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Monthly Archives: May 2010

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To Save or Not to Save

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That is an excellent question! As a financial planner I usually advise my clients to save as long as their personal financial situation permits it.  As a person who has the worst luck in the entire world I also personally like to have savings set aside in case of an “emergency”.  Over the past two years my personal “emergencies” (which always involves my car) have cost me over $3000.  Therefore I was happy to be able to pay cash and not rack up the bills on my credit card.

However, saving is not always for everyone.  If you have debt it doesn’t really make a lot of sense to save because you may be paying 19% interest on your credit card, and you may only be earning 1% in interest on your savings account. I am not saying that you should not have emergency funds; I am just saying that the priority should be paying off debt.  I stick by this point because interest over the long term will cost you a lot more than your emergency fund.  If you do have a balance on your credit card don’t use your emergency funds to pay it off, just stop contributing to your emergency fund until the debts are paid off.

If the idea of having no emergency funds scares you, and you would like to continue contributing to your savings, then you should adjust your savings to also include paying off your debt. Your savings should always be in your personal budget.  If your budget allocation for savings is 5% of your salary then lower it to 2% and allocate the other 3% to paying off debts.  It is easier if you make a budget plan that corresponds with your pay checks. If you are paid weekly then make a weekly budget, if you are paid on a biweekly basis then make a biweekly budget.

Emergency Funds should always be invested in a liquid type of cash investment that you can access within 24 hours…just in case. Savings for a specific goal and/or savings for retirement are completely aside from saving for emergency funds.  Liquid cashable investments include t-bills, money market, cashable term deposits, and high interest savings accounts.  You may not have access to these accounts with your ATM card but you will have access by contacting your personal banker.

High interest savings accounts are very popular these days among both banks and consumers. A new product that has also been introduced in other countries such as Canada and the European Union is the Tax Free Savings Account.  This is an account that allows investors to invest up to a predetermined amount each year completely tax free.  There is no tax paid on interest, dividends, and capital gains earned while the money is invested inside the account.  There is also no tax paid on any withdrawals from the account.  Of course there are age and residency restrictions regarding who can open the Tax Free Savings Account.

It is always a good idea to have some savings set aside for unseen personal emergencies. The amount of savings that an investor “should” have varies depending on who you ask.  Some investment advisors say to set aside 5% of your annual income.  Others say to set aside the equivalent of 3 months net salary. I say ideally 5-10% of your annual salary should be set aside. This is a fixed amount; I don’t suggest you continuously set it aside each year. As an example if you earn $100,000 a year before tax, you should have between $5000 and $10,000 in cash savings for emergencies.  However, the percentage that you are able to save always depends on your monthly expenses and personal budget.  Finances are a personal decision and are based on individual circumstances.

(photo by xJasonRogersx)

Shares and Stocks and Bonds OH MY!

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The stock market game can be very profitable or you can lose your shirt. Actually, considering the instability of the market over the last two years you would be lucky if you only lost your shirt. The key to investing in shares is to fully understand what you are getting in to and how to choose a good stock for your portfolio.

Stocks are sold on the market as portions of a company.  They are also often referred to as shares. When you purchase stocks of a company you become a share owner in that company. Investors who are looking for capital growth opportunities purchase stocks.  Stocks do not pay interest although they may pay dividends.  Investors make money on stocks when they purchase the stock at $10 per share and sell it at $25 per share.

Start Slowly

When starting to invest in the stock market, start slowly.  You should not trade daily, but you should watch your stocks daily, so that you become comfortable with the fluctuations and volatility when investing in these types of high risk investments.

It is very important that investors understand how to evaluate a stock and how to decide which stocks to buy. Do not take tips from other investors, especially from your dentist’s brother, or from your cousin’s second cousin once removed. Do the research, both on the historical performance of the stock as well as the company itself.

Many finance websites such as Yahoo finance and Google finance allow you to obtain information on stocks for free.  You can see the current trading price; the previous day’s trading prices as well as other financial information such as the highs and lows of the last 52 weeks. This is all information that will help you decide if you want to purchase that stock. You can also follow a stock’s performance and get information on stocks from the broker website that you use.

The Two Types of Broker Accounts

There are two different types of Broker accounts that you can open to purchase stocks.  The first type is a Discount Broker Service such as E*Trade. These are trading accounts where transactions are processed over the phone or online.  There is no advice offered to clients.

