Why You Need to Update Your Business Plan

July 10, 2020 by First Federal Bank

When you drafted your business plan, you outlined your goals and the path you’d take to achieve them. Now that your company is up and running, your business plan might not be an accurate representation of your new goals, the state of the market, or your enterprise’s worth. Your business is a living, breathing entity that is constantly changing....

Topics: Business Banking, Small Business, Financial Education, Entrepreneurship

How to Analyze Your Profit Margins

July 06, 2020 by First Federal Bank

When you’re a busy entrepreneur it can be easy to get lost in figures like expenses, sales, and earnings. However, these numbers don’t paint the whole picture of your company’s health. That’s why it’s important to understand your company’s profit margins, which show you the proportion of how much profit you’re actually earning when compared to...

Topics: Small Business, Financial Education, Entrepreneurship

Using a CD to Teach Your Children about Finances

April 20, 2020 by First Federal Bank

Money management is a complicated subject even adults can experience trouble mastering. So, it’s understandable if the prospect of teaching your kids about money might not be your favorite parental to-do. Start simply with a certificate of deposit to teach your kids the fundamentals of saving money.Set up an accountA drive-thru or online field...

Topics: Saving Money, Investing, Financial Education, Kids

Investing for Life's Milestones

March 13, 2020 by First Federal Bank

No matter what your plans are for your life, you don’t want money to get in the way of achieving your goals. Consider investing your money during each stage of your life to make your aspirations more attainable.

Topics: Saving Money, Investing, Financial Education

Best Personal Finance Books for 2019

July 26, 2019 by First Federal Bank

The world of finance is always changing, which means advice you received years ago might not be a good idea anymore. To make sure you’re caught up on all the latest trends and strategies in personal finance, consider one of these books recommended by the experts.“Broke Millennial” by Erin LowryAs the title suggests, “Broke Millennial” by Erin...

Topics: Financial Education