Banking

National Suicide Prevention Awareness Month

September is designated National Suicide Prevention Awareness Month, with the week of September 6 – 12 National Prevention Week and September 10th World Suicide Prevention Day. During the month, suicide prevention organizations around the nation will be holding events to raise awareness of what has become the leading cause of preventable deaths in our country.

Suicide is a significant and often unaddressed public health problem in the U.S., and it’s getting worse. According to the Centers for Disease Control and Prevention (CDC), there are an average of 123 suicides each day, making it the tenth leading cause of death, and it is the second leading cause of death for ages 25-34 and third leading for ages 15-24 in this country. The CDC also reports that the rate of suicide has spiked by 35 percent since 1999.

Suicide doesn’t discriminate by race, age, gender, or ethnicity, notes the National Institute of Mental Health (NIMH). The NIMH cites the following main risk factors for suicide:

• A prior suicide attempt
• Depression and other mental health disorders
• Substance abuse disorder
• Family history of mental health or substance abuse disorder
• Family history of suicide
• Family violence, including physical or sexual abuse
• Being between the ages of 15 and 34 years or over 60

Since late June, mental health professionals have been reporting a significant increase in depression and anxiety, with many mental health clinics overrun with new patients and increasing visits from existing patients. They are attributing this recent increase to the coronavirus pandemic. With daily doses of statistics of new virus cases and related deaths and record unemployment numbers, and increasing fear and isolation, mental health experts are growing concerned that the pandemic is pushing American into a mental health crisis.

The CDC found that about 41 percent of adults surveyed in late June “reported an adverse mental or behavioral health condition.” Additionally, this report shows that the number of Americans suffering from depression and anxiety has tripled compared to the same time last year. Approximately 1 in every 10 of the survey respondents indicated they’d started or increased their use of alcohol or elicit drugs, and twice as many respondents, as compared to this same time period in 2018, reported serious consideration of suicide.

These are extremely challenging times. But, we can all do our part during the month of September (and beyond) to help those in need by drawing attention to the problem of suicide and advocating the prevention of this terrible, preventable tragedy.

Here are a few suggestions:

1. Spread the Message – Spread awareness during the month of September by taking time to reach out to those in need via social media, wearing and sharing suicide prevention pins or starting your own suicide awareness and prevention campaign.

2. Volunteer – Volunteer at your local crisis center.

3. Record and Share a Supportive Video – This is an easy way to help that doesn’t cost money or time. Simply record a video promising your family and friends that you are there for them if they need to talk about anything. Then upload the video to your social media sites using hashtags such as #suicideispreventable #800273TALK.

If you are concerned that someone you know may be suicidal you should:

1. Ask the Tough Question – Even though it’s uncomfortable, be direct…ask them if they are thinking about suicide.

2. Listen – Be sure to let them know that you are there for them, day or night, and you want to hear and care about what they have to say.

3. Perform a Safety Check – If you’re concerned about their well-being, try to remove things in their immediate environment that they could use to harm themselves.

4. Don’t Keep This a Secret/Help Them Seek Professional Help – Let them know you will help them come up with a plan that involves finding and talking to a mental health professional.

Although these are great ways you can help all year-round, Suicide Prevention Awareness Month is the perfect time to get started! For free and confidential emotional support 24/7 for those in crisis or emotional distress, contact the National Suicide Prevention Lifeline at 1-800-273-8255.

Maintaining Your Mental Health During the COVID-19 Crisis

As you navigate this alien world of surgical masks in the grocery stores, the shortage of everyday household supplies, the overcrowding in our healthcare facilities and the bombardment of news that our world has become a dangerous place to live, you may be beginning to feel overwhelmed and anxious. The novel coronavirus outbreak has created unprecedented levels of anxiety for most of us – for some who are actually battling the virus, but for the vast majority who are facing the unknown, the disruption of their everyday routine, loss of employment and serious financial concerns.

