APRIL 2022
COVER STORY
Clear Definitions of Financial Industry Terms Empower People to Move Beyond Debt pg. 6 GetRuralLeaderMag.com | APRIL 2022 1
Contents Publisher and Editor-in-Chief Kuanita E. Murphy, PhD Rural Leader Magazine, LLC is a digital publication that highlights every day people doing extraordinary things nationally and abroad. www.RuralLeaderMag.com www.GetRuralLeaderMag.com
About Us
Launched in March 2014, Rural Leader Magazine, LLC is a digital publication with a mission to highlight every day people doing extraordinary things in business, education, music, community, art, sports, and leadership nationally and abroad. Rural Leader Magazine honors exemplary individuals on a variety of levels, such as the 20 under 20 Honors, 40 under 40 Honors, Best Small Town Restaurant, Small Town America’s 100 Most Influential People, the Scholars of Collegiate Distinction, Fifty under Fifty, and the Eagle Elite Club.—
5 Four Steps to Reaching Your Financial Goals COVER STORY 6 Clear Definitions of Financial Industry Terms Empower People to Move Beyond Debt 8 Breathe Easier and Enjoy Spring Thanks to Expert Allergist Tips 9 FREE Home Covid-19 Test Kits
10 Five Things Military Members and Their Families Should know About their Taxes 12 What Employers can Learn from the Great Resignation 15 A scammer in bank’s clothing: How to spot a bank imposter scam 17 With a rise in fraud and online theft, consumers must be vigilant
Reproduction in any manner, in whole or in part, in English, or other languages, is prohibited without written consent. Send editorial ideas to Kuanita Murphy, PhD, Editor-in-Chief editor@ruralleadermag.com Contact Us info@ruralleadermag.com editor@ruralleadermag.com ruralleadermagazine@gmail.com
2 RuralLeaderMag.com | APRIL 2022
Tell us what you think about our publications, if you have a great idea for a story, or to just share. We may print your comments in Rural Leader Magazine. By sending us your comments, you’re giving permission to call you for an interview. Please be sure to include your name, address, email address, and phone number so we can reach you. Write to us at info@RuralLeaderMag.com—
Editor’s Note Dear Readers, Inside this issue, there are a number of great articles about leadership best practices, building positive self-esteem and productivity! We hope you enjoy this issue. As always, I hope you enjoy this issue and continue to follow us on Facebook, Twitter, Instagram, and LinkedIn. Thanks again for your continual support! Sincerely, Kuanita E. Murphy, PhD Publisher/Editor-in-Chief
What you do matters. @RuralLeaderMag
GetRuralLeaderMag.com | APRIL 2022 3
4 RuralLeaderMag.com | APRIL 2022
Four Steps to Reaching Your Financial Goals
Whether you’re planning for a short-term goal (e.g., emergency fund, home project) or a long-term goal (e.g., retirement), planning can help you succeed. “It’s never too late to start making savings a priority. We want to help our members meet their shortand long-term goals, and there are several ways they can get started,” said Jaspreet Chawla, Senior Vice President of Savings Products at Navy Federal Credit Union. 1. Make SMART goals. A SMART goal can help you make a plan you can achieve. It can help you focus on what it will take to reach your goal and make a plan that’s doable. SMART stands for Specific, Measurable, Attainable, Relevant and Timely. So, whether you’re saving for a new phone or a down payment on a house, make your goal specific, set a deadline, decide what it will take to reach it and then make sure it’s realistic. 2. Find ways to make small changes. The next step in your plan should be to look at how much you can afford to save and if there are expenses you might be able to cut. For example, are there subscriptions or streaming services you don’t use? Can you ask insurers, or services like internet or phone providers, for a discount on your plan? If you make small changes gradually, you’ll be more likely to stick to your plan. Keep in mind, cutting back on certain expenses doesn’t have to be forever - you can choose some for
