Business & Finance

Money is Personal

Updated 1 year ago

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 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Do You LOVE Your Work?

Updated 1 year ago

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 a… — 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 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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The First Rule of Finance

Updated 1 year ago

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 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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6 Money Saving Tips for Back to School Shopping

Updated 1 year ago

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 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Inexpensive Banking

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Resources to Learn about Money

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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. Norumbega Financial, Wall Street Financial Group, Inc. and all other companies listed herein, are separate entities, independently owned and operated.

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Kids and Summer Jobs

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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 companies with websites listed herein are separate entities, independently owned and operated.

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Market Volatility

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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 IncRegistered Investment Advisor Member FSIINPRCA Norumbega Financial and Wall StreetFinancial Group Inc are separate entities independently owned and operated.

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Finance is Fun: Tips to Better Credit

Updated 1 year ago

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-  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: “When negative information in your report is accurate, only the passage of time can assure its removal.” 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, it’s important to  check all three agencies. You are entitled to one free report per year and you could alternate them so that you get one agency’s report in January, another’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, “Knee Deep in Debt” and “Building a Better Credit Report.” 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.

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Retirement Survey

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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. Norumbega Financial, Wall Street Financial Group, Inc. and other companies listed herein are separate entities, independently owned and operated.

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Preventing Identity Theft

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Where Does Your Money Go?

Updated 1 year ago

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 Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 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. Disclaimer: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., are separate entities, independently owned and operated.

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Portfolio Theory

Updated 1 year ago

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 Check out our website that includes weekly streaming videoswww.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2009 by Market Surveys of AmericaDisclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and all other companies listed herein are separate entities, independently owned and operated. Opinions expressed are those of the author and not necessarily those of WSFG. The material has been prepared for informational purposes and is not a solicitation to participate in any trading strategy.

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The Psychology of Money

Updated 1 year ago

As a financial advisor and curious woman, I want to know as much as I can about how we think about life but especially money. That has brought me to learn as much as I can about today’s topic: The psychology of money. Money brings out our concerns about love, power, and self-esteem. Let’s talk about some issues that crop up pertaining to money.Fear- I have worked with several folks who worry or are fearful and it shows in the way they handle money. Perhaps they grew up and they were very poor and they never want to be in that desperate situation again. The fear may show itself in hoarding money, overspending or believing they can save enough money to protect them from every potential problem in life. Or maybe it is only in receiving expensive gifts that our worth is duly noted by others.Procrastination- Money can mean a lot more than just greenbacks. It can signify love, acceptance, safety even self-esteem. We don’t always recognize that emotions are intertwined with how we handle money. Perhaps our quirks around money show in irrational ways: we won’t save, we don’t want to discuss money, we avoid the topic completely. We may even think money is evil.A helpful tool is making a Money Tree. Who’s important to you and what is going on with them now and maybe in the past that may be influencing your actions? Is someone very sick right now and your worry or concern is stalling the actions you need to take in your life? Maybe wanting the good opinion of a particular family member is creating discord in your life. Maybe you feel like you have to fix everyone’s financial state because you have been blessed and feel guilty. The thing about money is it isn’t always just about greenbacks. It can be peer pressure, guilt or fear. Having a discussion with a trusted advisor could be just the prescription for you.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 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Five Tips for Insuring Your Life

