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Leading the Market

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Luana Savings Bank is leading the Des Moines market with competitive interest rates and a “No Origination/No Closing Cost” loan special.

No matter where you are in the home buying process, Luana can help you explore your financing possibilities. Whether you’re a first-time home buyer, or you’re upgrading or downsizing, Luana has a variety of mortgage products to fit your needs for a single family home, investment property or condo/townhome purchase.

Our no-cost mortgage special is very popular for both purchases and refinances. This special limited-time offer allows customers to lock in a competitive rate at no cost. Eliminating closing cost fees protects you from being overcharged. Not all lenders are able to offer this type of lending – but we do!

Luana’s In-House opportunities set us apart from our competition

Our lending guidelines go further than those directed by Fannie Mae’s guidelines. We have our own programs and products to meet each individual’s needs. This allows a “common sense” approach and enables us to be more accommodating with our clients’ needs and situations.

We offer local decisions with a local service approach 

Luana also understands the importance of quick loan approvals and local loan decisions. We’re unique because we approve and service loans locally. We retain the servicing on all of our mortgage loans. Our customers know upfront that their loan will not be sold to another company after the loan is closed. This means our customers make local payments and can call anytime with questions and get the answers they need.

We strive to build close relationships with our customers beyond numbers, which leads to a much more fulfilling experience for our customers as we work to meet their needs. 

Luana Savings Bank
www.luanasavingsbank.com

Cyber Liability

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For many years, it’s been widely known and accepted that companies should be accountable for the private records they handle or control.

One law that raised awareness of this issue was the Health Insurance Portability and Accountability Act (HIPAA) of 1996. In 2003, a privacy rule went into effect for the private healthcare information protected under HIPAA. Since then, 46 out of 50 states have amended their state laws or codes to also address how companies and state agencies must respond to leaked personally identifiable information (PII).

Insurance that protects you in case of cyber attack may seem like something only large corporations would need or be able to afford. But believe it or not, cyber liability insurance makes a lot of sense for small companies as well.

Here’s why:

1. It’s more affordable than you think.
Policy premiums can be as low as $2,000 a year.  You can get coverage as high as $30 million and deductibles as low as $10,000, depending on your needs and how much you’re willing to pay.

2. It can cover more than you think.
Many policies offer “first party” coverage – that is, they’ll pay for things like business interruption, the cost of notifying customers of a breach, and even the expense of hiring a public relations firm to repair any damage done to your image as a result of a cyber attack.

3. You probably don’t have a risk management team.
Big corporations have entire departments devoted to analyzing the risks the company could face and helping set policies and procedures to protect against them. Many smaller companies don’t – but a good insurance broker can perform a similar function.

4. Even if you don’t host your data yourself, you’re still responsible for it.
Is your website and/or any of your data hosted or stored in the cloud? Take a good look at your contracts: You’re still legally responsible, which is a significant risk.

5. Your general policy won’t cover you.
Typically, a general liability policy specifically excludes losses incurred because of the Internet.  A good cyber liability policy will pick up where your general policy leaves off.

Contact INSPRO today for assistance in selecting the best policy for your business.

INSPRO Insurance
www.insproins.com

Planning for the Future — What Motivates You?

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The truth is there is ample motivation to make the most of retirement planning opportunities.

Reality Check

It used to be that Americans could count on a pension plus Social Security to get them through their Golden Years. But traditional pensions only account for an estimated 18% of the total aggregate income of today’s retirees, and Social Security accounts for only about 38%. Alas, the responsibility for the bulk of your nest egg now rests with you.

As you begin thinking about a comfortable retirement, consider that by most estimates you’ll need at least 60% to 80% of your final working year’s income to maintain your lifestyle after retiring. And don’t forget that your annual income will need to increase each year — even during retirement — in order to keep up with inflation. At an average annual inflation rate of more than 3%, your cost of living would double every 24 years.

You’ll also have to consider the likelihood of increased medical costs and health insurance premiums as you grow older. The average cost of a year’s stay in a semi-private room in a nursing home, for instance, is now over $80,000 a year and could rise more than $130,000 per year by 2030, assuming an annual inflation rate of 3%.

Getting a Leg Up

If this dose of reality makes you glum, cheer up — you have some allies. Investment vehicles, such as your employer-sponsored retirement plan and individual retirement accounts (IRAs), allow you to put off paying taxes on your earnings until you begin taking withdrawals, typically during retirement when you may be in a lower tax bracket.

