3 Excuses Not to Be anEntrepreneurBy Fran Lytle, Behaviorist, Brand Strategist and Founder of Brand Champs

Have you been thinking about starting your owncompany but are afraid of making the leap?

Every successful entrepreneur was scared. Youhave a choice. You can let your fears hold you back,or you can let those fears fuel you to do whateverit takes to succeed. Complacency is the enemy ofachievement. Fortunately, the fear of not achievingyour dreams can drive complacency away. You justhave to decide that you're more afraid of not tryingthan of not succeeding.

Being an entrepreneur takes courage, passion, anda crazy commitment. You have to pick yourself upwhen you hit low points. You need to be your owncheerleader and seek out mentors who will also be cheerleaders. You must push through theroadblocks. And, to retain your sanity, you need tocelebrate achievements.

Doubting is normal when you become anentrepreneur. But don’t give into the doubts. Hereare three excuses some people use to give upbefore they’ve even given themselves a chance toget started on their entrepreneurial journey.

Excuse #1: i’d have to quit my job to startmy own business.Wrong! Every business will have an initial start-upphase and unless you’re independently wealthy,you’ll need to keep money coming in to supportyourself and fund your business.

I know . . . you probably dream of telling your bossthat you quit. But leaving your current job won’tseem so satisfying when you’re scrounging fordollars to keep your dream afloat. And, if you’rethinking about starting a company just so you cantell your boss to “take this job and . . . well you knowwhat,” you’re not starting with the proper mindset.

Excuse #2: it’s not the right time.This excuse reeks of procrastination. Andprocrastinators typically aren’t successfulentrepreneurs. There may never be the “perfect”

time to strike out on your own and start a business.You can always find some reason not to moveforward. But to be successful, you need to put onefoot in front of the other and not look back.

There is never a perfect time to start your ownbusiness; yet any time is the perfect time to startyour own business.

If you have set a goal, understand what need yourbusiness is filling in the marketplace, analyzed yourcompetition and why they’re succeeding or failing,

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E 3 ExcusEs Not to BE aN ENtrEprENEur

5 thiNgs Your crEdit rEports WoN’t rEvEal

BuYiNg Your first car

EstatE plaNNiNg. do You havE morE quEstioNs?

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5 things Your credit reports Won’t revealBy Bev O’Shea, NerdWallet

The credit bureaus know a lot about you, but they don’tknow everything.

The bureaus gather data about your past use of credit intoreports, and that information makes up your credit scores.Lenders, landlords, employers and others might use your reports to help size you up.

To shake the feeling that they lay your entire financial lifebare, take a look at what does and doesn’t show up on yourcredit reports.

5 things that aren’t on your credit reports1. Salary: It makes a big difference in your day-to-day life, but

your salary doesn’t appear in your credit reports, and itdoesn’t affect your credit scores.

2. Employment status: Credit reports might list your employers, but they don’t say whether or when youremployment ended. The information is for identificationpurposes and comes from your past credit applications.

3. Marital status and spouse’s credit history: You can getmarried, but your credit reports won’t. You and yourspouse will each have separate credit reports, and his orher credit won’t affect yours. So if you’re worried that marrying someone with poor credit will affect your goodcredit, you can breathe a sigh of relief. But take note: Accounts you open together — a mortgage or sharedcredit cards, for example — do show up on both credit re-ports, and mistakes such as late payments could affectyou both.

4. Assets: Your bank balances, retirement accounts such as401(k)s, and investments or brokerage accounts aren’tlisted on your credit reports.

5. 401(k) loans: When you borrow money from yourself, itdoesn’t appear on your credit reports. (But it’s also generally not a great idea — it can really set back your retirement saving progress.)

4 things that are on your credit reports1. Identifying information: Credit reports have identifying

information including your name, address and birthdate.

2. Credit accounts: Reports list both open and closed creditaccounts, including credit limits and payment records.That most often means credit cards and installment loans,such as car loans and mortgages. Rent can be included ifyour landlord reports it, but most do not.

3. Credit inquiries: This records instances when you’ve applied for credit or checked your scores.

4. Negative financial information: Reports might also includenegative information such as payments you’ve made atleast 30 days late, defaults, tax liens, debt collections andbankruptcies.

how to get your credit reportsYou have a right to know what lenders and others see whenthey pull your credit data. You can monitor your credit bysigning up for a source of free credit report information.Most sites offer a free credit score as well.

