Business & Finance

Got Debt? Let’s Talk About How to Beat it!

Updated 1 year ago

Get organized- Sit down with your past month’s expenses. Review what the heck you have purchased. You may find that you waste more money than you realize. Many tips to the supermarket, lunch, coffee, snacks out many times a week. For most of us with that kind of careless spending using way more money than we can really afford to spend in that way. So, you need to see what you have done that was out of balance, see what you must pay in mortgage, utilities, etc, and make those payments as automatic as possible.Stop spending- Alter the spending that was out of balance. Cut is back. Don’t put anything else on credit. Take a breather for a year, or two, so you can tackle the debt you have already accumulated. If you pay double what your present credit card payment is you will cut that debt down in short order! Be wise- Don’t buy something simply because it was cheap or on sale. LOVE IT before you buy it. Be the picky princess I know you can be and don’t settle for okay even if the item is on sale. Only buy what is wonderful – and on sale.Save- Even when you are paying down debt, save! Even if it’s $5 a week, or $25 a week, the habit is really a great one and will start making you see the savings as the luscious delight that a savings account can be. Learn to love your savings account.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on Got Debt? Let’s Talk About How to Beat it!…


Finance is Fun May 10, 2011

Updated 1 year ago

Money weaves through all of our lives and is woven in to our relationships, too. So when a couple divorce, there are financial consequences. Here are the things to keep in mind before, or during, a divorce.Your credit- The credit rating for both of you could be badly affected during a divorce. There is confusion, disruption and intense emotions and all the bills may not get paid on time during these months. Do what you can, but don’t be surprised, if this occurs. Make sure you communicate with the lenders during this time. And if you have a god relationship with a particular lender, have a talk about what else you might do to come out with flying colors on the single side of the road.Your income- Depending on what your role has been before the divorce, your income could be a problem. Some women make more than their husbands. But some have made the home and caring for the family a full-time job and in that case, there will be some income concerns. Marital assets divided ‘equitably’- I am not an attorney, but the State of Maine is an ‘equitable asset’ state. Meaning that assets (including stocks, bonds, mutual funds, boats, houses, land, outstanding loans, artwork, collectibles, etc.) accumulated together are divided fairly, according to the law. One of the most important questions is do you know anything about your finances? You need to know all you can about how to manage your finances in your new single life. Take control. Don’t be a victim!Citation:Marital assetshttp://www.divorcesource.com/info/divorcelaws/maine.shtmlhttp://financialplan.about.com/cs/divorceandmoney/a/DealWithDivorce.htmMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on Finance is Fun May 10, 2011…


“I Hate Money”

Updated 1 year ago

New book I Hate Money by doctoral student Sarah Morehead will be available for sale May 27th. It has some terrific insight.Sarah theorizes that if you know the key things that help make up the real you can better appreciate what you can do about your money. Because, she says, you can add and this money math isn’t really that hard. Money messages- Do you think money is bad or good? What messages float in your head about money? Is it a tool to create jobs and develop business? Is it evil? Does it corrupt? Is it to be avoided and abhorred? You might want to examine your money messages.Internal or external control- Do you think your life is controlled by an outside force and you just sit on a treadmill? Do you have any power over your life and your future? Are you energized by power, achievement or relationships? Here’s an example to help you see the three elements at work. You are in a competition and part of a team. Your team wins but you won because the other team was really bad.. If you are driven by power you think, “We won! ‘ If you are driven by achievement you think,’ That doesn’t count. I didn’t really win. The other team stunk.’If you are driven by relationships you think,’ I met the best people during that competition. ‘Maslow’s need- Morehead Developed by Abraham Maslow in 1943, this pyramid theorizes that human needs are met in a certain order and that ‘higher’ needs, such as beauty and one’s spiritual life are not sought before the more primary needs, such as food and shelter, are met. And why she delves into this area is to say that we need to use money where we HAVE to use money, like at the grocery store and with our rent payment, and that we need to use non-monetary solutions to fulfill the other needs that can be addressed more creatively. So that you pay your rent and buy your food and wait for a great sale, use Marden’s or Goodwill, or clothing trades with friends, to solve beauty needs creatively.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on “I Hate Money”…


