Blog   2014

HGTV’s House Hunters features Kansas City UMB associates

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Do you love the show House Hunters? A couple of our associates were featured recently and plan to share some insider house-hunting tips on the blog later this month to continue our “Steps to Buying a Home” series. In the meantime, catch their episode tonight on HGTV at 10 p.m. CST.
061017UMB Unit Finance Managers Josh Cummings and Natalie Crumpton with their realtor, Monte Boultinghouse

 

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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How saving money differs in your 20s and 30s

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Have you noticed that your eating, sleeping and entertainment habits changed after high school and again after college? The same is true of your financial situation. With a different lifestyle comes different financial needs, which is why we’re bringing you a few dos and don’ts for these crucial decades.

generations

Things to DO in your 20s…

Do contribute to a 401(k), one of the 9 financial habits we told you about earlier. How much should you save? At least as much as it takes to receive what your employer is willing to match. Beyond that, 10 to 15 percent of your pre-tax income is a great start.

Do lay a sound financial foundation by developing good habits. Contrary to what you may hear, how MUCH you save for retirement when you’re young isn’t as important as saving consistently starting as soon as possible.

Do find inspiration in growth charts / calculators like these. It’s hard to focus on something that is decades in the future, such as retirement, so calculate how dramatically your goals can be reached if you start early. For example, if you start saving $300/month in your 20s, you could have nearly $100,000 by the time you’re 50 (and that’s only factoring a less than 1 percent annual interest rate).

And one thing to avoid in your 20s…

Don’t ONLY save for your retirement. Many people in their 20s make this mistake. Since you can’t touch this money until you’re 59½  (with limited exceptions), you’ll need to make sure you have separate savings for emergencies and non-retirement goals.

 

Things to DO in your 30s…

Do ask yourself if you should buy a home. The median age of first time home buyers is 31*. While that doesn’t mean that age will be the right time for you, it does indicate that your 30s are a great time to start considering home ownership during this decade. If you’re a star student and are reading this section as a 20-something, good job. Because the money you save in your 20s will come in handy when it’s time to buy a home in your 30s. The down payment, closing costs and inevitable home repairs that pop up as soon as the home becomes yours add up quickly.

Do get life insurance if you now have dependents. It’s a bummer to dwell on, so don’t over think it. You and your family will appreciate the financial peace of mind it gives.

And one thing to avoid in your 30s…

Don’t be afraid to talk to your children about money. If you are among the 30-somethings with children, you can start teaching them as young as pre-school or early elementary school the concept of spending and saving. Playing imaginary restaurant or store with them is a great learning tool.

Stay tuned for how to save in your 40s, 50s and 60s!

 

 

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Reference: *2012 National Association of REALTORS® Profile of Home Buyers and Sellers

Inspiration for article from Daily Finance

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Johnson is a VP/Financial Center Manager for UMB Kansas City. He is responsible for driving sales and relationship activities within the Walnut Lobby Financial Center. He joined UMB in 2007 and has 11 years of experience in the financial services industry. Mr. Johnson earned an Associate’s Degree from MCC. He is currently pursuing a Bachelor’s of Science Degree majoring in Management and Finance from Park University.



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Hometown Perspective: Kansas

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You know you can count on us to provide insights into national and global economic outlook, but what about the business outlook where you live? Gil Trout, Chairman & CEO of Kansas and Oklahoma, gives us some perspective on how Kansas is looking this year. Hint: it’s good news.

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Mr. Trout joined UMB in 1988. As Regional CEO for Kansas and Oklahoma, he is responsible for the profitability, leadership development and commercial banking oversight of his regions. Mr. Trout has over 25 years of experience in the financial industry. He earned his MBA from Avila University, and his Executive Leadership Certificate from Washington University.



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Financial Words of the Week: Fixed Rate / ARM

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FWOTW
Previously, we defined interest  as the cost of borrowing money. You have a range of options when it comes to interest rates. Before you take out a new loan or credit card, be sure you understand those options.

When looking at mortgages, you will likely see fixed rate and adjustable rate mortgages. With a fixed rate mortgage, your lender sets the interest rate during the application process, and it does not change for the life of the loan. With an adjustable rate mortgage, your interest rate will change regularly, based on a published reference rate. The frequency of this change depends on your mortgage.

Loans other than mortgages can be either fixed rate or variable rate. The definition of a fixed rate loan is the same as a fixed rate mortgage, but variable rate loans differ from adjustable rate mortgages in how frequently the rate can change. If the reference rate changes frequently, the interest rate on a variable rate could change monthly. Many car loans have fixed rates, while most credit cards have variable rates.

If you are unsure what your interest rate is on an existing loan, you can look at the terms and disclosures on your monthly statement or your loan paperwork. If you are applying for a new loan or line of credit, the application disclosure should tell you how the interest rate is set.