The fees for Discount Broker accounts are on a per trade basis and are discounted for multiple trades.  The regular free for an online or telephone trade could be $24.95 but if you transact more than 100 times per year your per trade price may drop to $9.95. Discount Broker accounts are good for new investors who will not be trading on a regular basis, for investors who only want to buy one particular stock, or for average investors who are willing to manage their own portfolio.

The second type of brokerage account is a Full Service account which is offered by firms such as RBC Dominion Securities or Edward Jones.  These types of accounts are usually designed for investors with larger amounts of money who wish to purchase a variety of investments such as bonds, stocks, and foreign investments. They also charge an annual fee as well as a per trade fee.

Bonds

Bonds are another type of investment that may be used to diversify an investor’s portfolio. Bonds are a safer investment that bears interest. Unlike with a stock your initial bond investment will not grow. However you will regularly earn a guaranteed interest on bonds. Governments as well as Corporations offer bonds to clients at a fixed interest rate for a pre determined time frame.  If you invest $10,000 in a bond for 5 years, at the end of those 5 years you will still have your $10,000 and have also earned interest on your money.  Bonds are never guaranteed and investors may be at risk that companies could go bankrupt and not be able to repay their debts to investors.

Whether you are new to investing in the stock market or you are an investment veteran, you should remember to be smart and not greedy. If you make good investments, save your earnings. Keep your initial investment and your gains in separate accounts.  Eventually your gains will become your initial investment and then you are only at risk of potentially losing your gains..

(photo by epicharmus)

Less Than Perfect for a Mortgage

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Waiting for a decision on your mortgage application is like waiting for blood test results or waiting for your tax return. You secretly hope for one answer but you are also prepared for the worst. If your mortgage application result comes back negative, then don’t worry…you have other options.

As a financial planner my primary area of focus is on investments and retirement planning but I serve my clients from A to Z. Unfortunately, this includes processing mortgages and applications for other credit products.  I say unfortunately because I hate calling clients and telling them that they are not able to buy their dream home, or provide a shelter for their families. That phone call is really a last result for me. Before I make that call I exhaust all other options available to my clients. Then, I can call them and say “Congratulations, your mortgage has been approved…these are the conditions.”

When you are providing information to your personal banker for your mortgage application please, do not lie to us…we will find out. Give us your real income and the real balances on your credit cards and other debts.  We will uncover the truth anyways when we request your credit bureau history, and verify your employment information.  It is easier for us to work with your maybe “less than perfect” situation than it is to justify your little un-truths.

As your personal banker, we can always try other options for your application such as increasing the life of the mortgage which is also known as the amortization. The longer the amortization, the lower the payments, and therefore the easier it is to factor those lower payments into your total debt ratio.

It is better to have low income on a mortgage application than it is to have bad credit. Keep your payments up to date on all credit products.  Before applying for a mortgage it is also a good idea to order your own personal credit report.  This will give you a clear picture of your present financial situation; so there will be no surprises when you apply for your mortgage.

If your income is too low to support your mortgage payments along with other applicable debts there are more options available. You can apply for a lower mortgage limit, you can add more to your down payment, you can close off your other debts, or you can request a co signer. However, if you have a poor credit history then there is really not much your personal banker can do to help you.  If you can’t make payments to your $5,000 credit card, the bank can’t justify approving you for a $225,000 mortgage.

Banks offer mortgage calculators online to assist you when shopping for a mortgage. You can calculate how much you can afford and the amounts of your mortgage payments all before you even book an appointment with your personal banker.

(Photo by woodleywonderworks)

Simplify Your Budget. Don’t Sacrifice It!

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Budgets can be Simple, you just need to make a plan and stick to it. Budgets are for everyone, not only for people with limited income.  Making a budget can be compared to making a new weight loss plan.  Don’t try to make too many drastic changes all at once; otherwise you will never stick to it.

Set a long term goal, but then break it down into smaller more attainable goals over shorter periods of time. This will help you keep track of your budget and spending, while at the same time motivating you to continue on the right track each time that you reach your financial goal.

