ID theft potential escalates with Visa & Mastercard data breach

On March 30 Mastercard & Visa announced a data security breach at one of the main companies that processes transactions, exposing customer information.

“The breach occurred at Global Payments, an Atlanta company that helps Visa and MasterCard process transactions for merchants. One bank executive estimated that about one million to three million accounts could be affected. That does not mean that all those cards were used fraudulently, but that credit card information on the cardholders was exposed,” according to The New York Times.

Lax regulation of the payment processing industry is at least partly to blame. Read details at: http://www.nytimes.com/2012/03/31/business/mastercard-and-visa-look-into-possible-attack.html?_r=1&emc=eta1  Be alert for unauthorized use of your personal info; monitor your account online.  

Learn more about ID theft prevention at April 11 Financial Planning for Women.

Save Big by Losing Pounds

That resolution to get fit may also boost your bank account.

“Gym memberships and healthy food, both part of many people's New Year's goals for losing weight, can be expensive. But experts say the savings from being fit outweighs the added costs. Some life insurance companies reduce premiums for people in a healthy weight range. In addition, overall medical costs typically are lower for people who are fit, and some health insurance providers offer financial incentives for participants who meet wellness targets.”

• Cheaper life insurance
• Lower health-care costs
• Better health insurance
• Wellness incentives from employers and insurers

Read the details at: Smart Money
http://www.smartmoney.com/spend/deal-of-the-day/save-big-by-losing-pounds-1325716783715/

For more ideas on boosting your financial status in 2012 come to Financial Planning for Women seminar on January 11 for the Small Steps to Health and Wealth program. Check out: njaes.rutgers.edu/sshw/

5 Things Every Woman Should Do to Become More Financially Secure

“To gain greater security in retirement, women should communicate with their spouses early and make sure they save for their own needs before assisting children, experts say. Other tips include creating a plan to deal with health care expenses, which typically are higher for women than for men, and considering delaying Social Security benefits.”

Read the details from Mark Miller at Morningstar: http://www.businessinsider.com/5-ways-for-women-to-achieve-economic-security-2012-1

To learn more attend Financial Planning for Women seminar on Wednesday, January 11 at 12:30 in TSC 336 or at 7 pm at the USU Family Life Center. Topic: Small Steps to Health & Wealth

Protecting Elder Americans from Financial Abuse

Free advice and guidance on how to protect yourself and your loved ones against investment swindles and financial abuse.

Thursday, November 10, 2011
11 am -8 pm MST (9:00 am - 6:00 pm E)

One out of every five citizens over the age of 65 have been victimized by a financial swindle. Of particular concern are seniors with mild cognitive impairment (MCI) who can perform most daily functions, but have trouble or become confused when it comes to managing their finances.

In collaboration with several national organizations, Kiplinger is coordinating a toll-free nationwide call-in service for individuals seeking advice. From 9:00 a.m. to 6:00 p.m. Eastern time on Thursday, November 10, members of the Financial Planning Association, National Adult Protective Services Association and health care professionals will answer your questions.

http://www.investorprotection.org/downloads/pdf/learn/Prevent_Elder_Fraud_Call-In_Flyer.pdf

Investment Quotes

Come and learn more about investing basics at next month's FPW workshop! Afterall, "an investment in knowledge pays the best interest" (Benjamin Franklin). Please email Jean Lown at jean.lown@usu.edu if you are interested in learning about a specific topic on April 14th, at 12:00 pm (noon) or 7:00 pm. Here are a few quotes you can stock away.

"The four most expensive words in the English language are, 'This time it's different.' "
-- Sir John Templeton

"The stock market is filled with individuals who know the price of everything, but the value of nothing."
-- Philip Fisher

FPW Survey thanks

Thanks to all who responded to the FPW survey!

FPW participant Catherine Sharpsteen was the grand prize winner of a free consultation with Suzanne Dalebout & Heather Shino of Polaris Financial Planning. Additional names were drawn to receive financial planning books. If you get an email please respond promptly with your book selection.

My grad student Sam Nelson and I are in the process of reviewing and analyzing the results to help plan future FPW programs.

I’m not a fan of gift cards because of the billions of $ lost by consumers each year to fees, unused cards, & lost cards, but mostly because the recipient cannot save any of your gift. If you gave cash or a check, you could encourage a child to a) save a % of the gift, b) give some to charity, & c) spend some on what they would really treasure. In today’s dismal economy many adults need help paying for rent, mortgage, utility, food, etc. You may not realize the extent of their financial distress because they are embarrassed to let anyone know. Another idea (especially for many Americans who have all that they really need) is to make part of your gift a donation to the recipient’s favorite charity, local food bank or animal shelter, or through The Alternative Gifts International: http://www.altgifts.org/. The December issue of Money magazine included an article about a Wharton School economist who studies gift giving. His research concludes that gifts are ‘economically inefficient” especially when we aren’t sure what the recipient really wants. 

Experience Utah, buy local first (help the local economy): http://www.localfirst.org/

Global Village Gifts, 146 North 100 East in Logan http://www.globalvillagegifts.org/ offers lovely fair traded items from around the world. 

Send a gift subscription to a personal finance magazine like Kiplinger’s, Money, or Consumer Reports.

More resources for simplifying the holidays and your life: Simple Living network: http://www.simpleliving.net/main/

Alternatives for Simple Living: http://www.simpleliving.org/

The Federal Reserve wants to help you use your credit cards wisely as you shop for the holidays. A new 45-second video Public Service Announcement includes 5 tips for getting the most from your credit cards by:

• paying on time each month
• staying below your card's credit limit
• avoiding unnecessary fees (such as late payment and over-the-limit fees)
• making more than the minimum payment and
• watching for changes in your card's interest rate and other terms.

For more information http://www.federalreserve.gov/consumerinfo/consumercredit.htm

You can view and link to the video at

http://www.federalreserveeducation.org/pfed/mediakit.cfm

Avoid the holiday hangover of credit card bills this year. Enjoy the holidays without all the shopping.

See you on January 13.

Cheers,

Jean

FPW Workbooks

Our upcoming programs for FPW will be coming from the workbook Money Talk: A Financial Guide for Women ($23.00; 192 pages; 2009). This workbook teaches women the basics of smart money management.

Money Talk provides answers to questions like: How much do I need to save for retirement?; How much insurance should I have?; How and where should I invest my money?; and How do I create a will? Over 45 worksheets help readers evaluate their personal finances, set goals for financial well-being, and implement a plan to reach those goals.

The book is divided into five sections -- Financial Basics; Are You Covered? Insurance Basics; Investing Basics; Investing for Retirement; and Planning for Future Life Events. Each section includes lessons that demystify important financial concepts and exercises that allow readers to apply the information.

COST: Although the workbooks cost $23 each I was able to order them in bulk for a reduced price. Because we do not want the cost to keep anyone away, FPW will make the books available for a suggested donation of $15 or any amount you feel you can afford. We will simply pass around an envelope so no one will know how much you contribute.

To learn more about the book: http://extension.missouri.edu/publications/DisplayPub.aspx?P=NRAES160