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An AARP study found members of the military are twice as likely to be scammed compared with the general public. Financial professional Jim Woods talked with WGCL – CBS 46 about common scams targeting U.S. service members and veterans.

Watch Jim Woods As He Discusses.

A new AARP Fraud Watch Network survey shows that veterans are more frequently targeted by scammers.

Military veterans are more likely than other Americans to be the victims of scams, a new study shows.

The study, conducted by the AARP Fraud Watch Network, found that more than twice as many veterans as nonveterans lost money to scam artists during the past five years. Some of the scams were aimed specifically at programs and charities geared to veterans.

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Clint Powell talks with John Woods, owner of Southport Capital and the Chattanooga Lookouts, as well as a graduate of East Ridge High School. John shares his knowledge about retirement, bitcoin, the new economic bubble, and even college recruitment.

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September is National Self-Improvement Month! It’s the perfect time to make some changes in your life, especially when it comes to your finances. Financial professional John Woods talked with WDEF to share a week-by-week guide to help you reach your financial goals.

DOWNLOAD GUIDE HERE ←

Simple ways to grow your savings account without interrupting your day-to-day

Despite a low unemployment rate and increasing wage growth, Americans still aren’t saving much. That’s according to a new survey from Bankrate.com, which found that 20 percent of Americans don’t save any of their annual income at all and even those who do save aren’t putting away a lot.

Only 16 percent of survey respondents say that they save more than 15 percent of what they make, which is what experts generally recommend. A quarter of respondents report saving between 6 and 10 percent of their income and 21 percent say they sock away 5 percent or less.

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FlipGive.com, a cash-back site for youth sports teams that facilitates fundraising through online shopping, released a recent survey that highlights the price that parents are paying to keep their kids in sports programs.

The survey, which polled parents in the U.S. and Canada of kids in organized sports programs across a broad range of categories including baseball, basketball, football, hockey and soccer, confirms the widely held view that sports programs have become too expensive, putting major stress on families.  Results showed that 87% of parents are stressed by the costs, and 47% allocate between 10% to 25% of annual budgets to kids’ sports.

The benefits of physical activity for mental and physical health cannot be denied, however, with reduced governmental spending on in-school programs, parents are left footing the bill for costly after-school and tournament-driven programs.  Of parents surveyed, 84% of them have resorted to after-school programs to keep their kids active.

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One of the Chattanooga Lookouts’ general partners says he sees this fall as a key time in talks that could lead to a new multi-use stadium and that the team will have “a lot of skin in the game.”

Businessman John Woods also said that while Chattanooga has seen a lot of growth, it needs to “think bigger.”

“We already have a nice city that will be better,” he said, with the stadium project helping spur new development in the South Broad District. “We’ve got to go further.”

In a recent interview, Woods said the team’s preference is for a public-private partnership to finance the stadium project, though he didn’t get specific about funding.

“Later this year, we’ll sit down with the parties,” Woods said.

He said a so-called master developer of the 141-acre foundry tract off South Broad Street, which a recent study identified as the site for a new stadium and other development, should be on board by fall.

“Then, we’ll sit down and put pen to paper to figure out the economics,” Woods said. “Whatever is decided will be a fiscally responsible deal that’s great for the city.”

At the same time, some are urging caution moving forward.

Kim White, who heads the downtown nonprofit redevelopment group River City Co., said her entity is “neutral” in terms of a new ballpark.

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Southport Investing

If you’re not following a tax-efficient investing strategy, you could be seriously shortchanging your portfolio.

According to a report from Research Affiliates, taxes – not market volatility or fees – represent the biggest drain on investment returns. Higher turnover rates increase the tax impact, but taxes can still have significant implications for investors even when turnover is low.

Investing in tax-advantaged accounts is one way to beat the tax bite, but you’re constrained by annual contribution caps. A taxable account, on the other hand, isn’t bound by those same restrictions.

The investor also controls when they tap those assets, says John Woods, CEO of Southport Capital in Atlanta. “Taxable accounts allow easy access to cash if you want to liquidate securities.

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With Father’s Day around the corner, we headed to the NYO Baseball fields and had a chat with two of our friends, the Woods Brothers from Southport Capital Management. Hear from Jim and John Woods and our own Steak Shapiro as they discuss the highs and lows of being a sports dad.

 

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