happen accidentally. They require thoughtful planning, precise execution, and the ability to make in-game adjustments as events unfold. It’s just as important to have a game plan for your household finances to help foster positive habits such as creating a monthly budget, setting a system to stay up to date on bill payments, and keeping credit card balances under control.
  
  FICO also offers free educational resources on myfico.com relating to budgeting — like a college budget calculator and articles about budgeting systems and budgeting for couples.
  
  
• Focus on Continuous Learning and Improvement. Athletes continuously train to stay in shape and are always looking for ways to improve their skills. You can do the same to understand more about building good financial habits. FICO has developed many free educational tools and resources to help educate people throughout their financial journeys.

To access useful educational resources — and find out how to participate in a live or virtual Score A Better Future™ workshop — visit https://www.fico.com/sabf/.

Whether your goal is purchasing a home, financing a car, or simply starting off your financial journey strong, these educational tips can help you win in the game of life.

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Money Matters: Five tips to weather the COVID-19 recession

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by Jake Pence

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The National Bureau of Economic Research’s Business Cycle Dating Committee has officially announced that the United States has entered a recession. The United States has seen a record 128 consecutive months of economic expansion before COVID-19 bottlenecked the nation’s physical, mental, and economic health. However, this article is not going to be a COVID-19 or recession pity party; in fact, it will be quite the opposite as a mentor once told me, "Never let a good crisis go to waste."

Before we dive into the weeds, let’s preface these tips with the fundamentals of money management in a recession. First, you must live within your means and minimize discretionary spending. Second, you must prioritize saving and building an emergency fund of at least six months worth of expenses.

Third, you must continue to make your debt payments. If you want to learn more about any of those fundamentals then you’re a google search away, but my goal is to give you tangible, long-term tactics that will set you up for success both during and after this recession.

ANALYZE YOUR SPENDING

To effectively live within your means, you must understand where your money is going and be proactive with your cash flow management. In the book Good to Great by Jim Collins, he wrote, “You must maintain unwavering faith that you can and will prevail in the end, regardless of the difficulties, and at the same time, have the discipline to confront the most brutal facts of your current reality, whatever they might be.” Well … it’s time to confront the brutal facts about your spending and adjust your budget accordingly.

Whether your budget is in an excel document, on a piece of paper, or in your head, it is important that you have an understanding of the money you earn and the money you spend. In a recession, it can be difficult to earn more money; therefore, it is important to spend less money.

You can do this by checking your bank account, credit cards, and wallet on a weekly basis to see how much money you spent and what you spent it on. This will allow you to confront the brutal facts of your spending and identify what is necessary (groceries, housing, insurance, etc.) and what is discretionary (eating out, new clothes, subscription services, etc.).

IMPROVE YOUR CREDIT SCORE

Recessions affect almost every nook and cranny of the economy, especially credit markets. When credit markets tighten, it becomes difficult to get approved for a mortgage, car loan, credit card, or any other type of financing. Although it may be difficult, it is NOT impossible to gain access to financing in a recession. Access to financing is often what separates individuals who capitalize on the opportunities a recession presents, discounted asset prices, from those who don’t. Consequently, individuals with strong credit scores will be first in line at the credit market.

Your credit score consists of five components: total accounts, length of credit, credit inquiries, utilization rate, and missed payments. The most important components are the credit utilization rate and missed payments. To best explain your credit utilization rate, let’s say you have a credit card with a $1,000 credit line and a $500 current balance. This is equal to a 50% credit utilization rate ($500/$1,000).

You should maintain less than a 30% utilization rate across all forms of credit to improve your score. Missed payments are self-explanatory; however, it may become tempting to skip a credit card payment when times are tough. Do not give into this temptation as missed payments are the most important component of your credit score and will affect your score long after the recession ends.

REVIEW YOUR TAX PLAN

Does the word "taxes" make you cringe? Cry? Worse? Well … taxes, taxes, taxes. For most individuals, taxes will be the greatest expense over the course of their lifetime. However, there are many LEGAL ways to pay less taxes so that you can keep more of your hard earned money.

In fact, the overwhelming majority of the United States tax code discusses how to legally reduce your taxes. You do not need to read the entire tax code, but you need to talk with an accountant who (hopefully) understands the tax code and will create an efficient tax plan for your unique situation. There is a critical difference between an accountant who prepares your taxes and an accountant who prepares your taxes and minimizes your taxable income through proper tax planning. When you can no longer increase your income or reduce your expenses, then focus on (legally) keeping more of your money.

If you don’t currently have an accountant or you file using a free online platform, then simply start by scheduling a meeting with a local accountant to review your financial situation. Most accounting firms will offer a free consultation to decide whether or not you will benefit from tax planning.

One other critical tip, you often will get what you pay for in terms of accountants and not all accountants are created equally. Don’t be afraid to pay a little extra for a great accountant who saves you far more money than a cheaper alternative, so be sure to focus on how much they save you rather than how much they cost you.

DIVERSIFY YOUR INVESTMENT PORTFOLIO

The purpose of diversification is to mitigate your risk. There is risk associated with any investment, and that risk is amplified in an economic downturn. Therefore, it is important to have a variety of investments in your portfolio. For example, if the stock market crashes and you have 100% of your investment portfolio in stocks, then your portfolio value will take a tremendous hit.