a temporary break. 3. Separate and automate your savings. It can be easier to see your progress if you set up two accounts: a checking account for regular bills like rent, student loans and car payments and another account for everything else. Once you’ve decided what you can afford to save, consider setting up an automatic transfer. You’ll only have to do it once and then your savings will grow automatically. “This is a guaranteed way to boost your savings,” explained Chawla. “If you have direct deposit, consider sending a set amount into your savings each pay cycle. This way you’ll be consistently saving without even thinking about it.” 4. Earn more on your money. If you’re looking at short-term savings goals (e.g., a dream vacation), you might want to consider putting your money into a certificate account. In general, certificates typically earn higher dividends than regular savings accounts, so you may reach your goal even sooner than you expected. “By making small, habitual changes over time, you will set yourself up for success - it’s never too late to start,” added Chawla. The best time to start building your future is now. Making SMART goals can help make saving more doable. Navy Federal is federally insured by NCUA. GetRuralLeaderMag.com | APRIL 2022 5
COVER STORY
Clear Definitions of Financial Industry Terms Empower People to Move Beyond Debt If you’re dealing with personal and unsecured debt, like credit cards or medical bills, navigating financial terms can be confusing. The terms describing the entire debt settlement industry are used interchangeably, misleading the consumer. It can be challenging to find the right solution for you if you can’t fully understand your options. Last year, Nerdwallet released a study on the “2021 American Household Credit Card Debt.” The average credit card debt per household is $6,006, down 13.8%. Despite that, one in five Americans experienced higher prices and lower wages, so they relied heavily on credit cards to pay for necessities during the pandemic. This kind of debt has affected millions of Americans emotionally and physically. Remember, debt is something you have, not who you are, and you have options. One way to erode the stress connected to debt begins with understanding the diverse types of aid available. Being clear about those terms is critical for finding the right fit from a reputable financial management organization to restore your peace of mind. The debt settlement industry got its name because it offered clients assistance to settle personal debt and alleviate its stress. A synonym that has been used is “debt resolution” because that is the goal - creating a resolution to stressful personal finance challenges. Financial organizations such as banks, credit counseling firms and even bankruptcy attorneys have 6 RuralLeaderMag.com | APRIL 2022
used three separate terms interchangeably within the debt settlement industry. However, they mean different things. It’s essential to understand the differences and what they mean to take the proper steps for your specific situation. 1. Debt management. Consider debt management if you can’t repay your debt or aren’t skilled at personal finance activities like balancing a checkbook. Most people worry about damaging their credit by their inability to pay bills on time, so they call a credit counselor for help. After hearing the situation, if appropriate, the counselor will typically ask a client to consider enrolling in a debt management plan (DMP). Based on an initial conversation, the debt management counselor designs a detailed plan to help you create and adhere to a budget while learning necessary money management skills. Additionally, the DMP company may call your creditors and ask for a reduced interest rate or waive specific fees. Your requests may not be approved. If that happens to you, another possibility is considering debt consolidation. 2. Debt consolidation. Out-of-control debt can feel like a downward spiral that pulls you down with it. The cyclone involves multiple creditors, several payments and immense stress. A debt consolidation loan becomes a possibility because it’s easier to pay one general payment than several smaller ones.