Once you have made a monthly budget (which should be 80% of your total income after tax) make sure to include your housing costs, utility bills, debt repayment, transportation costs, food (both grocery shopping and eating out), retirement investing, as well as any educational costs. Yes, your investment contributions should be in your budget. Break your monthly budget down into a weekly budget, and then into a daily spending allowance.  When you leave your home in the morning take your daily spending limit with you in cash.  This avoids overspending on “must have, must see items” and “compulsive purchases”.  If you don’t have the money for it, then you can’t spend it!

You should never carry your credit cards in your wallet.  Leave them at home.  They are for large purchases only such as furniture, appliances, jewellery etc.  Credit is a good payment method for large purchases because most cards offer an extended warrantee as well as purchase points to earn rewards.  This is the only time that credit should be used.  Credit Cards are not a personal loan.  They are also convenient because the daily spending limit on a debit card is usually restricted, whereas you can purchase any amount (up to the limit) on your credit card. Before every purchase ask yourself “Do I really need it or do I just want it?”

Of course emergencies come up and it is also ok to use credit for unexpected medical expenses and car repairs since these are “must have” emergencies. The extra 20% that you are not factoring into your budget will accumulate into your emergency reserve fund. Once this reaches 2 months of your total after tax income put it into a liquid investment such as an enhanced cash account or a money market fund.  This allows you access to the money at anytime while still earning some interest if you don’t use it. Adjust your spending habits. If you spend a little more one day, then save a little more the next day.

People spend the most on food and consumer goods such as beauty products and clothing. Just because it’s on sale doesn’t mean you need it. Stay away from “low price” stores such as Wal-Mart. Your brain thinks that you can buy more because the prices are advertised to be lower. The next thing you know you are at the checkout and your bill is $500.

Here are 5 quick ways to cut your budget

  1. Save on personal services such as spa manicures and barber shop shaves. Do it at home. It’s not as glamorous but neither is being broke.
  2. If you want to eat out then eat out at Self Serve Places…not restaurants and buffets. This way you can control the portions and therefore the cost.
  3. Stay in and rent a DVD. Don’t go out to the movies.
  4. Wash your car at home…or park it outside in the rain J
  5. Write a grocery budget before you go to the store. Obey your list. Remember that alcohol is not a necessity. Don’t shop for groceries while you are hungry this causes overspending because when you are hungry everything looks good.

The next time you think of spending beyond your budget and promise yourself that you will make it up remember that paying your bills on time is more important than buying material goods.

Economics and Modern Philosophy

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Ah…my day to shine. Good news ahead. The federal government has planned the creation of a consumer financial protection agency. Ralph Nader himself is turning over in his grave with interest. Or wait… Ralph Nader is still alive—I think. Anyway, he’s turning over somewhere—probably in a cozy sofa chair at Starbucks in DuPont Circle.

Here are just a few of my favorite proposed amendments included under this regulatory reform:

  1. Free credit scores: In this proposed amendment, my friends from the three credit reporting agencies would be required to provide not only a free annual credit report, but a free credit score once a year. Now you can shout the number out loud, or hide it under the sofa—at least once a year.
  2. Get this: Ban the use of credit checks for employment: I did not want to bring it up, but hey…there it is. Not to worry, this amendment has exceptions including certain jobs related to national security, working with specified state or local government agencies, or handling customer funds or company financial accounts. Well…it’s a start.
  3. Set Rules for Payday Loans: I saw a commercial the other night for one of these “don’t worry, we’ll let you borrow it until you get your paycheck” bottom feeders. The commercial was blatantly targeted at single mothers. Anyway… this amendment would put these crooks under federal regulation. That aside, this amendment actually imposes more regulations for the consumer than the lender. It limits the consumer to 6 pay day loans a year. Other than the federal regulation clause (that should win over well), the only regulation imposed on the lender is the requirement to offer an extended payment plan. Nothing at all about interest rates.
  4. ATM Fee cap: Can you even imagine this? Capped at 50 cents per transaction! I got $2.50 saying that one doesn’t pass. Banks always win.
  5. Credit Card interest rate caps: As we all know, banks have a way around capped interest rates—impose additional fees. Under this amendment, any additional fees can not exceed the capped interest rate. I have a feeling this one will see some opposition.

Again, these are just some of my favorites.