Alternatively, if the stock market crashes and you have 50% of your investment portfolio in stocks, 25% in bonds, and 25% in real estate, then your portfolio will not be as severely affected. When it comes to your financial portfolio, it is important to spread your eggs in a variety of baskets rather than loading them all into one basket.

Diversification can be done within each asset class. Let’s take a look at the 50% stocks, 25% bonds, and 25% real estate portfolio as an example. Within the 50% of your portfolio allocated to stocks, you should own stocks from different industries with a range of company valuations. An example would be owning shares of Amazon (e-commerce), Visa (financial services), and Caterpillar (industrial).

Within your 25% bond holdings, you can get a CD from a local bank or buy a government municipal bond; within your 25% real estate portfolio, you can own a single family home rental property in St. Joseph, IL and a duplex rental property in Champaign, IL. A few asset classes that you should consider investing in are stocks, exchange traded funds, bonds, real estate, real estate syndications, and precious metals such as gold and silver. Overall, prioritize diversification so when one sector of the economy is negatively affected, all of your chickens don’t come home to roost.

FOCUS ON THE BIG PICTURE

If you’re going to take away anything from this article then let it be this: don’t become emotional with your finances due to the recession. The next few years contain a lot of uncertainty, but don’t lose sight of your long-term financial plan and jeopardize your long-term financial security due to short-term economic events.

Whether this recession lasts 6 months to 3 years, it is still a very small period of your life. Make the necessary adjustments to your portfolio, live within your means, and actively manage your cash flow; however, do not become emotional and make rash decisions that will affect you long after this recession ends. We are in this for the long-haul.

Warren Buffett is a world-renowned investor and once said, "Only when the tide goes out do you discover who’s been swimming naked." Well … the tide is making its way out and time will tell who has prepared for this moment. If you feel vulnerable, then don’t become emotional or make rash decisions. Instead, cover yourself up while you still have time and make sure that you too, don’t let a good crisis go to waste.

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About the author:

• Jake Pence is the President of Blue Chip Real Estate and a consultant for Fairlawn Capital, Inc.. A 2019 graduate from the Gies College of Business at the University of Illinois, he is a 2016 graduate from St. Joseph-Ogden High School where he was a three-sport athlete for the Spartans. You can view his latest acquisitions and advice on his YouTube channel here.

Denied a home loan? Steps you can take to avoid it

Good credit demonstrates responsible money management and gives you more purchasing power

StatePoint Media - You have researched the best areas to live within your budget. Spent countless hours visiting homes or viewing them online and talked to seasoned homeowners to ensure you haven't missed anything. You finally make an offer on your dream home that is accepted, and then the worst happens, the bank won't okay your loan.

If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications -- a total of nearly 650,000 -- were denied in 2020, according to federal government data.

Before quickly reapplying for a loan, it’s important to first understand the reasons your loan was denied. The lender is required to disclose that information to you within 30 days of its decision. You can also call your lender for further explanation. Having this knowledge will help you work toward building your eligibility for a mortgage.

Illustration: Clker-Free-Vector-Images/Pixabay

In some instances, the situation involves a quick fix, such as providing missing or incomplete documentation. However, if the reasons cited for your application denial involve down payment cost, a low credit score, an adverse credit history or a high debt-to-income ratio, here are six steps you can take toward recovery:

1. Consult a Housing Counselor. Consider speaking to a community-based credit counselor or a HUD-certified housing counselor. They can help you create a plan to increase your savings, decrease your debt, improve your credit, access down payment assistance or take advantage of first-time homebuyer programs.

2. Improve Your Credit. In a 2022 Freddie Mac survey of consumers denied a mortgage application in the past four years, three in five cited debt or credit issues as reasons given for their initial denial. If this describes you, take time to improve your credit profile before applying for another loan. Good credit demonstrates responsible money management and gives you more purchasing power, opening doors to better loan terms and products. Visit creditsmart.freddiemac.com to access Freddie Mac’s CreditSmart suite of free financial education resources that can help you understand the fundamentals of credit and prepare you for homeownership.

3. Pay Down Debt. In the application process, lenders will look at your recurring monthly debts, such as car payments, student loans and credit card loans. By lowering or paying down monthly debts, you can build a positive credit history and lower your debt-to-income ratio. Not sure where to start? Tackle your debt with the highest interest rate first.

4. Obtain Gift Funds. If you’re short on money for your down payment, you may be able to use gift funds from a family member to decrease the amount you need to borrow.

5. Find a Co-Signer. A co-signer applies for the loan with you, agreeing to take responsibility for the loan should you default. The co-signer’s credit, income and debts will be evaluated to make sure they can assume payments if necessary. In addition to ensuring your co-signer has good credit, you should make sure they are aware of this responsibility and have sufficient income to cover the payment.

6. Look for a Lower-Cost Home. Remember, you should only borrow an amount you feel comfortable repaying. You may need to look for a lower-cost home than you’re financially prepared to purchase and maintain.

For more information and additional resources, visit myhome.freddiemac.com.

If your home loan application is denied, don’t panic. There are ways to build your eligibility so that next time, your mortgage application is more likely to be approved.

Getting a handle on bank overdraft fees

Photo: Andre Taissin/Unsplash

Overdraft fees can break your piggy bank. To help their customers, some financial institutions have increased their flexibility with regards to how and when overdraft fees are accessed and when funds are unavailable in an account.