Updated 1 year ago

I hope no one you love ever dies. It is my special hope that no one you love dies young. But people do die and sometimes the death is especially tragic because the loved one is young and has a family counting on their love and their income.Why have life insurance? When a parent or guardian dies, the family not only looses the love of their parent may loose their lifestyle, too. They may no longer be able to stay in their home, go to the same school, or have a stay-at-home parent or one that only works part-time. Your death alone would be devastating, but to add to that the loss of a child’s whole world would be such a heavy load on their little heart.How much insurance is right? The answer to this question depends on you, your income, the age of your dependents, the income or finances of the household. Would you want to keep the living standards the same, or change them? Do you want to cover college costs? What about the mortgage? Is that covered with another insurance policy? Will the insurance need to cover the cost of a babysitter for several years? Are there other family members for whom you contribute income and who would suffer a financial blow should you die unexpectedly? Some web sites I saw say have 5-10 times your annual salary in insurance, while other sites recommended a more detailed analysis of your needs. What type of insurance? There are several types of life insurance with the two most common being whole and term. Whole life insurance lasts from the time you purchase it until you die- so long as you pay the premiums. It accrues cash value. Term life is purchased for periods of time, such as 10 years or twenty and is often used to cover a particular time in life where more substantial insurance needs occur, such as those of parents while children are dependent. Term life doesn’t not have cash value. There are other types, but these are the two basic.Keep your health and credit score in mind- Your driving record, health history, and even your credit score are all pieces of the underwriting used to determine your cost for any insurance. Think about it, if you drive drunk and smoke like a chimney you may not live as long as your careful, health conscious twin whose rates may be substantially lower than you insurance rates.Company strength- The insurance you choose needs to be payable to your family and from a company whose financial position is strong. Their insurance rates may be different than other companies, but they need to be in business years from now to pay that claim.Everyone dies. Money won’t fix that horrible loss, but is could make life without you much less painful.Citations:Met lifehttp://www.newyorklife.com/nyl/v/index.jsp?vgnextoid=3fcace42249d2210a2b3019d221024301cacRCRDToday- 10 tipsGet rich slowly 14 tipshttp://www.getrichslowly.org/blog/2009/04/28/14-tips-for-purchasing-life-insurance/ 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 2009 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. Health and other non-variable insurance products are not offered throughWSFG. Information should not be construed as legal or tax advice: you should consult with an attorney or tax advisor. Norumbega Financial and WSFG are separate entities, independently owned and operated.

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Setting Financial Goals

Updated 1 year ago

So you’ve got a budget and you’re chugging along. Now you realize that you don’t have a way to make future dreams and goals come true. You need to set financial goals! Here’s how (and I’ve included web sites that have some worksheets that you may find helpful).Include everyone- Include your beloved and the kids if applicable in making this financial map for your future. The more money is spoken about out loud, the better for your family’s health.Make short and long-term goals- Goals can include things as close as this month all the way out to well into retirement. The further out you plan, perhaps the more loose you may want to keep the plan.What’s the cost?- Now that you have decided what you’d like to accomplish, what is the cost of this most excellent dream? Write it down, and investigate less expensive and more creative methods of financing the dream.Break it down- How much will you need to actually save to reach the goal? If you initial plan was not realistic because you can’t save that much that fast, take it back a notch or trim some of the vision. OR, get a part-time job. You no have the tools to make life decisions because you can weigh what you want and what lifestyle you are willing to live with to get to that goal.Goals change- Recognize that life is full of surprises. You will mature and your goals may change. That’s okay. Help the family realize that when you begin this planning process. Save!- Start saving and figure out how to track your success. Citations:University of TN Extension worksheethttp://www.utextension.utk.edu/publications/pbfiles/pb1454.pdfRutgers worksheet:http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdfConsumer Counseling Credit of DVhttp://www.cccsdv.org/resources/setting-financial-goals 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 2009 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. 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 companies with websites listed herein are separate entities, independently owned and operated.

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What it Takes to Start a New Business

Updated 1 year ago

Almost 600,000 new business start each year. Do you have what it takes to be one of the entrepreneurs who plan to open your own business this year? Here’s a list of some of the characteristics that may help you.Discipline- You need a plan and then you need the discipline to stick with the plan. People will hesitate to even begin to do business with you if you don’t have what it takes to stay in business very long. That discipline is important to me. I get my hair cut by women who have the discipline to run a great business, I go to church where- I agree with the doctrine- but they also run a disciplined business. That makes me confident.Risk taker- Starting a business is all about taking a calculated risk. Few people want to take more risk than necessary, and I think minimizing your risk is important, but you will be risking your reputation, your money and your time when you start a business.Spirit of excellence- Building a business takes hours, days, and years of consistent excellence. You will not have repeat customers if you always fail. Mistakes are normal, but you need to be committed to an attitude of excellence in your business activities.Determination- You need passion, a fire in your belly, a determination to succeed because you won’t get every contract, not every person will want to hire you- and really you don’t want them anyway. Not every human being breathing is a good customer for you services. Being an entrepreneur can sometimes be discouraging, so you need to be determined to succeed.Communication- Owning your own business means doing it all- at least at first. You need to share your passion for your goods or services. You need to negotiate with suppliers, you need to work with employees and train them and instill your passion for the work in them. You may need to work with investors and convince them of the excellence and worth of your business. Communication is key to your success.Energetic- To do all this you need to be hardworking and have a lot of energy. It really doesn’t matter what you are doing for your business, you will probably need all these skills to succeed. Live long and prosper!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 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Making Financial Decisions

