You Can Own Your Own Bank!

One of the best pieces of financial advice I got coming out of college was to join a credit union. A credit union is a financial institution that is owned by its members. Typically membership is based on you meeting some type of qualification - be it your employer, your religion, where you live, etc. The major advantage of a credit union is that, unlike a bank, they are not trying to make money for their shareholders. Since they are non-profit, they are able to offer better rates, lower fees, etc. AND - since you, as a member, are an owner, any dividends or income generated by the credit union is returned to you in the form of dividends.

I am currently a member of three credit unions - two from past employers and one (Pentagon Federal Credit Union) based on the fact that I'm a child of a military veteran. Currently we use a credit union to get life insurance for Britney but I've used it for all kinds of things in the past. Some offer services that you'd never find at a bank - like the one I once used to buy a car. I told the credit union what I wanted and they had a service that looked across the country for the best price on the car (including shipping it to me if that was involved) and then helped me arrange the purchase. Pretty cool service!

Finding a credit union that you qualify for (assuming your employer doesn't offer one) is easier than it used to be. FindACreditUnion.com has a search feature that allows you to enter some input about yourself to see which ones you could potentially qualify for. If you can't find one right off the bat, don't give up - I guarantee you that there's at least one or two out there that you can join based on your family members or where you grew up - something. Joining is easy - typically you just have to open an account and deposit a small amount and membership is usually for life. It's a great thing to do as it gives you options when it comes to loans and financial services and many times those options are better than you could find anywhere else!