Why Credit Unions Rock! thanks to NCBA !

A Message From Dan Mica President/CEO of CUNA

It's a Wonderful Life (in Credit Unions) so Don't Panic!

Savvy Saver must admit - I am a bit in shock today. After-all, did you ever think that YOU would see a "run" on a bank in your lifetime? I certainly didn't think so. I mean we've all seen "It's A Wonderful Life," a tried & true Christmas Movie centering around a frightening "run" on poor George Bailey's family-founded S&L that could have caused the downfall, not just of the S&l, but the entire town (and we will not even discuss the evil rich skinflint, Mr. Potter... boo ... hiss).

After-all, we tell ourselves, the movie is set in a time before the wonders of the FDIC and NCUA insurance funds. And quite frankly, those of us in the business of managing money are well aware of the current safety of American deposits.

But it appears that the typical California Consumer & IndyMac Bank customer is not so aware that their deposits are protected with the FDIC. And that is unfortunate.

So I, Savvy Saver, want to get the word out on how well protected Credit Union Members' deposits are through the NCUA (FDIC's cuter younger sister agency) . After all, the NCUA's insurance fund, the NCUSIF, is historically not only stronger, but more fully-funded than the FDIC due to credit unions' not-for-profit cooperative structure.

As John Radebaugh, President of the North Carolina Credit Union League will tell you, "....credit unions remain healthy due to key differences in their structure compared to banks, they (credit unions) are not reliant upon capital markets for funding - but instead are funding through member deposits." Additionally he states that "credit unions did not make risky loans like others did, so their loan portfolios are performing well despite the economy." (For even more information on the safety and soundness of credit unions, and John Radebaugh's full comments click here.)

So, my simple bloggin' post to you today is - thanks to the NCUA, your deposited money is safe at your credit union...... and yes... even that darn "Mr. Potter" bank, thanks to the good ole USofA and the FDIC!

Need Help? Check out Charlotte (or America) Saves!

A number of members I talk to say - you know Savvy Saver - I know I need to save, I just can't get around to it!

Apparently they need a personal trainer, a wealth coach, a financial advisor, or maybe just their MOM to get on them to get it done.

Well guess what, Savvy Saver to the rescue, I know exactly where you can find that Wealth Coach and it won't cost you a thing.

You need to check out Charlotte Saves, (and if you're from somewhere other than the lovely Carolinas - greatest state in the USofA- you can check out AmericaSaves). Charlotte Saves can provide you with a Wealth Coach, in addition to helpful hints and guidance on how you can be financially secure .... or at least a heck of a lot more comfortable financially..... than you are now.

And get this - it's free. Yep, free! A non-profit organization, Charlotte Saves is dedicated to helping you - yes you as an American (as I've discussed before the worst savers in the WORLD) learn how to save and become more financially secure. And it's paid for - yep - all paid for by donations, grants and good stuff like that.

So today's the day! Its time to Get R Done. Click on the link, or make the call (704-556-1260). You don't want me to have to call your MOM do you??!!!!

Why You Just Can't Save Enough

Another terrific and yet slightly hot morning here in the Carolina's and I've just found a super hot article at CNN.Money.com. The reporter carefully builds her case for the terrible PCS affliction and I think, by gosh, she's got it! Well, not the affliction but she nails down why so many of us living in one of the wealthiest nations in the world are the worst at actually Saving (and thereby Having) any Money.

When the CNN.Money.com reporter asked Mary Claire Allvine, a financial planner in Chicago, if she had any tips to avoid PCS, she suggested to a. simplify the problem and b:

"Instead of limiting your spending so you can save what's left, decide first what you'll save and learn to live on the rest. And get it out of your hands as fast as you can. Signing up for automatic withdrawals, through a 401(k) at work or in a taxable mutual fund account, (OR BETTER YET A CREDIT UNION SHARE ACCOUNT!!! - edits mine - SS)

will help you a lot."

Sound advice Mary Claire - we commend you for simplifying the problem and clearly laying out a brilliant plan:

Save First, Live on the Rest - the only real cure for PCS*.

Well there is another vital step in the cure - dump your high-living consumption-grabbing friends .... but you'll have to read the article to fully understand!

Watch for the *PCS Telethon coming soon to a public TV station near you!