You also get at least one free report every 12 months fromeach of the three major credit-reporting bureaus —Equifax, Experian and TransUnion — through AnnualCred-itReport.com.

Get to know your reports. If something you don’t recognizepops up, it could signal identity theft, and the sooner youdiscover and address it, the better.

If you see a mistake, contact the credit bureau reporting itand ask to have it removed.

Bev O’Shea is a writer at NerdWallet. Email: boshea@nerdwallet.com. Twitter:@BeverlyOShea. The article 5 Things Your Credit Reports Won’t Reveal originally appeared on NerdWallet. © Copyright 2017 NerdWallet, Inc. All Rights Reserved. 

By: Christina Farmer, Communications Coordinator, Provident Bank

So you’re buying your first car. Nervous? So was I. Buying a car is exciting, potentially stressful, and oftenexpensive. In fact, for many people, buying a car is the third most expensive type of transaction they have –after a house and an education. To make the processeasier, consider that there are three parts of theprocess:• Choosing the car you want• Negotiating the purchase • Paying for the car

Doing your homework and having sufficient time to research and think about what exactly you want is crucial. I had a lot of time to think about the type of carand manufacturer I wanted. As a matter of fact, I drove a 2000 Saturn LS2 for 7 years - and I drove it into theground! Almost half of those 7 years was spent savingfor a new car and thinking about the type of car Iwanted. I knew I was not going to be able to drive my“hoopty” forever, and when the time came I wanted tobe as prepared as possible. My car got me through highschool and college, and I made sure I was financially andmentally prepared to make the new car purchase when I did. It was not an impulse buy at all. Here are some important responsibilities I took into consideration when I was ready to take the plunge:

• New or Used?• Lease or purchase?• Cash or financed?• If financing, will you have a down payment? • Reliability of the car and manufacturer• Cost to drive (gas, maintenance, etc.) • Insurance • Parking (if you are considering a luxury car and

you don’t have a driveway, I would think twice -depending on where you live)

Speaking with an insurance agent before making yourpurchase can be beneficial and give you an idea of whatyour insurance premiums will be. When you take every-

Buying your first car

thing into account – car payments, maintenance, park-ing, gas and insurance – you may want to try to limit thetotal auto expense to 10% - 15% of your monthly income.

If you are considering the used car option, you may want to add in costs for a qualified mechanic to inspectthe car. A Vehicle History Report from websites likewww.Carfax.com will provide information on whether or not the car was ever stolen, salvaged, or recalled. The report will also provide information on the numberof previous owners, whether it ever failed an inspection,or if someone tried to modify the odometer.

Negotiating the purchase can be the most stressful part.You will be spending a considerable amount of money,and car salesmen are notorious for their aggressivesales techniques. Always remember that there aremany car dealerships that would love to have your business. Several websites, including Autobytel andCarsDirect, will let you get price quotes beforehand. Do not be afraid to take printed copies of competitivepricing and show them to the sales person. Stay focused on the purchase price of the car you want. Do not hesitate to walk out and go to another dealer if you cannot get the price you want or if you are nottreated with respect.

Hopefully these tips will get you in and out of the dealership confidently and quickly. You can make gettingthe car you want (and can afford) easier by doing yourhomework and avoiding letting your emotions come intoplay. Negotiating the purchase is usually adversarial, butbeing prepared and being willing to take your businesselsewhere can keep you in control of the process.

Christina has been with Provident Bank for about 3 years. Before becomingthe Communications Coordinator in the marketing department at ProvidentBank, Christina was a Bank Associate at the Provident Bank Heights Branch located in Jersey City where she gained valuable customer relationship experience. During her time there, she was also finishing up her Bachelor’s Degree at New Jersey City University where she graduated with a degree in marketing in May, 2015. Outside the Bank, Christina enjoys traveling, andspending time with her family and her dog.

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can confidently articulate your unique selling proposition,and are able to identify your target audience and motivatethem, you’re prepared. It’s the right time!

Excuse #3: i need to find funding first.Entrepreneurs are masters of the art and science ofaccomplishing more with less— less money, less people,less time, less everything.