If you have a strong enough credit score, you can visit online lenders or a few storefronts to get approved for a debt consolidation loan. That will roll all your bills together and make up an average - and often lower - interest rate. The loan types can vary, including a home equity loan, a 401(k) loan, a balance-transfer credit card or an actual debt consolidation loan. What if you don’t qualify for a debt consolidation loan due to poor credit? You likely feel stuck, but debt resolution may be an option you haven’t considered. 3. Debt resolution. Debt resolution helps cut your total debt owed, while a debt consolidation loan helps minimize the total number of creditors you owe. Every day, reputable debt resolution organizations operate in full compliance with the Federal Trade Organization’s Telemarketing Sales Rule
throughout the process. It is essential to know that you should never have to pay any “resolution” fees until you’ve made at least one payment toward your settlement with a creditor. The company works on your behalf throughout the process as you make deposits into a private trust or escrow account used only to pay off debts enrolled in the program. Most importantly, debt resolution is a bankruptcy alternative. You do not have to file bankruptcy if you can’t get a loan. Debt resolution allows you the right to pay back what you owe at a negotiated rate you can afford. It’s best to do your research to understand the facts and choose the proper remedy. For more information about managing and resolving your debt, visit BeyondFinance.com.—
GetRuralLeaderMag.com | APRIL 2022 7
Breathe Easier and Enjoy Spring Thanks to Expert Allergist Tips Spring is a stunning season full of life as plants grow, flowers bloom and the sun shines. The downside of this abundance of beauty is seasonal allergens. Pollen from all those growing and blooming plants spreads via warm breezes and can make you feel awful. “Allergic rhinitis, commonly called hay fever, has been around for hundreds of years, causing symptoms like sneezing, itchy eyes, mouth or skin, runny nose, and congestion,” said Dr. Mark Corbett, president of the American College of Allergy, Asthma and Immunology. “Your symptoms often depend on which pollens you’re allergic to.” Allergists can help identify precisely what is causing you problems so you can take appropriate action based on your individual needs. Along with taking your history and conducting an exam, allergists conduct tests to identify your specific allergens and treat your symptoms to help you take control. Testing for hay fever typically includes sensitivity to pets, dust mites, trees, grasses, weeds, and mold as they are the most likely triggers for nasal allergies. In addition to meeting with an allergist, Corbett and the experts at ACAAI share these tips for feeling your best during spring allergy season: Start medications before symptoms begin. Allergy symptoms can begin much earlier than the official 8 RuralLeaderMag.com | APRIL 2022
start of spring. To lessen the impact, start taking your allergy medications two to three weeks before your symptoms usually begin. Avoid first-generation antihistamines. Antihistamines are grouped into first- or second-generation medications, and these affect your body differently. If you plan to take an oral medication to treat hay fever, think twice before using first-generation antihistamines such as diphenhydramine and chlorpheniramine. They can cause drowsiness and symptoms like dry mouth, dry eyes and constipation. Consider non-sedating treatments such as cetirizine, levocetirizine, fexofenadine, loratadine or desloratadine instead. Take avoidance measures. Be proactive to keep pollen at bay. Close your car and home windows during the spring allergy season as breezes carry microscopic pollen particles. Take off shoes when you enter your home and consider immediately putting clothes in the wash to get rid of pollen. Finally, shower and shampoo at night before bed so pollen is not being transferred from your hair to your bedding. Be cautious of pollen counts. Keep an eye on the predicted pollen counts for your region, particularly if you plan to be outdoors for long stretches. Keep in mind, pollen counts reported on the news or online don’t necessarily mean you will or won’t be impacted.
There are many types of pollen and an overall high pollen count doesn’t always indicate a strong concentration of the pollens that cause your symptoms. Consider immunotherapy Immunotherapy is designed to target your exact triggers through a shot or tablet and can greatly reduce the severity of your symptoms. Immunotherapy can also prevent the development of asthma in some children with seasonal allergies. Talk to your allergist
about which form of immunotherapy is right for you or your kids. Allergists are specially trained to help you take control of your allergies and asthma, so you can live your best life no matter the season. Find an allergist in your area at ACAAI.org.—
GetRuralLeaderMag.com | APRIL 2022 9
Five Things Military Members and Their Families Should know About their Taxes If you’re a member of the U.S. Armed Forces or the spouse of a military member, special tax considerations are given for a variety of circumstances, so it’s best to be aware of issues you may need to research - or consult a tax professional about. For federal tax purposes, the U.S. Armed Forces includes commissioned officers, warrant officers and enlisted personnel in all regular and reserve units under the control of Secretaries of the Defense, Army, Navy, Air Force and Homeland Security, including the Coast Guard and Space Force. Here are five top issues military families should know about filing taxes. 1. Determining taxable income. Military personnel receive many different types of pay, some included in gross income, others excluded. Unless the pay is for service in a combat zone, the following are subject to tax and must be reported on your return: * Active duty pay * Special pay including aviation, diving, foreign duty, hardship duty, hostile fire or imminent danger, overseas extension, special duty assignment 10 RuralLeaderMag.com | APRIL 2022
