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Need to Redirect Your Spending? Let Your Goals Be Your Guide

Nicole Turosky — Fri, 03 Feb 2012 18:44:03 +0000

by Carrie Schwab-Pomerantz,
CFP®, President, Charles Schwab Foundation; Senior Vice President, Schwab Community Services, Charles Schwab & Co., Inc.

January 19, 2011

Dear Carrie,

My husband and I have been together for five years and are now in our mid-twenties. We’ve never bothered to save before and our debt is rising a little more each month. I think we’ve developed bad financial habits, but I don’t know how to break them. How do we reverse five years of irresponsible spending behaviors?

—A Reader

Dear Reader,

Thank you for asking this question—and for asking it now while you’re still young. You and your husband have lots of time ahead of you to not only change some bad spending habits, but to start building a solid financial future. It won’t necessarily be easy, but it sounds like you’ve taken the most important—and possibly the most difficult—step by acknowledging that there’s a problem. Now of course, you both need to commit to solving it.

Take an honest look at where you overspend

If you and your husband have never had a heart to heart about your individual spending habits, now’s the time. Chances are you each have your weak spots. What’s the biggest spending temptation for each of you? Clothes? Eating out? The latest high-tech gadgets? Do a little soul searching. Are the things you’re spending money on really that important? Will you care about them five years from now?

Don’t just talk about these things, though; also put them down on paper. Take a detailed look at one month’s spending. How much goes for rent, food, transportation and other necessities? Once those things are covered, how much is left? Be honest about where the rest of the money goes. And take a hard look at whether credit cards are part of the problem. Then make two important agreements: 1) to stop using credit cards unless absolutely necessary and 2) to avoid tempting situations like restaurants or department stores until you get your bills under control.

Commit to getting out of debt

Credit card debt is one of the easiest things to build up—and one of the hardest to get out of. To get on the right track, pick a single card (or one each) to use for any future charges and put any others out of reach. That’s number one. Now you need to make a pact to systematically pay down your debt.

If you have a balance on more than one credit card, direct as much as you can to the highest interest card each month while continuing to pay the minimum on the lower interest cards. When the first one is paid off, tackle the next. It may be a slow process, but it works if you stick with it.

Give yourselves some concrete motivation to save

I can’t overemphasize the importance of starting to save now. I completely understand how hard it can be to get going—but the best way I know is to give yourself some concrete goals—and keep them front and center. Say you want to save for a house. Then put a picture of your dream house on your refrigerator. Start a savings or investment account specifically for this goal. Then track your savings and congratulate yourselves on your progress. You can do the same for smaller goals like a new TV or a vacation.

And while a goal like retirement can seem too far off to be real, consider this: If you put just 10% of your annual income toward retirement starting now—and continue saving that amount each year during your working life—you’ll be on your way to a pretty sound financial future. If either of you has a 401(k), start contributing to it (always take full advantage of your company match). If you don’t have a 401(k), each of you should open an IRA, ideally a Roth, right away.

Create a spending plan and put it on automatic

With your spending history and future goals clearly in mind, make a realistic budget that allows you to pay your bills, put money in savings, and still have some fun. You’ll have to be flexible and won’t be able to do it all at once, but you’ll have a place to start.

Then make it easy on yourself by setting up automatic payments for whatever you can—rent, utilities, insurance, credit cards. Have a certain dollar amount automatically transferred to your savings account and IRAs each month. With those things taken care of, the money left in your checking account will be yours to spend. However much or little it is, you’ll enjoy spending it that much more knowing that you can actually afford it. Good luck!

This article was retrieved from Charles Schwab: (http://www.schwab.com/public/schwab/resource_center/expert_insight/ask_carrie/saving_spending/redirect_spending_goals_be_your_guide.html)

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction and investment strategy for his or her own particular situation. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

What Does a Customer Really Want?

Nicole Turosky — Fri, 27 Jan 2012 15:32:23 +0000

“Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.” – Peter Drucker

Before you answer the question, ‘What does a customer really want?’ Consider a broader question, ‘What is your definition of a customer?’ Although organizations deal with many types of customers, the definition should include two important components:

A customer is someone who wants or needs your help, your service or your product, and is willing to pay for it.
A customer is someone with whom your organization is attempting to create a unique and emotionally positive experience for which they will repeatedly purchase your product or service.

