May 2001 Newsletter

Note different locations for May only! 12:30 in TSC 335 and 7 p.m. at the USU Community Credit Union

Couples Communication About Money with Barbara Kerkmann, B.S. in Family Finance, M.S. in Marriage and Family Therapy.
Locations and Times: 12:30 in TSC 335 and 7 p.m. at the USU Community Credit Union
Topics include:
1. Money the last frontier - or we can talk about everything else
2. Family background - or MY family did it the right way
3. The Dance of Balance and Power - or the Golden Rule: He who has the gold makes the rules
4.Communication; the right time and the right place - or setting the parameters
5. Communication; how to do it - listening, responding and problem solving
6. What to do if things get out of hand -calming the fight or flight response
Bring your husband, partner, or friend to this special program.
This workshop will be useful for single women, too, as it will address communicating with family members about money.

Some useful news items:
Privacy Notices!! Don't ignore those envelopes arriving in your mailbox that may look like junk mail. Also, check out the inserts in your credit cards bills and other financial transactions.

WHAT TO DO IF YOU LOSE YOUR PURSE OR WALLET:
"We've all heard horror stories about fraud that's committed using your name, address, SS#, credit, etc. Unfortunately I (author of this piece) have firsthand knowledge, because my wallet was stolen last month and within a week the thieve(s) ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway Computer, received a PIN number from DMV to change my driving record information online, and more.
But here's some critical information to limit the damage in case this happens to you or someone you know. As everyone always advises, cancel your credit cards immediately, but the key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them easily.
File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one). But here's what is perhaps most important: I never ever thought to do this.
Call the three national credit reporting organizations immediately to place a fraud alert on your name and SS#. I had never heard of doing that until advised by a bank that called to tell me
an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit.
The numbers are:
Equifax 1-800 525-6285
Experian (formerly TRW) 1-800-301-7195
Trans Union 1-800-680-7289
Social Security Administration also has a fraud line at 1-800-269-0271
We pass along jokes, we pass along just about everything.... do think about passing this information along. It could help someone else."
One more tip: copy your wallet contents- both sides of all the cards you carry including your driver's license. The toll-free # to report missing credit cards is listed on your card; make sure this # is legible (you may want to enlarge when you copy). Keep this copy in your financial files at home and update once a year. If you will be traveling, leave a copy of these records with a person you will be able to contact; also consider carrying a copy separate from your wallet or purse.

How did you decide on your allocation of retirement investments? Although investors should not make changes in response to short term market fluctuations, it may be time to revisit your allocation and determine if it is appropriate. This time, if you make changes, write down the reasons for your changes. For TIAA-CREF participants: try out the new "Personal Allocation Calculator." On the <http://www.tiaa-cref.org> home page, on the right side under "products" click on "retirement plans." On the next page on left side, click on: try our new Personal Allocation Calculator. If you answer the questions they will recommend an allocation for your TIAA-CREF investments. Compare to your current allocation and consider whether you should make changes. P.S. from Jean: women tend to invest too conservatively and thus will not have sufficient resources in retirement.
Retirement planning workshops at USU for Utah Retirement Systems participants. <http://www.urs.org/>
Sign up today and Arrange to get time off to attend these workshops. Each runs 8:30am -3:30pm
Mid-Career planning Seminar at USU on Friday, September 14, 2001.
Pre-retirement planning seminar at USU on Thursday, September 13, 2001.

New Rights to Privacy: You Now Hold the Key to How Much Information Financial Institutions Can Share
You'll be able to limit the personal information that banks and other financial institutions provide to other companies. Here's help for you in deciding what's best. "Watch your mail. You'll soon be receiving an important message from your bank and other financial institutions you've had dealings with over the years. It's a notice explaining that you, for the first time, can decide whether certain information these institutions have about you can be shared with or sold to other companies that are not part of the same parent organization. The federal Gramm-Leach-Bliley Act of 1999 created this new opportunity for you as a way to balance your right to privacy with financial institutions' need to share information for normal business purposes.
http://www.fdic.gov/consumers/consumer/news/cnwin0001/NewRights.html

More Ways to Stop Unwanted Solicitations
Some people want to be on marketers' mailing and telephone lists for new offers, but if you don't, here are some options:
You can reduce the number of offers for credit cards, insurance and other financial products that you receive by calling toll-free 888-5-OPTOUT (888-567-8688) to remove your name from
marketing lists that the nation's major credit bureaus provide to creditors and insurers.
You can cut back on mailings and phone calls from national advertisers by taking advantage of services offered by the Direct Marketing Association. For more information, write to DMA
Consumer Affairs, 1111 19th Street, NW, Washington, DC 20036, or go to
<http://www.dmaconsumers.org> on the Internet. To be removed from marketing lists at local businesses, contact them directly.
Don't give out personal details (such as your income or buying habits) to people or businesses
who ask for it unless you know and approve of how that information will be used. Example: The
information you provide when you enter drawings at stores, fill out warranty cards for new products or respond to surveys on the Internet often gets sold or rented to other marketers.

Shop -- The Credit Card You Pick Can Save You Money (http://www.federalreserve.gov/pubs/shop/)
The website includes guidance on shopping for a credit card and understanding the information in credit card solicitations and applications, including new disclosure requirements for the APRs on cash advances, balance transfers, and penalty rates.

PERSONAL FINANCE: Learn how you stand with lenders
Finally, you can learn the score. For years, lenders sized up a person's creditworthiness from a single number–either a three-digit "FICO score" or one of several "FICO-like" numbers. Yet consumers have been largely prevented from seeing their own scores. That is, until last week.
For $12.95, you can now get a copy of your FICO score plus your overall credit report over the Web from the credit bureau Equifax (www.equifax.com) and Fair, Isaac Co., which created the FICO system (www.myfico.com). Rival credit bureaus Trans Union and Experian will sell their own scores later this year. And online lender E-Loan says it will offer a FICO-like score free starting in April. Once you know your credit score, you can improve it by reducing your overall loan balances or paying bills more promptly. Boosting a 640 FICO (considered mediocre) to a 680 (good) could make a big difference next time you seek a loan.

Sound Money personal finance radio call-in program Saturdays 9-10 a.m. 91.5 FM KUSU
Your Money Manager, with Erica Whittlinger
May 12, 2001
Do you know what your financial goals are? An early retirement, a vacation home, college for your children? For most of us, the goals are easy to define. A plan to achieve them is more elusive. What are the best investment vehicles to use? What about taxes? Even when you have a plan, there can be nagging doubts about whether or not you're doing the right thing. Get a second opinion from money manager Erica Whittlinger on this edition of Sound Money. She's CEO of Whittlinger Capital Management in Minneapolis.
Financial Freedom For Women, with Dee Lee
May 26, 2001
Financial knowledge is necessary for everyone, but it's especially important for women. Certified financial planner Dee Lee points out in her book Everywoman's Money: Financial Freedom (Alpha Books, January 2001) that financial planning is different for women for a number of reasons. Among them: Women live longer than men and need to plan for a longer retirement period; on average, women earn less than men; more than 50 percent of all marriages fail; and 90 percent of women become wholly responsible for their finances at some point in their lifetime. Lee will join Debra Baer and Chris Farrell to talk about steps women can take to achieve and maintain financial freedom on this edition of Sound Money.

Please email this newsletter to your friends.
I'll be out of town in May but will see you in June at the usual locations.
June 13: Lesson 4. Quick Estimate of Income Needed in Retirement
July 11: Lesson 5: Medicare and Other Health Benefits
August 8: Lesson 6. Employer-sponsored Retirement Plans.
Jean