Life Insurance and Your Family

Updated 1 year ago

This is a thrilling topic except when you need because a tragedy befalls your family. When that occurs, you are forever grateful or saddened by your planning. Dying ‘too soon’ is the concern of planner sna d the purpose of life insurance is to fill the gaps you want to fill.Purpose- The purpose of life insurance is to protect the way of life for the people who depend on you, relatives you support financially or emotionally who lives will be altered when you pass. Life insurance can be used to leave a legacy and to pay expenses left behind.How much for these situations? If you provide care for parents of other relatives, add up approximately how many years you’d want that funding to continue if something happened now. College for the kids if something happened to you? Mortgage and expenses. Your partner will miss a lot of work if something happens to you. The family is not going to all go to school and work on Monday as if everything is fine. It could take a while a year or two for things to get back to normal. Will your partner work less hours to fill in for the parenting no longer shared? Who will go to all the soccer games and school plays? How much full-time work will get done with single parenting and emotional loss in the lives of these wonderful folks? Will you send the kids to the least expensive childcare provider you can find? Types – Permanent insurance , which includes whole life and variable insurance, and term insurance. Term has a steady premium but is usually less than permanent insurance and covers a specific period in your life, such as 20-years or 30 years. It is often used to of kids being smaller and the possible higher expenses of college and child care. It tends to be significantly cheaper than permanent insurance. But permanent insurance is with you – so long as you pay premiums, all of your life. When the term is done when using term insurance, so is your coverage. Nationwide’s 4 reasons:Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated. Non-variable insurance is not offered through Wall Street Financial Group, Inc.

Read more on Life Insurance and Your Family…


Finance is Fun: Saving for College

Updated 1 year ago

Retirement savings-  According to a 2010 poll 24% of parents plan on taking money from their retirement to pay for their children’s college education. Advisor’s were’ troubled’ according to the article with one advisor saying, “You can borrow for college. You can’t borrow for retirement.” 529 plans- these are the Tax deferred plans for college savings. Money in the plans provide assets for ANY post-secondary educational entity be it trades such a welding or cooking school, two-year certificates of a four-year degree. They can aklso be used for graduate programs in any state. Each state offers their own plans and the benefits of using your state’s plan are costs for residents and / or tax benefits for contributions. But money from any 529 can be used at any school.Strategies- Don’t wait if you plan on helping your kids. Start saving right away. If that opportunity has passed look at less expensive options for schools. Does the baby really need an Ivy league school? You may want them to dream big but who’s going to pay? Will you live with them in retirement? Choose less expensive schools for the first 2 years and then go on to another college.The thing with Ivy League schools – and some others- is that they will not accept any transfer credits. They want your money. Have kids work towards their costs at and set aside some money as far ahead as possible to have some nest egg ready.I would urge you to do what you feel you have to do but please limit removing your retirement.  Try to be practical and not too emotionally torn…Braintrack and the Gallop poll:Your text to link…College board:Your text to link…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 are separate entities, independently owned and operated.

Read more on Finance is Fun: Saving for College…


A Look at Retirement Plans

Updated 1 year ago

Tax time often makes one think, how can I save some cottin’ pickin’ taxes? Well, retirement plans may save you some tax while saving and investing for your future. And that’s awesome!Plans for businesses can benefit the business entity and the individuals who contribute. Here’s how the most common plans work Because retirement plans are primarily overseen my the IRS because of the tax benefits it can be a confusing maze of information. So you need to speak with your financial advisor or tax preparer to determine what vehicle is best for you. SEP IRA – if you are self-employed, or a corporation with strong profits this might be a great vehicle for you. The money contributed is from the business and not from the individual, unlike a 401k you may have had at another job. When you work my yourself, that distinction may be complicated and confusing but SEP IRA allows up to potentially $49,000 to be contributed pre-tax. Definitely determine your particular situation, but with low administrative costs this is a viable retirement in the right situation.SIMPLE IRA- this plan is set up with the owners and an advisor usually using a single mutual fund company (or a family of funds) for all who wish to invest. SIMPLE plans allow employee contributions and mandate a corporate contribution. They are several options in setting these up but in my experience they are usually set up so that only participating employees get the match. But SIMPLE can be set up so that EVERYONE who is eligible gets a flat 2% corporate contribution regardless of employee participation. At the beginning of each year, the employer determines if they will contribute 2 % of each eligible employee’s earnings or if they will match participating employees’ contributions to 3% of the gross earnings of participating employees will be matched each year. There are details that you should check on before choosing this plan. But it, too, is an inexpensive plan to administer as each employee generally is responsible for their account costs and investment options. I work with my businesses and their employees to help them choose investments that work for their goals and objectives.401(k) + Solo 401(k)- 401k’s allow contributions for employers AND employees but have higher administrative costs. However, SOLO 401ks are not expensive and work better for the self-emploed or single-owner highly compensated business owner. Relatively cheap like SEP’s but may be a better fit depending on your needs.It doesn’t cost anything to ask your advisor about if one of these vehicles would work for you so you can save money on taxes and save for your retirement for a happier 2011 tax time!Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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 are separate entities, independently owned and operated.

