Monthly Archives: May 2018

Protecting Older Americans Against the Top Scam: IRS Impersonations

No age group is immune to scams. It can happen to any age group, income level and gender. Scammers are no respecter to persons when it comes to getting your money. However, seniors should be protective of their finances, as they are more likely to have significant life savings and great credit. They also may be unsure of who to report fraud to, or don’t out of shame. This makes them a great target for scams. Unfortunately, the top scam among older Americans is IRS Impersonations.

Why IRS Impersonations?

Taxes and money are linked, so being able to access someone’s tax account gives them extensive amounts of highly personal information.
This information can be serviced into capital.

Telephone Scams

They may receive a phone call from the scammer, claiming to be from the IRS. They will give a fake name, badge number and even call from a Washington area code so they seem more legitimized. This is called Caller-ID spoofing. They say they are following up on letters sent by mail and threaten arrest, home foreclosure or deportation for immigrants if they are not paid. Seniors should be aware that the IRS will never call to demand immediate payment, nor will they ask for credit card information over the phone. These scare tactics are working far too well, so education, not shaming, is needed to prevent victimization. If they receive a suspicious call, hang up and call the U.S. Senate Special Committee on Aging’s Fraud Hotline at 1-855-303-9470.

Text Messages

Unfortunately, text messages seem to be more trusted than email. Scams by text are called smishing. Some criminals may only have access to the internet through their smartphone, so they will use this to target other phones as well. They may even send a link to a fraudulent site to intake your private information like a social security number so they can steal your identity.

Here is an example of what a text might say:

“IRS NOTICE: Your Tax Return is overdue! Click here to prevent penalty by law.”

Email Phishing

This term means the scammers are fishing for information through email, conning people into thinking they are someone they are not. The emails look like they have the branding of the IRS and they are leading to a legitimate website. They might request the same information that is requested by phone, but might be more prone to believe the emails to be valid with the fake IRS branding.

Key Takeaways:

Inform your loved ones of these IRS facts:

The IRS will never call to demand immediate payment.
They will never threaten to immediately arrest.
You will never be told that the taxes must be paid without the opportunity to appeal the amount owed.
They will never ask for payment information over the phone.

Data has shown that increased knowledge on scams makes a difference, so share this information with your loved ones, creating a safe place of discussion and education!

Habits of Financially Mature People

If you take a look around, you may notice that a majority of people from a variety of income levels seem stressed about their finances. Seventy eight percent of Americans are living paycheck to paycheck and debt is creeping up more and more every year. So what’s the secret for those who aren’t wealthy enough to be financially independent, but still manage to live the life they desire? We believe the difference is financial maturity and have collected top habits for you to integrate into your life.

Educate Yourself: Financial Literacy

Financially mature people take time to educate themselves about money. They realize money is a tool that they have efficacy with. Unfortunately, public schools aren’t preparing students to be financially literate. Set yourself apart by having a basic understanding of financial areas such as: investing, insurance, real estate, retirement and tax planning.

Pay Yourself First: Save!

Achieving financial stability means having enough in your account to pay cash. It means understanding that a financial crisis such as losing a job happens, and realizing that it’s important to have money prepared for that misfortune. There are so many things to save for such as retirement or a down payment on a house, and irresponsible spending can quickly eat away at your savings. Don’t let savings be an option, set up an account with us today at Heartland Bank.

Say No to Shopping Sprees

The financially stable realize that spending money for the sake of spending money will not help them get where they want to be. If you go shopping for fun, you’ll end up buying items you do not need, a hallmark of the financially unstable. Plan ahead for the items you need to purchase.

Use Credit as an Investment

They don’t use credit as a fall back for when they cannot afford to pay a bill. They only have a couple of cards, and pay them in full at the end of every month. They always pay their bill on time to reap the rewards that come with their use.

Know Your Numbers

A financially mature person has a budget, no matter if they have a lot, or little money. They know what’s in their account, what they owe, what they earn, what they spend and what they have invested. They put themselves in environments that encourage them to keep their budget. They also review their budget monthly to see if there is any fat to be trimmed. There is a realization of the difference between spending less and saving. Even if they are spending less, if their savings aren’t increasing, they haven’t gained anything.

The most important idea to realize is that financial maturity is up to you. If you need help navigating your process, reach out to a member of the team at Heartland Bank.

3 Things You Need to do for a Successful Garage Sale

Hosting a garage sale is not for those who are afraid of hard work. Like most things in life, in order for it to be a success, you need to be willing to put in the time and effort to make the experience pleasant for buyers and yourself. You need to be sure that the items you want to sell are going to be worth the time it’s going to take. If you don’t have any big ticket items, it is less likely that your sale will do well, as it will not be as attractive to buyers. Your time has value and we want to ensure you make the most of yours! If you have decided to move forward with the garage sale, utilize these three tips to make yours a smash!

Prepare

Start by going through each room in your home with three boxes. Go through cabinets and closets and start weeding out items to sell, toss or donate in separate boxes. You are going to feel so much better afterwards in your home, knowing that you mostly only have wanted or needed items taking up space.

Purchase pre-marked stickers for your items to make it simple. You don’t want introverted people putting an item down because they couldn’t read your handwriting and felt uncomfortable asking. Additionally, you will want to organize all of these items into their appropriate categories (women’s clothing, toys, books, etc.). A rule of thumb is typically pricing items about ⅓ of the original purchase price, but some items may even require a lower sticker price. Don’t assume that people will haggle with you, as many feel uncomfortable doing so. The most popular items you can have is: furniture, kids’ toys and collectibles.

Advertise, Advertise, Advertise!

There’s no point in preparing if you can’t convince people to come to your sale. If there’s a local newspaper or community bulletin for free or a small price, post your biggest ticket items for sale here. Make sure you are specific with every ad. This will make people more likely to come to a sale where they know what they can expect. If you can join in with another family and label the sale as “multi-family,” you are more likely to draw a larger crowd. Create large, easy to read signs and post them the night before. You are going to want 15-20 signs to draw attention. Make it fun and in an easy to read font.

Don’t try to make the ad too cutesy, but simply list what you have. Post on at least three online sites, whether that’s Craigslist or multiple social networking groups. Quality pictures can only help! Post these ads 1-2 days before your sale, so it stays top of mind. We recommend having the sale on Friday and Saturday mornings, starting as early as 6. Most people don’t like to interrupt their day plans for a sale and would rather get it out of the way.

If you really want to think outside of the box, have a themed garage sale! If you mostly have outdoor, sports or entertainment items-list them as such! This will generate more curiosity and interested buyers.

Create an Experience

Having a sale that will make people come back next year is all about creating an experience! Make your sale similar to a department store environment that is accommodating and causes customers to linger. Greet guests with a simple hello and nice background music when they enter. Display your best items at the front, with a couple of eye catching items at the very back to attract visitors to the whole space. If you haphazardly throw your items into a box, they may think that you don’t take very good care of your things and will not want to buy them. You will have to keep up on this throughout the day. When selling accessories, have a mirror ready for people to try on items. If you are selling electronics, have a plugin available for guests to test. To really step it up, have refreshments to suit the weather. Lemonade for the hot days or coffee for the chilly ones.

All of these recommendations will make your items more attractive to potential buyers. If you are going to have a sale, we believe going all out in order to not only clean your home, but to have a nice stack of cash at the end of the day!