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StatePoint Media -- When your bank account balance is low, life can be stressful. For example, when it’s time to pay large expenses that can’t wait, like car loan payments or monthly rent, it’s all too easy to overdraft a bank account. This is especially true if you don't have a ready line-of-credit or a savings account you can dip into in an emergency. The current rate of inflation in the United States doesn't make it any easier either.

In fact, U.S. consumers pay billions of dollars a year in overdraft fees for covering all types of purchases, both large and small.

There is no doubt that overdraft fees serve as a pain point for many consumers, and as the issue of overdraft continues to be discussed and debated, several banks have taken different approaches in response.

Some have taken steps to address overdrafts, mostly by eliminating fees or eliminating the ability to overdraft completely.

Alternatively, PNC Bank now offers a solution that provides customers with greater control in these circumstances. Low Cash Mode, a tool that offers transparency and choices to help customers avoid fees by managing low-cash moments or mistimed payments, is a feature available in the PNC Virtual Wallet account through the PNC Bank Mobile app.

The feature notifies you when your available balance is near or below zero and gives you at least 24 hours (and often more) to bring a negative balance to at least $0 through a deposit or funds transfer before incurring a fee. It also gives you the choice of whether to pay or return certain pending checks and electronic payments when your balance is nearing negative territory.

The Value of Overdraft

The ability to choose to overdraft can help consumers avoid bigger repercussions like credit impacts and loss of access to banking that unpaid bills or late payments can cause. Allowing customers to make their critical payments – albeit for a small fee – sometimes makes a difference that helps allow them to stay in the banking system.

For example, if you opt to pay your rent or car payment – and avoid a penalty or a negative impact to your credit score by simply paying an overdraft fee – then the option to overdraft has provided a value.

“Removing the ability to overdraw an account doesn’t address the fact that many customers need to pay bills, even during temporary cash shortfalls,” says Alex Overstrom, head of Retail Banking at PNC Bank. “The key is that the consumer should be making the decision to incur or avoid fees, not just the bank.”

Control Pays Off

This level of control has demonstrated real results. PNC reports that 64% of customers who have a negative-balance event cure their account in time to avoid incurring a fee.

“Sometimes people just need a little more time to cover important expenses,” says Overstrom. “And in these moments, they should have choices to make things right.”

One for the record book, Unity nearly pulls off underdog victory over Althoff

TOLONO - Unity head football coach Scott Hamilton said Althoff Catholic (4-0) was the best team he has coached against in his career.

Hamilton told the team after the game that, having coached over 400 games, there has only been a handful in which he thought every player on the field would have to play at their absolute best to even have a chance of winning. Friday night's game against Althoff, which brought three Division I recruits to town, was one of those occasions.

The Rockets' roster (2-2) proved they were up to the task in the 53-52 loss to the Crusaders.

It was a record-breaking game for the Rockets.

Photo: Sentinel/Clark Brooks

Dane Eisenmenger looks for open receiver under pressure during the first half. A junior, he threw 548 yards, connecting 27 of the 42 attempts for seven touchdowns.

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Taking advantage of Unity's overflowing stable of receivers, Unity quarterback Dane Eisenmenger, who already led the passing stats with a 455-yard game against Mt. Carmel last year, finished with a career and program best of 543 yards. Eisenmenger completed 27 of his 42 passes against the Crusaders.

Receiver Tre Hoggard amassed a program-best 266 receiving yards, breaking a 34-year-old record held by Jeff Vail, who had 219 yards during Unity's 1990 game against Schlarman.

Unity's offense also reset the mark for the most yards in a game from 639 yards to 666 yards, of which 543 were produced thanks to their stable of seven sticky-fingered receivers.

To date, Friday night's game was the highest-scoring game ever played at Hicks Field. The combined score of 105 points exceeded both Unity's 61-42 win over Pontiac in 2017 and last year's 56-46 semifinal playoff loss to Mt. Carmel.

Althoff, which lost its semifinal game to eventual 1A winners Camp Point Central in 2023, was led in scoring by 5-foot-11, 188-pound Oregon commit Dierre Hill Jr. Hill ran for 255 yards and caught four passes for 48 yards. The senior scored five touchdowns, the last on a nine-yard pass to set up the Crusaders' game-winning two-point conversion with seven seconds left in the non-conference contest.

Dierre Hill, Jr. bounce out of the backfield late in the fourth quarter. The elusive Oregon commit was hard to bring down thanks to his incredible balance and ability to change directions on a dime. The senior scored five touchdowns and 11 yards every time he touched the ball. See more Sentinel photos here.

Photo: Sentinel/Clark Brooks

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Hill scored his first two touchdowns in the first quarter, the first on a 68-yard gallop six and a half minutes into the game and the second on a five-yard run nearly four minutes later to give Althoff a 14-0 lead.

"Honestly, he is the best player I've ever coached against in 33 years," Hamilton said. "There is a reason that kid is going to Oregon."

With just over two minutes left in the first quarter, Eisenmenger hit a wide-open Tre Hoggard on a 31-yard pass play, closing the scoring gap to one touchdown after the extra point by Emmerson Bailey.

Althoff responded with another touchdown courtesy of a 36-yard run from Jayden Ellington, leaving 21 seconds and a 21-7 score on the board in the east end zone.

