Business & Finance

7 Retirement Tips

Updated 12 months ago

Sometimes planning can feel overwhelming. Where to start? Follow this yellow-brick road with tips from the Society of Actuaries. 7 Tips:Net worthHedge riskIncome vs. expensesWill it last?BucketsSuitable investmentsReview regularlyNet worth – Your net worth is what remains after you subtract what you OWE (liabilities) from what you OWN (assets). For most of us our house is our largest asset. The Society of Actuaries (SOA) counsel homeowners to consider ways to produce income from their home, renting it, downsizing, creating a source of income. Hedge risk- How much insurance do you have? What insurances might you need, and be able to afford, in retirement? Auto, home, life and long-term care insurance may be areas to consider for your retirement.Income vs. expenses – Apparently most people, according to this article, are not getting concrete with their retirement income figures. So they don’t realize how much they will actually have in Social Security, pensions and IRA income as compared to their expenses. You need to work the numbers into a budget. You can’t just dream this phase of life. You need to plan it as well as possible. Will it last? – After you get black and white with the expenses and your expected income sources, you can do the tweaking to discretionary spending that may need to be done. Figuring out for inflation in retirement is not the goal here. First figure out if you could, in today’s dollars, pay for the expected expenses of retirement. Consider living more modestly as a way to make the income streams last. Of total assets, traditionally about four percent from your total asset value is recommended as the draw per year. Since we are living longer, you also might consider postponing retirement in order to increase savings.Buckets- By this I and other financial advisors mean segregating money into short, medium and longer-term buckets of assets that may be invested or held differently because they will be used immediately and need to be ‘liquid,’ or will be used ten or more years from now and thus can afford to be invested differently and for growth. The diversification may also be a help.Suitable investments – Invest in instruments in which you feel a level of understanding. Don’t extend yourself into things you – or your advisor- don’t understand. Keep things suitable for you and your risk tolerance.Review regularly- Things happen in retirement. Health changes, divorce or death may occur. You need to check the plan regularly so that adjustments can be made.Take concrete steps to plan your retirement.Citation: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 7 Retirement Tips…


Making a Student Budget

Updated 12 months ago

Got a student ready for college? Maybe you could help them figuring out their budget with this basic information.Income: Job Parent Student loans Scholarship Other Expenses: Rent Tuition Books/ computer Living- utilities / phone / food Transportation Entertainment / eating out Other This baby of yours is not simply getting book knowledge as they attend post-secondary school. With your help they will get some useful financial education, too. Do a computer search student budget worksheet or template for examples.Citations:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 a Student Budget…


Financial Independence!

Updated 12 months ago

All of us want o be free. But we’re not free if our money controls us because we don’t control it with wisdom. Here are some steps to take to be financially free. Have a budget- If you’ve know a child who didn’t need many rules because they were already compliant, then you have seen our first idea put into practice. Self-control goes a long way in being free. In finance that means have a budget. You may not LIKE where all your money goes. But at least you will KNOW where it goes and that makes you the boss of it. Stop spending – At least stop spending out of a sense of entitlement or other emotions. If your emotions dictate actions that are not in keeping with your plan, you are only a slave to them. And last time I checked, no one thought a slave was free.Know yourself- You will have more success when you are free to recognize that YOU way of budgeting, your priorities and those of your family”, may differ from others. Make you budget, make your money method, reflect your money personality.Track you money- Having a budget is one thing. But it’s your money’s PLAN for where things will go. You’ll need to track your money to see if it indeed went where you hoped and planned it to go. Maybe there was an emergency or a time of weakness and things went awry. That leads us to the next two steps.Have an emergency fund- Either deposit a chunk of money to get this started and make regular contributions, or make tiny deposits when you’re able. But aim towards this goal as soon as you can because though you will not have enough saved for every emergency, you will make progress. And eventually, perhaps many years from now, but eventually, you will be cozy. When you fail – dust yourself off and get back on track. Citations:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Financial Independence!…


How Are You Doing on Your Resolutions?

