I read this article in Kiplinger’s featuring 21 web sites with deals that I thought you might want to check out. Here are some highlights from The article entitled, “21 Web Sites for Finding Deals Online.”Websites:Dealio.comRetailMeNotDealnewsGiftCardGrannyDealio.com- This site is one of several mentioned in the article that compares prices on MILLIONS of products offered through tens of thousands of merchants. In large urban areas where driving from store to store can take many hours knowing the best prioce on your favorite products is a real time saver. Always keep in mind that you aren’t really saving money if you drive 15 miles one-way to save $1. RetailMeNot – This is a coupon site and several other sites are also mentioned in the article such as CouponWinner.com and Coupon Sherpa. A site that specializes in coupons for kids’ things is also featured: CleverBabies.comDealnews- This site and the others mentioned here feature breaking deals happening right now and offer RSS feeds or email notifications to keep you in the loop. Six different deal sites are listed here with descriptions on what they offer to simplify your hunt.GiftCardGranny- Interested in discounted gift cards? Then the site listed in this portion of the article are for you. The site offers this example of possible savings: If you purchase a $100 Gap gift card for $90 you have already saved 10%. You can take advantage of these sites all year but for those of us who have gifts left to buy this article and the many other web sites featured in it could save you money this holiday.Link:http://www.kiplinger.com/features/archives/21-web-sites-for-finding-deals-online.htmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Here are the areas to examine.Investments- Where are your investments? Are they scattered all over the place? Do you have SEP IRAs or 403bâ€™s from several former employers at the old work place? Time management alone has caused many folks to come to me and have someone else spend the time required instead of doing this themselves. Whatever role works best for you, how is your rate of savings going? What about the rate of return? Is it time to rethink your allocation? These are some of the considerations you need to be aware of.Taxes- Itâ€™s a great time to plan for next yearâ€™s taxes and take some end-of-the-yearÂ preparations for this yearâ€™s taxes. Can you increase your pre-tax retirement savings? Can you increase your charitable giving? Are there any bills due in 2011 that you can pre-pay this year to increase your deductions or expenses? Check with your tax preparer for more ideas.Insurance- is your property insured for the appropriate amount? What about your life insurance? Do you have an amount that would defray taxes, that might help with child care or other needs that your family may have in the event you died prematurely? Pre-planning- Do you have a will, an living will or advanced directive? What about arrangements for funeral or burial. Take control of these details now and save your loved ones much heartache with thoughtful planning.Ratios- How is your debt-to-income ratio Â or your net worth? Do an online search for the formula but this is a handy gauge by which to measure your financial progress. Credit report- Consumers are entitled to one free credit report from the three credit agencies each year. You may get all three credit reports at one time or every four months get the one report from a different agency. They are available at AnnualCreditReport.comHow are you sleeping? Â - Are you worried? Can you address the issues that worry you? Are you happy? What can you do feel better? Â Have your goals or outlook changed? Check in on these things as part of a healthy financial life and youâ€™ll feel like the responsible adult and great citizen that you are!Citations:Help.com[http://financialplan.about.com/od/personalfinancebasics/a/AnnualCheckup.htm ]http://financialplan.about.com/od/personalfinancebasics/a/AnnualCheckup.htmMid-year check[ http://genxfinance.com/2009/06/09/how-to-do-a-mid-year-financial-checkup-things-to-think-about-this-summer/ ]http://genxfinance.com/2009/06/09/how-to-do-a-mid-year-financial-checkup-things-to-think-about-this-summer/NYT via free moneyhttp://www.freemoneyfinance.com/2010/04/how-to-give-yourself-a-financial-checkup.htmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952[ mailto:Marion@NorumbegaFinancial.com ]Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videos[ http://www.NorumbegaFinancial.com ]WWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial and all other companies listed herein are separate entities, independently owned and operated. Information provided should not be construed as as legal or tax advice: you should speak with an attorney or tax advisor. Health and other non-variable insurance products are not offered through Wall Street Financial Group, Inc.