You will never, ever have "enough" cash or capital orfunding. If you don't have enough money to launch yourbusiness the way you plan, then change your plan.

You can't always control what you have, but you can

control what you choose to do with what you do have.

You have a choiceIf these excuses are stopping you from being anentrepreneur, you have a choice to make. Are you goingto allow them to stop you, or are you going to toss themaside and push through to achieve success? It’s all up to you.

Fran Lytle is a Behaviorist, Brand Strategist and Founder of Brand Champswww.brandchamps.com, which helps brands to connect with people throughmessaging. Fran is a published author, frequent speaker at entrepreneur andcorporate events and a contributing writer for three websites. She can be reachedat fran@brandchamps.com

What You Need to Know about trustees

How about a trustee? Who qualifies and what do his/herresponsibilities involve? At some point, you may be askedto be a trustee of a friend or loved one’s trust, or you willneed to make a decision about who to appoint as trustee(s)for trusts that you establish. Make this decision very carefully because the role of a trustee is complex and canbe time-consuming. A trustee’s responsibilities include:

• Investing trust assets• Protecting the assets• Preparing tax returns• Reporting regularly to beneficiaries• Maintaining detailed recordkeeping• Making income and/or principal distributions as permitted

by the trust document

A trustee must be impartial and independent, acceptingpersonal responsibility and legal liability. The role of fiduciary can be filled by one or more individuals or by acorporation with trustee powers – typically, referred to assole trustee (one trustee) or co-trustees (two or moretrustees). Keep in mind that serving as trustee requires astrong understanding of fiduciary law and oftentimes itcan be difficult for a close friend or family member to actas an unbiased third party.

Estate planning documents

There are a number of important estate planning documents you should consider for your own purposes.

Every individual should have a properly executed will to handle issues upon his/her death. You may also have sepa-rate agreements for trusts established during your lifetime.

There are three documents you need to prepare for yourpossible incapacity:

• A durable power of attorney to appoint the person(s) who cantransact financial and legal affairs on your behalf;

• A living will which states your wishes regarding life support; and• A healthcare proxy to appoint the person(s) to carry out those

healthcare wishes.

If you have life insurance or retirement assets, each account should have a properly executed beneficiary designation because these items do not pass according toyour will. There are numerous other documents peoplemay require, but these are the basics to get you started.

What’s Next?

In future articles, I will discuss different types of trusts andappropriate circumstances under which to establish them.In the meantime, ask yourself if you’re adequately preparedfor your own incapacity or death. I urge you to seek professional guidance as you work through these issues.

Valerie Murray is President of Beacon Trust and Chief Wealth Management Officerof Provident Bank. She is focused on the overall delivery of wealth managementservices to individuals and institutions. Prior to joining Beacon Trust in 2011,Ms. Murray spent 15 years at U.S. Trust. Ms. Murray received a bachelor’s degreein mathematics from Bucknell University, and she is a CFP® professional.

Estate planning. do you have more questions?By Valerie Murray, President and Chief Wealth Management Officer, Beacon Trust

When I consider estate planning, I focus on five basicquestions: What? When? Why? Who? And how long? Perhaps these questions get you thinking that you reallyshould focus on your own estate planning, but you aren’tready to pick up the phone and call an attorney just yetbecause you need more information to be knowledge-able about this topic. You have more questions? Good!Let’s dig a little deeper into the topic…

the difference between revocable and irrevocable trusts

You may have heard people talk about revocable and irrevocable trusts, but you are not sure of the difference.A revocable trust can be changed – all or part of the trustcan be revoked (partial or complete withdrawal of the assets) or amended (all or a portion of the document canbe rewritten).

With a revocable trust, the grantor, or creator of thetrust, retains control and may establish the trust forhis/her own benefit. This type of trust can also stipulate how assets should be distributed upon thegrantor’s death and can protect his/her assets fromprobate, thereby reducing expenses, simplifying administration and maintaining privacy.

On the flip side, an irrevocable trust generally cannotbe amended or terminated by the grantor. This typeof trust is often created to benefit children or grandchildren, and since the grantor has given up control of the assets, the funds are usually removedfrom the grantor’s taxable estate.