Updated 12 months ago

In January we talked about a Fidelity survey and the top three financial resolutions. Halfway through the year I thought it would a good time to revisit them and see if maybe we need to do a little tweaking.Save more – Have you been able to add more to your retirement savings account? Do you have an account? Have you set one up? It’s not too late to get this resolution under way with determination. Meet with your HR person or whoever is responsible at work and up your contribution. You don’t have to pay for oil in the summer so add more for your future if that was your resolution. Spend less- Have you cut back on spending? Have you figured out ways to get great value with less spending? Are you employing more creative ways to entertain? Have you stopped using shopping as a hobby so that there is less temptation to spend? If not, it’s not too late to get on track if this was your resolution.Pay off debt – Have you made arrangements to increase credit card payments? Or, have you successfully paid off all debt? If not, do you have a schedule that shows when you will be free of debt? If one of your resolutions was to make such a plan, you can do that today. Don’t feel guilty. Act on what you said was important to you. If that is debt repayment, don’t add any new debt to your life and redouble your efforts to focus on your goals because it’s not speed but tenacity that wins the race.Citation:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com 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 How Are You Doing on Your Resolutions?…


Kids and Credit

Updated 12 months ago

When is too early to teach kids about manners or values? It’s never too early. You just need age-speciifc lessons. That’s what I think about financial education. It’s never too early but we need to give right-sized lessons to various aged kids. Let’s talk credit and kids.Cash- Kids have no idea where money comes from. Try to imagine you have lost your memory and think of the various transactions that go on in a day that involve cash. Kids don’t know how you got the money, but they see you spending throughout a day. As a child matures lessons of more depth about how our family got this money would be helpful. They think it ‘grows on trees’ because they don’t really know how it got in your wallet. There are books on money with characters such as The Berenstain Bears and even coloring books to help gradually get the money message into your children’s lives.Credit- Credit is borrowing money to have something now instead of waiting until you have the cash in hand. When your baby runs out of allowance and still wants something, credit is when they try to get next week’s money this week. Credit is what people use when they haven’t saved for a purchase. Saving is when we plan ahead for a purchase.Get real- Now, get real. Start explaining how you do things. The house and car may be on ‘credit’ in that you borrowed money to buy them. You may have saved for some of the purchase but not all. When I taught a class with middle school kids through Junior Acheivement on credit and ‘savvy shopping’ I began with what a credit card looks like, compared to a debit card, and the functions of each. Use play money to explain how money from your job goes into the bank. That fills your checking account and allows you to buy groceries or pay the cell phone bill with a DEBIT card.A credit card, that looks perhaps nearly identical to the debit card, is not tied to money that has already been earned and set aside for the purchase. How would they like to give up their allowance money for someone to borrow? To go without their money they’d want something in return. And that something is interest.Kids like learning grown-up subjects. Make it practical, real, and they will quickly understand the ins and outs of money.Citations: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Kids and Credit…


Making Plans for Retirement

Updated 12 months ago

Not all of us plan well for our retirements. Some of us save. But we don’t plan our LIVES in retirement. Identity- When we meet a kid we ask, so what grade are you in? We humans initially understand a new friend by what they do. When we retire our identify no longer comes easily from what we do. Psychologists have found that the more closely we identify with our work roles the harder the transition into retirement can be. Transition- Several years prior to your scheduled retirement give serious thought to your dreams of what your ideal life would ‘look’ like. Have you dreamt about helping kids, playing sports, enjoying your favorite hobby? Imagine what a typical day after retirement would include? The first few weeks or months may include sleeping or hanging out. But for many, work friends and being a a team working towards a united purpose was the fun part of their jobs. Your work friends are still working. We need to make some shape to some our days.Retirement work- Let’s say helping kids was a passion and that your dream job would be being with kids. Look for ways to fulfill your dreams as a volunteer. Can you imagine the joy of child care providers or schools in having someone available to assist them in a classroom with kids as a volunteer? Is it sports that you like? Are there leagues that you can be a part of now that you are available more often? Is community service of interest to you? Consider joining the many area service groups such as Kiwanis, Friends of the Library or the hospital auxiliary. Having a place to be, work to do – even though it is unpaid- and friends who share your passion will give structure to your retirement and interest and fullness to your life.We all know people who retired and then withered away because they were set adrift. Make a retirement plan that is more than just about income. Include your heart.Citation: difficulty in transition-Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 independently owned and operated.