Unity's Tre Hoggard out runs Althoff's Lorne Green during the second half. Hoggard finished the game with 266 receiving yards and four TDs on 12 catch. He also tacked on six rushing yards on two carries to his stats on Friday.

Photo: Sentinel/Clark Brooks

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Like two prizefighters throwing heavy hands and neither backing down, Unity put the ball in the east end zone again as time ran out. Garrett Richardson sprinted 76 yards to make the score 21-14.

Unity and Althoff continued to slug it out, both teams scoring two touchdowns in the second quarter to start the second half at 35-21.

"I give a lot of credit to our kids. We had so guys go out with cramping and few things here and there," Hamilton said, proud of how well his team played against an obviously talent program. "We had other guys step up and just kept battling. I just don't have enough great things to say about our kids, our coaches, our plan, and how the kids executed."

He add, "We just wanted to keep throwing punches at them and see what we could get."

Photo: Sentinel/Clark Brooks

Emmerson Bailey celebrates after hitting his 34-yard field goal in the 4th quarter. Bailey, who contributed 10 points in the loss, also went 6-for-6 on PATs.

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Hamilton and his staff made some defensive adjustments that held the Crusaders scoreless in the entire third quarter. Meanwhile, the Rocket offense delivered two passing touchdowns to end the third quarter at 35-all.

With the ball spotted around the 27-yard line and unable to pick up a first down, the Rockets called Emerson's number. The senior, who was already 3-for-3 on PATs, booted a 34-yard field goal between the uprights for the go-ahead score, 38-35.

"I'm really glad the pressure didn't get to me," Bailey said. As went out to make the kick, he said he kept his head down and tried not to look at the crowd in order to control the anxiety he was feeling as much as he could. "I didn't look up once. I just put my head down, and did what I do."

In the remaining 10 minutes and 44 seconds left in the game, the Rockets scored two more times via the Eisenmenger-Hoggard connection.

The Crusaders bookended a field goal with two touchdowns from Hill. Hill scored on a 26-yard run and on a nine-yard pass to trail Unity 52-51 with seven seconds remaining in the game. He then went on to score on the two-point conversion for Althoff's road win.

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App created to help LGBTQ+ reduce debt and increase savings

Photo: StatePoint

StatePoint Media - While many Americans have financial concerns about the future, these anxieties are far more prominent among the LGBTQ+ community.

LGBTQ+ adults 60 and older earn less money and have more trouble paying their rent, mortgage, and other expenses than their non-LGBTQ+ peers, according to research from the Leading Age LTSS Center @UMass Boston and the National Council on Aging. SAGE, the world’s largest and oldest organization dedicated to improving the lives of LGBTQ+ elders, reports that 51% of LGBTQ+ elders are very or extremely concerned about simply having enough money to live on, compared to 36% of their non-LGBTQ+ peers.

Economic experts say that this financial security gap is a direct legacy of past governmental policies that put LGBTQ+ adults at a financial disadvantage, as well as ongoing discrimination that makes it harder for members of this community to secure employment, inclusive healthcare, family support and other fundamentals many take for granted throughout their lives and as they age.

Recent efforts are helping improve outcomes for the most vulnerable members of the community. For example, SAGECents is a digital financial wellness tool created specifically for the estimated 3 million LGBTQ+ Americans currently over 50, to help increase financial stability and reduce economic stress.

Launched in 2020, SAGECents is a collaboration between SAGE and LifeCents, a financial wellness technology and consulting firm, with the tool fully funded by the Wells Fargo Foundation.

This groundbreaking program is putting financial wellness into the palm of people’s hands. By creating a free account, SAGECents assesses each participant’s financial health, giving them much needed insights into their financial lives and a starting point to help them make financial decisions that improve their financial wellbeing. This includes information such as what benefits are available through Medicare, how to create a health proxy and a living will, and tips for increasing credit scores.

The app can also pair users with certified, LGBTQ-proficient financial counselors. Nearly 50% of SAGECents participants report saving an average of $571, more than 38% have reduced their debt an average of $591, and 39% have raised their credit score an average of 26 points. To learn more, visit sageusa.org.

“This is the generation that fought at Stonewall, and beyond, for the rights that so many of us enjoy. But sadly, this also is a generation that faced years of discrimination and underemployment and they are struggling financially in their later years,” says Christina DaCosta, SAGE chief experience officer. “Through the comprehensive resources and tools offered by SAGECents, we aim to empower and support these elders to achieve financial prosperity.”

In addition to widening access to financial tools for individuals, the Wells Fargo Foundation also supports SAGE’s efforts to break down the barriers responsible for this financial security gap, such as advocating against housing discrimination.

“At the root of the financial security gap is systemic discrimination. Tackling those issues is at the heart of our company’s efforts to create a stable financial future for members of the LGBTQ+ community,” says Ben-James Brown, Financial Health Philanthropy, Wells Fargo Foundation.

Unlocking homeownership with down payment assistance and savings plan

Photo: Jill Wellington/Pixabay

StatePoint Media - If you dream of owning a home but aren’t sure whether you have enough money for a down payment, take another look. You might already have enough or be closer than you think.

Down payment and closing cost assistance

Depending on your situation, you may qualify for a grant to help with your housing purchase. Grants can offer down payment and closing cost assistance. Some financing programs also allow qualified homebuyers to put down as little as 3%.

