NATURE CONNECTION

The Humble Wax Myrtle

WORDS BY LYDIA THOMPSON

W

When it comes to native plants or anything about gardens, I am still learning. Eamonn Leonard is my source for growing things. Coming to the coast as a wildlife biologist with the Georgia Department of Natural Resources, he became a founding member of Coastal Wildscapes, a group dedicated to growing native gardens. He knows plants like I know birds. So, when it came time to write about wax myrtles, I asked him. He came through with all kinds of facts about the bush. It is incredible what this humble plant can do.

I like wax myrtles because painted buntings like them. Heck, all birds love this native bush. It is a dense shrub that protects birds from hawks. Buntings can fly out to feed on grass seeds and dash for cover when threatened. Here is what Mr. Leonard says about the bush: “I think it is a great plant that should be used in landscapes. It is especially a good alternative to the exotic privets, or Ligustrum folks use for hedging or screening out a view. There are dwarf varieties if the standard form is too large for the home landscape. It does take to hedging well. It’s great for providing cover for birds, as well as nesting locations and food.”

But there is so much more to this bush than just being a bird-friendly hedge. It’s a hearty plant. Wax myrtles can withstand high winds, heavy rains, and prolonged dry spells. They are also salt-tolerant.

Then, there are the leaves. Eamonn says these can also be used as an insect repellent. You can crush them in your hand and rub the oil on your skin. I tried it. It sort of worked, but it does have a pleasant clean scent.

The leaves can also be dried and used as a flavoring for soups and stews. They’ve been used as a medicine, too. The Choctaw boiled the leaves to treat fevers and severe dysentery.

Beyond the beneficial leaves, there’s the blue-grey berries. In the fall, the tree swallows swarm these myrtles. It is quite a sight to watch thousands of swallows swoosh in and out of the bushes along the causeway. It is not only the swallows that like the berries but people do too. They can be added to the brewing process to bring a unique flavor to craft beers.

What most people know about the wax myrtle is the berries produce wax for making bayberry candles. Our Southern wax myrtle does not have a lot of wax, but here is another tip from Mr. Leonard: “You gather the berries when fully ripe in the fall. You simmer the berries in water (not boiling them because that would release essential oils), then capture and clean the wax collected. I have learned that to make them less brittle you should use a 1:2 ratio of beeswax to myrtle wax.”

I had no idea the wax myrtle was so versatile. Nature knows what is best for us and provides the right connections for us — and the birds.

Using your Mortgage Structure to Create Wealth

WORDS BY PATTI HALE

W

With the soaring stock prices and conflicting financial reports in the news these days, how does one navigate all of the information at one’s fingertips? While many people consider a mortgage only in terms of rate and monthly payment, did you know you can structure your mortgage to help create wealth for investment or savings purposes? If you’re considering refinancing or purchasing a new home, now is the time to think about how you can use it as a tool to prepare for the future.

There are many types of mortgages available. Start with a reputable lender, well versed in the options that you qualify for. Many financial planners partner with lenders who can help them tailor the mortgage to accomplish a specific financial goal for their clients. Choose a lender who is experienced in that type of analysis.

Consider the equity or down payment funds you have available. Does it make sense to put more money down and have a lower mortgage loan amount? Or would you be better off with a larger mortgage, and use those funds to invest, thereby creating more wealth for your retirement? In answering that question, consider the rate of the mortgage and current market rate of return on investment. Have your lender calculate the amount of interest you will pay on that particular term and loan amount. Ask your financial planner to provide information on what you could expect to earn if funds are invested.

An experienced lender can show you the different options for available terms and calculate the total interest costs for various down payments. Does your income bracket allow private mortgage insurance (PMI) to be tax deducted? While most people try to avoid PMI, using that as a tool to help you free up funds for savings, may be a good possibility to consider. That information will help you determine which down payment gives you the lowest overall interest costs over time, and by working with your lender and financial planner, they can work together to calculate rate of return on dollars invested, to help you determine the best plan for your goals.

A 15-year term will cost much less in overall interest, but some may not qualify for, or feel comfortable with a higher monthly payment. Choosing a 30 year term and paying extra each month will reduce the overall interest costs that you will pay. That gives you the comfort of the lower monthly payment, while allowing you to lower the interest costs overall. You would be surprised at what an extra $200 a month can save you in interest over time.

When thinking of refinancing, does it make sense to pull out equity by refinancing your mortgage and investing those dollars into a different investment vehicle to grow wealth or retirement savings? You could use a lump sum to invest with your financial planner, or purchase rental real estate that can generate income for the future. This may also help you lower your taxable income in some instances.

By lowering your monthly payment, you could add additional money saved to your 401K savings or other liquid savings for an emergency fund. You can also use those funds to pay off higher interest debt, such as credit cards, or installment debt, that has a higher rate than your mortgage. If you have children and need to save for college, that is a great way to free up monthly dollars to save for college expenses.

There are many things to consider and consulting with a team of experts is the best way to plan for your future. A mortgage is not a “one size fits all” type of instrument. What works for your neighbor, may not work for you. Take the time to consider your options, think about your goals, and get some help to determine the best way to move forward and accomplish those goals. Your future self will thank you!

— Patti Hale is the branch manager of Homestar Mortgage, 760 Scranton Road., Ste. 103, Brunswick. For more information or to arrange an appointment, call 912-264-2922 ext.1 or email patti.hale@homestar.com