This is unchartered territory for most of us, and it is frightening! For many people, the fear of the unknown and the incessant doom and gloom headlines make it all too easy to spiral into overwhelming dread and panic. But, there are many things you can do to self-care – manage your anxiety and fears – during this unique crisis.

Take Care of Yourself First – Like the announcement we hear each time we get on an airplane, “In case of a cabin pressure emergency, put your own mask on first before assisting others.” This is a metaphor for life. You can’t help others for very long if you don’t take care of yourself first.

Keep a Routine – Even if you’re stuck at home, try to maintain your normal routine by sticking to your regular sleep, meal, and school or work schedule.

Eat Well – Proper eating is one defense against most diseases. Eat plenty of fruits and vegetables. Avoid eating out of boredom or anxiety, eliminate or reduce alcohol consumption and other intoxicants and stay well hydrated.

Exercise – Although we can’t hit the gyms like we used to, there are many safe alternatives you can do in the comfort and safety of your home. If you don’t have any exercise videos, use YouTube and Instagram to help you find ways to stay fit or just take long walks.

Limit News Intake – Limit your media consumption to only the information you need to know to stay safe…then turn it off! This advice goes for financial information as well. Watching the stock market go up and down (mostly down) all day can have a negative impact on your mental wellbeing.

Have Fun – Enjoy the extra time you have with your family by talking…and laughing, playing board games, cards, putting together puzzles and cooking.

Connect – Take this downtime to reach out to those you care about, making sure they are staying safe and letting them know how important they are to you. Take advantage of the many technical (FaceTime) and social media resources to stay connected during this time of social isolation.

Engage in Positive Activities – Read a good book, listen to uplifting music, watch the sunrise or sunset, get out in nature, practice yoga or meditate. Limit your interactions with negative people. Remember emotions are contagious and right now fear is rampant.

You can also counteract distress over the loss of control by straightening up what you can. This is a great time to clean and organize your home or to attack a home improvement project you’ve been meaning to get to.

Reflect – The sudden halt in our daily lives, caused by this unprecedented crisis, has forced us to sit still. We can spend this time by being overwhelmed with negative thoughts and a sense of despair or we can use these quiet moments to reflect on the positive changes we want to make in our lives when this pause button is removed. Try to think about the activities in your life you’ve come to realize are important and you want to resume, start making a mental list of the ones you don’t, and above all, focus on the many blessings you have.

The national Disaster Distress Helpline is available to anyone experiencing emotional distress related to COVID-19. Call 1-800-985-5990 or text TalkWithUs to 66746 to speak to a counselor.

February: American Heart Health Month

With Valentine’s Day less than two weeks away, many of us view February as the month of love. However, February is also designated as American Heart Health Month. In addition, on the first Friday of every February (this year is February 7th), the nation comes together, donning the color red from coast to coast, for National Wear Red Day, celebrating one common goal: the eradication of heart disease and stroke.

American Heart Health Month is a federally designated event that was proclaimed by President Lyndon B. Johnson on December 30, 1963 to encourage Americans to join the battle against heart disease. This annual, month-long celebration helps remind Americans to focus on their heart and encourages their involvement with family and friends, and within their communities.

Heart disease is the leading cause of death of Americans. According to the American Heart Association, approximately 2,200 people die each day from heart disease. In addition, about 1.3 million adults have high blood pressure and 6.5 million are living with heart failure.

Heart disease is being diagnosed in younger adults more and more often. High rates of obesity and high blood pressure among young people are putting them at risk of heart-related diseases at an earlier age. Although genetic factors play a role in heart-related conditions, nearly 80 percent of cardiovascular diseases may be preventable with education and lifestyle changes.

How to Take Control of Your Heart Health

Don’t Smoke – Smoking is the most preventable cause of premature death in the United States. Smokers have a higher risk of developing many chronic disorders including atherosclerosis and a buildup of fatty substances in the arteries. So, if you don’t smoke, don’t start. If you do smoke, learn how to quit – there are numerous helpful resources out there.