By defining your customer it becomes much easier to identify what your customer really wants. Above all, a customer wants a hassle free experience as well as to be individually recognized and treated with respect. Research shows that 96% of customers who are not treated with respect decide to never go back. Typically, customers will not complain because complaining just adds to the hassle of an already bad experience. Six out of ten customers will never return to an organization based on poor service … not poor products. They usually will not register a complaint with the organization; they just go elsewhere. Customers want a positive experience and want to deal with a service provider that has empathy and understands how they feel. They want a service provider who creates strong points of connection. A powerful point of connection creates a bond with customers and ensures a high level of trust. Trust builds strong relationships and a strong relationship ultimately creates customer loyalty. Also keep in mind trust is what your customer wants.

There are many requirements to building a successful and sustainable business:

The ability to manage the organization effectively
The ability to create financial growth
The ability to innovate
The ability to develop and sustain a loyal customer base
The ability to make environmentally sound decisions.

When these five components are working in sync, an organization will experience sustainable success.

We know that loyal customers will always return to purchase your products or services, which creates a long-term stream of income. A satisfied customer who has had an average experience may or may not come back, therefore, creating a one time sales or revenue opportunity. Loyal customers always come back; whether it is once a week to their local grocery store or drycleaner, or monthly to their local pharmacy, or every April at tax time to the same accounting professional. No matter the business or industry, creating multiple, and consistent revenue opportunities has a very positive financial effect on the organization.

Additional advantages of developing a loyal customer base include their willingness to pay more for your product or service, and they are also more forgiving when your organization makes a mistake. As loyal customers, they trust your organization and have faith that you are fair. It is truly all about building relationships through trust and strong points of connection. Making the strategic decision to create a loyal customer base is one of the most important commitments you can make to the success of your organization.

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses achieve sustainable results through management consulting, strategic planning, leadership development, executive coaching and youth leadership. For information on creating a leadership succession plan visit www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.

This article was retrived from Resource Associates Corporation: (http://www.resourceassociatescorp.com/blog/2011/06/what-does-a-customer-really-want/)

Tags: Customer Loyalty, points of connection, relationships, resource associates, sustainable, trust
Posted in Customer Loyalty | No Comments »

It’s All About Attitude: How to Take Charge of Your Financial Future

Nicole Turosky — Wed, 18 Jan 2012 20:43:33 +0000

by Carrie Schwab-Pomerantz,
CFP®, President, Charles Schwab Foundation; Senior Vice President, Schwab Community Services, Charles Schwab & Co., Inc.

December 8, 2010

This week, Carrie interviews Farnoosh Torabi, CBS MoneyWatch columnist and author of Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life (FT Press: 2010).

CARRIE: Farnoosh, you’ve written a great book for young adults. Can you briefly explain why the proper mindset is so crucial for a young person who is just starting to build their financial life?

FARNOOSH: I think it’s easy, as a young adult, to get emotionally overwhelmed, especially now with so much economic uncertainty. Many are graduating from college with heaps of student loan and credit card debt and entering an extremely competitive job market. Many are being forced to move back home with mom and dad (not so fun). Others are barely making ends meet on their own, given stagnant starting salaries. In short, being a young professional today can be quite an emotional drain. That’s where Psych Yourself enters the picture. It teaches us that while life has its setbacks, it also has its opportunities. Before you reach for your financial calculator you need to get control of your emotions, think strategically, and commit to your goals.

CARRIE: You talk about why it’s crucial for all of us to be our own financial advocates. Can you explain why this is important—and what it involves?

FARNOOSH: If you’re like me, you accept that no one cares more about your money and your financial livelihood than you do. And you see why it’s so critical to be your own financial advocate, protecting your assets and making the most educated decisions. This is especially critical for a young adult new to being completely on his or her own.

When you’re just starting out, it’s easy to feel intimidated by the financial world. We often feel insecure about calling up our lenders or walking into our boss’s office to discuss a raise. But if you don’t ask for these things, no one will do it for you. You’ll learn (quickly) that there’s not a lot of handholding in the real world. You’ll be expected to make a lot of decisions—from picking your health-care options to your 401(k) investment allocations.

My advice: To earn your independence, speak up, ask questions, and be heard. From your student loan officers to your landlord, human resources manager, doctor, and bank agent, ask questions and follow up.