LTC is at least 12 months of continuous care for people suffering from cognitive or chronic ill health.Terms- There are many terms with which to become familiar, though once you understand them, they make good sense. Terms such as elimination period, benefit period, pre-existing conditions, home-health care and adult day care are some of the terms to learn so that you can really understand long-term care insurance.Basic benefits- A basic benefit means that your covered expenses, up to a certain daily amount and after the elimination period, will be covered for your care. A comparison of insurance companies and their benefits and premium costs are available at the State of Maine’s web site or in their hardcopy Consumer’s Guide to Long-term care Insurance. Resources:State of Maine Bureau of Insurance 10 Things You Should Know about Buying Long-term care Insurance
Managing Kids and Their Financial ExpectationBy- Marion SyversenItâ€™s can be hard to say no to people you love. Especially when the things people want is affordable and you can easily buy it. So when youâ€™re in the store and your baby asks for something and they are so cute and so sweet, it is easy to say, sure. But buying things all the time when kids ask will create serious problems for your kids. In real life they canâ€™t have everything they see and want. You donâ€™t want them to become so accustomed to wanting or needing things to the extent that they would forgo real relationships for one in which someone who will buy them stuff. And you want fulfillment in their lives to be more than things.Check yourself- Can you say no? If not, why not? Are you fulfilling needs from your emptiness or pain? This is a common reason why parents canâ€™t or wonâ€™t say no. They donâ€™t really need the item for which they may presently be begging. It may very well be in your heart. Â Life has rules- Are you being mean when you tell your child that not to stand on a chair because they may fall? Is God being mean because there is gravity? Helping your child be a responsible, charitable adult who works hard and is kind to others thatâ€™s your job as a parent. Here are some rules: You canâ€™t have everything you want. Work bring satisfaction and a paycheck. Think of others. Clean up after yourself. Itâ€™s not all about you.Find teaching tools- Itâ€™s hard for kids to hear you say you donâ€™t have the money when you spend $100 on groceries. I know what it means when you say things about your money, but they only see and hear words that say the opposite of what you are doing.Â Teaching budgeting, maybe you need to learn about budgeting, is a way to begin this process. Â According to a Wall Street Journal article 24% of parents made back to school budgets WITH their kids which was many more than had done it a few years ago.Itâ€™s okay to learn these truths together. We are all on a journey in life and not as smart or as wise today as we will be, hopefully, next week or next year. But please recognize what motivates you and take control of yourself so you can be a better parent for your children.Citations:http://online.wsj.com/article/SB10001424052748704285104575491761014550690.html Â Â
By- Marion SyversonThis week I and Norumbega Financial celebrate our ninth anniversary. The SBA’s general rule of thumb is that 50% of businesses make it, or succeed. Do you have a plan- or do you just dream of working for yourself? Dreaming isn’t enough. The more detailed your plan, the more likely the chance that you have figured out contingencies for the ups and downs of economic cycles. Persuasive and persistent- Being strongly determined, really wanting to be your own boss as well as the drive to do what it takes are critical traits to longevity. Passion goes a long way in persuading people to work with you. It makes you and your service or product at least initially compelling.Ready to tackle an ‘ongoing puzzle’- actually the business is a series of puzzles. How much has technology changed in the ten years Norumbega Financial has been an entity? A lot! Rules for my industries have changed, employees have changed. Manufacturing methods have evolved. Tweaking delivery or packaging methods, cutting edge communication, staying faithful to great service while developing new business, keeping current with trends in the skill in which you specialize, so many directions you – and your team- need to keep advancing: do you have what it takes?Motivated- Do you have the drive and the desire to push every day- or to push forward most days? No one can be 100% every day but I’m a very high energy person and I wish I were doing more.Capable- If you stink at what you do, having all these other skills or traits will not be enough to sustain any business for the long-term. You have got to be capable, even really good or great, at what you do to have long-term success.Don’t give up the dream of business ownership, but you have the best chance of success if you have more than just a dream.Citations:Business owners Toolkithttp://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_00017 reasons businesses failhttp://www.businessknowhow.com/startup/business-failure.htmAbout. Comhttp://entrepreneurs.about.com/od/becominganentrepreneur/a/doyouhavewhatittakes.htm Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.