Additionally, time can be an ally — or an enemy. Delaying the process of investing can significantly reduce your results. Consider this example: Jane begins investing $100 a month in her employer-sponsored retirement plan when she’s 25. Mark begins investing the same amount when he’s 35. Assuming an 8% annual rate of return compounded monthly, when Mark retires at 65, he’ll have $150,030. Jane will
have $351,428.

While this is only a hypothetical scenario and there are no guarantees any investment will provide the same results, you can see the remarkable difference starting early may make. But no matter what your age, contributing the maximum amount to your employer-sponsored retirement plan and IRA each year could help you achieve the comfortable retirement that each of us desires.

Actis Wealth Management
www.actiswealth.com

What is a Medspa?

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A relatively new trend in the spa industry, a medical spa (or “medspa”) is the fusion of a medical office and day spa – a perfect balance between clinical treatment and luxurious pampering.

As defined by the International SPA Association, a medical spa is an institution whose primary purpose is to provide comprehensive medical and wellness care in an environment that integrates spa services as well as conventional and complimentary therapies and treatments.

When visiting a medspa, guests can be pampered with traditional spa services – such as facials, peels and microdermabrasion, but also have the option of getting medical services like Botox, fillers, laser hair removal, and medical-grade skin therapies.

Urban Effects Medspa is operated under the full-time supervision of board-certified Advanced Registered Nurse Practitioner Susan Cross and managed by Janet Calhoun.

Take one step inside, and you’ll immediately notice the relaxed, friendly atmosphere. Their attention to detail is apparent – from their office décor to the way in which they design their treatments. A soothing, comforting ambiance helps to put their guests at ease to pursue knowledge and reach decisions concerning what some consider to be uncomfortable or elective medical procedures.

Urban Effects Medspa takes a comprehensive approach to caring for their guests before, during and after these treatments take place. Integrating her skill and experience in dermatology, endocrinology and facial plastic surgery, Susan designs optimal treatment plans to address her patients’ skin health and weight loss objectives.

A Medspa is also able to use prescription and clinical-grade products; therefore, the spa services show greater results. All product and treatment recommendations result from a skin analysis, medical health history and a personal consultation.

Susan and Janet actively participate in continuing education programs to further their product knowledge and to learn more about less invasive treatment therapies. “If you walk away with one pearl,” Susan says, “it’s one more than you had yesterday.”

Urban Effects Medspa
www.urbaneffectsmedspa.com

Molly Builds Social Skills and Gains Relationships

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Meet Molly McGuinness, age 10. Molly enjoys singing, drawing, writing and being creative. Molly came to the Y Day Camp and Before and After School program in 2010, which is based out of Waukee Elementary School. According to her mother, Michelle Fidler, Molly has grown tremendously as a result of her participation in the Y program.

“Screen Shot 2015-04-01 at 11.51.22 AMMolly was diagnosed with high-functioning autism as a three-year-old,” says Michelle. “Molly struggles navigating social situations and making good choices. She has also struggled with some behavioral situations that sometimes organizations don’t always want to deal with. When I came to the Y and talked to Gretchen Stanger [Youth Development Director], I was blown away with the way she wanted to partner with me. She was committed to her growth and I really felt she had a stake in her future.”

YMCA programs focus on nurturing the potential of every child. Michelle feels that Cyndi Doerr, Site Supervisor for the program, and the other Y staff have created an environment which allows that to be true for Molly. “

The Y staff are patient. They help her by providing options for making positive choices. They give her guidance and empower her to make the right decisions. When she doesn’t, they provide appropriate consequences. I see her play out some of those choices at home, which she observes from the Y leaders,” says Michelle.

Michelle also shared that making friends can be difficult for Molly based on her social skills. “Molly comes home from camp and is excited to go because she can play with specific kids,” she says. “It means a lot to see her have friends and be excited about camp. One of those friends even came over for her birthday party outside of
the program.”

Molly will be a 5th grader at Vince Meyer Learning Center this fall and will continue to be involved in the program. “I feel we are very blessed to have the Y program,” says Michelle. “I think it has really helped her develop.”

The Y offers a broad range of youth programs that focus on healthy decision making, parental engagement, and character development.

Visit www.dmymca.org for more information or stop by the Y to get involved.

My business is looking to expand…

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What are some things we should be looking at?

No matter the industry, there comes a time when a business may want to expand and grow. Whether they need to buy equipment, want to purchase a new building, purchase an existing business or grow their existing customer base, a need for bank financing may exist.

As the economy has continued to recover, more options and possibilities have become available to businesses.

There are three things to think about when financing needs exist: return on investment, equity position, and cash flow. In the end, they go hand-in-hand.