Managing Your Health – Work with your health professionals to manage your weight, blood pressure and blood sugar levels. All of these factors play a significant role in maintaining a healthy heart.

Stay Physically Active – Heart pumping physical activity helps prevent cardiovascular disease as well as improves your overall mental and physical health.

The American Heart Association recommends five 30-minute exercise sessions each week. If this seems a little daunting, break these sessions up into two or three 10-15 minute segments throughout the day. Walking, jogging, biking and swimming are great forms of cardiovascular exercise. The American Heart Association also recommends adding moderate to high-intensity strength training into your sessions to improve daily functional movements and decrease the chance of injury.

Make Heart-Healthy Eating Choices – A diet low in trans-fat, saturated fat, added sugar and sodium is essential to a healthy heart and lifestyle. Aim to fill at least half of your plate with vegetables and fruit. Salmon, nuts, berries and oats are just a few of the heart “superfoods,” that may help reduce the risk of atherosclerosis. As a special treat, add dark chocolate, in moderation, to the list – it’s good for the heart and satisfies the sweet tooth.

Reduce Stress – Stress increases cortisol, a steroid hormone, which can lead to weight gain, a key risk factor in heart disease. Stress can also lead to other unhealthy habits including overeating and excessive alcohol consumption. Stress can also increase the risk of anxiety and depression.

Get Plenty of Rest – Many Americans today are sleep deprived. Sleep restores the body, helps decrease stress and anxiety and increases overall happiness.

With all this said, “get your red on” and make this February the beginning of healthy habits and lifestyle changes. Your heart will thank you!

The History of New Year’s

Now that you’ve rung in 2020 with a glass or two of the bubbly and are most likely already rehashing the long list of resolutions you’ve made, and probably not kept, over the last decade, vowing to make a better effort this year, I thought I’d share some New Year’s history facts you probably don’t know. I’m sure you’ll find, like I did, that there’s a fascinating and lengthy history behind this widely celebrated holiday.

Many countries around the world celebrate the beginning of the new year. However, celebrating New Year’s is not new. Celebrations of the new calendar year have been around for thousands of years, dating back to ancient Babylon in 2,000 B.C. The Mesopotamians marked the beginning of the new year by the first new moon after the vernal equinox, which took place sometime in late March. This was celebrated with a huge 11-day festival called Akitu. The festival involved a different ritual every day, celebrating the mythical victory of the sky god Marduk over the sea goddess Tiamat. This celebration also included the crowning of a new king or allowing the current ruler to continue his reign. According to the history books, this was the festival of all festivals and would put our present day New Year’s celebration to shame.

The Roman’s celebration of the new year also originally corresponded with the vernal equinox. Their early calendar, which according to tradition, was created in the eighth century B.C. by Romulus, the founder of Rome, consisted of 10 months (304 days), with each new year beginning at the vernal equinox. However, over the centuries, this calendar fell out of synch with the sun. Consequently, in 46 B.C., with the consultation of the most prominent astronomers and mathematicians of the time, Julius Caesar introduced the Julian calendar. This was a solar-based calendar, instituting January 1st as the first day of the year. Caesar chose this day to honor the month’s namesake Janus, the Roman god of change and beginnings. This calendar resembles the modern Gregorian calendar that most countries around the world use today.

By the middle ages, medieval Europe considered the January 1st celebrations of the new year pagan and unchristian-like. Consequently, in 567 A.D. the Council of Tours replaced the January 1st date with days carrying more religious significance, such as December 25th or March 25th.

In 1582, Pope Gregory XII re-established January 1st as New Year’s Day, after the reform of the Gregorian calendar. Interestingly, although most Catholic countries immediately adopted this calendar, Protestant countries, like Britain and their American colonies, continued celebrating their new year in March until 1752.