CARRIE: The title of your book is pretty bold. Tell us what you mean by “rich”? Are you talking about achieving a certain dollar amount, a certain life style, or something else?

FARNOOSH: Rich in my book equals financial security. It’s not about becoming a millionaire or accumulating wealth. After all, we know plenty of quantifiably “rich” people who do little to protect their assets and give into a lifestyle that is far beyond their means. To me, rich is about striking a balance between your needs and wants and having enough left over to protect you in the event of a financial emergency, like a job loss. It’s about freedom, and choice

CARRIE: As you point out in your book, many of us behave irrationally when it comes to money, making foolish decisions that really aren’t in our long-term best interests. Do you have some suggestions for how we can correct that tendency, and take control?

FARNOOSH: Absolutely. Some of my favorite highlights from Psych Yourself Rich include:

Use Cash. There’s no doubt that we tend to overspend when we use credit cards. We feel a false sense of confidence and shop more impulsively. To avoid this, use cash more often. It not only limits how much you can spend but it also keeps you more honest. You are forced to think twice, three times about whether something is worth it and, indeed, aligned with your goals. It hurts more to part with cash than to swipe a credit card…and that’s a good thing!

Narrow Your Options. It’s a proven behavioral fact: too many options cause confusion—whether that’s entrées on a menu or mutual funds for your 401(k). One way to deal with this phenomenon is to identify a price range you’re comfortable with and stick to it. When you’re debating over what kind of a car to buy, and you know you only want to spend $18,000 to $25,000 soup to nuts, confine yourself to just a few vehicles in that price range. Don’t cross the $25,000 threshold. Stick to your guns. When you look at cars beyond $25,000, temptation kicks in and you try to justify spending more than initially planned (or than you can afford).

Pre-commit to Saving. Do you want to save but seem to come up dry at the end of the month? A pre-commitment to paying yourself first and saving automatically in your employer’s 401(k) plan before you get your paycheck will ensure that you save well.

CARRIE: And finally, you’ve written your book for young adults, but isn’t a lot of your advice equally valid for older folks?

FARNOOSH: I believe anyone at any age can benefit from practical and actionable financial advice, which is what I hope my book ultimately provides.

Important Disclosures

Farnoosh Torabi and CBS MarketWatch are not affiliated with Charles Schwab & Co., Inc.

This article was retrieved from Charles Schwab: (http://www.schwab.com/public/schwab/resource_center/expert_insight/ask_carrie/saving_spending/its_all_about_attitude_how_to_take_charge_of_your_financial_future.html)

Understanding Human Potential

Nicole Turosky — Fri, 13 Jan 2012 14:57:44 +0000

“I am convinced that life is 10% what happens to me and 90% how I react to it. And so it is with you. We are in charge of our attitudes.”– Charles Swindoll

We may not be able to change what has happened to us thus far in life, such as our biological parents, or other factors, which have influenced us. We can’t control many of the things, which happen to us in life. We can, however, control how we respond to what happens to us. Personal skills, competencies, and worth can be improved regardless of age or position. Far too often, failure is blamed on external circumstances: other people or things beyond our control. But that is rarely the case. There are just too many people who continue to overcome diverse circumstances. An old adage still remains true—if you think you can or if you think you can’t, you’re probably right.

Ray Kroc was considered to be an aging high school drop out who failed at almost everything he ever did. At age 52, he decided to try again and developed what is now the McDonald’s empire.

Sam Walton opened his first store (a Ben Franklin variety store) in a small town of about 7,000 people. It was losing money and he bought it with $5,000 of his own money and $20,000, which he borrowed. Within five years, he had reached his goal of turning a profit, only to be refused renewal on his lease and forced to sell. His next venture was to open another store, Walton’s Five and Dime. This was the beginning of the greatest retail success story in history. Sam Walton created Walmart, the largest chain of discount stores in America.

There are many other examples of individuals who overcame seemingly insurmountable obstacles to achieve worldwide acclaim, of leaders who took their companies to positions of global dominance in the face of fierce competition. There are even more examples of those who gave up, threw in the towel, and failed. It’s easy to blame others, or the environment, or the economy, or to rationalize ‘why’ it wasn’t their fault. If circumstances are not the determining factor, what is?