“Aspiring homeowners may want to talk with a mortgage professional to explore their options. They can help aspiring homeowners understand how much they need for a down payment and other upfront costs as well as for ongoing expenses such as insurance, homeowners’ association fees, and unexpected repairs,” says Ewunike N. Brady, head of African American Segment, Wells Fargo Home Lending.

If saving up to buy a home is your goal, how can you put more money away each month to get there sooner? Here are some savings tips to consider:

1. Pay down credit card and loan debt to save money on interest. This may also lower your debt-to-income ratio and increase your credit score, which helps when applying for a mortgage. Start with accounts with the highest interest rates, pay more than the minimum, make payments every two weeks instead of monthly, and consider setting up automatic payments.

2. Track your spending habits and evaluate what you can cut. Many helpful budgeting apps are available. Small changes can add up to big savings. For example, make your own coffee, pack a lunch, carpool, get your hair cut less frequently, or cook and watch movies at home instead of going out.

3. Reconsider subscription services and monthly memberships. How much do you spend per month, and do you use them enough to get your money’s worth? If you have gym membership, can you work out at home or enjoy public recreation areas? How many apps or streaming video or music services do you need?

4. Minimize account fees. Pay attention to when a bank account incurs fees so you can avoid them when possible – for instance, maintain the daily minimum account balance, use your debit card a specified number of times during the month, or stay below a maximum number of withdrawals from a savings account. And of course, avoid overdrafts.

5. Consider using automatic bill pay options through your financial institution or the billing entity, like your utility company. Then you’ll avoid accidental late payments and the fees that come with them.

While saving for a down payment seems daunting, it does not have to be. Understanding the facts about what’s required to buy a home and having a savings plan can put you well on your way to achieving your homeownership goal.

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You have a new business idea, here is how to finance your dream job

Photo:NAPSI

Aaron Mulherin, owner of AM Glass, goes over company financial details with his SCORE mentor John Brockhardt. There are many options for financing a new or existing business, and a mentor can help guide you.

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NAPSI -- If you’re wondering how to finance your startup, you’re not alone. Depending on your business, financing it can either be relatively simple, such as drawing on your personal savings, or more complex, perhaps requiring you to seek loans or investors.

Here are some common ways to finance a business, along with pros and cons to keep in mind:

Personally Finance Your Startup

In the digital age, many small businesses can be up and running with little to almost no capital, which can make financing your business with your own money more realistic.

Personally financing your business has some distinct advantages—you retain full control over your company, take on zero debt and have no loan payments to worry about.

On the flip side, you could lose money if the business doesn’t work out.

The bottom line is that if you’re willing to take on personal financial risk, using your own money is one of the most straightforward methods of funding your startup, while maintaining full control.

Ask Friends and Family For Financial Support

Help from friends and family is another common method for financing a business. This could look similar to personal financing or a private loan.

The advantages depend on the terms of the contributions. You might retain full control over your company and not have to take on debt or you may have to relinquish some control and agree to repay what you’ve received plus interest.

Take Out a Bank Loan

Banks and credit unions are another financing option. However, you’re taking on debt and will need to make regular payments on the loan, which can cut into cash flow. On the plus side, financing your business with a loan means that you retain full control of your company.

Be prepared to show a bank a business plan, expense sheets and financial projections, often for the first five years.

Securing a bank loan is a challenging process. A mentor can help you prepare a loan application, so you have the best chance of securing the loan you need.

Bring in an Outside Investor

Bringing in an outside investor is typically not a realistic option for most businesses. The experts at SCORE found that only about 2% of businesses have a business model that would interest investors.

Most often, equity investors require not only a percentage of ownership in the company but an “exit plan”—otherwise known as your plan for how they’ll recoup their investment and see a healthy return.

With an investor, though, you get relatively quick access to capital without periodic loan payments, potential access to business expertise, and connections you might lack.

If your startup requires a significant capital investment, bringing in an outside investor may be a smart option.

Rally Support Through Crowdfunding

Once considered an unconventional way to finance your business, crowdfunding is now a common method for raising startup funds.

The structure of a crowdfunding campaign depends on your platform host. The idea is to encourage small contributions from a large pool of people. Funders receive gifts for their support which usually includes the product or service you sell.

The downside to crowdfunding: it takes a lot of effort and money and failure is very public, unlike with private ventures.

Choosing the Right Financing Option is Key

As you develop your startup, connect with a SCORE mentor. They can guide you toward the right financing options for your needs and lead you on the pathway to success.

Learn more about traditional and creative ways to help your business by visitig www.score.org.

A few things that families with college-bound students should know

If you are going to college this fall, now is a good time to have your parents teach you financial skills like budgeting and bill paying. Learn now will make life on campus away from home much easier.

JeffStateCollege/Pixabay

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StatePoint - Perhaps even more nerve-wracking than waiting for your child’s college acceptance letters is learning whether they’ve been awarded financial aid. Recent changes to the Free Application for Federal Student Aid (FAFSA) designed to simplify the process have led to unforeseen hiccups and technical glitches, causing academic institutions to delay sending out financial aid award letters. However, once you finally get the results, it can give your family a better idea of what to do next.

“Our research shows that for a majority of parents, figuring out how to pay for college was the ‘road to college’ activity that caused them the most stress. By making a financial plan and prioritizing it, you can be well prepared to avoid the most common bumps in the road,” explains Angela Colatriano, chief marketing officer, College Ave.

