December 2001 Newsletter

Financial Planning for Women 2001
December Newsletter
Planning for Financial Independence and a Secure Retirement:
<http://www.ces.purdue.edu/retirement>
A monthly educational seminar designed to empower women, "Financial Planning for Women" is offered the second Wednesday of each month at 12:30-1:30 p.m. (USU Family Life building Rm 318) and 7-8:30 p.m. at the Family Life Center (493 N 700 E).
Facilitator: Dr. Jean Lown, lown@cc.usu.edu; 797-1569
New comers: You can review previous modules at: <http://www.ces.purdue.edu/retirement>

Saturday, Dec. 1, 9-11 am
Financial Planning after the 2001 Tax Law
free seminar offered by USU Community Credit Union
198 N. Main (lower level- use east entrance)
Topics: income tax planning, retirement & investment planning, estate planning
Refreshments will be served.

We are deviating from the schedule published in the FPW brochure.
December 12: Simplicity Circles with guest Marianne Christian. Because of the heavy emphasis during the holiday season on over-consumption which is environmentally harmful and may lead to over-indebtedness, our program will focus on living a simpler, less-consuming lifestyle. Marianne will explain Simplicity Circles, groups that encourage reduced consumption, and report on the progress of groups in Cache Valley and how to start your own Circle. We will encourage participants to share their own stories of their efforts to reduce their impact on the earth. Consuming less often leads to a healthier lifestyle and a healthier net worth as income can be allocated to long term financial security – our theme for 2001.
Note the January 5 Sound Money radio program on Simplicity (see below)

A look ahead at FPW in 2002:
January 2002: Estate Planning
Check out module 10C from Planning for Financial Independence and a Secure Retirement:
http://www.ces.purdue.edu/retirement or go directly to: Planning your estate: A guide to help you work with your attorney: http://www.ces.ncsu.edu/depts/fcs/estates/
Also: the Nolo Press site http://www.nolo.com/ then click on "Wills and Estate Planning" on the home page. Our session will cover the basics of what you need to know in order to begin the estate planning process. No legal advice will be offered. Dr. Barbara Rowe, Extension Family Resource Management Specialist, will talk about personal property transfers.
February: Income tax update
March: The Financial Checkup We plan to use The Financial Checkup (the blue workbook given out at FPW over the past year) for some of the 2002 sessions. So get out your TFC, copy those forms and start filling them in.
November: reduce holiday stress and help the environment by giving thoughtful holiday gifts.
We are still working on the schedule for 2002 and welcome suggestions for topics (lown@cc.usu.edu).
Other topics: long term care planning; saving for college educations, what else??
Quote of the month:
"No one ever got rich by going shopping." Jonathan Clements, author of weekly (Tuesdays) "Getting Going" column in The Wall Street Journal.

Free Credit Reports
I was very surprised to read the insert in my auto insurance bill that stated that because my credit report was used in setting my auto insurance premium I was entitled to a free credit report! This was news to me. I called the 800 number and requested my report which arrived about 3 weeks later. Not only was there a copy of my credit report but also my credit score! Credit Bureaus charge $12.95 for this information. The Federal Fair Credit Reporting Act requires that consumers be offered a free credit report if they have been turned down for credit (must take advantage of the offer within 60 days) but this was the first I had heard about free credit reports AND credit scores related to auto insurance. Why do you want to know what is in your credit report? Your credit history and credit score affects whether you are granted credit, the price (interest rate) you pay when you borrow money and obtain a mortgage (or refinance), and the cost of auto insurance (and more). Mistakes in credit reports are very common. One of my students this semester reported that her credit report was "contaminated" by information on her sister-in-law who has the same name. Moral of the story: read those fine print inserts in your bills and take advantage of this offer.

Stop those credit card offers!
Another thing that I was able to do as a result of the free credit report offer was to register to be permanently excluded from all preapproved credit offer mailing lists by credit grantors utilizing any of the 4 major credit bureaus. (You may still get offers from organizations you belong to).
Address: Opt-out department, PO Box 24025, Seattle, WA 98124-0025. Get off those lists to stop the avalanche of junk mail and waste of all those trees. Further, if you just toss or recycle those offers without shredding them, someone can fill them out in your name with a different address and steal your identity. Register now to stop preapproved credit offers.
Do you part to staunch the flow of junk mail.
Whenever I join an organization, renew a membership, order from a catalog or by phone or internet, I ask that my name NOT be sold or exchanged. (Sometimes I forget and I regret it).

Sound Money <www.soundmoney.org> is a call-in radio program (Sat. 9-10 am 89.5 or 91.5 FM) is hosted by Debra Baer and Chris Farrell and features weekly appearances by Minneapolis money manager Erica Whittlinger, president of Whittlinger Capital Management. Each program contains several interviews with special guests who address a wide variety of topics of interest to individual investors and consumers. Upcoming topics:
All about Self Employment
December 1, 2001
Have you ever wanted to be your own boss? On Sound Money this week, we'll talk to Eric Tyson, Lynne Brenner, and Ross Levin about the ups and downs of being an independant contractor.Mary Rowland talks to us about retirement planning; Eric Tyson, frequent Sound Money contributor and author of the Dummies series on personal finance, helps us understand disability insurance; perennial Sound Money favorite Ross Levin joins us to talk about managing cash flow; and career counselor Amy Lindgren checks in about loving your job.
Life Insurance
December 8, 2001
We'll start with the pitch from a life insurance salesperson and then check in with Scott Gisalasen on the right types of life insurance. Erica Whittlinger will take your calls, and Lynne Rossetto Kasper will give us pointers on food gifts.
So Now You Have a Child!
December 15, 2001
We will cover the entire checklist of what you need to do and worry about once you have a child, and we will check in with frequent Sound Money contributor Marion Asnes on family and finance.
How Much is Enough?
December 22, 2001
We explore how to determine how much one can or should give away. We will also talk to Amy Domini, founder of Domini Social Investments, about personal finance with social consciousness.
Looking back at this fall
December 29, 2001
We will be using our favorite segments from this year's programs.
January 2002 programs:
Simplifying
January 5, 2002
We go straight to the source, and check in with Vicki Robins, the "founder" of the simplicity movement.
Credit Card Debt
January 12, 2002
After the holidays, we all likely have higher credit card balances....advice on how to stay out of credit card trouble.

The U.S.U. Family Life Center, 493 North 700 East in Logan offers free financial and housing counseling. If you want help getting out of debt or simply organizing your finances and developing a realistic budget (or know someone who can use this help), call 797-7224 for an appointment. The FLC offers first-time homebuyer workshops the last Saturday of each month.
Funding for Financial Planning for Women (copying cost, postage, book purchases, etc.) is made possible by a grant from the Foundation for Financial Planning. www.foundation-finplan.org/