CAREER-FOCUSED ADULTS

Financial guidance for maturing adults

Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.

BCT can help you stay on track with your long term financial goals.

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1. Review your account relationship

As your lifestyle changes, your account needs may change as well. Learn more about other account options that BCT has available for you:

 

2. Sit down with a local lender and find the right loan product for you!

Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage - whether for a home purchase, refinancing or a home equity loan - is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt - but be cautious about re-building credit card debt - once it is paid.

With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at BCT that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.

CommonSense Mortgages – BCT offers a variety of mortgage loans to meet all needs.

Personal Loans – BCT offers personal loans with and without collateral

 

3. Understand your credit report

Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies - Equifax, TransUnion and Experian - maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:

 

4. Conserve time, money and paper with BCT’s convenient electronic services

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

 

5. Save for Retirement

Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations come into play. Now is a good time to up your contributions to your retirement savings accounts.

Contact BCT Investments for more details on how to put yourself on the road to retirement.

TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT

  • Understand what your credit report score means and take a pro-active role in monitoring it.
  • Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
  • Make sure your mortgage payment, including taxes and insurance, represents no more than 28 percent of your gross monthly income.
  • Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.

 

Some Financial Calculators for Career Focused Adults

Our calculators can help you determine what you need to achieve your goals and stay on budget. Visit our Calculator Page with over 50 additional Financial Calculators.

FOR MORE INFORMATION

Request information online or contact one of our convenient locations:

Charles Town 304-725-8431
Harpers Ferry 304-535-6336
Kearneysville 304-876-2563
Martinsburg 304-262-0089
Hedgesville 304-754-0000
Hagerstown 301-739-4228