So, now that I’ve astonished you with all these fascinating tidbits of New Year’s history, it’s time to begin or get back to the task at hand – formulating this year’s new and improved (LOL) list of New Year’s resolutions!

From our Intracoastal family to yours, here’s to a happy, healthy and prosperous 2020…and sticking to your resolutions!

Celebrate Fall

Fall has always been my favorite season. The time when everything bursts with its last beauty, as if nature had been saving up all year for the grand finale.  Lauren Destefano

Although it may not feel like fall in the Sunshine State, there
are still many wonderful ways to celebrate the season. From activities like apple
picking and attempting a corn maze to attending the many festivals around the
state, fall presents lots of fun activities for the whole family.

Here are a few fun ideas sure to make long-lasting memories:

  1. Go Apple
    Picking
    – Apple picking is a great way to get fresh produce and enjoy the
    beautiful fall weather as well as a wonderful learning opportunity for young kids.
    You can show them how to properly pick apples from the tree and give them the
    chance to try different varieties of apples to determine which ones they like
    best. Google Florida U-Pick Apple Orchards for a list of
    orchards near you.
  2. Visit
    a Pumpkin Patch
    – One very popular family fall activity is visiting a
    pumpkin patch. Like apple farms, pumpkin patches typically have other fun
    activities as well like hay rides and maybe even a petting zoo. Google Florida Pumpkin Patches for one near
    you.
  3. Attempt
    a Corn Maze
    This is a great
    family activity because it gives your family the opportunity to work together,
    deciding which ways you should go. Some mazes can be difficult, and it provides
    a great feeling of achievement when you make it to the end. Google Florida Corn Mazes for one near you.
  4. Bake
    a Pie
    – The holiday season is just around the corner, so fall is the
    perfect time to try your hand at making a pie. There’s some work involved in
    making a pie from scratch so make it a family affair. Find a great apple and/or
    pumpkin pie recipe and start baking and creating fun family memories!
  5. Make
    Caramel Apples and Roast Pumpkin Seeds

    This a wonderful and delicious way to make use of the apples you’ve picked
    from your apple orchard trip and pumpkin you’ve brought back from your pumpkin
    patch visit.
  6. Collect
    Leaves and Acorns and Do a Fall Craft
    –The colorful leaves and acorns that drop from the trees are one of the best
    things about fall. They are great for DIY projects and decorating your home.
  7. Enjoy a
    Fall Festival
    – What Florida lacks in colorful foliage, it more than makes
    up for in fun and entertaining fall festivals. 

North Central Florida Peanut Festival – Fun, food, games,
entertainment as well as a competition for girls and boys for Little Peanut
King and Queen. October 5 at Heritage Park in Williston.

Winter Park Autumn Art Festival – Artworks by over a hundred
artists as well as musical entertainment, food and children’s activities.
October 12 to 13 at Central Park, located along Park Avenue in downtown Winter
Park.

Rattlesnake Music Festival – Features snake shows, entertainment,
food, arts and crafts…and even gopher races. October 18 to 20 at the Pasco
County Fairgrounds.

Fantasy Fest in Key West – Non-stop activities including parades,
masquerades, street parties and more. October 18 to 27.

McIntosh 1890’s Festival – Residents dressed in 1890’s attire and
Victorian and Florida cracker-style homes surrounded by century-old oak trees
make this the perfect backdrop for going back in time. This festival also
includes arts and craft booths as well as delicacies from many food concession
stands. October 26 along Highway 441 between Gainesville and Ocala.

Florida Seafood Festival in Apalachicola – Sample delicious seafood
and enjoy arts and craft exhibits and fish-related events and displays. November
1 to 2 in Battery Park in downtown Apalachicola.

Micanopy Fall Harvest Festival – Live music, an auction and over
200 displays of works from local and southeast artists. November 2 to 3, just
off Highway 441, 12 miles south of Gainesville

Riverhawk Music Festival – Live entertainment on three stages,
all-day kids programs, song contests, great food and craft brews, and camping
in the woods. November 7 to 10 at the Sertoma Youth Ranch in Brooksville.