Read more on A Look at Retirement Plans…


Fun with Taxes!

Updated 1 year ago

Since I am not a tax advisor but it is tax time and out segment is called Finance is FUN! let’s have some fun with taxes!There is a web site called Fun with Taxes. It surprised me, too.Weird tax facts: (from an article entitled 50 Fun facts about Taxes)There are states that charge taxes for the sale of illegal drugs.Czar Peter the Great taxed beards.In the UK everyone under 75 pays a TV license fee- more for a color TV and less for b + wThe Civil War was the beginning of an income tax in the USThe easiest tax form- according to author Jim Ward, 1040EZ has 33 pages of instructions…The first electronic filing of tax form was Jan. 24th 1986 All Royal Navy ships must pay a ‘barrel of rum’ tax to the Constable of the Tower of London…Citations:http://www.funwithtaxes.com/50 factshttp://www.bargaineering.com/articles/50-fun-facts-about-taxes.htmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated. Please speak with your tax preparer or attorney.

Read more on Fun with Taxes!…


Some Smart Shopping Advice

Updated 1 year ago

Financial success is easy to understand, though perhaps not so easy to achieve: spend LESS than you earn. Here are some ways to a help.Stop shopping – If you shop for groceries every other day you are spending too much money. Studies show that each time you stop at the grocery store to pick up a ‘few things’ most people ending up spending way more money than they planned. One blog I checked for this report said they do ‘big’ grocery shopping once every 6 weeks and then stop at the store once or twice a week for the milk or sale items on their list ONLY. And for our kids, the same ‘stop shopping’ mantra. Books like “Born to Shop’ study the time children spend shopping compared to reading or going to church and the trends are alarming. Time spent shopping is far exceeding children’s reading, religious education and other activities. Maybe dropping the kids off at the mall for their all-day hobby isn’t such a great activity. Don’t be a brand snob- use discount outlets like Maine’s own Marden’s and resale shops for many items like clothes. But what about food? Can you trade down in brand at the grocery store and get quality? Certain items of food, or clothing, may be important to you to have as a certain brand. But on less critical items I bet you have some wiggle room for non-brand merchandise. You may save a lot of dough. Look around- In grocery stores eye level is where higher priced items are kept. One blog reminded us to ‘look high and low’ for value. Have you also noticed that beans or cheese are sold in several sections of the store? Find the place where the particular item you want is featured at the best price. With clothing, the sales racks are less difficult to spot, it’s usually in the back of the store.Citations:Shop lesshttp://www.americanconsumernews.com/2008/06/reduce-household-expenses-chop-the-grocery-bill.htmlGrocery bills:off brandMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on Some Smart Shopping Advice…