* Reserve training pay * Bonuses * Armed Services academy pay * Accrued leave or mustering-out payments * Lump-sum payments made upon separation or release * Student loan repayments * Incentive pay Pay/allowances that may be excluded from your income include: * Pay for active service in a combat zone or qualified support area * Living allowances such as Basic Allowance for Housing, Basic Allowance for Subsistence and Overseas Housing Allowance * Disability/medical benefits * Educational/legal assistance * Family separation allowances * Temporary lodging for certain orders * Uniform allowances * Moving allowances Some excluded income items may be used to
calculate certain tax benefits on your return, but are still not subject to income tax. For example, combat pay is included in income to calculate the Child Tax Credit and Child and Dependent Care Credit. 2. Deducting moving expenses. If you move due to permanent change of station orders, you do not have to meet the usual time and distance tests to deduct moving expenses. Permanent change of station includes moving: * from your home to your first post of active duty * from one permanent post of duty to another * from your last post of duty to your home or a nearer point in the U.S. For questions about complicated situations, visit the U.S. Military website at MilitaryOneSource.mil/ financial-legal/. 3. Understanding combat pay. If you’re serving in a combat zone, some of your pay may be excluded from your income. Examples of excludable income include active duty pay earned in a month you served in a combat zone and imminent danger/hostile fire pay. Members serving in a qualified support area have the same benefits as members serving in combat zones. See a complete listing of designated combat zones at IRS.gov/Newsroom/Combat-Zones. You may choose to include combat pay in your earned income calculations when calculating certain tax credits, such as the Earned Income Tax Credit. Combat pay must be included when calculating the Child Tax Credit or the Child and Dependent Care Credit. 4. Death of a service member. Special tax provisions apply to military personnel who die serving in
a combat zone: Income tax does not have to be paid for the tax year in which they died, nor for any earlier year ending on or after the first day the member served in the combat zone in active service. The death gratuity is a one-time payment of $100,000 to the surviving family of a deceased military member. For the death of an Armed Forces member occurring within 120 days after retirement, survivors also receive $100,000. These payments are tax-exempt. 5. Filing extensions. Anyone can receive a sixmonth extension by filing Form 4868 by the due date. However, you can qualify for an automatic extension until June 15 without filing Form 4868 if you’re in the military on an assigned tour of duty outside the U.S. and Puerto Rico during a time that includes the due date. Attach a statement to your return showing you met the requirements for this extension. You can also request an additional four-month extension to October 15. Write “Taxpayer Abroad” across the top of Form 4868 and file it by June 15. These extensions are for filing only, not for paying any balance due. “Taxes are complicated for military members,” said Mark Steber, senior vice president and chief tax information officer at Jackson Hewitt Tax Service. “To benefit from up-to-date information to get your taxes done right, it’s always best to consult a tax professional.” To contact your neighborhood Jackson Hewitt office, call 1-800-234-1040 or use the Office Locator feature at JacksonHewitt.com.— GetRuralLeaderMag.com | APRIL 2022 11
What Employers can Learn from the Great Resignation By Shareen Luze, head of culture and field experience, RBC Wealth Management-U.S. It’s a startling fact - people are quitting their jobs at a higher rate than normal. According to a Bureau of Labor Statistics report released in November of 2021, a record 4.5 million people resigned that month. You don’t have to look hard to find out why. A LinkedIn survey found that 74% of respondents said the pandemic was a wake-up call and more time at home led them to think twice about their current job. Some pointed to stress, while others cited general dissatis12 RuralLeaderMag.com | APRIL 2022
faction. As someone who is hard-wired to find silver linings in every situation, no matter how dire, I think we as employers must accept there are lessons to be learned and work we can do to better support employees. 1) Embrace flexibility. One thing we learned from the pandemic is we all have lives outside of the office. Before, working parents may have shushed a child who asked for help while they were on a Zoom meeting. Now, I see lots of parents who are more comfort-