Colatriano recommends using the spring to teach your child these valuable financial skills: how to set up a budget, how to pay bills and how to manage credit. If your family will potentially be borrowing to finance college, students should also gain an understanding of how loans work, and how the different terms of the loan will affect their monthly payments and overall loan cost.

Speaking of budget, you should set a realistic budget for yourself. A recent College Ave survey found that in addition to helping pay for tuition and housing costs, parents also contribute to their child’s phone bill (65%), health insurance (61%), food and groceries (42%), cable and internet bill (35%) and transportation (32%). Be realistic about which expenses you can afford and where you want to ask your child to chip in.

Decode Award Letters

Financial aid award letters can look different for each school. Familiarize yourself with their components so that when they arrive, you’ll be ready to decipher them. Here’s what to look for:

1. Free money: The award letter will list whether your student is eligible for scholarships and grants (sometimes called Merit or Gift Aid). This is money you typically don’t need to pay back.

2. Federal Work-Study: Your child might be eligible for Federal Work-Study jobs. While jobs aren’t guaranteed, they can be a good opportunity to help cover educational expenses.

3. Student Loans: Schools will list any federal loans your child is eligible to receive. Helpful hint: They may be grouped with scholarships and grants. You should also note whether the loan is subsidized or unsubsidized. Because unsubsidized loans accrue interest while your student is enrolled and during deferment periods, this will affect the overall loan cost.

4. Other factors: Check if awards being offered are for all four years and understand what your child will need to do to continue being eligible for them, year-to-year.

To get an apples-to-apples look at the offers, calculate the net direct cost of each school by subtracting offered scholarships and grants from the cost of attendance (tuition, room, board, textbooks and fees). If applicable, you can subtract work-study aid too. You should also factor in expected increases in tuition, room, board and other fees.

Fill in the Gaps

If after doing the math, you find you have a financial gap to cover, look into private scholarships. One easy one to enter on a monthly basis is College Ave’s $1,000 Scholarship Monthly Sweepstakes.

You may also want to consider a private student loan or parent loan. Look for a lender with great rates, flexible repayment terms, and the opportunity to customize the loan to fit your budget. For example, College Ave offers student loan calculators, a pre-qualification tool that offers quick answers without affecting your credit score, and other helpful tools and resources. To learn more, visit CollegeAve.com.

“The important thing is not to panic. If you filled out the FAFSA, financial aid award letters are on the way. And once you receive them, you and your student can get to the fun part of planning for the future,” says Colatriano.

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Guest Commentary | Love anoints others

by Glenn Mollette, Guest Commentator

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Valentine’s Day is almost here and how many valentines will you have? In elementary school we traded Valentine cards. We actually had a big box and we stuffed it full of valentine cards to our classmates. If we received 20 or 30 valentine cards then we felt good because we had a lot of valentines.

Glenn Mollette

You may or may not receive many cards this year if any at all. Nice cards are expensive as are flowers, candy and dinners. Whether you receive a Valentine card or not doesn’t determine the number of people in your life you care about or who care about you.

Some people may determine their self-worth by how many friends they have on social media. Are they really your friends? Possibly you go to church with a lot of people you care about and who care about you. Maybe you still have several family members you are close to and who love you and you love them.

We have so much hate in the world. Political parties are filled with hate. Many Democrats hate President Donald Trump. Many Republicans hate former President Joe Biden. Some Republicans and Democrats hate each other. Some people hate Elon Musk. Some people hate or love the Philadelphia Eagles.

People hate former husbands, wives, girlfriends and boyfriends.

Hate is obvious in the world. In many of our major cities there is a murder every day. Too often more than one.

What does hate accomplish? It’s a very negative emotion that has negative results. Someone often gets hurt where hate is involved. Hate hurts the hater. Hate does not create a spring of well-being and joy. Hate cuts deep within us and your body doesn’t’ react positively to this long-term dark emotion.

There is a line of demarcation. The Jewish people who had loved ones raped and murdered by Hamas don’t feel loving toward Hamas. The citizens of Ukraine don’t feel loving toward Putin and Russia. We surely understand their feelings.

Yet, somehow and some way in this life we have to find a way to rise above and to soar higher. It’s not always easy to love, but love covers a multitude of sins.

I don’t know how Jesus could love me. All my sins put him on the cross. Yet, over and over again, the Bible tells me that God loves me and for what reason? I have done nothing to deserve his love.

Try to show and tell more people you love them. Call some people this week and tell them you love them. Tell some Democrats and Republicans you love them. Tell some sinners you love them. You never know, some of the love you give just might come back to you.

When Mary anointed Jesus in the Bible, the entire house could smell the perfume. Jesus had the perfume all over him, but Mary also had the perfume all over her. Love anoints others but often we end up anointed as much as the ones to whom we extended love.

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About the author ~

Glen Mollett is the author of 13 books including Uncommom Sense, the Spiritual Chocolate series, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states.

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The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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Spartan work ethic pays dividends

Running back Jarrett Stevenson carries the ball during first half action. The senior ran for 173 yards and scored four touchdowns against St. Thomas More. See more photo from the game here ... (Photo: PhotoNews Media/Clark Brooks)

Before the team played its first down, Chance Izard predicted this was going to be an exciting season of St. Joseph-Ogden football. If last Friday's 36-8 win over visiting St. Thomas More in their Illini Prairie Conference opener is an indicator of things to come, it looks like there will be no shortage of thrilling moments this season.

