September 2009 Newsletter

September 9 Don’t give your money to Bernie: Outsmarting investment fraud. How to avoid being a victim of investment fraud and how to protect your parents and children. 

Heads up!! Expect an email soon asking you to provide feedback on the FPW program. Please respond and help us demonstrate the value of FPW to funding sources.

Forward this message to a friend; bring a woman to FPW who has not attended before and receive your choice of a personal finance book as a reward. (See list of books at end of newsletter).

Book of the month: How to smell a RAT: The Five Signs of Financial Fraud by Ken Fisher. Why every investor should read Ken Fisher's book:

  • Investment fraud can strike anyone at anytime and is a threat to investors of all sizes—not just the wealthy.
  • Nearly every investment Ponzi scheme ever perpetrated, including Bernard Madoff’s massive fraud, could have been easily detected—and more easily avoided.
  • There are telltale signs that a money manager is or could become a con artist.

http://www.smell-a-rat.com

Web sites of the month:

Investor education resource center: http://www.nasaa.org/investor_education/9589.cfm

16 page investment fraud booklet: http://www.nasaa.org/content/Files/Booklet.pdf

FINRA Investor Education Web site at http://www.finra.org/Investors

Cut your spending by $500 a month (Money magazine, Sept. 2009). I’m always skeptical about articles with titles like these; I usually find that I’ve been implementing these strategies for years but always find a few useful ideas. I encourage you to check out this article and pick 2 or 3 strategies to implement. http://money.cnn.com/galleries/2009/moneymag/0908/gallery.monthly_savings_tips.moneymag/index.html

Funny money cartoon series: http://www.investored.ca/featured-topics/pages/laugh-and-learn-about-personal-finance.aspx

Who is responsible for a deceased family member’s debts?

When a family member dies, the last thing grieving relatives may expect are calls from debt collectors asking them to pay their loved one’s outstanding debts.  The fact is surviving family members often have no legal obligation to pay the debt of a deceased relative.  Even a spouse’s obligation to pay may be limited under state probate law. To help consumers understand who is responsible for a dead relative’s debts, the Federal Trade Commission (FTC), the nation’s consumer protection agency responsible for enforcing the Funeral Rule, just published Paying the Debts of a Deceased Relative: Who Is Responsible? http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt159.pdf

Extension Personal Finance Resources: eXtension is an interactive learning environment delivering the best, most researched knowledge from the smartest land-grant university minds across America. eXtension connects knowledge consumers with knowledge providers - experts who know their subject matter inside out. http://www.extension.org/personal_finance

5 Tips for Dealing with a Home Equity Line Freeze or Reduction (The Federal Reserve Board) http://www.federalreserve.gov/pubs/heloctips/heloctips.pdf

Small Steps To Health And Wealth: http://njaes.rutgers.edu/sshw/ (remember they go hand in hand!). For USU employees: www.usu.edu/wellness.  It’s that time of year again!!  Time to get back to business!!  But how did you do this summer with your wellness goals??  Find out by signing up for another fitness assessment!!  Get yourself in the right gear before the holidays hit and start working with a personal trainer or sign up for any of our fitness classes.  Fitness assessments are offered every Thursday from 12-5 pm.  Call or email Dayna Barrett:

(435) 797-8519

E-mail: dayna.barrett@usu.edu

Quote of the month: It's not how much money you have, it's how you use your money."  

Gerry Chambers

Workshops and events:

The Family Life Center is offering a financial management workshop on budgeting, saving, and debt management. "The Nuts and Bolts of Nickles and Dimes" costs $15 per household; scholarships are available. The workshop is scheduled for the first and third Wednesday of the month from 6:45 P.M.-9:00 P.M. at the Family Life Center. To register call: 797-7224

Home Ownership Workshop. September 12th, October 10, November 14, & December 5th : 8:30 a.m. to 4:30 p.m. Call 435-797-7224 to register.

Smart Money education series for teenagers 14-18 years and their parents.

Wednesday, Sept. 16 & October 24, 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

More Resources

The Wall Street Journal Sunday http://online.wsj.com/public/page/sundayjournal.html

Great resource: Consumer Action handbook http://www.consumeraction.gov/pdfs/2009_Handbook_Web_Version.pdf

Idaho's Two Cent Tips

Large file, please allow 30 seconds or more for download.

To access newsletter archives visit:  http://extension.ag.uidaho.edu/madison/itct.htm

Send an email to erickson@uidaho.edu to subscribe. 

The Color of Money (NPR) Michelle Singletary (personal finance advice from author and columnist Michelle Singletary via podcast; 5 minutes or less for each) http://www.npr.org/templates/story/story.php?storyId=4465062

Find a Utah Lawyer Directory. www.findautahlawyer.org

Thursday Night at the Bar “is a pro-bono legal clinic designed to assist the public in determining their legal rights. Volunteer attorneys are available during those meetings to meet briefly with individuals to provide preliminary counseling and general legal information.” 5:30 to 7:30 p.m. on the second Thursday of every month @ Cache County Courthouse, 199 N. Main Street, Logan.

Small Steps To Health And Wealth: http://njaes.rutgers.edu/sshw/

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. http://www.usu.edu/fchd/housing/

 

Nolo Press Books from which to choose if you bring a new participant to FPW:

Nolo’s Essential Guide to Divorce

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

Work Less, Live More Workbook: Get Set For Semi-Retirement (With CD)

For more info on these books go to www.nolo.com

Also: How to Care for Your Parents’ Money While Caring For Your Parents

The Smart Woman’s Guide to Midlife and Beyond

You and Your Money: A No-Stress Guide to Becoming Financially Fit

50 & Forward: A woman’s journey of financial awareness and self discovery

Get a financial life: Personal finance in your twenties and thirties

 

Thanks to the Certified Financial Planner Board Grant for financial support of FPW.

FPW topics for 2009

October 14 National Savings Rate Guidelines for Individuals.

November 11 IRAs: Should you switch from traditional to Roth in 2010?

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