June 2008 Newsletter

June 11: Long Term Care Insurance
Lyle Hansen, M.S., is an Extension Educator for the University of Idaho. He is an expert on long term care insurance and travels around the state of Idaho to educate people about long term care decisions. Because he is a graduate of USU’S Family Finance program, he has graciously agreed to share his expertise with FPW.
Forward this message to a friend; bring a woman to FPW who has not attended before and receive your choice of a Nolo Press book as a reward. (See list of books at end of newsletter).
Upcoming:
July 9: Everything you need to know about credit
August 13: Property Insurance: Protecting your home and vehicles
Financial Planning for Women (FPW) is a monthly educational seminar that meets the second Wednesday (except December) at two times: 12:30-1:30 p.m. in Family Life room 118 or 318 on the USU campus. Bring your lunch. The same program is repeated in the evening: 7-8:30 p.m. at the Family Life Center, 493 North 700 East, Logan (at bottom of Old Main Hill). The longer evening time slot allows for more discussion. Programs are free and registration is not required. For further information: (435) 797-1569; jean.lown@usu.edu; http://www.usu.edu/fpw/
Bring a female friend or colleague with you who is attending FPW for the first time and you will receive a thank you gift. Please speak up at the meeting and let us know.
Reminder: PowerPoint presentations for the past few years are available on the FPW website.
Opportunity to participate in research
If you are a woman between the ages of 25 and 55, and have made a positive change in your financial behavior within that past two years, you qualify to be paid for your research contribution!  We are holding focus groups in order to research women and their motivations for financial behavior change. Participants will be paid $20 for participating in a 1-hour focus group.  Contact Megan Rowley, graduate student, via email ( m.rowley@usu.edu ) or via phone (797.0494) for participation details. This research has been approved by USU’s Institutional Review Board. Please pass this info along to anyone who may qualify.
Money Riddles from It’s a habit: Changing children’s lives one dime at a time.  http://www.itsahabit.com/gamesnriddles.html
See answers at end of newsletter.
  1. How many doublings of a dollar does it take to reach 1 million dollars?
  2. How many doublings of a dollar does it take to reach 1/2 million dollars?
  3. How many doublings of a dollar does it take to reach 1 million dollars if your earnings are taxed annually at 20%?
  4. How many times will you double your wealth (not income) before retirement?
The Nightly Business Report (NBR) will air a special series called "Get Your Finances Ready for Retirement."  The series Web site is now available at http://www.pbs.org/nbr/site/features/special/retirement_HOME/
Idaho’s two cent tips newsletter- monthly email consumer news.
You can access old issues and listen to podcasts at http://extension.ag.uidaho.edu/madison/itct.htm
Send an email to erickson@uidaho.edu to subscribe or unsubscribe.
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News & Resources to enhance life-long learning:
Enroll today to become an Aggie Saver at http://www.americasaves.org/utahstate/
Check out the savings strategies and resources. Registered Aggie Savers can get a free consultation at the Family Life Center. Call 435-797-7224 for an appointment.
FINRA e-mail newsletter- sign up
http://apps.finra.org/contact_us/1/subscribe.aspx?lists=ind
Find answers to your personal finance questions at E-extension website FAQs
http://www.extension.org/personal_finance
Read The Wall Street Journal Sunday in the Sunday Salt Lake Tribune and Deseret Morning News Business Section or read it online: http://www.wsj.com/sunday
All of Jonathan Clements’s Getting Going articles from The Wall Street Journal are available on-line: http://online.wsj.com/search/aggregate.html
Personal Finance Top Tips via e-mail
Often the best way to learn and take action is to receive information and advice in small amounts. Sign up for email advice from Money magazine columnists: http://money.cnn.com/services/newsletters/
Smart Money education series for teenagers 14-18 years and their parents.
Wed. June 18, 6:30- 8 p.m. @ USU Charter Credit Union, 198 N. Main, Logan. In downstairs conference room (enter at rear of building). Workshops are free. To register: 753-4080, ext 3400 or moneyteacher@usuccu.org
In Brigham City:
June 14 Home Ownership Workshop 8:30 a.m. to 4:30 p.m. Call 435-797-7224 to register.
The USU Family Life Center, 797-7224, 493 N 700 East (bottom of Old Main Hill), provides individual financial counseling. This is the best source for basic money management and getting out of debt. They offer the PowerPay computer debt analysis. Counseling sessions cost $5 for first session with sliding scale charges based on family income and family size for subsequent counseling sessions.
Social Security in Logan: Department of Workforce Services Building located at 180 N 100 W, Logan. 1st and 3rd Wednesdays of each month from 9:30 a.m. to 2:00 p.m.
Books from which to choose if you bring a new participant to FPW:
Your little legal companion: Helpful advice for life’s big events
Nolo’s essential guide to divorce
Divorce and money: How to make the best financial decisions during divorce
Get it together: Organize your records so your family won’t have to
Quick and legal will book
Nolo’s simple will book (with CD)
Estate Planning Basics
The Busy family’s guide to estate planning: 10 steps to peace of mind (with CD)
Long term care: How to plan and pay for it
Social security, medicare, and government pensions
Work less, live more: The way to semi-retirement
Work less, live more workbook: Get set for semi-retirement (with CD)
For more info on these books go to www.nolo.com
Thanks to the Certified Financial Planner Board Grant for financial support of FPW.
Riddle Answers:
  1. How many doublings of a dollar does it take to reach 1 million dollars? 20
  2. How many doublings of a dollar does it take to reach 1/2 million dollars? 19
  3. How many doublings of a dollar does it take to reach 1 million dollars if your earnings are taxed annually at 20%? 24
  4. How many times will you double your wealth (not income) before retirement?
    To simplify the estimation use the rule of 72. In finance, the rule of 72 is used to estimate the amount of time it takes savings or an investment to double. To estimate the number of years required to double an original investment, divide the expected growth rate by 72. For instance, if you were to invest $100 with compounding interest at a rate of 9% per year, the rule of 72 gives 72/9 = 8 years required for the investment to double or be worth $200.
    from http://www.itsahabit.com/gamesnriddles.html  It’s a habit: Changing children’s lives one dime at a time.