Friday, October 13, 2017

Three common investment myths. Courtesy of Edward Jones in Windham



Myths and assumptions can be detrimental to your success in all areas of life – including achieving your financial goals. When it comes to investing, it's vital to separate fact from fiction. Here are three common myths you'll want to erase right from the start.
  1. Saving is investing.
If you’re putting money aside in a low, fixed interest rate savings or money market account, this isn’t investing. This can offer a cushion for emergencies and unexpected spending needs, but it’s only one piece of a financial strategy. 

Investing is using your money to potentially create more money over a period of time.
Some people may shy away from investing, thinking it's too risky. Although investing does come with risks, not investing can also be a risk to your financial future. If your money doesn't grow, you may face the risk of not achieving your long-term goals – like sending a child to college or retiring from your job.

The following graph illustrates the potential difference between saving and investing. It shows how the same contributions over the same amount of time can grow to a much larger amount when earning a higher return.




Source: Edward Jones. Assumes saving $550 per month rounded to the nearest $5,000. Example is for illustration purposes only and does not reflect the performance of a specific investment.

This example shows that the difference between a 3% and 7% return could be nearly $600,000. 

Investing takes some homework. That’s why many investors seek professional guidance.
  1. You should buy and sell often.
Being patient can be difficult. But trust us on this: Jumping on the bandwagon of the latest investment fad and selling every time the market drops probably won’t get you to your goals.
We believe in quality investments, not fads. We believe a financial strategy should be created for market ups and downs. And when the markets are volatile, Edward Jones can help you put these events into perspective.
  1. You’re too young or too old.
The sooner, the better – but it's never too late. Obviously, starting early is a good idea, because your money has more time to grow. But it’s really never too late to start investing.

In fact, if you’re over age 50, you may be eligible to make catch-up contributions to an Individual Retirement Account or 401(k). And, if you're closer to retirement age, you’ll want a financial strategy to help ensure your money lasts. Lastly, when the time comes, all of us should plan for where our money will go when we’re gone.

Business Spotlight on McDevitt Electric by Michelle Libby


With over 20 years of experience, Shaun McDevitt decided to go out on his own to open McDevitt Electric two years ago. Based in Portland, McDevitt, a master electrician, can handle all electrical work, both residential and commercial.
 
“I can do outlet changes to panel changes and everything in between,” said McDevitt. He does the
electrical work on remodels, new construction and offers service, like fixing an outlet or putting in new recessed lighting.

“I like service. It’s taking care of business and I can do many calls a day.” Service calls are where the majority of his experience comes from. He ran an electrical service van for 15 years, traveling all over the area to fix issues. He enjoys the trouble shooting aspect of finding what the problem is and fixing it, he said. 

He has worked for three different companies in the last 22 years. “I had a lot of longevity. The longer you work for someone, the more tired you get of making money for someone else,” McDevitt said.
McDevitt Electric has competitive prices for the quality work he offers. He sees customers within an hour of Portland, which is roughly an area from Augusta to Wells. 

He has been involved with big projects like the Family Dollar stores in Standish and Naples and work at Aubuchon Hardware in Windham. “I’ve done it all in commercial,” he said. 

McDevitt first started learning electrical work through the vocational program in Portland while in high school. After he graduated, he moved to Florida, which required more electrical training to be able to work there. Maine requires 546 hours of class time to get a license and McDevitt has 1,100 hours of initial training, plus he does continuing education hours every year and is re-certified every three years. 

When he was a kid, his dad was a jack of all trades, working on buildings in the Old Port. His dad told him “to be a master of something.” That stuck with McDevitt as he strived to become a master electrician. 

He works by himself primarily, but has some key people he brings along on larger jobs like new construction and remodels. “I juggle it all, but service is a priority,” McDevitt said. He is booking a little over two weeks out for small jobs like recessed can lighting, but can be reached most days for emergencies and quick jobs. He is honest and fair with billing for his time, not nickel and diming his customers. 

He believes in safety. Faulty wiring is a leading cause of residential fires. Many homeowners, particularly those who live in older homes, might be living in properties that have outdated electrical systems. All electrical panels should be inspected annually, according to McDevitt. “Your vehicle is inspected annually and your electrical panel runs 24/7. Loose wires can cause sparks,” he said. “Preventative maintenance can catch something before it happens.” 