Website:www.usa.gov/Citizen/Topics/Money_Taxes.shtmlI’m always looking for material on various money topics, especially free material. In the hunt I found this web site www.usa.gov/Citizen/Topics/Money_Taxes.shtml with all kinds of cool info. Whether you are a curious person, parent or teacher, or a really smart kid there is something for all kinds of financial questions or interests on this single site.CREDIT – You can find out the rules and where to get free credit reports from the three reporting agencies: Experian, Equifax and Transunion and how to spot sites that charge you unnecessarily. There is list of known scams and financial fraud, including the pesky emails from your supposed dear friends in Nigeria. There are links with information on what to do to protect your credit and ways to repair that credit if it’s too late.AUCTIONS & TICKETS- There are links to the sales and auctions of property seized by state, local and federal governments, such as surplus and seized houses, stamps, land, cars and trucks and all kinds of stuff. There is even a video explaining more. Another section offers for sale Amtrak train tickets and has a link to things as varied as the Bureau of Engraving and Printing’s store. You can get climate data or astronomy information, too.FRIEND & FEEDS – There are sharing links that help you ‘friend’ the government on Facebook, or you can sign up for RSS feeds with updates and info sent to your email. Several feeds caught my eye but one in particular called ‘Popular Government Questions.” Um.CALCULATORS & SAVINGS TIPS- The single web site listed above takes the searcher to all kinds of other sites. One of the many links from the site above is MyMoney.gov there are calculators for budgeting and budget checklists and information about saving and retirement. Many more and varied topics at other sites even include tips on saving on funeral arrangements. FOR KIDS – For kids and teens there is information on being a smart consumer, the ins and outs of student loans, sites for teaching money basics and a cool section on detecting counterfeit money. Consolidating student loans, managing your credit and things to know when you need a home mortgage are all listed on the site.The internet is awesome but because there is so much available that it can sometimes be overwhelming. This single site, with varied links, addresses many financial avenues. It doesn’t matter if the audience is young or old, whoever you are in whatever stage of life can find helpful information gathered in one place. It’s paid for with your tax money and it’s pretty easy to access. Peruse at your leisure.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
When my husband and I tiled a large floor in our house we wore cushioned knee pads. Not only did these pads allow us to be more comfortable during the long job, wearing the pads protected us from lasting damage to our knees. A rainy-day fund is a cushion of cash that may protect you from long-term financial damage and make life a bit more comfortable. Typically, this cash is used when life goes awry, such as the sudden breakdown of furnace or refrigerator, or a job loss. The longer you live, the more you know, there’s always something. 3-6 Months- There is no magic number, or particular amount, recommended for this emergency account but generally saving 3-6 months of your income is suggested. Some financial experts even suggest 12- 18 months of savings. So, you say, a rainy-day fund sounds great, but how do you actually get this baby started? There are several strategies and this is where you need to decide which method works best for you.Save automatically- One idea is to have regular contributions made automatically from your paycheck into an account dedicated to emergencies. What I mean by ‘dedicate,’ is that you don’t use this fund as a play account and once it reaches an amount that is more than you typically save, your eyes light up and out you run to buy an item you’ve envisioned in your home. Not with this cash, buckaroo.Build $1000 fast- Another strategy for building your rainy day fund is to sacrifice other spending and stash money with determination, more quickly building to a $1000 reserve. For goal-oriented folks, this method may help you feel like you’ve achieved a certain safety level. Adding subsequent money to this fund then seems easier. Use unexpected cash- With either of these savings styles you may use ‘unexpected’ cash, from a tax refund or overtime, to add to the reserve account. Depending on how much you can set aside each period, saving this money could take years. So be patient and keep your eye on the long-term goal. Of course, there are a few financial people who suggest that you do nothing until you have an emergency account fully funded. When I have dieted with that kind of all-or-nothing philosophy it has frequently resulted in later food kookiness such as binging. That’s not good. So, I think balance is better. But once again, you do what you think is best.Where to stash the cash- As your reserve grows where should you put the money? Well, since the purpose is accessibility and certainty, you might have money in one or several accounts. An account at a bank or credit union, and you might also have CD’s, mutual funds or brokerage accounts. It really depends on how much you eventually save and how much certainty versus interest earning you’d like. You certainly don’t need a year’s worth of income tucked under the mattress.Doing something, anything really, towards the goal of creating an emergency savings account, would be better than just thinking about it. Enough said. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Money, whether shiny or crisp, this tool created to simplify trade has become so much more. I’ve seen firsthand in more than ten years of advising every kind of client, the range of emotions and attitudes wrapped up in money. Some people hate to talk about it, hide from it. Others, like the fictional character Silas Marner, love to hoard it, hold it and stare at the shininess of it all. What I’ve learned is that money is personal.One reason money is personal is that it’s private. Though we spend it in front of friends and family, your complete financial situation is known to only a few. In fact, you may be so overwhelmed by your finances that you hide details from your dearest love. Like the bag of newly purchased stuff in the trunk of your car that you plan to wear without explanation, maybe even hiding the receipt. Money is personal because its management varies. Even financial advisors disagree about management styles. I studied finance because I wanted to know ‘the rules’ about money. Turns out there are many philosophies about financial management and no one ‘right’ way to handle money. Like parenting and relationships, there are few absolutes. There are general themes and methods, but the real decisions people make about their money are individual ones.Money is personal because you need to be in charge of this area of life. It is your money. Though you may work as a team with an advisor or partner, no one fills your shoes but you, chummy. Big kid panties and all that. Excuses like, ‘It’s too hard,’ won’t do. It’s fine if presently you are a little baffled or maybe have mastered certain aspects of finance. We’re all on a journey. Each day we will, hopefully, be smarter and wiser about life, including money management.How we spend our money is personal and is snapshot of what matters to us. What important to you? Giving away as much as you can? Spending a lot on baubles instead of paying bills? Sometimes in control, other times, not so much? Let’s start fresh now. Ultimately, you need do what you think works best for you, working within your quirks striving for balance. Be the best little snowflake God made you to be. That’s all your loved ones ever wanted for you, chickadee, and that’s what I want for all of us, too.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
This is a money segment, but our money frequently comes to us from a job, our work. Do you LOVE what you do?Love? Really? – If you spend forty hours a week doing a job, why not find meaning and purpose and not just bring home a paycheck? Isn’t life more than money?But I am only aâ€¦ — Most people want to do something meaningful. You ARE doing meaningful work whether you are fixing computers, unclogging drains, helping women with their apparel or hair. We need you and your expertise! You fill a place in this world of significance. Be the snowflake God made you to be!Do the job well- Be the best inspector, produce manager, caregiver, attorney, writer or assistant. What you’re doing has value to others and you perform the task differently than anyone else can do it. Keep your eye on you and improve your performance.Find another- If this job , or the specific place where you work, isn’t a great long-term home for you, make a strategy for your future. What positions might be better? Consider the work hours, flexibility and travel requirements. Talk to experts or trusted confidants. Get the skills, education or licensing required to make the change.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Since the first rule of finance is spend less than you make- or earn more than you spend- what are some practical ways for spending less?Shopping is NOT your hobby- Stop hanging around folks for whom shopping IS their hobby, and find something else to do with your free time. Shop less frequently saves a ton of greenbacks! The science of item placement and ways to entice you are important to retailers. If staying out of the store is the only way you can resist spending money, then stay away. So don’t shop because you are bored.Emotions that trigger spending- Besides boredom and peer pressure, which I have spoken about before, we shop when we are angry or feel entitled. ‘I deserve this. After all, I put up with those annoying people at work and give more than I’m paid.’ WOW! That’s an attitude that will get you nowhere fast.What CAN you do?- So, if you can’t shop when you’re bored – well, you can shop, you just can’t SPEND- how could you spend your time? You can shop at cheaper stores, you can walk and talk with friends, you can help others an afternoon a week. You can invite folks over every week for potluck parties at which you provide modest amounts of food or drink and others pitch in.Citations:Product placementhttp://www.savingsguide.com.au/10-shopping-tactics-that-make-you-buy-more/Feeling bored as reason to shophttp://www.divinewriters.com/2010/08/the-frequent-reasons-for-excessive-shopping/Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