Return on investment (ROI) measures the gain or loss generated relative to the amount of money invested. Does having a larger or more productive work area allow your workforce to be more efficient or produce more results that could drive the bottom line? Does updated or additional equipment allow you to complete more jobs and do so more profitably? ROI is one of the most commonly used profitability ratios.

On a company’s balance sheet, the equity position can refer to a business’ assets in relation to their liabilities, or the business’ net worth. For a business owner, building equity in their company is important in both the short and long term. Some business valuation models are derived from a company’s equity position. If the business purchases additional real estate or equipment, what will that do to the value of
the business?

Cash flow refers to all the revenue or income coming in to the business versus all the expenses or debt payments going out. Depending on the industry, a business’ cash flow can vary day to day and month to month. How will new investments in real estate or equipment affect the business’ ability to take care of their other day-to-day expenses?  Will those short or long term investments end up adding profit to the bottom line, which helps build equity and create a desired ROI?

A lot of any business’ successes are built on the relationships they develop and maintain day to day. Providing great products and services and developing trust equals retaining good customer relationships and the possibility of referrals. At Luana Savings Bank, we are no different. From the beginning, we work hard to understand our customers’ wants and needs, set obtainable expectations so both parties know the game plan and work hard day after day to earn our customers trust.

We welcome you to visit with our commercial loan experts at Luana Savings Bank to see how we can help your business continue to grow, service your customers profitably and efficiently, and obtain the successes you are working hard to achieve.

Luana Savings Bank
www.luanasavingsbank.com

The Insurance Checkup: Good for Your Financial Health

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Having too little or too much insurance can cost you money. A regular insurance checkup can help ensure you have the amount and type of coverage you need.

Just as you should schedule an annual checkup with your primary care physician, you should schedule an annual checkup with your insurance agent. Any number of life events can affect your need for insurance coverage. If you don’t change your insurance program in response, you could be underinsured or overinsured…either of which can cost you money!

Some of the events that could affect your personal property and liability insurance needs include:

Buying a new vehicle or boat
The right insurance coverage can protect any valuable motorized vehicle from damage or theft. And don’t forget about liability. You might not need insurance to legally operate a snowmobile or other motorized off-road vehicle, but you will have additional liability exposures. The right kind and amount of insurance can protect your family if someone outside your immediate family gets injured or suffers property damage due to your use of a motorized off-road vehicle or motorboat.

Making home improvements
If you’ve invested in any improvements that could increase the value of your home, you might need additional insurance. Other types of improvements, such as updating the wiring, heating or air conditioning or installing an alarm system, could qualify you
for a discount.

Operating a home-based business
With certain narrow exceptions, your homeowners policy does not cover business property. It also does not cover business-related liability, so if a client visited your home and tripped on the stairs, your homeowners policy would probably not cover the cost of any injuries.

Changing your family status
Marriage, divorce, the birth or adoption of a child, and the moving away of an adult child can create changes to your health insurance needs. They can also change your property and liability coverage needs. For example, when a college graduate finally moves out of the house, you probably won’t need to keep her on your auto policy. Or if marriage adds another car to your garage, you might qualify for a multi-car discount on your auto policy.

Buying high-value jewelry, antiques, art or collectibles
Your homeowners policy has separate, lower limits for these types of frequently stolen and difficult to replace items. A policy rider, or low-cost addition to your homeowners policy, can provide adequate protection for some valuables.

We can review your current coverage and how it fits your current needs.
Please contact INSPRO for more information.

INSPRO INSURANCE
www.insproins.com

What’s So Great About a Rollover?

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Changing jobs can be a tumultuous experience. Even under the best of circumstances, making a career move requires a series of tough decisions, not the least of which is what to do with the funds in your old employer-sponsored retirement plan.

Some people choose to roll over these funds into an Individual Retirement Account, and for good reason. More than 25% of all retirement assets in the U.S. are held in IRAs, and more than 50% of traditional IRA owners funded all or part of their IRAs with a rollover.

Generally, you have three choices when it comes to handling the money in a former employer’s retirement account.

First, you can cash out of the account. However, if you choose to cash out, you will be required to pay ordinary income tax on the balance plus a 10% early withdrawal penalty if you are under age 59½.

Second, you may be able to leave the funds in your old plan. But some plans have rules and restrictions regarding the money in the account.

Or third, you can roll the money into an IRA. Why do so many people choose an IRA rollover?