Epcot International Food & Wine Festival – Sample world-class
foods and wines. Enjoy live music, cooking events as well as meet and greets
with celebrity chefs. August 29 to November 23 at Epcot World Showcase.

Helping Your Child Establish Credit

Preparing your child for adulthood is daunting. As a parent, no matter how old your child becomes, worrying about their health and safety will always remain in the forefront. However, as they begin to mature into young adults, their financial future becomes a growing concern.  Often overlooked, and yet, equally as important as helping your child choose a career path that is right for them, is helping your child establish credit.  

Here are a few tips to help you begin building credit for
your kids.

First and foremost, begin the “money talk” with your kids
while they are young. You should begin discussing basic financial concepts like
saving (help them open a savings account) and delayed gratification when they
are in elementary school. As they get older, introduce more complex concepts,
such as insurance, investing, credit cards and borrowing, and explain what
credit really means – the building blocks of consumer credit – and why it’s so
important. As a responsible parent, you should also make sure your credit
habits provide a good example.

In addition to providing a good financial
education…foundation, the following steps will help ensure your young, adult
child is well on his or her way by the time they are flying solo.

  1. Help them
    open a checking account.
    Show your child how a checking account works as
    well as the penalties associated with them if they overdraw their account or
    bounce checks. Once they understand and are comfortable with the basics, ease
    them into a debit card. This gives them some spending independence, while
    limiting it to the balance in their checking account.

  • Have
    them get a part-time job.
    A strong work ethic is a vital part of your child
    becoming a responsible adult. Having a part-time job in high school provides them
    with a valuable life lesson – the excitement of watching their savings grow and
    the frustration of seeing it disappear, especially if it’s due to a poor
    decision. This lesson is a precursor to understanding credit. In addition, the
    income provided by a part-time job will help them when they apply for their own
    credit card.

  • Add
    them as an authorized user on your credit card.
     As long as your own credit habits are sound,
    this is a good way to help your child establish his or her own credit record.  As an authorized user, your teen will usually
    get a credit card in his or her name, tied to your account. Typically, this
    account will also go on your child’s credit record.By setting ground rules for what they can charge and how and when
    (on-time) payments will be made, you will enhance your child’s understanding of
    how credit works as well as help their credit grow.

You can also add them as an authorized user without
giving them access to the account. Without giving them the possibility…opportunity
of overspending, you can still help them grow their credit as you use the
credit card and pay it off every month.

  • Have
    your college-aged child apply for a student credit card.
    Once your late
    teen has established good financial habits and income to support a credit line (usually
    income from a part-time job is sufficient), they may be ready to apply for
    their own credit card. These cards typically have lower credit limits and
    higher interest rates than general credit cards.

  • Help
    your college-aged child apply for a secured credit card.
    This is another
    option if your young, adult child is unable to get a student credit card. A
    secured credit card requires the cardholder to put down a deposit, typically a
    few hundred dollars, which is usually the credit limit they are given. Because
    there is little risk to the bank/credit card company with this type of card,
    most people can get approved.

What Does the Federal Reserve’s Recent Rate Reduction Mean to You?

The recent interest rate reduction, from 2.5 percent to 2.25 percent, by the Federal Reserve doesn’t directly touch any of the everyday interest rates that affect Americans. This quarter-point cut, the first cut in a decade, reduced the federal funds rate, the rate banks and other financial institutions charge one another for very short-term borrowing.

Even though most Americans don’t participate in this type of
borrowing, the Fed’s move will still have consequences on the borrowing and
saving rates you encounter every day.

Interest rates on car loans, credit card balances,
mortgages, etc., and earned interest on the money you save won’t necessarily be
directly or immediately impacted. But, consumers could, likely, over time, experience
the following trickle-down effects.