Too many people hold themselves in lower self-esteem than the actual facts warrant. Bad moments and past mistakes tend to make a deeper impression on our memories than our past successes. Many people tend to think more often of where and how they’ve failed, rather than where and how they have succeeded. Thus, many people tend to view themselves as less capable than they actually are. Another problem is that many have never learned the importance of self-love. The awkwardness with which some people accept compliments illustrates this fact. They often allow minor imperfections to color their view of themselves, resulting in a low self-image. To build a self-image on anything less than self-love, is to build on a hopelessly weak foundation.

With these thoughts in mind, begin to imagine the difference you would make in enhancing the self-image of others if you thought more frequently in the terms of their strengths and implemented a system and recognition program focused on their achievements, rather than on mistakes and failures. How much easier would it be to implement a change process if everyone viewed himself or herself in a positive light? What would happen to productivity if everyone thought more in terms of their unlimited potential rather than their limitations? You could have a powerful influence on the growth and achievement of everyone with whom you work!

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in business and management consulting, strategic planning, leadership development, executive coaching and youth leadership. For more information visit www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.

This article was retrieved from Resource Associates Corporation.(http://www.resourceassociatescorp.com/blog/2011/06/understanding-human-potential/)

The Courage to Act

Nicole Turosky — Fri, 06 Jan 2012 20:39:56 +0000

The following article was retrieved from Resource Associates Corporation (http://www.resourceassociatescorp.com/blog/2011/08/the-courage-to-act/)

“If we take a risk we might fail. If we don’t take a risk we surely will fail. The greatest risk of all is to do nothing.” – Unknown Author

Why would anyone go through the process of setting and planning goals and then not follow through? One possible answer is the rewards aren’t sufficient enough to motivate you into action. Another probable answer is procrastination has derailed or stalled you. The inability to act can often be traced to fear, doubt, or the absence of a clear picture of the potential rewards and consequences. Fear, in general, can be defined as False Evidence Appearing Real.

Common fears can be divided into three basic categories:

Fear of criticism, rejection, or exposure
Fear of the unknown
Fear of failure

Although any one of these can cause you to become immobile, it is usually a combination of all three that create the most difficulty. Here is a closer look at the barriers to goal achievement …

Fear of criticism, rejection, or exposure is linked closely with the need for social acceptance. People will go to great lengths to adopt a mode of dress or a certain type of behavior because they fear criticism and rejection of others. Fear of having an idea rejected continues to lose billions of dollars for American business.

Fear of the unknown can also inhibit achievement. Many times, our need for security (the need to feel safe) causes us to be fearful in those situations in which we’re not sure what is going to happen. Our fear of what might or might not happen can cause us to keep from doing those things we should do to bring us closer to our goals. One key to addressing fear of the unknown is examining the possibilities and then weighing them against doing nothing.

It is not unusual for a person to want something intensely, but because of the fear of failure, not even try to attain it. Whether it’s the president who’s afraid to make a change in structure or the manager who is afraid to develop a more competent, self-directed team, fear can be a major deterrent to success. If you promote a risk avoidance mentality, innovation, growth, and the entire goal setting process can be stifled. If mistakes are met with criticism and/or punishment, people will be inclined to do only what they know how to do. It will inhibit creativity and improvement. By not trying, people frequently ensure failure—the very thing that they’re trying to avoid. Fear of failure has blinded many people from seeing opportunities.

Many people view failure as a permanent, indelible, and negative state. It’s not that at all! In fact, failure can be a very positive experience. Failure provides an opportunity to learn. Any newly attempted endeavor invites failure. The first time you try to ski you are guaranteed to fall. If you don’t fall you haven’t moved or progressed. Without failure there is no progress. When you stop failing, you stop learning. Failure is important to success if it is viewed as an opportunity to learn. To change failure from a negative experience to a positive phenomenon, eliminate those conditions which contribute to fear of failure. Develop a culture in which individuals are recognized and rewarded for innovation and creative problem solving. “Experience is the name everyone gives to their mistakes.” – Oscar Wilde

Tammy A.S. Kohl is President of Resource Associates Corporation. For over 30 years, RAC has specialized in helping businesses achieve sustainable results through leadership development and executive coaching. For information on creating a leadership succession plan visit www.resourceassociatescorp.com or contact RAC directly at 800.799.6227.