Here are a few of the major benefits:
Rollovers may preserve the tax-favored status of your retirement money. As long as your money is moved through a direct “trustee-to trustee” transfer, you can avoid a taxable event. In a traditional IRA, your retirement savings will have the opportunity to grow tax-deferred until you begin taking distributions
in retirement.

An IRA rollover may open up your investment choices. When you stick with your former employer’s retirement plan, you are typically limited to the investments offered by the plan. With an IRA, you may have a much broader range of choices, giving you greater control over how your assets are allocated.

Rollovers can make it easier to stay organized and maintain control. Some people change jobs several times during the course of their careers, leaving a trail of employer-sponsored retirement plans in their wake. By rolling these various accounts into a single IRA, you might make the process of managing the funds, rebalancing your portfolio, and adjusting your asset allocation easier.

An IRA rollover may make sense whether you’re leaving one job for another or retiring altogether. But how your assets should be allocated within the IRA will depend on your time horizon, risk tolerance and financial goals.

Actis Wealth Management
www.actiswealth.com

I’m in the market to build a new home

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What are my financing options?

In today’s housing market, it’s a great time to consider buying or building a new home. While we’ve seen interest rates increase slightly in the past year, rates are still at historic lows, which makes building or buying a new home more affordable.

Traditionally, building a home would mean two separate loans for the consumer –one for the construction phase of the homebuilding project and another for when the project is finished, or
what we call “permanent financing.”

Today, we’re seeing rising popularity of construction loans called “construction-to-permanent financing,” also known as “all-in-one” or “one-time-close” loans.
These types of loans have become popular due to the convenience for the consumer having only one application, one set of closing costs and one single closing.

A huge factor when considering construction-to-permanent financing is that it can protect you from rising interest rates. The construction phase often lasts six months or longer. Without construction-to-permanent financing, the consumer is at risk for interest rate fluctuation during this time. For example, longer term treasuries increased a full 1 percent from May 2013 to today’s current rates. This correlates to roughly the same increase in mortgage rates. This increase can add thousands of dollars to a home loan.

Luana Savings Bank helps customers lock in great long-term interest rates right up front during the construction phase. We work with our customers to estimate the time period for construction, and when it’s completed, monthly payments begin. This allows consumers to eliminate the risk of rising interest rates during the construction phase.

Not all lenders offer these types of construction loans. However, Luana Savings Bank specializes in this type of lending, as we see the great benefit for our customers.

Luana Savings Bank also specializes in home mortgages for those who are in the market to buy a home, rather than building. Our No-Cost Mortgage Special has become very popular for both purchases and refinances. Again, not all lenders offer this type of lending. This special limited-time offer allows our customers to lock in a competitive rate at no cost.

Eliminating closing cost fees protects the consumer from being overcharged.

Luana Savings Bank also stresses the importance of quick loan approval and local loan decisions. We’re unique because we approve and service loans locally. We strive to build close relationships with our customers beyond numbers, which leads to a much more fulfilling experience for our customers as we work to meet their needs.

We welcome you to visit with our real estate experts at Luana Savings Bank to see if our construction-to-permanent financing or No-Cost Mortgage Special fit your needs.

Strengthening Kids and Community through Collaboration

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At the Y, strengthening our community is our cause. We do this through several focus areas: youth development, healthy living and social responsibility. There are also many cause-driven behaviors that help us make a positive impact in our community. One of those is collaboration. When people and/or organizations come together and collaborate for a common cause, we can achieve more.

Thanks to a partnership between the Y, Waukee Area Christian Services and Waukee Elementary, efforts are being made to help children in need to live healthier. Each week, volunteers from the Y meet at WACS, housed in the lower level of Westview Church, to pack 30+ healthy snack packs.
The packs are full of single-serving size healthy foods, including fresh fruits. They are placed in backpacks and go home with Waukee Elementary students that have been identified as having a need.

Waukee Elementary Guidance Counselor, Shanlyn Doll, who is also a Y board member, says the response from the children has been terrific. “Kids came back the first weekend and were so thankful for their snacks. One boy talked about rather than having to scrounge through the cupboard to find his lunch, he knew he could go right to his bag for something to eat.”

There is another collaborative effort of the “backpack variety” going on between the Y and Waukee Elementary. “Healthy Family Home Fun Packs” have been going home with one student per classroom each Friday this school year. The packs are filled with activities, games and information emphasizing family time over the weekend. The packs also encourage kids to get outside, eat healthy and sleep well.

The Y collaborates with many community organizations, including church, government, non-profit, and for-profit entities. We also encourage you to collaborate to achieve greater impact in your areas of focus.

This column originally appeared in the April/May 2014 issue of myWaukee.

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