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  Assess your financial situation  If some time has passed since you last earned regular income, your finances have probably changed. Whether you’ve spent through your savings or see an increase or decrease in your income as you start your new job, take time to assess your account balances, the total amount owed on credit cards, and retirement savings. It can be intimidating to take stock like that, but it’s an important step toward knowing where you stand as you work to repair your finances after they’ve taken a hit.  ..read more

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How do ARMs compare to fixed-rate mortgages?  ARMs are a bit different from fixed-rate mortgages. As the name implies, adjustable rate mortgages have a variable interest rate, often starting with a set, lower rate for a defined period of time (sometimes one, five, or even ten years, depending on the terms). ARMs are also often more complicated than their fixed-rate counterparts.  ..read more

Skimming  A card reader at a gas pump that looks like someone has taken it apart or an unofficial camera pointed right at the number pad: these could be signs that your card is being targeted for a skimming scam. Card skimming can happen when a scammer has installed a device designed to steal information like credit card numbers, zip codes, and PINs onto an existing card reader. It can also happen when a camera records a credit card number or PIN entry from behind the user. Be aware of your surroundings, and don’t use a payment terminal if something seems fishy about it.    ..read more

  Make sure your passwords are on point The best option for safe passwords is to use a strong, randomly generated password and have a different one for each account you set up. Then store those securely in a password manager, so you don’t have to have every single password memorized or written down somewhere. And if scammers get access to one password, they won’t be able to log into any of your other accounts.  ..read more

Set up account alerts  RMCU offers account alerts in a few different ways. You can opt to receive text messages or email alerts to notify you of activity on your accounts. This could be for withdrawals or deposits, transfers or money moving in and out of your account over a certain threshold. It’s up to you how closely you want to keep an eye on your money. Log in to online banking to set up your own alerts. But if RMCU’s systems detect fraudulent activity on their own, you’ll be notified right away, no matter what.   ..read more

What even is risk tolerance? Put simply by Investopedia, risk tolerance is “the degree of risk that an investor is willing to endure given the volatility in the value of an investment.” This makes risk tolerance a huge factor for each individual investor when it comes to deciding what to invest in and how much of their money to put towards any one investment.  ..read more

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What is a line of credit?  A line of credit is a flexible loan you can take out from a credit union or bank. The lender usually begins charging interest as soon as the money is borrowed, and it’s typically at a variable rate. Sometimes a line of credit allows you to borrow against an asset you already own, like a Home Equity Line of Credit (HELOC).  ..read more