Six Important Keys to Business Success

Nicole Turosky — Fri, 30 Dec 2011 19:09:04 +0000

The following article was retrieved from: Resource Associates Corpotation http://www.resourceassociatescorp.com/blog/2011/10/six-important-keys-to-business-success/

If you search Google for “why businesses fail” you will get about 3.7 million results. Many of those articles will talk about the pitfalls and untold reasons why organizations go out of business. Our stance is, instead of focusing on what went wrong, focus on planning and building for success. Outcomes that are focused on are typically the outcomes that are generated. If you want to build a successful business you need to focus on success.

We can learn a great deal from businesses that fail and apply that knowledge to action steps that propel a business toward success and away from failure. Here are some important elements of a successful business to consider:

1. Develop a plan. You can get where you are going much faster if you have a road map. Developing a plan for your business that includes a vision, objectives, and critical success factors creates a road map. Evaluating potential problems and challenges before they happen often eliminates crises. Reviewing financial, equipment, and employee needs creates preparation. Developing a plan for marketing, advertising, and customer growth ensures focusing on the right activities. Develop a plan and revisit it frequently.

2. Execution is key. Developing a plan is the first step to executing your plan. Daily action steps are what make it come to fruition. Do you and your team members know what they need to do, focus on, and accomplish in order to make the business goals a reality? Frequent and consistent communication with your team will help ensure that everyone is working towards the right outcomes.

3. Know your customers. Who are your customers, and why do they buy from you? What makes your product or service different or better? Creating and growing a loyal customer base is the key to business sustainability. If asked, customers will tell you exactly what they need. Ask frequently and listen intently. As the world changes so do customers’ requirements of your products or services.

4. Evaluate competition. Who is your competition and how do you compare? Competitive research is well worth the time and effort. Know what your business is up against. Understand competitors’ products and services and how potential customers compare those products or services to your company. This knowledge is vital as it allows you to make well-informed advertising and marketing decisions.

5. Be able to adapt. Business environments and customers change. The ability to adapt to the ever-changing face of business is just as important as planning. Your plan provides the roadmap but occasionally there will be obstacles located in the middle of the road which will necessitate a course correction. Being able to adapt quickly will allow the course correction to be as seamless as possible.

6. Maintain focus. Know where you going and what you want to achieve at all times. Distractions can mean death to a business. It becomes very easy to lose sight of the big picture when a distraction presents itself. Distractions have a bad habit of allowing us to race down blind alleys and take our eyes off of the real objectives. Again, count on your plan to provide the roadmap and make goal-oriented decisions.

Creating a successful and sustainable business is not always easy; however, the rewards often outweigh the challenges. Put yourself in a position to win at business by giving yourself all of the advantages listed above, and the results you desire will follow!

Tammy A.S. Kohl is President of Resource Associates Corporation. RAC is the first choice among business professional for assistance in creating, building and expanding a successful consulting or coaching practice. RAC trained consultants and coaches specialize in helping businesses and individuals achieve high levels of excellence and success. Learn how by visiting our website or contact RAC directly at 800.799.6227.

Tips For Smart Banking

Nicole Turosky — Fri, 16 Dec 2011 18:34:22 +0000

Smart banking and saving basics

It’s all about saving the money you earn by banking smart, and using your banking for financial growth.

1. Money in a bank account is safe.

A bank is one of the safest places to stash your cash. In the wake of the financial crisis of 2008, the federal government increased the level of insurance on bank accounts — it’s now $250,000 per depositor.

2. You pay for the convenience of a bank account.

Banks pay lower rates on interest-bearing accounts than brokerages and mutual fund companies that offer check-writing privileges. What’s more, bank fees can be high — account costs can easily add up to $200 a year or more unless you keep a minimum required balance on deposit.

3. Inflation can eat what you earn from a bank.

Even at a low rate of inflation, the annual creep in the cost of goods and services usually outpaces what banks pay in interest-bearing accounts.

4. Not all interest rates are created equal.

Banks frequently use different methods to calculate interest. To compare how much money you’ll earn from various accounts in a year, ask for each account’s “annual percentage yield.” Banks typically quote both interest rates and APYs, but only APYs are calculated the same way everywhere.

5. You can get better rates

Certificates of deposit (CDs) offer some of the best guaranteed rates on your money and are insured up to $250,000 each.

The catch: you have to lock up your money for three months to five years or more. If interest rates fall before the CD expires, the bank is out of luck and must give you the rate it quoted. If rates climb, you’re stuck with the lower rate.