School shopping: oh, Joy! You can make a game of this adventure by doing this task on the cheap, cheap, cheap. Here’s six tips to help you shop smart.1.) Make a list – This should be a detailed shopping list of specific items. Having a list is the best way to save money. If you are given a list by the school or Honey’s teacher for suggested shopping supplies, see if it can be modified for cost savings and be sure that everything suggested is really needed.2.) Shop around – Open your mind, grasshopper, to all the possibilities. Include the Dollar Store, and other discount and warehouse stores in your excursions. Keep your detailed list in your wallet, or at the ready in a handy location, so you can have a clear understanding of your exact needs whenever possibilities present themselves. You may even be able to jot down prices, but that should be done discretely.3.) Shop early- According to some recent business reports, stores are anxious to have shoppers shop and are offering unexpected discounts earlier than usual, so take advantage of opportunities.4.) Keep it simple- Buying basic supplies versus fancy supplies will save a lot of money. Buy only the occasional pretty or shiny thing- and I feel your pain as shiny and I are very close friends- because basic supplies are money savers and fancy supplies, such as pencil sharpeners that light up, are serious classroom distractions.5.) Buy in bulk- If you have several children, or if you can split great deals with another family and their children, buying in bulk could save you money.6.) Bring kids, or not, that is the question- You need to decide if having the kidlets along for school shopping will be a hindrance or a help. If saving money is the key, leaving the honeys at home may provide you an opportunity to buy the least expensive notebooks, pens and paper that address the need. Saving money is a combination of preparedness and vigilance. So keep your list handy and your eyes opened for great deals.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Banking can be an expensive undertaking. Fees for many services, such as deposits, ATM, check writing, etc. Some banks try to entice depositors with ‘free checking’ if high amounts of your money is held in savings accounts that pay a pittance in return, that may stink for you. So, here the things you need to research if you want to find the best banking for you. Fees- These can be as broad as ATM charges- at YOUR bank and when you use banks outside the system, monthly costs for accounts and for additional bank services that might be of interest to you such as traveler’s checks or overdraft fees. Additional charges for paper statements or other services?Foreclosures- Ask how many foreclosures have occurred from loans at this bank and as well as credit card defaults. The answer to that question will let you know several things: the scrutiny of the banks’ lending process, fees that will be required of you to cover the bank’s losses. Stuff happens. People lose jobs and businesses fail. But if this is really high this bank may be too reckless for your money.Benefits- Is this bank conveniently located? Are the hours good for your schedule? Are you willing to suffer some inconvenience for other perks? How is their bill-pay online? Can you move money from business accounts and personal accounts? Does the bank provide free notary service for customers?Following these tips you may save money this year!Citations:http://www.ehow.com/how_5168878_save-bank-saving-money-bank.htmlhttp://www.ehow.com/how_5175130_banks-inexpensive-comes-fees.htmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Every day I am approached by people who ‘wished they understood’ all kinds of money subjects. These folks feel lost, ignorant, angry at themselves, and foolish all because of their own perceived lack of knowledge about money. Negative slef-talk just leaves you stuck and does not advance your knowledge. So, take a pledge with me! I promise to learn more about money this summer!Here are some resources to help you honor your promise: (for the screen)Kids resources- The Brewer Marden’s has a large supply of oversized coloring books entitled, “Children’s Economics.’ When I saw them the week of June 21st, they were $1.99 and they cover jobs, interest, borrowing, budgets, not in any detail. But it’s a great start, and very accessible. I bought these coloring books for way more money and had them in my office for various things and I love them. Internet resources- FDIC, Federal reserve and regional banks – like the Federal reserve bank of Philadelphia, these sites and others have history of coins and lessons about trade and consumer info about money so that you can follow your interests. It’s fun and free.Library- Besides my clever book, Real Deal: making Big Changes with Small Change, ask your librarian for magazines and about finance and money and have them help you with an interlibrary search for subjects that interest you. Don’t read the tomes that are not of interest or give you a headache, but take small steps towards a better understanding of all things money.Remember, you took a pledge! FDIChttp://www.fdic.gov/consumers/consumer/moneysmart/young.htmlPhiledelphia Fedhttp://www.philadelphiafed.org/education/money-in-motion/treasure-trove/ Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Ever notice how tight your child can be with their own money and how quickly they spend yours? When you haven’t worked hard for the money you are given even grown-ups can behave this way.It’s not just lemonade stands and yard sale toys! Here are some ideas from Education.com on how your child can earn money. Movie night- Host a Summer Movie Festival for families. Set up video viewing outdoors on a sheet or inside in the largest space you have. Charge a fee for snacks and drinks and let your children ‘clean up.’Vacation helper- Plenty of folks will be away for a week or two this summer. Maybe your industrious youngster could water their potted plants, mow the lawn or pick up mail.Computer whiz- Most kids know a lot more about all things tech than their parents. Develop a fee schedule for by-the-hour work or per particular job. This will definitely be win-win!At-home help- When the kids are home having a few extra hands can be a real blessing to parents. Hire your kids for around the house help for you, or rent those adorable kids out for help with friends whose children are younger and could use a playmate.Citation:Education.comhttp://www.education.com/magazine/article/Summer_Entrepreneurs_Money/Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
The movement of the stock market is affected by large and small events Recently the stockmarket has had some considerable drops and volatility. What causes these changes?1.) International events: debt, political – The first concerns are always the larger issues of international events. Recently the debt of Greece and other nations has caused serious worries about how nations will repay. National debt concerns exist in Spain, England and worries may also spread to encompass the U.S.’s growing debt load. Political risk isalso an investment concern and the recent actions of countries such as Iran, North Korea and the Mideast may have repercussions for our investments.2.) Domestic events: jobs, elections – The second group of factors are the domestic ones. Presently the unemployment numbers, which on June 4th stated much lower than expected private sector hires, have traders trading on that day’s news. What’s your best move? What’s your time horizon? These same general issues are what makes markets move If they only went up there would be no risk You have to determine what’s best for you and your situation. Speak to an advisor. Remain true to your plan.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
By- Marion SyversonYou need credit to buy a house, car or boat. You even need good credit to get many jobs and for life insurance. What should you do if your credit score is low? Here are some tips.Repair incorrect statements- Â The FTC web site includes a sample letter that can be used to correct mistakes on you credit report and the site explains the law about inaccurate statements and your rights under the law.Accurate negative statements- The FTC explains what you can do about ACCURATE negative info in this way: â€œWhen negative information in your report is accurate, only the passage of time can assure its removal.â€ They go on to explain how long it will take for certain types of information to be removed. DIY check-ups- Checking your credit reports regularly is one part of keeping you in charge of your finances. Since this number impacts so many aspects of your life, itâ€™s important to Â check all three agencies. You are entitled to one free report per year and you could alternate them so that you get one agencyâ€™s report in January, anotherâ€™s in May and another in October. That way you may more readily spot any changes. The FTC has links to helpful pages such as one called, â€œKnee Deep in Debtâ€ and â€œBuilding a Better Credit Report.â€ They also have the phone and link for receiving copies of your free credit report from all three reporting agencies at their site. Citations:The Federal Trade Commissionwww.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtmDisclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., and all other companies listed herein are separate entities, independently owned and operated.