More Considerations When Selecting a Financial Advisor

Updated 1 year ago

I am an investment advisor I help people make decisions. I have a degree in finance so I understand complex investment information but if I can’t help investors make their own decisions about this information I’m not really doing my job. So, I read books about how people make decisions. When you are making complex decisions may I suggest that based on what I’ve learned so far, you try these steps?Less choice is better – Don’t think the very best way is to examine all 165 options of a thing. In tests of customers at supermarkets when 16 choices were offered in various jams barely 3% of customers purchased anything. But when only offered 5 samples 30% of customers made a decision and bought a jam. When overwhelmed with options people, according to psychologists, ‘decide NOT to decide.’ So if your goal is to MAKE a choice, to decide on something, don’t trip yourself up, don’t make that impossible, by feeling you need to investigate every possible option. Remember your goal.Go with your gut -researchers have found is that you kind of already know what you want to do. If you are a reasonable person learning more information, so long as it’s not too overwhelming, backs up what your gut tells you. Many of the time, maybe most of the time, that initial ‘gut feeling’ is good. Don’t dismiss your instincts. Keep putting wise ideas into your mind so those instincts can be relied on.Be content to not be 100% certain- You will not know the future. So the decisions that you’re making affecting something and your future, is going to be missing 100% certainty because an element of the equation is missing, and that is knowing what will happen exactly in the future. Since you can’t know all, you will need to be content.Don’t second (or third) – guess yourself- Well, you don’t NEED to be content. But if you second, third, fifteenth – guess yourself and your decisions you will never have peace. According to research the happiest people are the ones who choose to believe their decision, once made, was a good one, and then they let the worry and anxiety go. In extreme examples, second- guessers spend years hobbled by doubt about decisions that are many years behind them. I don’t want to be that person, though sometimes I find myself wondering…If you follow these steps it may help you feel better and be better able to make good decisions.Citations:Jam choices- The Paradox of Choice, pg. 20Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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 are separate entities, independently owned and operated.

Read more on More Considerations When Selecting a Financial Advisor…


Looking for a Financial Advisor? Some Questions to Consider

Updated 1 year ago

How do they treat investors like me?- In the last six months, how have comparable clients been treated? How often is communication? What type of communication? Is that satisfactory to you?How do they help you choose investments? – I use a 12 question questionnaire to try to ascertain an investor’s risk tolerance. Then I use an independent third-party rating to rate the risk of an investment. Time horizon and other factors then are complied to narrow the options to what might work best for you. What procedure does this advisor use? Is there an annual review?- This is the time to talk, whether in person or by phone, about changes in your risk or tax situation and make possible alterations to your investments as you life changes. Many of my clients have had advisors who are really nice folks but they never have a review or hear from that person. Work has to happen with friendship separate.Thinking beyond investments?- Is your advisor making sure you have legal documents, or at least nagging – as I do- for you to get yourself to an attorney? Are they asking you to considering other estate planning needs such as land transfers or continuity planning for your family business? They probably not accountants and/ or attorneys but they could be helping you consider life insurance and asset transfers.No citations Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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 are separate entities, independently owned and operated.

Read more on Looking for a Financial Advisor? Some Questions to Consider…


A Look at Financial Graphs

Updated 1 year ago

I like graphs because they provide an image of numerical values and for me help to make things more clear. However in finance, graphs are tell what has ALREADY occurred and not anything about the future. Let’s talk about the graph that we have for the screen. It is the S & P average annual 10-year performance. Viewed in this way we can see how the economy and businesses were doing since 1936 to the end of February 2011. We can see the times when things were rocky and the times of prosperity but we can’t tell the future. We might hazard a GUESS about the future, and isn’t that what we do every day when we enter into a contract, change jobs, marry someone and invest?The very far right of the graph shows the lowest point in 2007 and the improvements since. This information is like looking in the rear-view mirror of your car. It shows the past. But this kind of info, along with other information, helps me as an advisor, help clients. And I thought it would be helpful for our viewers, too.So, graphs, pie-charts and other information like this provides a way to see figures as they relate to a set value, in this case 0% growth. It helps me and may be a good way for you to evaluate your investments.Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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. We believe the sources of this information to be reliable, however, the accuracy and the completeness of the information is not guaranteed. Past performance is not indicative of future results.

Read more on A Look at Financial Graphs…


What if you have ten years till retirement and nothing saved?