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Happy Independence Day!

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How does your patriotic pocketbook compare to the rest of America’s?

07-04 (1)

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Industry Insights: Manufacturing…3 ways to become more efficient

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IndustryInsights_blog_555x19
For manufacturers, finding more ways to increase cost-savings continues to be a top priority. Looking at the rise in lean standards shows this trend. And while many are making great strides in maximizing their physical operations, administrative areas should be considered as well. Specifically, consider these time and money savers in your company’s financial processes:

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1) Plan for large investments – Evaluate and properly plan for equipment guidance line needs. As technology continues to evolve, many manufacturers are purchasing more equipment to support their operations. As businesses expand their work, make repairs or replace units, they may find themselves making multiple purchases throughout the year. Rather than go through the process of taking out a separate loan for each investment, manufacturers should map out their anticipated needs for the year and take out a line that will cover all potential investments. Not only will this save time, but it also provides flexibility for manufacturers to buy new or used equipment and to proactively plan for capital expenditures they may want to make during the year.

2) Streamline purchasing processesPurchasing cards are another item to consider from a processing standpoint. Not only does the right program provide valuable rewards, but it also cuts down on check writing, and provides increased flexibility in cash flow. Additionally, it creates a more streamlined tracking system for accounting departments. By allowing job numbers to be attached to specific expenses, companies can easily allocate costs to the appropriate projects, which results in more effective planning and budgeting.

3) Use payment technology – Remote deposit is a great service to incorporate into business operations as well. For manufacturers that have not yet made the jump, this is an easy, and extremely valuable, component to incorporate into the payments process. In addition to being very easy to use, it provides a safe and secure way to process incoming funds and also saves valuable time by eliminating the need for deposit trips to the bank.

As the saying goes, time is money, so implementing ways to become more efficient is a great way to positively affect the bottom line.

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Mr. Nohavec is a SVP/Business Development Officer for UMB Bank Colorado. He is responsible for Colorado. He joined UMB in 2005 and has 20 years of experience in the financial services industry.



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Financial Words of the Week: Points, Origination Fees and Closing Costs

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FWOTW
All three of these terms refer to costs associated with applying for a loan. Lenders sometimes charge these fees to cover the cost of underwriting, appraisals, document preparation and other parts of the process. Generally, the fees will be higher with mortgages than other loans. Mortgages have more complicated requirements compared to other loans. Origination fees are one-time flat fees that cover the costs of processing the loans. By comparison, closing costs may include expenses associated with the real estate transaction that cannot be included in the mortgage amount. A point is one percent of the dollar amount financed. Lenders may let you pay points to lower the interest rate or they may charge points instead of origination fees. Some examples of possible closing costs:

  • Appraisal: The cost of hiring a real estate professional to determine the value of the house
  • Inspection: Hiring an engineer or building professional to examine the structural condition
  • Flood Certification: By law, every mortgage made through federally-regulated or insured lenders must include a flood certification. This assessment determines if the property resides in a high-risk flood area. Homeowners with mortgages in high-risk areas must have flood insurance.
  • Realtor Fees: Real estate agents are paid based on the cost of the house, normally around 3 percent of the selling price.

Mortgage laws vary greatly from state to state. Additionally, each mortgage lender has different products and offers. Because of these complex issues, your costs may be different from those listed above. The best way to learn more is by working with an experienced mortgage loan officer. They can walk you through the full process and help you understand the costs involved. Be sure to check the blog for our “steps to buying your first home” series. So far, we’ve covered Pre-Approval (Step 1) and Choosing the Loan that’s Right for You (Step 2).

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Big Memories from UMB Big Bash® 2014!

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bigbash2014_c30

After an incredible UMB Big Bash® event last week, two outstanding organizations can now do bigger and better things for the children of Kansas City. UMB Big Bash raised $100,000 for Big Brothers Big Sisters of Greater Kansas City (BBBSKC) and CASA of Kansas City.

Thank you to our sponsors, silent auction donors, food vendors and volunteers. And thank you to everyone who bought a ticket to support these great not-for-profits (with the added bonus of rocking out to Darius Rucker)!

Take a look at what the UMB Big Bash Foundation has accomplished in just four years:

Big Bash infographic

Now that all the fun is over, let’s browse some memories and look forward to the next event! What organizations are you hoping will be beneficiaries next year?

BIG checks

Our beneficiaries this year had passionate leaders whose strong advocacy makes a huge impact in our community. Pictured left to right giving and receiving the BIG checks are: Mike Hagedorn (President and CEO of UMB Bank), Martha Gershun (Executive Director Jackson County CASA) & Lois Rice (Executive Director CASA of Johnson & Wyandotte Counties), Peter deSilva (President and COO of UMBFC), Mike Hagedorn, Micheal Lawrence (Executive Director and CEO BBBSKC) & Tiffany Bruce (Development Director BBBSKC).

beneficiaries collage

 

Silent Auction

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Food vendors

food vendors

VIP meet & greet with Darius Rucker

meet&greet collage

The BIG entertainment, featuring Darius Rucker!

concert collage

Want more photos? Head over to the UMB Big Bash Facebook page.