Read more on Making Plans for Retirement…


Financially Savvy Kids

Updated 12 months ago

Our kids. We hope that their lives will be free of trouble and pain. Especially, free of any trouble of their own making. If we neglect our kids financial education they may stumble. Let’s talk about ways we can help those honeys.Self-control – To save we learn how to wait, practicing self-control. How to delay gratification for some future promise is the point of self-control. With our money self-control is demonstrated in the ability to save. Not hoarding, but saving. All of us have tendencies to be savers or spenders. Meaning that we, as part of our natures, handle money more in one way than another. So for some of us delaying gratification might be more challenging than others. Helping kids understand WHY one might wait is a key point. The author of the 2009 WSJ article in which I read this, said he played ‘the soda game.’ The soda game is that Dad would offer his kids $1 or he would buy them soda or a soft drink when they’d eat out. The kids, a boy and girl ages 10 and 14 at the time preferred the $1 and drinking water to the soda. They’d spend Dad’s money from here to kingdom come preferring spending Dad’s cash to their own money every time. Perhaps you think this is manipulative. Instead it is a real-life example that makes spending money very real and personal.Risk- When we save, especially as we get older, we have the availability of investment options that may be risky or safer. Finding a balance that’s right for each person is a key job of a financial advisor. Helping kids understand various risk and the possible benefits of each risk will help them see possibilities.Values- Share your values with your kids. Share serving, generosity, charity and stories of hardship to teach your kids about money and to help them value their blessings. Bring them to a local shelter to serve food. Tell them the story of your car that was the Barney Rubble-mobile with rusted floorboards or the car with a gas can on the front seat because the gas tank on the car was rusted out. Your kids will have trouble in life because trouble is just part of life. But wouldn’t be awesome if they knew more about money than perhaps you knew when you were younger? Many of say we wish we’d learned, but most of us don’t teach our children. Get to it, parents. Citation Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com 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 Financially Savvy Kids…


Small Business Owners and Retirement

Updated 12 months ago

So, you work for yourself. Yeah, me, too. We balance a lot of hats, many responsibilities. And we are good at some of what we do, and not all.One thing we tend to do in invest in our business because we understand it, AND we think we can sell it for our retirement. Let’s talk.No real plan- according to a recent survey by The American College most small business owners don’t have a formal plan to achieve their financial objectives. Many have not sought the help of a professional to figure out what they might need and what they have. Some have used pencil and paper to make simple calculations about their futures.No one to rely upon- As a business owner I like to do things myself. I heard someone on a business show once say, “I’ve worked for myself so long, I am almost unemployable.’ We’re a quirky group. But we are smart and we do recognize that we ‘re experts in our field. Of course that means, other folks might be experts in THEIR respective fields and may be able to help us with their expertise. When it comes to exit strategies and retirement planning talking to an expert could help you think of things you hadn’t considered. You do so much yourself. Retirment is too important to not talk over with someone you trust. The earlier you discuss things the more time you have to plan and adjust what you’re doing for a smooth transition later.Selling the business for retirement- Many business owners plan on selling their businesses for their retirement nest-egg. But we don’t always realize the value of the business and sometimes think we can get more than may be realistic.Many things add up to create your business’ valuation. These are some basics to remember. Are you the main person, the ‘key employee’ who when you’re gone there are no sales or no expertise? If the business has to be sold suddenly, you will potentially get less than if you have two to four years to sell. The health of your local economy at the time of sale will impact the sale price. What valuation model do other, similar businesses use to value their business? How much would it cost to start this business from scratch? Many things go into the sale. You don’t want to have worked so well for this long to have things go array. ‘Be careful for your retirement and of having all our eggs in one basket.’ Get some advice and have a beautiful future! Citation: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Small Business Owners and Retirement…