Updated 1 year ago

You’re certainly not alone. According to one internet site, 39% of those age 55 have only $25,000 saved for retirement.Rethink expectations – Stuff happens and sometimes priorities change. Right now as you look down the tunnel of your life I hope you are able to get the vision for a modest retirement. Not one of poverty, but one of modest means. Postpone retirement- you can significantly increase your social security payout by waiting until age 70 instead of taking money out at age 62. Over your expected lifetime you will still receive the same – and possibly more- by waiting on social security. Postponing also gives you more time to WORK, paying off debt and Save! – Instead of saving 5% for retirement get deadly serious and start saving 15%, 20% or an even larger amount of your income towards your future. (If you plan on increasing your savings in a retirement account, you may have contribution limits. You may want to talk to your trusted tax or financial professional regarding increasing those percentages.) You ‘can’t afford’ to save? What are you going to do when you have to live on a possibly much smaller monthly income? Get serious.Invest wisely- take advantage of any match if a 401k is available at work that provides ‘free money’ if you contribute. Free money is an amount of money and employer is willing to add to your plan if you put in a certain percentage. In addition watch closely your investment options. Make good decisions for your risk and keep careful track of the market. Don’t be lazy with old accounts from former employers. Roll those monies to an account with a financial advisor or into your own care and track that money.It’s not ideal but it’s not too late to have a pretty good retirement if you act now.Citations:My retirement blog – savings figureshttp://www.myretirementblog.com/average-retirement-savings-by-age.htmlHow much to save now- Pullman Motly foolhttp://www.fool.com/retirement/general/2009/10/06/oops-i-forgot-to-save-for-retirement.aspxMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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. 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.

Read more on What if you have ten years till retirement and nothing saved?…


A Look at Junior Achievement

Updated 1 year ago

Junior Achievement Provides financial education using volunteers from the community in lessons for kids. I have taught middle school students with lessons that have explain credit. Wow, is this a necessary program! Lesson book cost money and fundraisers are ongoing to expand the offering of these classes in more schools. I am most familiar with the middle school programs and have taught after some modification, the Savvy Shopper lesson. Focusing on cash and credit I would bring my old bag phone (here it is) and explain cash, debit cards, credit cards and the implication of spending decisions.Your twelve year-old doesn’t understand what you mean when she sees cash in your hand but you say “I don’t have money.’ Junior Achievement and in my modified Savvy Shopper lesson , I explain checking accounts, what you can expect to earn at various jobs, expenses, very basic budgets, and the cost of credit and the consequences of ‘buying on time, ‘as it used to be called. I use the bag phone as an example of buying something with credit, owing more than the simply the purchase price, paying well past the item is in fashion or technologically advanced as newer phones- as an example- become more sleek. You continue to pay for a very uncool item. Your budget is smaller as a result and when your friends are having fun you are paying for things you bought years ago.Other middle school lessons include learning about your credit score, choosing a career, and insurance.More classrooms each year want these programs in their schools so volunteers and donations are always needed. Your family or business can help. Contact JA today at:JA of Maine, Inc. 82 Elm StreetPortland, ME 04101Phone: (207) 347-4333Email: athomas@jamaine.org Web address: www.jamaine.org Citations:http://www.ja.org/programs/programs_mid_econ_success_obj.shtmlhttp://www.ja.org/programs/programs_mid_overview_obj.shtmlMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.

Read more on A Look at Junior Achievement…


“A Man is Not a Financial Plan”

Updated 1 year ago

When I say ‘A man’s not a financial plan,” besides quoting the great free bumper sticker available from WIFE.org, I am not saying I dislike men. I have been happily married for more than thirty-five years and have two great sons. I AM saying that your financial plan is your individual responsibility and that you may not wait for a prince or your daddy to lift this job from your shoulders. and I have been married for more than thirty-five years but unless we ‘go through the Stargate together’ ( which is our silly way of saying we hope to die together), one of us may predecease the other and other marriages may end in divorce.Talk about money- You need to know what’s going on and bring your views to the joint money table. Different attitudes about money are important to share and help provide better security for both of you. You see things differently, and those views are each helpful.Map out your money plan- Make a budget for how the money is spent today and a plan for where you’ll live in retirement, how much your income will be at the phase of your life, and get your legal documents in place so that when trouble comes, you will be more able to manage the pain.Set priorities- Speak your mind about what’s important to you about money. Communication is not a perfect medium so use various approaches to make your point heard. Be willing to compromise on issues on which you feel more flexible. Examine your attitude to check for fear and try to operate in good sense and not too much emotion.Credit in your name – make sure you know how the family credit is used and have credit in your name. I have told you stories of rich and famous who have been ignorant about their money suffered badly because of that error. Please learn from their mistakes! And for a free bumper sticker or an electronic newsletter sign up at www.wife.org. Citation:My book, Real Deal: Making Big Changes with Small Changehttp://www.wife.org/man-is-not-a-plan.htm Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.