Excuse the cliché, but we are certainly living in some interesting times. Economy is the new modern philosophy. We have conquered the mysteries of the universe (with the exception of time travel); however, Steven Hawking has just reported that his time machine is up and running—powered entirely by his new iPad. It is evident that we have not yet conquered the mysteries of the economy. Protestors are lining the streets throughout the world with one thing on their mind—their money.

I relate this to the above amendments with this thought: When no one questioned, nor understood the dealings of Wall Street, our economy remained solid for a good period of time. Now Wall Street has let us down and we all demand change and accountability. The philosophical question of the day is: to regulate, or not to regulate?

Personally, I am not one to defend Wall Street, but they did a pretty good job up until now. And sure, there were some shady dealings going on to make it happen, but no one questioned the ethics of Wall Street until their bank accounts went sour; except for Mr. Nader, of course. He’ll ride you to his grave. Keep it up Ralph.

(photo by americans4financialreform)

Weekly Recap: Don’t Let a Man Mess with Your Money

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Happy Friday May 21. The topic for the recap this week is the thing that makes us our money…our jobs, and the toxic relationships that we form at our workplace.  It is normal to become attached to people we work with because we spend at least 8 hours a day with them and some of us even more. I have to admit that as I change jobs my group of friends also changes but I have a few good friends from previous employers that I still keep in touch with.

This past week I experienced firsthand just how disastrous it can be for the entire office when the line from office acquaintance to full time lover is crossed.  Alexander is another Financial Planner in the bank where I work.  He is very typical type A male and also very “typical” young professional.  He lives in a $300,000 condo and drives a Mercedes Benz.  Over the past 5 years that I have known him the two girls he dated were exactly the same – tall with long dark hair, approximately a size 0 and both were levels below him.

Office romance is strictly forbidden in the world of banking because we deal with large amounts of cash and who knows what type of fraud or theft could happen when young people are blinded by love.  Alexander’s latest eye candy fling was named Jenny and when he broke up with her in the kitchen at lunch it would be an understatement to say that Jenny was shocked, heartbroken, and completely devastated.

She could not function.  She cried or the rest of the day until she was finally sent home.  For the next two weeks Jenny was a mess. She spent her days yelling at clients and staff about minor things such as scotch tape and not having the PIN to their bank debit card.  When she wasn’t lashing out at clients, Jenny would be roaming the corridor passing by Alex’s office at any chance she could get.  This was not only pathetic but useless because Alex had already moved on.  Jenny was out of control and finally she was fired.

I thought to myself what the hell was she thinking? How could she let her office romance ruin her career…and possibly her mental health? I love my boyfriend Nick and we have been through a lot together over the past 10 years, but I will never let anyone mess with my money! At work we should stay focused and keep our heads on straight because after all we wouldn’t be able to drive our Mercedes Benz and we wouldn’t be able to wear custom made suits if we didn’t have a job. Yes we may be temporarily blinded by love but that shouldn’t hide the dollar signs in our eyes.

Here are some other stories that we found on general business relationships and other financial this week. Enjoy!

Office romances can be risky, rewarding @ WorkRelationships.com
Balancing your personal and professional lives is trickyl @ SoFeminine.co.uk
Starting With What You Have @ The Art of Non-Conformity
What’s Your “Minutes Per Dollar” rate? @ Worth Wild
The Annual 50% @ Free Money Finance
kindfully + mindfully @ Zen Habits
AllYou.com Grocery Giveaway @ AllYou.com
 Consumer Debt is Not Your Friend @ Seth Godin
How Student Loans Helped Destroy America @ Zen College Life
Carnival of Money Stories – Monopoly ed. @ Personal Finance Journey
Carnival of Personal Finance #257 – Canadian Banknotes ed. @ Personal Finance Journey

(photo by williac)

How Does Marital Status Affect Your Taxes?

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It’s the time of year when couples like to tie the knot. The beautiful weather and flowers in spring and early summer make having an outdoor wedding an occasion to remember. But in all the excitement, it’s easy to forget about tax issues that need to be addressed when you get hitched.

What to Do if You Plan to Change Your Name

One of the first things to remember once you get back from the honeymoon is to notify the Social Security Administration (SSA), if you plan to change your name. Your tax return must match the name you’ve registered with the SSA in order to avoid problems. You’ll also need to get an updated Social Security card with your new name. Simply submit Form SS-5, the Application for a Social Security Card, and allow yourself at least two weeks for the change to go into effect. You can find more information at socialsecurity.gov.