 

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All photos courtesty of Mark McDonald Photography

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.



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Sometimes it’s good to be cheap: money-saving tips from a “cheap” family

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Be Cheap!

Steve and Annette Economides are known as America’s cheapest family, and they didn’t get that label by stiffing waiters or bringing cheap bottles of wine to house parties. The Economides (yes, that’s their real last name, but it’s pronounced econo-mee dis)have developed a method to save money as a family, and they shared a few tips with CBS Arizona affiliate KPHO to help every family around the country cut back on spending.

Teach kids the value of money at a young age
The Economides wrote a book called “the MoneySmart family system,” and one of the main points is about teaching children the right way to go about learning and saving money. The couple believes that if parents show their children smart money-saving habits at a young age, it can help set the right mood for the entire family.

“We would normally spend money on them,” Steve said of his children. “I mean how many parents would normally give their kids $20 to go to the mall? So what we said was, okay, we’re going to give them money anyway, let’s have them earn it.”

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Setting up a point system is one way the Economides got their kids excited about earning and saving money. Their children would earn a set amount of points for completing a chore around the house. At the end of the week, they could turn those points in for money.

The family found a reward-based system helps children learn to budget at an early age. Steve also said their goal is by the time their children turn 11, they should be able to afford to buy their own clothes. By the time they turn 16 and are ready to drive, they should be able to pay for their own car and insurance.

“Remember we’re slowly transferring the weight of adult responsibilities to the kids so that by the time they’re 18, they’re ready to go to college and they know how to manage larger amounts of money,” Steve said.

The Economides understand that not every 16-year-old will be able to afford their own car. Annette said that even if they can’t purchase vehicles when they get their licenses, it’s wise to have them pay their own car insurance for accountability reasons.

“It’s real important that kids pay for their car insurance because then if they decide to speed and they get a ticket, their car insurance goes up and they bear the consequences for those decisions,” she said.

Paying off debt
The interesting take on savings doesn’t end there for this family. When managing debt, they told ABC affiliate KNXV to write down every person or establishment they owe money to, no matter the amount. They disagree with the many financial experts say to pay off high-interest debt first.

“Don’t worry about interest rates because you have more success if you simply knock off the smallest balance,” Annette said.

Steve suggests getting a second job, working overtime or looking around the house for unused items that you might be able to sell in order to help pay off debt. He said the family recently sold a 3-year-old textbook for $30.

Saving on daily costs
The average family of four spends $800 per month on food, or roughly $9,600 per year, according to WTVM.

Annette told KPHO that one simple way to trim a family’s food bill is to take inventory of what is already stocked in the refrigerator and kitchen cabinets before heading to the grocery store. She said most people have more in their house than they realize, so searching through their pantries reveals a lot of forgotten items.

Remember, adopting even one of these money-saving tips could make a big impact on you budget. Try adding one at a time, and be sure to track the difference it makes each month.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Seeger is a VP/Financial Center Manager for UMB Arizona. She is responsible for leading the sales and client experience teams in the financial center as well as business development. She has 14 years of experience in the financial services industry. She is a member of the Young Professionals Scottsdale Cultural Council Committee and is takes an active leadership role in the Scottsdale community.



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Financial Word of the Week: Principal and Interest

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FWOTW


What are Principal and Interest?
As you pay down debt over time, your payments go towards principal and interest. Principal describes the amount remaining on the original amount loan or line of credit. Interest is the cost of borrowing money over time.

What does an interest-only loan mean?
With an interest-only loan, you can borrow money and any payments that you make during the initial period go towards paying interest costs, but do not reduce the principal. When the interest-only period ends, the loan matures or comes due. At maturity, depending on your contract with your lender, you will either need to begin making payments on principal and interest or you will need to pay back the full principal amount, called a balloon payment. Today, Home Equity Lines of Credit (HELOCs) make up a large portion of interest-only lending. As a borrower, you should carefully read the documentation on any loan and make sure that you can afford the payments when the loan comes due.

Why should I care? It’s all going to the loan, right?
First, some loans may have tax advantages, such as student loans, mortgages, and some HELOCs. You should always consult your tax advisor on what will count toward a tax benefit. One common form of tax advantage is a tax deduction or credit for some or all of your interest payments. Second, if you want to pay down your loans faster, make sure your extra payments go towards principal. By paying down the principal, you will owe less interest each payment and pay your loan off sooner.

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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