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Money Matter$

Insights from the Sommers Financial Management Team

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How Best to Save & Invest for Kids

Albert Einstein believed compound interest was the eighth wonder of the world. He said, “He who understands it, earns it; he who doesn’t, pays it.” The simple way money grows is over time so it makes sense to start investing early for kids when they are young. The greatest asset they have is time. Whether you are a savvy parent, grandparent or other family member, you might have wondered what you can do financially to help pave the way for the young humans in your life.

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Should I Refinance My Mortgage?

With interest rates at historic lows, there seems to be a pretty simple answer. Yes! …Probably. There as an old rule of thumb that said if you can reduce your interest rate by 1.5%, it is worth refinancing. Loan officers often tell you about the “monthly cash flow savings” from refinancing, calculating that if you’ll save $200/month off your current payment and their fee is $2,400, that you get your “money back” in only 12 months. However, what they sometimes fail to mention is the fact that you’ve often extended the length of your loan to get that cash flow savings. The only savings that really matter is the interest savings you'll reap over the life of the loan.

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