A Look at Risk Tolerance

Updated 12 months ago

There is no one way, no ‘right answer’ when it comes to investing. But there are some important things to know and risk tolerance is key.Your risk tolerance- Gauged generally with a questionnaire, risk tolerance measures how you would feel in the ups and downs of stock market movement. Generally we all want our money to go up, but are less inclined to have it go down. Risk tolerance is not an exact science. There is no Vulcan Mind-meld that can ascertain your tolerance. Generally, your risk tolerance helps compile what mix of investment types you might hold, what your ‘portfolio’ might be, all stocks, all bonds or a mix of stock and bonds. And depending who you ask there are just a few, or many categories. As I said, this is not an exact science.What is risk?- In life risk is the possibility that things will go wrong. In finance risk is the possibility things will go wrong and negatively affect your investments. As you may have realized, life has no guarantees. So the more you learn and experience your risk tolerance may change. Even with fear or optimism, you sometimes have flexibility in your risk tolerance. You can take some more risk and be within your tolerance, when you feel more comfortable with the investment, the holdings, the companies in which you are investing. You have more capacity for risk- meaning being able to accept more or less risk- when you are investing in things you understand more than just when you have a vague idea of something called the ‘stock market.’ For instance if you understood one mutual fund held companies that manufacture and distribute cat food, ice cream, or held companies that own chain coffee shops and other companies providing products or services that are explained to you and that you perhaps frequented, you may find that you have the risk capacity to invest in such a fund. Educate yourself- One study by Fidelity investments found that younger investors were as conservative as their Baby Boomer counterparts. because they all considered themselves ‘beginner investors.’ A spokesperson for Fidelity states in the same survey that ‘time is one of the biggest factors when determining assets allocation.’ I don’t know that I agree that time is the biggest factor in asset allocation. I think it’s an obviously important factor. But I think your risk tolerance is more a part of who you are as an individual and that time, your goals and personal circumstances all add in to tweak that basic risk tolerance.Certain times in your life your personal circumstances may change so that you feel more risk averse or more open to risk. Remember, that this is not an exact science.Citation: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Risk Tolerance…


Tips for Graduates

Updated 12 months ago

It’s your life- Ready or not, it’s now time to fully grab hold of your financial life. You need to know your credit score, understand savings and checking accounts and rates of interest available, and not spend more than you earn. You have got to get serious about your money NOW. Be WISE- Manage your expectations in a reasonable way. You probably are only twenty-something years old and may not have a great handle on what first jobs pay, if you can get one in your field. Be wise enough to perhaps ask others with more life experience what to expect for salary in a entry-level position. Take your expectations down a notch if you are expecting your first job to solve all your money problems. AND, whatever job you accept, believe when I tell you that you will live in peace with yourself if you spend LESS than you earn. Brewing your OWN coffee instead of $5 dollar coffee at the expensive coffee place, used furniture and cars, eating IN with friends instead of eating out, are ways to stretch yourbudget and those of us with life experience know that NONE of us have unlimited money. Be humble- Remember all the help you have gotten from family and the bills parents have covered. Be thankful. Take responsibility for your cell phone, your car insurance, your bills and get whatever job may help cover your expenses. Be thankful for free room and board. No one owes you anything as you are no longer a grade-school child needing help. So be thankful and humble when help is offered, and take jobs no matter how lowly they may seem to your inexperienced eye.Save- When you are offered the opportunity to save through a retirement plan at the new job, start saving. The benefit of compound interest is that small amounts of money OVER TIME transform into serious savings when you begin saving early. So though you want the flat screen, an I-this and I-that, if you save now you will have a pile of money. Don’t ‘eat all your seed.’ Meaning don’t spend all you have for today’s desires. If you need help figuring out HOW to balance your money, look for a budget online, talk to a smart friend or relative or call a financial advisor for some quick tips. You did it! You completed your plan for education. Now, take great control of your finances, please.Citation:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com 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 Tips for Graduates…