"We have a new group of guys and new chemistry," he said days ahead of the team public scrimmage. "We are all willing to put in the work."

After St. Thomas More's Eivory Shellman scored on a short 5-yard run for the first six points of the contest and a successful two-point conversion on a pass play, the score shock quickly wore off for the Spartans.

"I thought the defense responded so well after not preparing for that style of offense. Coach Watson has never really ran that offense before anywhere," explained fourth year head coach Shawn Skinner talking about early defensive miscues. "(We) hadn't prepare for that style of offense. Yet you saw, once coach (Bob) Glazier was able to rally them on the sidelines while offense had the ball, (he) corrected some of the missed assignments and it really wasn't an issue the rest of the night."

Skinner found some comfort in how well many of his players, especially a good portion of them with little varsity experience, buckled down without so much as a blink. Their response led to an 8-all tie before the first quarter ended.

"They just ran it. Down. The. Field," Skinner said, with a hint of pride as he recounted how team quickly fell into doing the jobs they had been trained to do. "They just went back to work. That's the response we wanted."

St. Thomas More's main issue was the response from Jarrett Stevenson.

The senior, who found his way on the field toward the end of the 2018 season, averaged an impressive 8.6 yards per carry against them. After his four-yard plunge and two-point conversion in the first quarter to tie up the score, Stevenson would entered the end zone three more times by the game's end. He wouldn't take all the credit himself.

"My line was incredible. My fullbacks were incredible," he said praising their efforts. "It was insane. It was the best blocking I've ever seen."

Thanks to the strong pushes in the trenches by the offensive line, Stevenson finished the night with 173 rushing yards. Four touchdowns and almost 200 yards isn't a bad way to start a last year of your prep career on the gridiron. It was a huge payout of dividends from his hard work to prepare for the season this past summer.

"He is the strongest kid on team. He works extremely hard," Skinner said while commenting on Stevenson establishing himself as the go-to guy this season. "He has an incredible desire to be successful. We need him to be that guy."

And there was the rest of the Spartan running corp that the Sabers could not contain easily as well on Friday. SJO averaged 7.5 yards per carry as a team and not with just the help of veteran seniors. Sophomores Coby Miller and Keaton Nolan saw varsity action combining 65 yards between the two of them on eight attempts.

And despite his number being called only three times during the 48 minute contest, Brayden Weaver finished the night with smaller numbers. His modest 38 yards and touchdown were equally impressive.

He said without Stevenson he wouldn't have been able to score on his 34-yard run on the north side of the field into the west end zone. After shedding tacklers on his way to the goal line on the play, Weaver dove the last two yards into the end zone with a St. Thomas More defender hanging on.

"Jarrett Stevenson will be in the headlines for his touchdowns and however many yards he had," Weaver said while talking about his scoring run. "He made the best block on the night on that play. If that didn't happen I wouldn't have got in, even with all the broken tackles."

Weaver also recovered one of two STM's fumbles while playing on the defensive side of the ball.

Guest CommentaryIs the Ukraine Deal, really a deal?

by Glenn Mollette, Guest Commentator

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America has given Ukraine a lot of money. Does anyone really know how much?

President Trump recently said $350 billion while other sources say we have spent less than $200 billion. A billion dollars is a billion dollars. Hundreds of billions of dollars mean Americans across our country are being taxed hard earned dollars to send to another country for the purpose of financially underwriting their war.

The Beatles sang, “Can’t Buy Me Love,” but apparently you can buy some fake friends for a while. When the money ceases then the love and friendship you bought speedily goes away.

If we don’t write big checks to countries like Ukraine then they get mad really quick and for some reason, we become the bad guys. What happens when we totally run out of money? Our national debt is $36 trillion dollars. Who will rescue us when we go bankrupt and there is no Social Security, Medicare or Medicaid? No one will come to save us.

Approximately 58,220 Americans were killed in the Vietnam war. This number includes battle and non-battle related deaths. The Vietnam war cost around $111 billion in 1968 dollars, equivalent to approximately $800 billion in today’s dollars. The war lasted about 15 years. What does our country have to show for $800 billion and almost 60,000 lives? A lot of graves and a lot of Veterans with PTSD.

The war in Afghanistan cost America approximately $2,313 trillion dollars from 2001 to 2022. This includes money we spent in Afghanistan and Pakistan but does not account for the cost of lifetime care for veterans. Some estimates suggest the total cost could be higher ranging from $4 to $6 trillion when including long-term medical care and disability compensation. Plus, we spent over $68 million on a second runway at Bagram airfield in 2006 making it the best and strongest runway in that part of the world.

In the 1960s, we built the Kandahar International Airport which cost us over $15 million dollars. Who are the people using these airports today? A lot of Americans have suffered to pay big taxes bills while our government plays Santa Claus.

It’s a great idea to ask Ukraine to pay back the billions we have given to them. The idea of America having access to their land and vast resource of minerals sounds appealing.

Financially, it sounds like it would be worth mega billions and would supply us with badly needed resources. However, how many roads and bridges will we have to build?

How big will our military presence have to become to protect American citizens who will go to work the land? A military presence in Afghanistan could only mean the possibility of altercations with Russia’s army which would escalate into America becoming head and shoulders into a full scale war with Russia.