Some homeowners may discover potential trouble while making renovations that require opening up walls or tearing them down, exposing the wires. Still other homeowners learn about electrical systems when they’re adding new, large appliances or other gadgets that consume more power than existing items. These devices may continually cause power outages in the house, such as tripping the circuit breaker or popping a fuse. When it comes time to update your electrical system, remember that it is not a do-it-yourself job. Hiring a licensed electrician is vital for proper safety.

McDevitt Electric can also wire hot tubs, generators and wall mounted televisions. “I’m good at it and good with people,” he said. “I’ve seen a lot.” 

For more information on McDevitt Electric, call or text 207-747-9586. His Facebook page is in the works and his website is coming soon: www.McDevittElectric.com. <

Friday, October 6, 2017

Business spotlight on Windham Powersports by Michelle Libby


From a small shop in his garage to a store front on Route 302, Chris McDonald has taken his business, Windham Powersports, to another level through persistence and vision. He opened first, out of his house, then in a location close to the Raymond town line, in 2014. There, he did a lot of repairs, began selling youth ATV’s and snowmobiles and worked tirelessly on building a name for the business. September 1, he opened the new location at 646 Roosevelt Trail across from Mechanic Savings Bank. 
 
Windham Powersports now has a large showroom to display his impressive collection of brand new
junior sized and three-quarter sized four wheelers, snowmobiles and accessories like helmets, gloves and goggles. One new item is the top of the line hover-boards, with eight-inch wheels, colorful lights and Bluetooth capabilities.

“We are bringing the level of quality up,” McDonald said. 

In the store, customers can see the new Apollo Volts, electric 4-wheelers with 500-watt engine and parental controls that can adjust the speed to 5, 10 or 15 mph. 

“These are real 4-wheelers made from metal, by no means are they anything like the typical Power Wheels you find at big box stores,” said McDonald. 

Check out the Ice Bear Mad Dog scooter, which sounds like and cruises like a Harley with flashy chrome and at half the price of a Honda scooter proves you can look good and save money. A basic scooter that they carry can “save a ton of money on gas and travel up to 40 mph depending on the weight of the rider,” McDonald said. 

The shop also offers a variety of dirt bikes from 70 cc to 250 cc, which parents can ride also. Full-sized machines are available for special order, including side-by-sides for adults and kids.
In addition to the new items, Windham Powersports is also selling used 4-wheelers and snow machines. 

Snowmobiles are coming in, and Windham Powersports has the machines for kids to enjoy the trails with Mom and Dad. The 170-cc engine, three quarter sized sleds are good for all. With the steering capabilities and forward and reverse modes, the kiddos can ride with the adults on the trails. It can carry up to 320 pounds and is not over powering to control. They are also a perfect utility machine for adults. Brand new, Windham Powersports is selling them for $2,899, which is a $400 savings. 

Stop in to see the videos of the snow machines racing and tackling hills. 

The most popular items are the Little Tumbleweed 4-wheelers that come in a variety of colors. “We have every part for any Chinese machine people are looking for,” he added. With parts, glasses, VP racing cans and so much more, there’s no reason not to stop in. 

Now there is no longer a need to wait for financing either. Windham Powersports offers in-house financing from NextEp, which offers payment plans set up through a private application process online through the Windham Powersports website or in-store. From $500 to $5,000, customers can be pre-approved in minutes. The loan covers machines and accessories like gloves and helmets all in one package. There are also early buyout options. 

At the new location, there are extra bays for working on machines. Windham Powersports is the most affordable service shop in the area, said McDonald. “We still work on everything. We take consignment and trade ins. We give fair value toward buying a new machine,” he added. They also still offer drop off and pick up service in Windham. This is just one example of how their customer service sets them apart from their competition. 

Windham Powersports will hold a grand opening celebration on October 17th starting with a ribbon cutting at 8:30 a.m. and then a BBQ from 12 p.m. to 2 p.m. with The Wolf radio station there to give away concert tickets. 

For more information, visit www.windhampowersports.com, call 207-893-8511, or find them on Facebook, Instagram, Twitter or email service@windhampowersports.com. There is a digital catalog on the website.