Four Most Common Financial Mistakes

Updated 12 months ago

Budget- Not HAVING a Budget- According to this report, over HAL of Americans report not having a budget and 20% have no idea how much they spend on housing food and entertainment. No one has so much that you can just make spending a hobby – without keeping track- and think that life will be cozy, cause it just doesn’t work that way. You don’t get in your car and make a trip without thinking about gas especially if there are many miles between stations. Budgets are cozy. It’s your money’s plan for fun and savings, bill paying and your future. A budget is a good thing. Please have one.Saving- Forgetting to save or not knowing HOW to save is mistake number 2. According to the report 40% of respondents are saving less this year than last and another 40% have NO money saved for retirement. Many surveyed reported that they didn’t know HOW to save. I’m not even sort of suggesting that you need to be perfect at any of this, but you do have to try. That’s what grownups do. They make proper plans. And when they don’t know how to do something, grownups ask for help.Overspending – As to overspending, 25% of those polled said they are spending more than they did last year. And if spending is part of your plan, part of your budget, that is terrific, but if it’s happening from emotion, lack of discipline, honey, that’s not good. And it can hurt you and your family in the short and long run.Credit- Mishandling your credit cards and not handling your credit score- this is mistake number 4. It’s advised that we all check our credit reports at least once a year. Though that won’t give you a credit SCORE, it will have you see what activity is showing on your report. You can do that for free by going to AnnualCreditReport.com this is the only site recommended by the Federal Trade Commission. Credit Karma (at CreditKarma.com) can give you a credit score when you create an account with them.These big mistakes are avoidable, friend. There are MANY kinds of budgets and you can make one. Make savings automatic, for your Christmas Club, your vacation, for your retirement. It’s okay to not know how to do money, how to handle it or manage it. But it’s NOT okay to know you are confused and not do something to change your condition. Ask for help! Borrow a book from the library. Get online and do some research.Citations:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Four Most Common Financial Mistakes…


Women, Money and Power

Updated 12 months ago

A study called the Women, Money and Power study examined women and investing looking particularly at the kinds of learning material women like for learning financial concepts. Additional research provides some significant findings on the learning of men and women.The Facts- I’m not addressing reason for these issues but here are the facts. The Earnings Gap-Women in the workforce earn on average 77 cents for every dollar men earn, which adds up to about $300,000 over a lifetime. Work Patterns- Nearly 24% of women work part time, are likely to spend 12 years out of the workforce and forego jobs with benefits for family responsibilities. We don’t have time to mention the retirement savings and Social Security gap that then ensues.The Challenges- In addition there are life events that are thrown in the mix: starting a business or new career, being part of The Sandwich Generation – meaning you have grown kids and aging parents to care for, as well as change in martial status through divorce or widowhood. Also financial literacy in some subjects for women is strong but 90% of women feel that financially insecure and many have no idea where to start to figure out what they need for retirement savings.What Women Want- We want to learn in a pleasant and personal way where to start, how to invest for our age and our unique goals. We want a coaching style and someone who will help with our partner when we have roadblocks in communication. And we want to understand many aspects of our money.Be STRONG- yeah, we want this but we are often passive and don’t advocate for our needs. You need to care enough about your future to DO what needs to be done, find tools or people to help you learn thus giving you confidence and teach your children about money.Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Women, Money and Power…


Emotions and Investing

Updated 12 months ago

The stock market, and investing, isn’t just the black and white of price to earnings ratios and the numbers. It’s also got a bit of emotion in it. Today let’s talk about how emotions might hurt you.Emotions- Everyone has emotions, even traders who trade professionally. It’s really important to acknowledge that you have and operate in an emotional frame of mind. Now, you have to mitigate those emotions so they do not control you. If you could see your actions in someone else, would you say, wow, that’s crazy? Or, might you say, look how steady and self-controlled they act. How are you behaving with your investments?Your plan- your plan is the main mitigating map for you and your family. Where are you planning to go with your money? What are the specifics of how you are going to get to that beautiful land, your end-of-the-rainbow destination? This is where practical steps are mapped out in a process that helps you achieve you goals, your way. Make sure you consult your plan when you feel light-headed, confused or scared about the stock market.Adjustments- The only way to become wise is to have life happen. You learn all kinds of things while living a normal life. You learn what risks you really can tolerate and what risks you really can’t tolerate. Maybe you though you could manage but not you feel differently. Adjust your plan and modify how you will achieve you goals. When you have an advisor and make a plan for your money, it is a great map when times are volatile or calm.Citation:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Emotions and Investing…