Updated 1 year ago

I have a degree in Business with a concentration in Finance, so I am equipped to understand the world of investing, but I also want to help clients feel good about the process of creating their financial plan. To help me do that part of my job better I study books on decision-making. In the Paradox of Choice author Barry Schwartz explains that there are several stumbling blocks to making good decisions. Some of them we control, some is the result of too much choice.MaximizersVs.SatisfiersMaximizers vs. Satisfiers- There are two basic kinds of decisions makers. Maximizers are those of us who want the perfect, only the best choice in their decision. They are plagued by fears that they have not seen all there is to see so they cannot have seen the ‘right’ choice yet. When they finally make a decision they fret and worry that there were better choices out in the world they have missed so even after their decision they are depressed and dissatisfied.Satisfiers have high standards in their decision-making but they believe that their choice is a good one and they let any belief in what else might have been purchased or decided upon, slip away and they rejoice in their choice.The paradox Schwartz refers to in the title is that when we are presented with 6 choices, 30% of people can make a decision and follow through on their choice. But when we are faced with 24 choices of an item, like chocolate, only 3% of people buy. The ‘freedom of choice’ is many times a tie that binds.Why discuss this in a finance section? Investment decision are critical to your retirement future and the book explains how folks decide – very unscientifically- for their investment plans. Overwhelmed and trying to do what is ‘right’ people put a small amount in each investment choice. That wasn’t the reasoning in offering those options. Doing nothing because you are overwhelmed is another common thing I see as an advisor. Decide today to seek help and partner with an advisor who will wisely assist you in planning you financial 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 2009 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.(WSFG). Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial, WSFG and all other individuals mentioned are separate entities: they are independently owned and operated. Opinions expressed are those of the author and not necessarily those of WSFG.

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Couples and money

Updated 1 year ago

Maybe you’ve been together for years and you think you know each other. But inside the beautiful brain of the person you love may lurk an assumption and since you are, undoubtedly wanting a happy futre it would be good to make ceratin that you are both on the ‘same page.’Get specific- It’s time for a talk about exactly what the next ten or twenty years will look like. Did one of you mention moving to Florida as a retirement plan and the other ignored that comment? So has your partner maybe then made plans thinking that’s what’s happening while you are just hoping they have forgotten? You’ve got to talk more specifically about your hopes and dreams now before any more time passes.Be creative- If you do end up with very different hopes for the future see if you can stir those great ideas all together and get an even better future. Can you do several of the ideas and make everyone a little happy? There is still time to work out the kinks, to save more money, to come up with a plan. Whatever has come before is water under the bridge. Ditch the ‘woulda-coulda-shoulda’ and focus on now and your great future, together.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 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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Saving for Retirement

Updated 1 year ago

Saving for retirement is important. It may seem boring but it’s important. Maybe you don’t have a plan. If that’s true I’d really like you start one this year. There are many kinds of plans for all different situations. And I can’t say for sure which one is right for you because I don’t know your exact needs, but here is a general idea of what’s available and how it would work.Retirement plans boil down to two general types: plans for the work place and plans for individuals. The tax code determines narrows down the choices of the plan that is right for your needs. Plans for the work placeThe most common work place plans are 401(k)’s, 403(B)’s and SIMPLE IRA’s. Tax-exempt organizations, such as schools, hospitals and towns probably use 403(B)’s. Business generally use 401(k)’s. Smaller businesses may use SIMPLE IRA’s. They may have less administrative costs and can be used with businesses with less than 100 employees.Plans for individualsFor individuals there are Individual retirement plans, the IRA. There are all kinds of IRA’s which may be why it may feel a bit confusing when you think about them: ROTH IRA’s, Traditional IRA’s, SEP IRA’s. Your needs and particular situation determine what plan is right for you.This can be confusing because the tax code is the controlling regulation for the variations. Talk with a financial advisor, an attorney or your tax preparer for more info. But DO start a retirement plan today! 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 2009 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. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.

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