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Hometown Perspective: Springfield, Missouri

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Learn more about Springfield and Southwest Missouri’s history of economic stability and vibrancy. Diversity with healthcare, education, trucking, tourism and more, this region avoids relying on only one or two industries like so many U.S. regions.

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Ms. Baker serves as President of the Greater Missouri Region. She works with commercial and institutional clients providing credit and treasury management services. She is also active in the community with significant experience in supporting economic development initiatives in the Springfield area and across Missouri.



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Hometown Perspective: Wichita

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We recently filled you in on how the economy is looking in Kansas. Now we’re going to zoom in and tell you about Wichita. Chris Howell, Western Kansas Region President, shares the optimism and opportunity in Wichita this year.

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Hometown Perspective: St. Louis

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Tom Chulick, Chairman and CEO of UMB St. Louis, gives his point of view on the uniqueness of banking in St. Louis. He also talks about the benefit of having a long-term relationship with your financial institution that involves diversification and risk management.

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Mr. Chulick joined UMB in 2007. As Chairman and CEO UMB-St. Louis and President, Midwest Regions UMB (including St. Louis, Greater Missouri, Kansas, Oklahoma and Omaha), he oversees all activities and lines of business for the financial service company in the St. Louis market. He has 29 years of experience in the financial industry. Prior to joining UMB, he served as Senior Vice President and Private Client Advisor at Bank of America. Mr. Chulick earned a Bachelor of Science degree in Business Administration from Rockhurst 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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Navigating through the “sandwich years” (Hometown Perspective: Warsaw, Mo.)

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My husband and I are very proud of our three children who are currently in various stages of college. We’re also blessed to have some of our parents still with us. We’re in the midst of the “sandwich years.” Our children are transitioning into adulthood and our parents are dealing with the prospect of additional – and often much higher – health care costs.

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The situation certainly isn’t new, but the financial challenges of this particular age group have recently changed. In addition to your retirement fund(s) likely taking significant losses during the financial crisis, those of us currently in the sandwich years also face the financial challenges of our children and parents. Our kids are graduating into an extremely difficult job market, while our parents are dealing with the rising costs of health care on a fixed income. With these challenges, sometimes our parents and kids may need our help financially.

Don’t wait until you and your family are faced with these issues to begin dealing with them. Usually if a financial emergency occurs, you won’t have much time before you have to act. In my thirty plus years at UMB, I have seen customers in the middle of these transition years who haven’t had important discussions with their kids or their parents soon enough. Living in an area with a high concentration of retirees, I’ve seen countless children of senior parents who have waited too long to talk to them about their financial plans.

So what can you do to plan for the sandwich years?

Prepare your children for financial independence by:

  • Opening a college fund as soon as possible (your kids don’t have to be burdened with student loan repayments while they work to become financially stable).
  • Teaching them the foundation of financial responsibility at an early age.
  • Encouraging them to hold part-time jobs as teenagers to develop a strong work ethic early on, and learn the benefit of saving and budgeting.

Prepare your parents for the issues they will face by:

  • Having an open dialogue about their overall financial situation, while being respectful of their privacy and wishes.
  • Approaching the sensitive subjects of having a will, power of attorney and health care directive. They are difficult conversations, but it’s better to have them early. It is much harder to discuss finances when failing health and/or mental incapacity have occurred.

Prepare yourself for the sandwich years by:

  • Talking regularly with your financial advisor about what you need to do to prepare for your own retirement.
  • Creating an emergency fund. You don’t want to dip into your retirement fund if something should happen and your kids or parents need financial help.

The sandwich years can be very stressful but that stress can be greatly reduced if you plan ahead. Prepare your children to become financially independent young adults and ensure your parents have a financial plan for their senior years. And don’t forget to make your own financial preparations. Your children will thank you for it when they reach their sandwich years.

 

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. Porter is senior vice president and financial center manager for the Eastgate location in Warsaw, Mo. She joined UMB in 1981. Ms. Porter is responsible for managing the consumer sales and functions of that location and has been involved in many other areas of the bank in her thirty-two years with UMB. Actively involved in the community, she has worked closely with the Warsaw High School vocal and instrumental departments for many years. She is a trustee of the Mary Lay Scholarship Fund, currently serves on the Harbor Village Fund fundraising committee and is a board member of the Warsaw Area Chamber of Commerce.



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My Home is Worth What? (Hometown Perspective: Denver)

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UMB serves communities across an eight-state footprint. Each region is different, with its own personality and local economy. With that in mind, we’re launching a new Hometown Perspective series where you can gain insight into UMB and the communities we serve.

HomeAs a recent home buyer in Denver, I was pleasantly surprised to see that my home had increased in value by almost 40 percent over the last several months. No, I’m not a real estate genius with an uncanny ability to spot a home at low price and flip it for a profit.  Actually, I bought my home with the idea that I would live there for the rest of my life.

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So why do I care about a rise in home value if I’m not planning to sell any time soon, if ever? The answer is that my home is a series of projects and this boost in value gives me the equity to spend on home improvements. I will be able to add a floor over the subfloor in the living room and remodel the kitchen with new cabinets and a double oven with a warming drawer. This has been the plan all along but now I can complete these projects much sooner than I expected.

 

So if you’re like many in the Denver area and your home has increased in value recently, what should you do? Put a “For Sale” sign in your front yard? Head to your local bank and apply for a Home Equity Line of Credit (HELOC)? It all depends on your own situation and your long-term plan.

  • Selling

    If you’re thinking about selling your home because the value has increased, you might consider sprucing it up a bit and then contacting your realtor. Add a coat of paint to some of the walls or have the carpet professionally cleaned. Then call up a real estate professional to work with you on selling your home.

  • Renovating

    If you plan to stick with your home for the long haul, it might be a good time to consider using your equity to start a remodeling project. If you have any questions or concerns, reach out to a trusted source of advice like your financial advisor or local banker.  They are usually well-equipped with experience, knowledge and tools that can help you decide.

Whatever you choose to do, be cautious and don’t jump into any big decisions without doing research. Look up the value of your home on sites like Zillow* and Trulia*. If you’re planning to apply for a HELOC, talk to a financial professional at your local bank about how much of your home’s value to borrow. You might even consider getting multiple opinions. If you plan to sell, you can consult your realtor on the best steps to take to prepare your home and when is the best time to put it on the market.

While you can work with a good real estate market to your advantage, your home is an asset that you should use wisely.

 

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 Bank, n.a. has provided these links for informational purposes only, and in no way endorses or insures the accuracy of the information contained therein.


Ms. Hales is vice president, financial center manager for the UMB financial center located in the Capitol Hill neighborhood in Denver, Colo. She is responsible for planning and executing sales routines with branch staff, coaching all team members. She joined UMB in 1990 and has 23 years of experience in the financial services industry.



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