How To Wisely Handle An Inheritance

STATEN ISLAND, N.Y. -- For anyone receiving an inheritance, Victory State Bank suggests a solid financial overview, which can begin with an online visit to the U.S. Securities and Exchange Commission (http://investor.gov/life-events/inheritance).

The federal agency suggests recipients of windfalls consider the following issues:

Am I doing what I can to avoid fraud?

Your inheritance may make you a target for scams, particularly if the payment has been in the news.

Be particularly wary if someone approaches you to discuss what to do with the money, instead of the other way around; and walk away from promises of quick profits, guaranteed returns, or pressure to invest immediately.

Often, you can avoid fraud by asking questions and doing research on any brokers, advisers or investment opportunities you are considering.

Do I understand my current financial situation?

Maybe you’ve never had a financial plan or lived on a budget. Now is the time to develop both.

If you sit down and take an honest look at your entire financial situation, you will be in a better position to use your inheritance wisely.

There are tools available to help you put a financial plan together:

· The Ballpark Estimate (http://www.choosetosave.org/ballpark), created by the American Savings Education Council, can help you calculate what you’ll need to save each year for retirement.

· The Financial Industry Regulatory Authority (http://www.finra.org/) has a college savings calculator.

· The Social Security Administration (http://www.ssa.gov/planners/calculators.htm) has a benefits calculator to estimate your potential benefit amounts.

Do I need the help of a financial professional?

If you’re the type of person who reads as much as possible about investment choices and asks the right questions about them, you may not need expert advice.

But if you’re busy with other responsibilities, or don’t feel comfortable making important financial decisions on your own, you may benefit from professional advice.

While most financial professionals are honest and hardworking, watch out for unscrupulous individuals.

Even if a financial professional is recommended by someone you trust, we encourage you to thoroughly evaluate their background before doing business with that professional.

Make sure the financial professional is licensed, and check and to see if the individual, or his or her firm, has had run-ins with regulators or other investors.

Have I paid off my high interest credit card debt?

No investment strategy pays as well as eliminating any high-interest debt you may have. Most credit cards charge high interest rates—as much as 18 percent or more — if you don’t pay your balance in full each month.

If you owe money on high-interest credit cards, the wisest thing you can do is to pay them off as quickly as possible.

Have I asked enough questions?

Ask questions. It’s the best advice we can give you about how to invest wisely. It doesn’t matter if you are a beginner or have been investing for many years; it’s never a bad idea to ask questions.

Don’t feel intimidated. Remember, it’s your money at stake.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .

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