Read more on “A Man is Not a Financial Plan”…


Reviewing Your Credit Report

Updated 1 year ago

Time to think about reviewing your credit report.By law individuals are entitled to free credit reports from the three credit reporting agencies. And you might think this would be easy, getting these reports. But it’s not. The only certain source of receiving free annual reports from the three agencies is through www.annualcreditreport.com You may call a toll-free 1.877.322.8228 or you can fill out a request form to get credit reports and mail it in.The Federal trade Commission offers very clear information and a video to explain the process at http://www.ftc.gov/freereports As the FTC explains, ‘many sites claim to offer free reports – and some do.’ But others charge by requiring other products or services before sending you your credit report.So what should you look for?Your credit report is ‘the story of your financial life.’ It lists your current and past addresses, your Social Security number, date of birth and your phone number if it is listed. Past and present employers may be listed, also.Car loans, credit cards and the balances, payment history and any liens or late fees will be listed. In some states your credit report may contain child support payment information. This information impacts if you may get a job or additional loans or credit cards and at what rate you will pay for a mortgage or car loan. The better your payment history, the lower your interest rate may be for loans.What else should you check?Make sure the information from agencies or companies listed is accurate. The FTC’s web site offers information on disputing errors in your credit report. Also, check that someone hasn’t opened accounts that may not be you. That’s fraud and the FTC has links to help identify and tackle identity theft.For more detailed information on your credit report check out another FTC web site http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtmCitation:Federal Trade Commission explains:http://www.ftc.gov/freereportshttp://www.clearpointcreditcounselingsolutions.org/credit_report/look_inside.aspx Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on Reviewing Your Credit Report…


Finance is Fun!

Updated 1 year ago

More and more is being learned about how men and women vary in their methods of thinking about and handling money, Financial Advisor Marion Syversen joined Carolyn Callahan on TV5 News at Noon to talk about it.Salary negotiations- Men are eight-times more likely to ASK for higher salaries. In one study a researcher promised to pay participants a range of money from $3- $11 for participants to play a game. They were then given $3 and asked if that was okay. 8x’s as many men asked for MORE money than women.Indulgences- Men lead women in the purchasing of entertainment items such as video games, sporting event tickets, DVDs , even hobbies, alcohol and cigars. Women lead men in grocery purchases, skin care and baby products and premium care products. More women are making big ticket purchases such as cars and TVs. And 80% of all spending decisions are influenced by women. Feelings- Men generally save more for themselves than women, making personal savings a priority. Women are not saving as much. One author suggested that women are ‘present thinkers’ consumed with concerns about their family’s present and immediate needs and less focused on a distant goal. Men pay themselves first, women practice that trait less often spending money by shopping during their 20’s and 30’s while many men are saving more. Don’t shoot the messenger.Women also prefer holistic information about money and personal finance as I show in the research for my book while men prefer stock picks and more specific investment information.If you’re training for a skill or a race and you find that you have a natural area that hinders you toward the goal, what would you do? You’d face the problem and work diligently to compensate and fix the lack. See these differences and fight back to make needed changes.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 are separate entities, independently owned and operated.

Read more on Finance is Fun!…


Helpful Money Math

Updated 1 year ago

Rule of 72- This rule is an easy way to figure out how many years it will take for money saved to double at various rates of interest. The quick equation is an estimate of the time it takes for money to double. Divide 72 by the projected interest rate. So if I think I’ll earn 10% the equation is 72/10 = 7.2 years for money to double. If I think I will earn 6% the equation is 72/6 = 12 years for the money to double.Rule of 114- this quick estimate will tell you how many years until your money triples. Divide 114 by you projected rate of interest. So if I earned 10% the quick equation would be 114/ 10 = 11.4 years. At 6% the equation is 114/6 = 19 years for money to triple.Future Value of MONEY- Just add a zero- This quick estimate may help make your spending plan a savings plan! When you are thinking of buying an item, perhaps one you are trying to talk yourself out of, wouldn’t it be great to know how much you might have saved if you had socked that money away and saved it? What might that money be worth 30 years from now at earning 8% interest? Just add a zero to the cost of the item! So, you want a new computer and it’ll be $1200. You don’t really need the computer but you have the money…According to this money estimate, If you saved that $1200 for 30 years and earned 8% you’d have $12,000. These quick tips are little tools to help give you the incentive to save for your future. Try them out and pass them on!Citations:Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.