How to Change Your Address

If you have a new address, notify the U.S. Postal Service as soon as possible so your mail delivery won’t be interrupted. The post office sends your new information to the IRS. However, I also recommend that you notify the IRS directly about your address change using Form 8822, especially if you’re expecting a tax refund.

How to Decide You Tax Filing Status

It’s important to decide which tax filing status you’re going to use for the year in which your marital status changes. Your filing status is vital because it determines the amount of tax you have to pay. It affects the amount of your standard tax deduction, whether you’re eligible to claim certain tax deductions and credits, and your income tax withholding. So be sure to complete a new Form W-4, the Employee’s Withholding Allowance Certificate, for your employer.

Your marital status on December 31st determines whether you can consider yourself married for that entire tax year.

There are five different filing statuses for taxpayers:

  1. Single status applies if on the last day of the year you were unmarried or were legally separated or divorced from your spouse.
  2. Married Filing Jointly status applies if on the last day of the year you were legally married and is one of two options for married people. Filing a joint return allows spouses to combine income, exemptions, and allowable deductions on one tax return. It gives you more tax benefits and usually results in lower taxes than filing separately.
  3. Married Filing Separately status applies if on the last day of the year you were legally married and is your second option if you’re married. It generally offers the least beneficial tax treatment, but may be necessary if one spouse doesn’t agree with the other about taxes. For instance, one wants to file taxes but the other wants to skirt the law, or one spouse doesn’t want to take joint responsibility for the other’s tax messes.
  4. Head of Household status applies if you’re considered unmarried on the last day of the year, paid more than half the cost of keeping up your home, and had a qualifying dependent live with you for more than half the year. This status gives you more tax benefit than filing as a single taxpayer or as a married person filing separately.
  5. Qualifying Widow or Widower with Dependent Child status applies if you’re unmarried, due to the death of your spouse within the last two years, and you’ve cared for a dependent all year. After two years, if you remain unmarried, your filing status must change to either single or head of household.

You must choose one status for each tax year, so always choose the one that results in the least amount of tax. Whether you’re getting married, or are a guest or chronic wedding crasher, have a great time!

(Photo by Gatis Orlickis)

Financial Advisors are Investors too

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Let me tell you that working in the financial services industry does not make it any easier when trying to predict the future market conditions.  I don’t have a crystal ball that magically appears in my office after every fiscal crisis to predict what will happen next. First of all I don’t do that. I work in personal financial planning with clients, not on the trading floor. I may be your personal banker but I am also a client of the bank and a personal investor as well.

During the economic crisis my retirement portfolio hit rock bottom at -23%.  The average (401k) portfolio loss in 2008 has been reported by MSN Money to be -27%. My point is that even I as an employee in the financial sector still took a loss.  I would love to pull a magic wand out of my Gucci bag and magically correct everything that has happened. If I could take it back I would. But I’m sorry…I can’t do that.

The reason that I am not concerned about the loss in my portfolio is that I am only 29 years old and I have at least another 26 years until I retire (wow that is sad and depressing). So far in my investment lifetime I have seen this happen twice, of course the first time was not as severe.  With the aftermath of the millennium scare and the events following September 11 2001 we saw a rapid decline in the market and in 2003 prime rate in the US reached an extreme low of 4% .  However the market recovered and now 6 years later we are witnessing a similar, however more dramatic situation.  I am predicting to see this happen at least another 3 times before I retire.

Of course the way in which my portfolio is invested will be adjusted to become more secure as I approach retirement. Therefore the way that I react to dramatic market changes will be different. I am a relevantly conservative investor and therefore I do not have a 100% growth portfolio. Although typically someone who is my age and who is investing over the long term for retirement should be more growth oriented.

However, I am just not that girl. I am the girl who always has a plan.  I make a list for everything because it helps to calm me down in unknown and scary chaotic situations. I would love to have large growth and high rates of return in my portfolio. But, I am just not willing to take the risk of potentially having large losses in a market downturn. Therefore I settle for moderate gains in a bull market and less than average losses in a bear market. This is a personal choice that investors have to make.