Savings Account Rates

Savers have only recently benefited from higher deposit
rates – the annual percentage yield banks pay consumers on their money – with
several online banks offering over 2.5 percent. However, the recent rate cut
will most likely cause these rates to come down.  Now is the time for consumers to shop around
for short-term rates or lock in rates with a 1-, 3- or 5-year certificate of
deposit with money that doesn’t need to be readily accessible.

Mortgage Rates

According to Bankrate, the current 30-year fixed mortgage
rate is about 3.93 percent, the lowest it’s been since November 2016. Because
mortgage rates are tied to long-term rates, which move well in advance of any
rate changes by the Fed, the current low rate came on the heels of the
expectation that the Fed was going to cut rates.  Consequently, unless the Fed hints that more
rate cuts are on the horizon, mortgage rates are not expected to fall much
more.

With that said, if you borrowed money to purchase a home
late last year, when the average 30-year mortgage rate was nearly 5 percent, it
may be time to consider refinancing.

Credit Card Interest
Rates

The Fed’s recent rate reduction is good news for Americans
who carry balances on their credit cards. Because most credit cards have
variable interest rates, there is a direct correlation to the Fed’s benchmark
rate.

With the rate cut, the prime rate lowers too, and credit
card rates will likely follow. For credit cardholders, this means you should
see a reduction in your annual percentage yield or APR (the current rates on
average are as high as 17.85 percent) within a couple of billing cycles.

With almost half of all credit cardholders in the U.S.
holding balances every month, averaging approximately $1,150 in interest
yearly, this quarter-point reduction will create some savings.

Auto Loan Rates

For those of you who are planning to purchase a new vehicle,
the Fed’s rate reduction will most likely have little impact on your car
payment. However, this rate cut lowers the financing costs for car manufacturers
and dealers, which can offer a better negotiating position for the would-be car
buyer.

Student Loan Rates

While most student loans are fixed-rate federal loans,
approximately 1.4 million students in the U.S. today use private student loans.
Private loans can be fixed or have a variable rate tied to the Libor, prime or T-bill
rates. Consequently, the Fed’s rate cut means borrowers with variable rate loans
will likely pay less interest. If you have private, variable rate loans, you
should look into refinancing to possibly lock in a lower fixed rate.

However, as borrowers begin to celebrate this recent rate
cut, retirees have begun to worry. This type of rate reduction doesn’t bode
well for returns on investments preferred by those who’ve left or have
immediate plans to leave the workforce.

Typically, yields on fixed annuities, CDs, savings accounts
and bonds go down with a Fed rate cut. Long-term care premiums and pensions
will also be pinched. The impact will likely not be felt immediately. Retirees’
portfolios may not feel a hit for more than a year.

Investment professionals warn retirees not to chase returns
in the market, possibly placing more emphasis in their portfolio on investments
like equities and real estate, which might not be safe for those who have a lot
more to lose and generally can’t afford to take on much risk. With any rate
fluctuation, it’s important to work with your financial advisor or planner to
develop a portfolio that’s right for your situation.

Although the Federal Reserve’s recent rate cut can be viewed
as both a good thing and a bad thing, the same as any rate increase, the
guiding force behind the reduction is heading off a recession. With this move,
the Fed hopes to prevent the economy from weakening and forestall layoffs and
other economic damages that could adversely affect everyone.

Trade School or College?

By the end of the 1950s, the focus of education in the United States shifted from vocational and job-ready skills to preparing all high school students, through college prep courses, for college. However, today, statistics indicate that the highly coveted bachelor’s degree doesn’t seem to carry the weight it once did.

The latest figures from the U.S. Bureau of Labor Statistics (BLS) indicate that approximately 68 percent of high school students attend college. The remaining students graduate with neither academic nor job-ready skills. But even the 68 percent aren’t fairing that well. Almost 40 percent of these students, as low as 10 percent for those in poverty, don’t complete a four-year college program, wasting a lot of time and money, and often acquiring significant student debt. Of those students who do graduate, the BLS found that about 37 percent end up with jobs they could’ve obtained with a high school degree.