Also with rising interest rates, money market accounts can become an attractive option, too. They pay more than banking accounts and you don’t have to lock up your money for a specific amount of time.

6. ATM fees can take a significant bite out of your budget.

The convenience of using automated teller machines is an increasingly pricey one. On average, the fee your bank charges you to use another institution’s ATM is $1.32, according to a Bankrate.com survey in 2009. That’s on top of the average $2.22 that the other institution will charge you to use its ATM.

7. Getting the best deal takes work.

You won’t get a great deal on a car if you just walk into a dealer and plunk your money down. Likewise, you won’t get a great banking deal unless you comparison-shop and ask about price breaks. For example, a bank might offer free checking if you are a shareholder or if you direct deposit your paycheck.

8. Use the Internet to shop for bank services.

You can use the Internet to compare fees, yields, and minimum deposit requirements nationwide. Sites like Bankrate.com allow you to search and compare the highest yields and the lowest costs on banking, savings, loans and deposit rates nationwide. You can also search by geographic location or use CNNMoney.com loan center.

9. Banking online can make bill-paying easier.

Electronic bill-paying can save you the monthly hassle of paying your bills. And if you couple online banking with a personal-finance management program, such as Quicken or Microsoft Money, you’ll be able to link your banking with your budgeting and financial planning as well. But be careful. Some vendors only warn the consumer of price hikes in the fine print of a bill.

10. You can bank without a bank.

A number of financial institutions offer accounts that resemble bank services. The most common: Credit union accounts; mutual fund company money market funds; and brokerage cash-management accounts.

CNN Money

Prevent Identity Fraud!

Nicole Turosky — Fri, 09 Dec 2011 19:04:07 +0000

10 Things You Shouldn’t Keep in Your Wallet or Purse

What you keep in your wallet will determine how at risk you are for identity theft in the chance you lose it. Here are 10 items experts suggest keeping at home.

We all make sure we’ve got our keys, wallet and phone before we head out the door, but more often than not, we are carrying around things that are better left at home. Some items we carry on a daily basis can be virtually impossible to replace, and others may leave us at risk for identity theft in the event of loss. We checked in with the personal finance experts at LearnVest to find the top 10 things you shouldn’t carry in your purse or wallet.

Social Security Card

“You may carry it around thinking you need a back-up source of ID, but these days you don’t really need it,” says Maria Lin, editor in chief at Learnvest. If your Social Security card gets in the wrong hands, someone could open a credit card, apply for a loan, or even buy a car with the information. It’s nine digits, just memorize it.

Your Passport

If you’re traveling internationally, of course you can’t leave your passport at home, but you can leave it in the hotel safe. When you are abroad, make a photocopy of your passport to have in your wallet for identification along with your driver’s license. “If you lose your passport or get mugged in a foreign country, it’s such a horrible hassle,” says Lin. “You have to go to the embassy, and it’s a vacation nightmare.” If you’re traveling in the U.S., use your driver’s license instead. “Your passport is such a primo document for your identity, if someone gets a hold of it, you can really put yourself at risk for identity theft,” says Lin.

Passwords/Pass codes

Although most PIN numbers are only four digits long, some people still write them down so they don’t forget. “If you store any type of ATM password or even a code for your home alarm in your wallet, you have basically gifted a thief with access to your life,” says Lin. If you absolutely can’t remember important pass codes, store them digitally on a password-protected phone, but never write them down and leave them in your wallet or purse.

A Non-Password Protected Phone

Today, many people have smart phones that allow them instant access to bank accounts, PayPal accounts, medical records, and more. Even if your phone only accesses e-mail, a thief could easily search for banking or ATM passwords or addresses, according to Lin. “Think about all the things you have digitally stored on your phone. You have to have it behind password protection. This way a thief can still erase your phone’s memory and use it for themselves, but they won’t have access to your data.”

Your Checkbook

“As innocuous as it seems, your checkbook has your bank account number and routing number on it, your address, and possibly imprints of your signature,” says Lin. Lin says that if you know you’re going to need to write a check one day, peel off one check out of your book and take it with you. If you know you’re going to need to write multiple checks in one day, go ahead and take your checkbook, but don’t get into the habit of carrying it around with you all the time, Lin says. “You want to prevent someone’s ability to just start writing out your blank checks and cashing them.”

