Investing: The Smart Way to Get Ahead With Your Personal Finances

| February 21, 2014 | 0 Comments

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The United States is in the middle of a revitalization period of its small economies. All throughout the country, small town markets and main street economies are rising from the ashes of both the Great Depression and the recent recession and housing bubble collapse.

Millions of Americans are turning to investing their money in their local economies rather than throwing it to big cities such as New York, Chicago, LA, etc. The reason behind this lies in a renewed spirit of hometown pride and the rise of “Made in America.” Each economic center has its own reason for rising to the economic top, but it all points to one major trend affecting all Americans — we’re investing locally.

This homegrown economy can be achieved in a multitude of ways, mainly by supporting local businesses. But, what if you want to dive a little deeper into your local financial sector? Here are a few tips on how to better invest locally, both financially and personally.

Local Banks

Taking your money out of national bank chains could be your first step to investing yourself and your money into your community. Local banks often offer all of the same convenient services as  larger banks, such as 24 hour online banking, mobile check deposit, etc, but often at  lower prices.  Local banks are genuinely interested in you and your financial future.  They provide more personal service and their decision makers are accessible to their clients. The city of New Orleans is experiencing  a strong revitalization after the devastation of Hurricane Katrina.  Managing your personal finances with a local bank can be vital in keeping money within city limits, and speeding up the recovery process.

Buy Locally

If you ask anyone’s grandparents, and in some cases parents, about shopping back in their day, chances are they’ll tell you about the times when you bought what you needed from so called “mom and pop” stores on the corners of your neighborhood. If you needed groceries, you’d go to one place, and if you needed a new toaster, you’d go to another corner store. Stores like these kept the money within the local economy. The advent of super stores, such as Walmart and Target, brought on a new type of buying, everything in one place.  Aside from the relatively low wages paid to their local employees, the money generated by these “big box” stores leaves town. A lot of cities are bringing back locally owned stores that can compete with the big national stores, with a little help. It may be a bit more expensive, but think of that small extra cost to be the price you pay for living in such a great place.

This guest post was written by Flynn Zaiger in association with Hibernia Bank. The views expressed herein are those of the author and not necessarily those of any financial institution or bank. This article is intended to provide those reading it with information about matters of current interest. It should not be construed as legal or financial advice concerning a specific topic and should not be acted upon without contacting the appropriate professionals.

Category: Personal Finance

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