In the United States, a college degree has been viewed as the pathway to success, and it still is for many. Earnings studies do show that college graduates earn more over their lifetime than high school graduates. However, these studies don’t take into account the amount of debt these students take on in pursuit of higher education (the outstanding student debt balance in the U.S. was $1.5 trillion as of 2018, according to the Federal Reserve) nor that more than half of recent college graduates are unemployed or underemployed. In addition, these studies don’t include data on those high school students who graduated with vocational training. These graduates have gone on to well-paying, skilled jobs, creating a rosier picture for them than many of their college graduate counterparts.

The U.S. economy has changed. The manufacturing sector is growing and modernizing. This, along with the demise of vocational education in high school and retiring baby boomer, skilled trades workers, has created, and will continue to create, a significant demand for skilled labor. The skills shortage in manufacturing today has created a wealth of opportunities for high school and unemployed and underemployed graduates alike. Many of these jobs are attainable through apprenticeships, on-the-job training, and vocational programs offered at community colleges.

Even with the above statistics aside, the traditional 4-year degree isn’t for everyone. People have a diverse range of skills and learning styles. Some do best in a lecture hall or classroom, studying math, biology, history and other traditional subjects, while others learn best by doing, and would thrive in a studio, workshop or shop floor.

There are still many advantages to a 4-year degree. As stated before, most college graduates will earn more money over their lifetime, especially if they continue their studies through master’s or doctoral degrees. However, the cost/benefit equation to higher education is changing every day. The education system needs to recognize this and that vocational schools can offer students with valuable skills, resulting in competitive paying jobs and a secure financial future. Students need to be exposed to the possibility of vocational training as an alternative to the college degree, helping both them and their parents see a variety of paths to a successful future.

Nurturing the Entrepreneurial Spirit in the Workplace

Many employees have fantasized about being their own boss.
But, they typically don’t act on it because of the responsibility and/or risk associated
with owning and running a company. This doesn’t mean, however, these employees
don’t harbor the entrepreneurial traits, which if nurtured, could take the
organization to a whole new level of success.

As businesses strive for increased competitiveness, creating
an entrepreneurial culture has become an important advantage.  In today’s business environment, the term
entrepreneurial means more than just the business intelligence required to turn
an idea into an enterprise. It’s a skill or mindset embodying innovation,
creativity, calculated risk-taking and empowerment. It’s the responsibility of leaders
to identify, tap into and cultivate these traits within their organization.

Sometimes referred to as an “intrapreneur” (entrepreneurs
working within a company), these employees can be identified by the following
traits:

  1. Creativity
    – Innovation stems from creativity. This drives the company forward.
    Intrapreneurs change the status quo and notice opportunities.

  • Long-term
    focus
    – A person who is creative and innovative must also be focused,
    otherwise they will fleet from one shiny object…new idea to another. The
    intrapreneur can identify what adds value to the company and what doesn’t.

  • Team
    player
    – Naturally, teamwork is essential in a business. Yet, it’s the
    ability to realize that sometimes others have to take control that makes the
    intrapreneur standout in the company.

  • Risk-taker
    – Playing it safe in today’s world will get you nowhere. Intrapreneurs aren’t risk
    adverse.

  • Results
    oriented
    – The intrapreneur is more concerned about the results than the process.

  • Take
    responsibility
    – The intrapreneur takes ownership of his or her successes
    as well as his or her failures.

  • Adaptable
    – The business landscape is continually changing. The intrapreneur is very
    flexible to change and can quickly adapt, especially in high-pressure
    situations.

  • Planners
    – Intrapreneurs develop a plan and then work the plan.

  • Effective
    – Intrapreneurs are more interested in how effective each task or activity
    is as opposed to concentrating solely on efficiency.

Once a company leader recognizes the intrapreneurs in
his/her organization, he or she must take the next steps to cultivate these
traits.