able with their child making a surprise appearance. There’s greater acceptance of these little interruptions that demonstrate our work and home lives are more interconnected than ever before. And, as employers, we’re wise to recognize this. A recent survey shows 56% of workers said flexibility was their primary reason to look for a new job, even more so than higher pay. At RBC Wealth Management, we’ve committed to flexible work schedules with time in the office (when it’s safe to do so) and time at home. Over the past nearly two years, it’s become clear that not every employee has to be in the office every single day. Enabling a greater portion of the workforce to work remotely will promote greater flexibility for employees who, for a multitude of life circumstances, can’t always be in the office from 9 to 5. 2) Support employees.With pandemic stress and burnout topping the list of reasons why they quit, workers are looking for greater support. And employers are in a unique position to offer help, especially as employees juggle responsibilities during the school year. RBC’s medical plans already included telehealth options, and we’ve made it easier to use those services during this time by temporarily providing no-cost visits (no co-pays or co-insurance). We also have several programs that offer free, confidential counseling and coaching services for employees and their family members who may be experiencing stress, depression and other mental health concerns. Employees can receive personal support by phone or videoconference - without leaving their homes. Perhaps the best resource of all during the pandemic? Each other. Our employee network group, Women Empowered (WE), proved through virtual meetings we didn’t have to physically be together, to be in this together. Sessions focused on work-fromhome boundaries, communication skills and mental health topics, like mindfulness. We even had a little fun with workshops where members would show off their talents - everything from sewing masks to making cocktails and yoga. 3) Find purpose. Millennials, the largest generation in the workforce, are looking for more than just a paycheck - they want purpose. The Cone Communications Millennial Employee Study found that 83%
of respondents would be more loyal to a company that helps them contribute to social and environmental issues. And 64% won’t take a job if their employer doesn’t have a strong corporate social responsibility (CSR) policy. At RBC Wealth Management, we understand that work needs to hold greater meaning today than ever before. That’s why we invite employees to share in our core value of diversity, equity and inclusion because we’re committed to building and nurturing a diverse workforce. It’s reflected in the makeup of our board, which is 38% women, and in how we hire and promote. Responsible investing - applying environmental, social and governance (ESG) data to an investment portfolio - is also a focus of ours. In fact, ESG is so important that it’s woven into everything we do, even front and center on our website. Our carbon neutral status, sustainable financing investment and commitment to environmental solutions demonstrate our ideals and we hope that resonates with our employees and job seekers. Because a purpose-driven culture makes work fulfilling. 4) Connect with authentic conversations. Anyone who knows me understands that I’m rarely at a loss for words. It’s helped me better connect with colleagues and team members. And it’s really helpful when it comes to understanding employees’ concerns and questions before they begin to think about resigning. Being proactive with authentic conversations is one of the best ways to create a workplace where employees feel respected and valued. To do that, leaders have to go beyond the typical “How are you?” and embrace vulnerability by sharing some of our own struggles. It’s not easy to let down our guard, but you might be surprised at the results. The power of an authentic conversation has the ability to connect, help us understand and ultimately, build trust that could potentially turn the tide on the great resignation.— This article was originally published through our partner Ellevate Network, the largest community of women at work. RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/ FINRA/SIPC.
GetRuralLeaderMag.com | APRIL 2022 13
14 RuralLeaderMag.com | APRIL 2022
A scammer in bank’s clothing: How to spot a bank imposter scam By Nev Schulman in partnership with Zelle®
With technology and mobile apps, consumers can virtually do anything from managing finances, health and schedules to dating. However, scammers now have more opportunities to tap into these virtual places, take our information and, worse, our money. So how do you protect yourselves from this? You may be thinking it’s obvious to spot a scam. For example, you probably know by now that no one wants to speak to us about our car’s extended warranty. However, a recent Zelle® survey found that 53% of people have been more confident and aware of scams since the beginning of the pandemic, but this leaves a large portion that could still use help. What if someone pretends to be a trustworthy source, and they call and text you in a way that looks and sounds legit? This uncertainty becomes more prevalent with more sophisticated scams. According to the FTC, consumers lost $547 million to scams in 2021. Many of these scams pretend to be from an organization you know like your bank. Here are some of the tactics scammers use and how you can protect yourself. 1. You get a text pretending to notice odd activity: A text pops up in your phone from your bank saying, “FRAUD ALERT Your account has been suspended due to fraudulent activity. Please login through this secure link and verify your account (LINK)”. Pause, this is not right. What you need to know: Your bank would never ask you to click on an external link and provide a pin. Therefore, do not click the link - go directly into your mobile banking account or call the bank immediately to confirm.