Your investment advisor is there to help you plan and make suggestions. We are not there to make sure you make the largest profit available and then advise you to get out before the crash. We can’t predict those changes. We can help you plan for any potential unseen events but we can’t work magic. Remember that we are investors too.  If you are going through it the odds are that we are going through it too.  The key to a good relationship with your personal banker is open communication. If you are worried, if you have concerns, if you like or don’t like something then tell your personal banker or investment advisor. We are there to help you.

(photo by benleto)

Numerophobia

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Numbers? Ahh!

Recent work highlighted in this week’s Economist showed that, after accounting for a whole host of differences between people who took out “sub-prime” mortgage during the run up to the housing finance crisis, the defining variable that predicted whether or not these people would miss payments, default, or be foreclosed upon came down to their degree of innumeracy (numerical literacy).

I recall from my schooling days, and I imagine it is true today as well, that math isn’t most people’s favorite subject, so once you learn the basics (add, subtract, multiply, divide), there isn’t much of an interest to go further (say, into ratios or calculus or trending).  Math just isn’t taught in a fun way, and I bet this contributes to innumeracy (Check out Dan Flockhart’s attempt to merge fantasy sports and mathematics in high schools).

Innumeracy is not limited to high school dropouts, I see this innumeracy amongst friends and colleagues who hold advanced degrees. The ability to understand a slight bit more about numbers may be a difference between successful homeownership or foreclosure, between a strongly performing savings and investment portfolio, and one where the rabbit is chased but never caught.

The economists doing this research came to a strong conclusion supporting the development of a “small pot of savings” for families starting out with homeownership.  Many DINKs readers probably think  “We know the value of having an emergency fund!”, but economists are now fleshing out just how important a small fund has on a household.  It’s a shame it took a housing crisis to understand the importance of the emergency fund, or the importance of strengthing our comfort with numbers.

Our government maintains a personal finance clearing house  website, mymoney.gov .  I attended a meeting 2 years ago on the development of this website and its nice to see our suggestions were incorporated into the previously bare-bones website which is now user friendly.  This website is huge and filled with personal finance research  done by many federal agencies.  If there’s a question you have, odds are consulting the research here is an excellent, and free, start. If you want to begin improving your financial numeracy, I’d start here.

If you want to test your numeracy, take the quiz!
(Your resident DINKs economist scored 5 for 5.  Whew)

What Have You Cut in the Last 2 years?

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With the economic crisis over the last couple of years, people have been losing their jobs left and right. As people lose their jobs it is sure that they have had to make some adjustments in their personal budgets. My question to you is what personal monetary sacrifices (if any) have you had to make over the last two years?

As a personal financial planner I have seen my clients cut various material things such as playing the lottery, vacations, and unfortunately savings. Yes, that is right; one of the first things that people cut out of their spending is their personal savings.

I advise my clients to try and keep their savings contributions as much as possible during a personal financial crisis. The reason that I say this is that no matter how bad things are now, it is possible that they can get even worse. I am sorry to say it, but it’s true.  During a job loss financial emergencies can have a greater impact on a person’s budget then when they have a regular income. Therefore people should always be prepared for the worst case scenario.

As an alternative to cutting savings contributions I suggest to continue saving but instead of saving for retirement save in your non registered investments, and instead of saving for the long term save in cash or liquid investments.  This way if you do need some of your emergency funds they will be readily available. Investors can also choose to lower the percentage of their savings contributions instead of cutting them out completely.

I also recommend that people cut various personal (and sometimes excessive) expenses. The problem is that we don’t realize they are unnecessary costs until we are really faced with the question “Do I really need that? Or can I live without it?”  People generally spend most of their income on food and housing.  In most cases people cannot make housing cuts (on short notice) so therefore we need to make cuts on our food budget. Eating out probably happens more than it should. Also if you want to eat out go and pick up the food  to save on the delivery charges.

I can tell you what I have lived without over the last two years…random visits to the pharmacy, unless I need a prescription.  Ladies, I hope you can relate to this. Sometimes I go into the pharmacy for deodorant and I come out one hour later after I have spent $100. Those days are over. I am definitely more cautious with my money these days. Not necessarily because I have lost a portion of my income, but mostly because I know that since I work in finance my position could be cut at anytime. I like to be prepared.

(Photo by sociotard)

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