Category archives for: Smart About Money

What Can Your Mortgage Do for You?

Up until about the mid 1980s, a homeowner who wanted to borrow against the equity in their home had to take out what was known as a “second mortgage.” And there was a stigma against second mortgages. Then some enlightened bankers started thinking about homeowners and their equity differently. And so two of the most […]

Smart About Money: Data Breaches

These big data breaches — like the recent Equifax hack — are very frustrating. Especially when they happen to huge companies that you’d think would have multiple layers of systems in place to protect themselves and their customers’ information. And why did it have to be one of the credit reporting agencies that got hit, […]

Smart About Money: Paying for College

Every parent who has kids planning to go to college thinks about the cost. How could you not? When we’re starting to see the $70,000 a year mark regularly surpassed at private colleges (for tuition, room and board), the idea of coming up with that kind of money by an August due date four years […]

Smart About Money: How to Become Rich

A few weeks ago, there was a radio commercial for some sort of money-making opportunity. I don’t remember the company or what they were selling. I do remember very clearly hearing the commercial say, “You can’t get rich by saving.” What? Huh? The simple fact is that even if you win a monster lottery or […]

Smart About Money: U.S. Secret Service

Usually when people have a visit from the U.S. Secret Service, it’s not a positive thing. But when the Secret Service came to see us at Canton Co-operative Bank a few weeks ago, it was at our invitation and I think it’s fair to say it was one of the most fascinating presentations I have […]

Smart About Money: Credit Card Rewards?

As I recall, it was the late WBZ radio host Lovell Dyett who used to say, “Spend your time wisely. It’s the only money you’ve got.” I found myself thinking about that when reading a page 1 Wall Street Journal article about people who get credit cards to chase bonus points and credit card rewards. […]

Smart About Money: Banking Advice

This is not just about Canton Co-operative Bank, though that is obviously the bank I know best. From my previous career as a bank examiner, I know that what I am about to say is true of many, many community banks throughout New England and nationwide. Day-to-day money management is a huge part of people’s […]

Smart About Money: Financing Tips

A gentleman came into the bank to get an objective opinion on a car loan he was considering. “The people at the dealership asked me what I was looking to pay a month,” he told me. “And that’s the amount the payment is. I can see that. But it looks like this car loan goes […]

Smart About Money: Preventing Embezzlement

There are a couple of situations when a local business owner should absolutely take action to determine if someone is abusing your trust and embezzling from your business. If you have a nagging feeling that someone could be embezzling from you — that something is “off” somehow — chances are your intuition is correct. If […]

Smart About Money: Beware of Scams

Bruce Murphy is the owner of Bruce’s Floor Cleaning Service here in Canton and I have his permission to share this story with you. One day in the mail, Bruce received a letter from the “Embassy Lottery Company of New York & London.” There was a check in the letter, drawn on the Presidio Bank […]

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