M2. Following the text, the scammer calls you pretending to be your bank while trying to disorient you further. The first instinct is to give them all the information. They texted and followed up with a call, so it seems legit. Take a breath - there is no reason to rush no matter how dire the situation seems. What you need to know: Your bank will never call you and then ask you for your one-time verification code, PIN, password or other personal identification details. They do this only when you call them. If something feels strange, hang up immediately and call the phone number on the back of your credit or debit card. 3. On the phone or text, scammers create a sense of urgency for you to pay them, threatening to lock or close your account. What you need to know: This scenario will never happen over one message or for a specific time. Anytime any “organization” is telling you they need payment immediately it’s a red flag. No one will pressure you to pay immediately. While scammers are becoming more sophisticated, one rule of thumb always rings true - if it feels fishy or something feels off, it probably is. Listen to your instincts to save you from so much financial heartache. For more tips on how to prevent scams, visit Zelle® Pay it Safe website or follow me on TikTok, Instagram or Twitter.— Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. GetRuralLeaderMag.com | APRIL 2022 15
16 RuralLeaderMag.com | APRIL 2022
With a rise in fraud and online theft, consumers must be vigilant The Federal Trade Commission (FTC) reported receiving 5.7 million fraud reports in 2021, with consumers losing more than $5.9 billion to fraud, up from $3.3 billion the year prior. Furthermore, the coronavirus pandemic and rise in digital and online technologies have only exacerbated the rise in overall consumer fraud, as criminals sought to take advantage of the fears of the public by exploiting public health issues, spreading misinformation and creating confusion. Both public and private sectors are working together to respond to consumer complaints and enhance protections by helping consumers become more vigilant and aware of the signs of fraud. As part of these efforts, The U.S. Postal Inspection Service - the law enforcement agency responsible for enforcing federal statutes involving crimes against the Postal Service, its employees and customers along with the FTC, other federal agencies, private sector companies and consumer protection organizations, make it their mission to educate and inform consumers of their rights and share fraud prevention tips. The security of the U.S. Mail and its employees is the top priority of the Postal Inspection Service. For nearly 250 years, Postal Inspectors have worked to protect Americans from financial fraud and scams. “Anyone can be a victim of a scam, with the right pitch,” said Gary R. Barksdale, Chief Postal Inspector. That’s why prevention is one of our most important pillars in the mission to protect consumers and bring fraudsters to justice.” Postal Inspectors provide helpful tips for consumers to protect themselves from fraud, including issues related to: * Veterans Scams * Elder Fraud * Cybercrime * Election Mail Security
* Coronavirus-related Scams * Identity Theft * Mail Fraud * Mail & Package Theft * Suspicious and Dangerous Mail So how do you guard yourself from potential fraud? * Never provide personal information over the phone or Internet unless you initiated the contact and you are sure the company/individual is legitimate * Never send money to unknown individuals * Do not respond to spam or unsolicited emails * Monitor credit card expiration dates and contact the issuer if you don’t receive a replacement prior to the expiration date * Review your credit reports annually * Read everything given or mailed to you by the person or company soliciting your money - including the “fine print.” * Do your due diligence. Check out the company with the Better Business Bureau, your state’s Office of the Attorney General, or AARP’s Fraud Fighter Call Center at 800-646-2283, and ask for help determining if an offer is legitimate or not. * Do an online search, to see others’ experiences with the business. * Reduce unwanted telemarketing calls. Take advantage of call blocking services, some of which are free, or purchase a call-blocking device.— For more fraud prevention tips, visit uspis.gov/ tips-prevention. If you are a victim, or have witnessed a mail-related crime, alert Postal Inspectors by calling 877-876-2455.
GetRuralLeaderMag.com | APRIL 2022 17
18 RuralLeaderMag.com | APRIL 2022