Tag Archives: Nick Maffeo

Smart About Money: A visit from the 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 ever attended.

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Smart About Money: Chasing credit card rewards … worth it?

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. One individual has 29 credit cards!

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Smart About Money: If you’re not with a bank you like & trust, switch!

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 lives. It makes a big difference if you’re with a bank you like and trust. Ideally that will be a bank where they’ll get to know you as a person and, if you’re trustworthy, they will come to trust you too.

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Smart About Money: The negotiating question you should never answer?

 

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 out to 2024. Can that be right?”

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Smart About Money: Be your own loan officer with a Home Equity Line

Have some people mis-used Home Equity Lines of Credit? Absolutely! In the mortgage meltdown of 2008, a lot of people used their equity to enhance their lifestyles, putting that spending “on the house” instead of on a credit card. (A colleague recently told me about a grandparent who maxed out $175,000 of home equity treating their grandkids to gifts and expensive trips – quite a sum.)

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