Women Taking Control

Updated 12 months ago

I’m talking to a lot of women, particularly, who are having some trying to figure out our roles when grown children, with children, have trouble with money. Let’s chat, shall we?Make your own budget- Do you have a budget, be it general or very specific and down to the penny as to what you plan to spend and where your money is supposed to go? To use a metaphor, you cannot apply an emergency oxygen mask on your child unless you are properly cared for. So please make sure you have electricity and a place to sleep before giving help to your grown children.Manage debt- Please don’t add to YOUR dent for your precious children. I know they have kids, kids who are your precious grandbabies, and that you feel like if you don’t help all of them will be ruined, but I beg you. Please don’t add to your debt for the kids.Prioritize your retirement plan – Who will take care of you…? Do you really want to move in with your daughter or daughter-in-law and the kids at their house? Can I shake you? Please prioritize your retirement planning. You are worth it. You must take care of yourself first before you ‘apply the oxygen’ to the others. What would you tell your granddaughter? Should she be advised to give all of her money away to her children and grandchildren? How will they learn, grow? Who will help them? If your regular contribution is part of their budget, why should they ever learn…after all, you’ll buy the oil and the food always. You always do.The kids- so am I saying never help?! NO!!! I am not saying that! What I am saying is that these grown children and YOU, need to get a grip. There is a limited amount of money that we all have in our budgets. There are seasons’ of life where you need to help, of course you do! You would not be a very loving family if strangers had to help because you will not, no matter what your budget. But if all you do is help, you are part of the expected cash flow and you’d better stop that now. Have a talk with them. Tell them you will contune for a month or whatever period seems good to you. Be strong. Get the kids some budgeting advice and then they’ll need to not buy so many iPads and so much eating out. Just like the rest of us….Be strong, pookie.Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Women Taking Control…


Lemonade Stand Learning

Updated 12 months ago

Frequently a kid’s first business is opening a lemonade stand. That concept is being used to more formally – but still in a fun way – to teach kids about business.Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Lemonade Stand Learning…


Mind Your Biz

Updated 12 months ago

There are all kinds of events scheduled this spring to celebrate and help advance small business in Maine.In “Mind Your Business” Deb Neuman talks about it.Upcoming business events:March 28 – Business Day at the Statehouse – AugustaMaine State Chamber – www.mainechamber.org April 5 – Family Business Forum – Husson Universty, BangorInstitute for Family Owned Business – www.fambusiness.org May 3 – Selling to the State of Maine – Augusta ArmoryProcurement Technical Assistance Center – www.maineptac.org May 18 – Maine Downtown Conference – FarmingtonMaine Development Foundation – www.mdf.org May 24 – Maine International Trade Day – Samoset Resort, RockportMaine International Trade Center – www.mitc.com

Read more on Mind Your Biz…


A Look at Retirement Plans

Updated 12 months ago

The older you get the more you’ve learned. And as you look back on life, you may realize some things help you do better achieving your goals, and other things don’t help. Having a retirement plan at work helps. Fidelity did a survey on retirement savings and work plans, and here’s what they found. I wouldn’t be saving without a work plan – 55% of those surveyed said they wouldn’t be saving any money fort their retirement at all if it were not for the plan they have at work. A retirement plan for a any business can be a low-cost benefit. For those of you with no plan at work, encouraging your employer to begin a retirement plan could really benefit you. Company match- helpful- Retirement plans allow employers to contribute. This contribution is called a match and the rules vary, so I won’t hurt your brain with all the details. But Fidelity found that having a match prompted 53% increased their own contribution either because of a raise or from a desire to take better advantage of the company match.Borrowing- not helpful – Some retirement plans allow one to borrow from their retirement money. The survey also found that of those who borrowed, 29% said it was a mistake that they wish they hadn’t made. They would not do borrow again.Got a business? There are many retirement plans one of which may be a great fit for your firm. Do you have a plan at your workplace? Take advantage of it! And learn from the mistakes of others, my friends.Citations: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Retirement Plans…