A survey was released recently by the insurance and financial company now called The Hartford. The survey measured those who planned for retirement – call PLANNERS in the survey- and non-planners. As you might expect non- planners aren’t very close in saving for retirement, only 10% of non-planners are confident that they will have enough income. I don’t play sports because I’m not very coordinated, but I have heard that the best way to hit a target Is to look where you intend for the ball – or arrow or whatever- to go. You have to aim for something, you need to PLAN. Many Americans have experienced changes in their retirement savings after the recent recession. Here are some survey results:Are you on track in your savings? Planners 60% Non- planners 39%Do you save more now? Planners 33% Non-planners 22% If we could ‘turn back time’ 26% of all would have saved MORE and 43% of all respondents would have started saving SOONER.65% of all respondents said that their biggest concern in retirement is paying for basic expenses such as food shelter and clothing. Do better today than yesterday, but get a move on!Citation:http://www.hartfordinvestor.com/general_pdf/crossroads_advertorial.pdfMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Identity theft can involve financial, medical or personal information where another person identifies themselves as you without your permission. Prevention is doing one thing, but it a series of things, or as one expert said it is a strategy.Shredding- Most people know that shredding documents with account or personal information on it is a major component of prevention. Shred all paperwork, checks, statements, old credit cards and medical information before throwing it away.Trash- In many cities, digging though trash has become, according to my research, big business in finding information to steal identities. Credit crad statements, medical information, bank and loan statements, any personal information may be used to steal your identity. Be really careful with trash collection.Be suspicious- I trust folks and am not suspicious by nature. I need you to be vigilant when asked by phone or in an email about personal information. Many banks do a great job teaching customers to be careful when giving out credit card, bank account or any personal information. Be alert for surveys, telephone calls or any person who asks for any of your account information. Do not lend your credit card to anyone. Watch when clerks take your card.One article suggested that a bit of paranoia when dealing with your credit and other personal information would be a great trait to acquire! Citations:http://moneycentral.msn.com/content/banking/financialprivacy/p33715.asphttp://ezinearticles.com/?The-Search-For-the-Best-Way-to-Prevent-Identity-Theft&id=1953594Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Do you keep track of how and why your money is spent? Many people who have money troubles do not really have a clear picture of how money is spent. Here are some questions to ask yourself: 1.) What interest rate are you paying on debt? What interest rate are you paying on school loans, credit cards, car loans or the mortgage? You need to know these numbers to be connected to your money.2.) How much do you spend on snacks, etc.? I met with a man this week who said ‘it’s amazing how much money get spent on things like coffee and your morning bagel at Starbucks.’ Exactly! How much are you spending per week for snacks, lunch and coffee per week?3.) What’s the first thing you do w/ paycheck? Do you spend as the first action or is money automatically coming out for retirement, emergency savings accounts and maybe a another account for bills? It’s those automatic actions that make savings grow.4.) How do you make purchases?- Do you save for vacations, household appliances and other larger purchases? Do you spend more than you have because a local store is going out of business or having a great sale?5.) How do you feel when you think about $ ? How do you feel when you think about YOUR finances? Do you feel in control? Do you feel hopeless or desperate?Be strong, be a grow-up, understand your money!Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com
Portfolio theory, which I studied, claims that a very good approach to investments is regular rebalancing of your investment portfolio. Why rebalance – To rebalance is to make the mix of investments back to the 60/ 40% of stocks and bonds, or whatever mix of investments, you and your advisor thought was a good choice for you. Over time different assets ‘classes’ like stocks in large firms or small companies, municipal bonds or government bonds, perform differently. If bonds perform less well than stocks in a given period of time the mix may bein at 60 stocks and 40$ bonds but may become off kilter for you and may be 70 / 30. This new mix of assets may put your investment at a higher risk.Though there are many proponents of rebalancing not everyone agrees that this theory of a great one. ( I don’t know your goals, objectives or risk tolerance, so please see your advisor for a plan that is best for your needs.) Just say no- But the stock market downturn for the last few years made many doubt the wisdom of the rebalancing theory. Professional publications that I read loudly argued the merits of leaving things alone and the article hyperlink included in this story shows some equations that show that portfolios left alone – that go out of balance- perform better. I want you to know that investment theory is evolving. That professionals disagree. Don’t you feel that you must hold a particular view because things are always changing. Citations:Vanguardhttps://institutional.vanguard.com/iip/pdf/ICRRebalancing.pdfRebalancing can be hazardoushttp://seekingalpha.com/article/63576-rebalancing-can-be-hazardous-to-your-portfolioMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com