Putin can’t be trusted as far as you can throw the car sitting in your driveway. A growing presence in Ukraine by America will eventually mean fighting to protect our interests in that country. Such a land deal with Ukraine sounds like a good deal but has the potential of becoming a very bad deal.

Unfortunately, after last week’s oval office disaster between Zelenskyy, President Trump and Vice-President Vance there may never be a deal.

If Russia eventually topples Ukraine, Putin won’t be making any deals, paying anyone anything back and we may be buying our bread from him.

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About the author ~

Glen Mollett is the author of 13 books including Uncommom Sense, the Spiritual Chocolate series, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states.

---

The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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"Intelligent, fun and unpredictable"; The Class of 2019

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(Photo: PhotoNews Media/Clark Brooks)

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Members of the St. Joseph-Ogden Class of 2019 celebrated in colorful style after receiving their diplomas on Sunday. One hundred and twenty-eight students were conferred as the newest class of graduates.

"They were a phenomenal class; a very, very bright class," said principal Gary Page. The Class of 2019 entered SJO as freshmen the same year he took over the reigns as principal. "Their GPA (as a class) was phenomenal."

When asked what three words characterized the Class of 2019, Paige responded with, "intelligent, fun and unpredictable."

66% of the senior class earned 3.0 or better grade average. The composite SAT score for this year's graduating class was 1112, which is 100 points higher than the state average.

Just as impressive is the fact that the senior class earned 914 dual credit college hours. After adding AP credit to that number, Paige envisions the dual credit hours to be close to a thousand.

They had a really good chemistry. They did enjoy each other and had a lot of fun together," Paige said. "I think they are a pretty close. That chemistry showed inside the school and they were great leaders inside of our building."

Spartans advance after downing Villa Grove-Heritage in regional title game

Up by one with four seconds left in the first quarter after Villa Grove-Heritage's Vanessa Wright scored at the other end of the court, senior Katie Cramer took the ball into the north corner and lined up a shot three feet from in front of the Maroon Platoon's headquarters. She pulled the trigger just as the buzzer sounded hitting nothing but net to extend St. Joseph-Ogden's fragile, early game lead to four at 11-7.

Fragile indeed.

Despite building a seven-point advantage, the largest lead by either team in the first half of the game, the Spartans toiled on repeating a nearly identical third quarter encore of Tuesday night's semifinal against Tuscola to win 50-34.

Seniors Katie Cramer, Hannah Dukeman, Anna Wentzloff and Taylor Barnes take possession of the team's IHSA plaque. The win over Villa Grove-Heritage marked the third consecutive regional championship title for the Spartans. (Photo: PhotoNews Media/Clark Brooks)

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"This time of the year no one is going to give up. No one is going to stop playing hard," said St. Joseph-Ogden head coach Kevin Taylor in regards to yet another underwhelming third quarter that allowed the Blue Devils to tie up the score at 25-all. "I knew they would come back at us. I knew the game was not over."

VGH head coach Dan Sappenfield called a time out with 3:52 left in the third. After play resumed Aliya Holloman found herself at the free throw line where she sank two shots to tie the score up at 25-all.

Shortly thereafter, Taylor Wells drew a foul call and drilled the first shot before missing her second to give the Spartans a one point lead that would not last for long.

The Blue Devils immediately responded with a lay up from Samantha Campbell after inbound pass to go up 27-26. It would be the last time VGH would see numbers on their side of the scoreboard great of the two.

Right after Atleigh Hamilton hit the second of her two free throws, Taylor called a time out with fans from both sides looking a pair of 27's on the scoreboard.

"That seems to be a pattern for us," said Katie Cramer. The senior, who now has three regional titles to her credit, led the SJO's offensive effort with 12 points. "We like to come out after halftime kind of flat. But, we picked it up and I wasn't worried once we picked up our energy."

After the 30 second break, an energized, highly physical Spartan squad took command of the floor out scoring VGH 18-7. Abby Behrens led final quarter effort to help the Spartans put the game out of reach with six points, four from her six attempts from the charity stripe.

Behrens along with Ella Armstrong tallied nine points each in the championship victory and SJO 20th win of the season.

"In the third quarter, sometimes, we kind of collapse in on ourselves and we have to dig ourselves out of a hole," said Behrens, who was happy to secure the win on her home court. "I thought we did well recovering."

Peaking at what seems to be the right time, Taylor was happy to see his team play an aggressive, more tenacious brand of basketball.

"They played smart. They played tough tonight," Taylor said without hesitation about the team effort. "They played strong. As a coach I love to see that."

Except for practice, the girls team is done at home for the season.

Taylor & Co. will travel to Paris on Monday to face the winner of the Sullivan regional, a contest between sectional host Paris (#1 seed) and Sullivan (#4 seed). The sectional semifinal will tipoff at 7:30 pm.

Box Score

St. Joseph-Ogden	11	13	8	18	- 50
Villa Grove-Heritage	7	11	9	7	- 34

Scoring

St. Joseph-Ogden: Payton Jacob 8, Taylor Wells 1, Atleigh Hamilton 5, Katie Cramer 12, Abby Behrens 9, Taylor Barnes 6 and Payton Vallee 9.

Villa Grove-Heritage: Jordan Ray 2, Maci Clodfelder 1, Kyleigh Block 14, Aliya Holloman 9, Vanessa Wright 2 and Samantha Campbell 6.