Ways to Improve Your Credit Score

Updated 12 months ago

How can you improve your credit score? The exact formula used in a FICO score (Fair Isaac Company, the company that computes credit scores) is a proprietary secret, just like the Colonel’s secret recipe for chicken. But experts say focus on these five areas.Payment history – 35% of your score is made up of your credit history. Do you pay your bills on time? A lender wants their money BACK, so your repayment history is, naturally, very important to lenders. Pay, at least your minimum, payment on time.Amount owed- 30% of your FICO score is based on the total amount of debt owed. Less is good. Since these are lenders who think debt is good, your score may be higher WITH debt than without debt. Debt owed that Is lower than your credit limit provides a better score.Length of credit history- 15% of your score comes from the length of time you have had credit or a particular account. As far as FICO is concerned, the longer the history, the better.New credit- 10% of your score is based on new accounts. Inquiries made into your credit report within a 14 to 45-day window count as one.Types of credit- 10% of your score is based on the type of credit. Non-secured, revolving credit (i.e., from department stores) or credit card debt is not as advantageous to your score as installment loans.You are not living your financial life to maximize your credit score. Just aim to live with financial prudence.Citations: Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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. Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.

Read more on Ways to Improve Your Credit Score…


Who Needs Luck When You Have a Plan?

Updated 12 months ago

Kiss me, I’m half Irish. But none of us, Irish heritage or not, need a leprechaun, nor do we depend on some lucky event for our future, to be at least frugally okay. Why? Because we have a plan! Here are the parts required for any kind of plan management.1- Goal2- Organize3- DO it4- Monitor, monitor, monitor Goal- Our first job is to determine the goal. In our case we are making financial goals. The goals can be both long-term and short-term goals, retirement planning financial goals as well as summer fun savings goals. Discuss this with your honey and make them concrete. Organize- Your goal will not get funded without effort on your part and that is step two. Set up accounts and arrange deposits to fund your goals. DO it- Now you have to begin to fund the accounts. The more automatic you make the actions, the more certain will be your eventual outcome. So if possible, have a system that will work without your additional effort to process your money into the accounts that are funding your goals. Even if it’s less than you’d hoped to deposit, you are making progress! And how awesome is that?Monitor, monitor, monitor – Don’t let years go by before you check on your progress. Know what’s happening wih some regularity. It needed be every week or month. Depening on the goal and the length of time needed to reach it, make some time on the calendar when you think it would be reasonable to monitor your progress. There will be bumps in the road and these may make evaluation occur before you planned. But life is predictably unpredictable. Expect bumps.You’ll get there. You’re doing an awesome job. Citation:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Who Needs Luck When You Have a Plan?…


Evaluating Your Money Path

Updated 12 months ago

No amount of money can buy back your past and no amount of emotion and regret can fix anything. Here we are. What now?Where am I? – Look around. Where are you on your money path? Do you argue about money with the person you love? Are you on track for a good future? Do you make a good living but have little to show for it? Are you generally on the path but slipping into the ditch? There is NO JUDGEMENT in evaluation. Be as factual and unemotional about this as you can be so you can get a truer sense of what’s really happening. Speak to yourself as you would someone you LIKE.Evaluate your past/present – In the same kind and non-judgemental way, evaluate past and present actions that may have helped, or hindered, your progress on the good path you have mapped out. Do you spend to feel better? Do you gamble or take a lot of risks? Can you financially sustain this direction? Are you contend with your actions and feeling confident, or at least at peace, with your behavior?X marks the future- Like a pirate seeking the treasure, aim with purpose towards your destination! Reality may compel you to adjust what future you had previously mapped. That’s how life works, kids. The future isn’t something ANYONE knows with certainty. It is always speculation. So realistically adjust as needed.Do the work- Now get a move on. If you were physically walking on a path you would get blisters, need new sneakers, get tired, hungry and thirsty. Proceeding on your money path will take work, too.Please remember, you will make the best progress if you are kindly realistic with yourself in your evaluation and planning. Citations:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. 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 Evaluating Your Money Path…


MENU