Too Many Credit Cards

“A lot of people put all their cards in their wallet and carry them with them at all times,” says Lin. “But if your wallet gets lost or stolen, that means you’re going to have to sit and cancel every single one, and wait a week without any credit cards before you receive a replacement.” Only carry the one or two cards you use on a daily basis and a backup, and leave others at home. Also make sure you keep photocopies of the front and back of each card at home, Lin advises. The 1-800 number to call and report a lost or stolen card is very often on the back of your card — which doesn’t do you a lot of good once the card is no longer in your possession.

Too Much Cash

Lin offers the following rule of thumb when it comes to carrying cash: Bring only as much with you as you’re willing to lose. “It’s good to have a little cash on you at all times for emergencies, but you don’t want to carry so much that you’re going to feel a real hit if your wallet gets stolen.” For people on a “cash diet,” Lin recommends bringing only as much cash to cover the day’s expenses.

Gift Cards/Certificates

“A lot of people carry these around thinking, ‘I never know when I’m going to be passing this store,’ but chances are, you’re going to forget about it anyway, and if your wallet gets stolen, it’s one of the first thing thieves are going to use,” Lin says. Gift cards and gift certificates are just like cash — they don’t require ID for use. “Try to leave it at home and take it with you only when you are consciously going to shop at that store,” Lin says. “Make it a special excursion; it’s a treat to have free money to spend.”

Jewelry or USB Devices

“It may sound silly, but if you’re changing earrings or heading from a business meeting, it’s very possible you may forget and toss these things in the zipper compartment of your wallet,” says Lin. USB devices can be bad news in the hands of thieves if they contain confidential files. “It would be horrible to get your wallet stolen any day, but if you’re also losing your grandmother’s earrings or a presentation you’ve been working on for months, it’s even worse!”

Receipts

Sometimes receipts can have your credit card information on them, as well as your signature, which thieves could do a lot of damage with. Additionally, if you’ve just purchased a big-ticket item like a new computer or jewelry, you may need that receipt for warranty purposes. “If you’re planning to use your receipts for expense purposes at work, those few hundred dollars of business receipts can just vanish and your employer might not be so understanding,” says Lin. “Get in the habit of taking out your receipts every night instead of carting them around with you.”

By Kathryn Tuggle | Fox Business – Thu, Jul 28, 2011 3:00 AM EDT

Shop From Home This Holiday Season

Nicole Turosky — Wed, 30 Nov 2011 17:55:44 +0000

Like many other Americans did this holiday season, you too can save yourself a trip to the store this year and still enjoy all of the great discounts by shopping online. The following article taken from CNN discusses the increased internet shopping on Cyber Monday.

(CNN) — Americans’ clicking fingers must be sore.

Analysts have begun providing their final tallies for Cyber Monday sales, which found that people piled more in their virtual shopping carts than ever before.

Monday was the highest-grossing online shopping day in U.S. history, with spending reaching $1.25 billion, according to market research firm comScore. That’s up 22% from the previous record, which was last year’s Cyber Monday.

Online shopping for the month of November has hit $15 billion, a 15% increase compared to last year, comScore says.

Discounting efforts by some online retailers, including Amazon.com and Apple, in the hopes of bringing some of the mall’s Black Friday magic to the Web appear to have paid off. With a 26% jump over last year, the day after Thanksgiving saw the highest increase in spending compared to 2010 than any other period in November, according to comScore. However, online spending on Cyber Monday still outpaced Black Friday by a healthy margin, the research says.

Even without significantly slashing prices, some retailers saw a jump in customers coming to their websites on Monday. For example, Sony saw a dramatic increase in traffic and sales on Monday. Sony Electronics President Phil Molyneux said many Americans may have overcome some concerns about the struggling economy.

“There’s a pent-up demand from consumers,” Molyneux told a roomful of reporters in San Francisco on Tuesday. “There’s a demand, and consumers need to feel that they can spend again.”

They seem to be feeling it, and their digital wallets are feeling lighter.

By Mark Milian, CNN

We have a new Team Member!

Nicole Turosky — Tue, 15 Nov 2011 17:49:58 +0000

We are thrilled to welcome Mike Lopes as our newest team member!

Mike recently graduated from Iona College with a degree in Business Administration and is currently working on his MBA with a concentration in Marketing. He will be with us on a part time basis for now and is looking forward to meeting all of you!