Read more on Helpful Money Math…


“Quest for Credit Mountain” Online Cartoon

Updated 1 year ago

Got internet access? Want an amusing way to learn about credit for the kids or even for yourself? This short cartoon video called “Quest for Credit Mountain” is a production of the Mint.com an online money management site.Sneak peak- 51 second preview The complete 8 minute version of the cartoon is available at:Sword in the Stone-like in its quirky journey story, Our Hero climbs Credit Mountain after freeing a credit card from a stone. Our hero finds himself in the Valley of the Debtors and is told that “with great spending power comes great fiscal responsibility.’The production is very entertaining with good music and interesting story line, considering it’s a cartoon about credit. The tongue-in-cheek epic is funny and informative. Mixing A Christmas carol with other well-known tales the cartoon shows our hero sidelined by overspending and a large statement- payment is demanded by a frightening ogre that offers the hero “easy” payment terms.Sidetracked from the heights of Credit Mountain by his debt into the Valley of Debtors, the Hero is told, “The only way to climb credit mountain from the valley of the debtors is to tame your debt demons with prudence and bold aggressive action. “Advice from the wise mountain gurus provides our hero the skills to tame the Debt Monster with Budget Magic and a battle ensues! In the end Our Hero not only beats the Credit Monster but he gets the girl!This entertaining cartoon from MINT.com and a great teaching tool to initiate a discussion on the benefits of a budget and the potential problems of debt. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.

Read more on “Quest for Credit Mountain” Online Cartoon…


Making Financial Resolutions for the New Year

Updated 1 year ago

Every year we try to learn from past mistakes and make the upcoming year a better one. But where to start and what to do to make 2011 better financially may be confusing for you. Here are some ideas.How? Think it through- 1.) set reasonable expectations, that typically means LOWER them. You won’t take ALL your money and save it. You could set yourself up to fail if you aren’t reasonable. 2.) expect obstacles and setbacks. What if many of your friends are going away for a winter vacation and you are trying to pay off credit card bills. You want to go, there’s room on the card for more spending…But you could just say no. If you splurge on dinner out instead, that’s what happens. 3.) plan treats and 4.) let others know that you are doing things even smarter this year. What are some good resolutions?- 1.) save more and spend less. 2.) don’t add to credit card debt. 3.) get some advice. Think through the specifics of how much are you going to save. Make it reasonable. Who will you seek advice from? When will you really do this? Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn 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 are separate entities, independently owned and operated.

Read more on Making Financial Resolutions for the New Year…


Do You Have a Financial Plan for the New Year?

Updated 1 year ago

What now? Bills are coming in and you are shocked, shocked, to see just how much you spent. What can you do to get the bills paid and to have a strategy for next year? Here are some helpful tips.Credit increases spending- When using a credit card folks may spend 12-18% more than using cash. Some report that credit card use increases spending by 20%. That doesn’t account for the extra money that interest adds to the cost of that gift so lovingly purchased.Paying down debt- Pay more than minimum, Find money in some everyday ‘luxuries,’ use any extra money from overtime or a tax returnWhat’s the plan for 2011- First HAVE a strategy, a plan. The strategy includes several components. First is a budget. The budget could mean the amount you will spend for presents. But it also could be very inclusive dinner at your house with 40 relatives, Christmas cards, maybe even special shopping for holiday outfits. You could use the last few years spending as a guide. You may need to cut it back to perhaps more reasonable amounts if you have lacked a bit of self-control. Now SAVE for the spending. You could also shop very early. Many items, tools, house goods, toys, are available all year so if you have a coupon or there is a special sale, but the item early. Of course you have made a list! Simplify your giving. You can’t give everything you’d like to for everyone you know. You can choose names, only give gifts to kids, you can bake or give the gift of babysitting. If you see lists or controlling spending as a punishment instead of the freeing, empowering thing that I think it is, then you will be always chased by money controlling you, and your past indulgences controlling your future. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.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 are separate entities, independently owned and operated.

Read more on Do You Have a Financial Plan for the New Year?…


MENU