Create an environment
of empowerment

It’s a business leader’s actions that create an environment
of empowerment. It’s his or her leadership style. Research shows that
leadership based on relationships increases the entrepreneurial spirit of the
company as opposed to task oriented leadership style. An effective leader leads
by example.

Encourage innovation

Innovation keeps a company competitive and growing. In large
companies with layers of management, the innovative spirit can often get lost.
Leaders must welcome, encourage and reward innovative thinking in the
workplace.

Welcome internal
competition

Competition amongst co-workers, if handled correctly, can
spur incentive and innovation. Healthy competition can drive co-workers to push
one another to be more productive and produce better work.

Communicate

Communication is a fundamental function of good leadership.
Leaders often get so caught up in the day-to-day operations of the business
that they forget to tell their staff where they are going – the company’s
vision and direction. Employees want to get the important information. They
also want to know that their concerns and ideas are being heard. Leaders must
continually communicate to their staff that the entrepreneurial approach is
valued, encouraged and rewarded.

The ATM Celebrates Golden Anniversary

On June 27, the world’s first ATM, automated teller machine, was turned into gold to commemorate its 50th anniversary.

The ATM was jointly developed by inventor John Shepherd-Barron and De La Rue Instruments, a company specializing in printing newspapers, just over five decades ago.

So the story goes, the ATM was conceptualized after Barron arrived at his bank a minute too late one Saturday in 1965, leaving him without cash until the bank reopened on Monday morning. Extremely frustrated by this experience, Barron began thinking that getting cash should be as easy as getting a chocolate bar from a dispensing machine.  Consequently, two years later, the first ATM was opened at the branch of Barclays bank in Enfield, north London. This was the first of six cash dispensers commissioned by Barclays.

When the ATM first debuted in Enfield it made a huge splash in the media, sending many other European banks racing to debut their own. However, most consumers viewed these “cash machines,” eventually known as ATMs, as a cumbersome novelty. Predating the debit card, the original ATM required customers to insert a single-use paper voucher, which was mailed back to the customer to prevent fraud, and key in a four-digit code, we now call a PIN, to access their money.

America’s first ATM debuted at Chemical Bank in Rockville Center, New York on September 2, 1969. Although several inventors worked on the early versions of the cash dispensing machine in the U.S., Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited with the development of America’s modern ATM.

By the 1970s, with the introduction of the debit card, the ATM became more consumer-friendly, and began handling multiple functions, including providing customers with their account balances. By the mid-2000s, as ATMs began supporting check deposits, consumers began seeing what was once thought of as only a cash dispenser in a whole new light.

Today, ATMs have spread across the world, and people think nothing of walking out of their houses without a penny in their pocket. There are approximately 70,000 cash machines in the UK, 425,000 in the U.S., and an estimated three million across the globe. The world’s most northerly ATM is located in Longyearbyen, Svalbard, Norway and the most southerly is located at the McMurdo station at the South Pole.

However, with all the plastic in our pockets and the continued hype of mobile payments today, does the ATM, which Paul Volcker, chairman of the Federal Reserve under Presidents Carter and Reagan, once touted as “the only thing useful banks invented in 20 years,” have a future?

According to Raheel Ahmen, head of customer experience and channels at Barclays, the birthplace of the ATM, even though there’s been a huge uptake in digital banking and card payments, cash remains a crucial part of people’s day-to-day lives.

“Today, what consumers are asking for is to be able to bank wherever and whenever, and through different channels,” says Bernardo Batiz-Lazo, a professor of business history and bank management at Bangor University in Wales. “People are changing the way they consume in the same way that banks are trying to change the way they operate.”

What does this mean for the future of the ATM…and ultimately the consumer? According to the banking industry, it means ATMs will hurtle right along with us into the future, bringing a whole lot of new and exciting technology our way.

So, happy golden anniversary ATM, and here’s to another 50 years!

Recent Comments