2011

I am leaving for Pasadena tomorrow a.m. I'm going out on the limb and predicting a lopsided victory for Bucky.

Happy New Year to all. I kind of feel 2011 will be a transition year for our economy; moving from deep recession to gradual recovery.

Merry Christmas

A couple of things impressed me today. First, someone actually read my blog! and #2.... everyone seems in such great spirits today, Christmas Eve. Would be nice if we could be this way everyday!

Merry Christmas.

Taxes

How is everyone liking their property tax bills being received this month? Fitchburg taxes are up over 17%!!!! Time to revolt! I'm afraid to open mine.

Rose Bowl

I am one of the thousands headed to the Rose Bowl! TCU looks like a formidable foe, but if Wisconsin plays the way they have been playing, I don't think there is anyone in the country they can't beat.

What's First

Every once in a while I come across a list of what constitutes effective management. I still keep and reread an article dated November 2000 because I think the list of the 10 principles the author considered necessary for effective leadership are very relevant.

Number 1: Set real priorities and real commitments.
Number 2: Grab hold of tough problems, and don't delegate them.
Number 3: Don't let the guy or gal below you make the hard decisions.
Number 4: Set and demand standards of excellence.
Number 5: Create urgency. It's always better to do something than it is to do nothing.

The other five to come in a future blog posting.

Here are the other 5:

Number 6: Pay attention to details. Getting all the facts is the key to good decision making.
Number 7: Be committed and show it. Concentrate on possibilities.
Number 8: Be willing to see failure as a stepping-stone to success.
Number 9: Be tough and be fair with people. Avoid compromise when choosing coworkers.
Number 10:Last but not least: Play! You can't accomplish anything unless you're having fun.

Black Friday

All reports this a.m. indicate lots of consumer activity at the various shopping malls. My sense is that consumer confidence is seeing a bit of a brighter sky!

Be Thankful

Many of our lives are so busy that we fail to be mindful of the many things we have to be thankful for. I think our addiction to social media further exacerbates the issue. And with the recent election results and all the negativity that preceeded the election, it is possible many of us are not in the proper attitude right now. But we all need to pause and be thankful for all the many blessings that are ours. Our health; our families; our country and its leaders. Thank you.

Enjoy.

Hi Speed Train

As I listen to the debate about the wisdom of a high speed train between Milw & Madison, I have yet to hear good research on who will use it?

Bowl Bound

My hope..... UW wins out; Penn State beats Michigan State and Iowa beats Ohio State... we go to Rose Bowl and win Big 10.

Side Trips

Periodically I offer anyone who e-mails me at rgorsuch@oakbankonline.com copies of six off the beaten path day trips in Dane County. They are from a series of trips former county exec Rick Phelps recommended in 1996.

Ads are Done

Everyone is expressing their thanks that the political ads are done! Why do people spend so much money to be so negative and untruthful? There is too much anger as it is without fueling the anger with ads like we've been exposed to for the past months. We need to be able to find compromise and get at the most important issues - like job creation.

Vote

Next Tuesday, November 2, is a very important day for Americans. I continue to believe one of the most important rights we have is the right to vote. So, make plans to vote. Your vote is important!

Valley of Death

Now I know why they call it Death Valley. The bike ride for JDRF can be described simply as "a beautiful, brutally awesome ride! Temps in 100's with 10% humidity. I never drank so much water and Gatorade in my life! Death Valley is one of those places (like the Grand Canyon) that you must see with your own eyes to fully appreciate its beauty.

Death Valley - Here We Come

Well, for those who care, the weekend for my bike ride in Death Valley is coming up. We leave the day after tomorrow for Vegas and then shuttle 2 hours to Furnace Creek in Death Valley National Park, California. We start our ride about 6:45 a.m. on Saturday morning with a temp around 61 degrees. We finish with temp around 100. Hydrate, hydrate, hydrate! Salt intake is equally important so one does not get what is called hyponatremia, referred to as water intoxication.

Will give you update when I return next week. If you are one of those who contributed to JDRF to support my ride, a sincere thank you.

Falk Resigns

I wonder if County Exec Falk's determination to keep office till April 1, 2011 has anything to do with her retirement benefits? Could it be that is the real reason for the April 1 date?

Here and There

Attended Packer game last Sunday. There is still something special about Lambeau Field. It is always interesting to run into people who come from all over the world to be there.

As I look out this a.m. at a perfectly cloudless sky and the beautiful leaf color changes taking place, geese flying south..... why would one question why autumn is the most beautiful season of the year!

Bike on!

Wisconsin State Journal

I am finding the articles in the "Wisconsin State Journal" that address the "honesty" of political campaign ads very helpful.

Vote

I believe the two most important freedoms we have are the right to a trial by jury and the right to vote. Exercise your right to vote today!

Go Badgers & Packers!

Vegas & The Economy

On Sunday I returned from Las Vegas after being there for the Badgers football game. You want to see a hurting economy... go there. And a lot of people who earn more than $250,000 are the very people who make Vegas go. And who gets hurt when they don't go or spend less? Taxi cab drivers....waitresses......waiters......hotel workers.... etc. So while it makes some people feel good to raise taxes on higher income persons, the real hurt is felt by hard working people. And when our leaders make comments disparaging Las Vegas, it only exacerbates the economic woes of places like Vegas.

Mutual Funds

A question often raised is: How many mutual funds should I hold? Many say you should hold at least four different funds. No matter how many funds you buy, equal dollar amounts are invested in each fund initially.

Anger

I've been on this planet Earth for quite a while, but I sense an anger in America never before seen. I think most of it has to do with the persistent bad news we see, hear and read. But I also think some of it is directed at those who work and represent us in our various governmental jurisdictions. Perhaps we are tired of not being understood and made to feel that only those in government know what is right and just. I'm probably wrong, but I have a feeling.

Park St Shoe Repair

I highly recommend a front page article in the "Neighbors" portion of the 8/6/2010 "Wisconsin State Journal." The article on George Fabian aptly describes one of the most memorable persons I have ever met. He is truly a great guy!

Beer Garden

I attended an event at the Capital Brewery in Middleton last Saturday. If you've never gone there when they have live music in their outdoor area, I highly recommend it. And their new Supper Club brand beer is pretty good!!

Juvenile Diabetes

Those who know me know I like to road bike, despite what Mitch Henck thinks about bikers! Each year I do a charity ride for Juvenile Diabetes Research. This ride is normally in excess of 100 miles in one day. This year my ride is scheduled for Death Valley in October.

If you are interested in contributing to this cause, please go to www.jdrfride.com/donate; search for Bob Gorsuch. My oldest grandchild contracted Type 1 diabetes at age 8 and is now entering his 3rd year at UW - Madison. Believe me, type 1 diabetes is a "silent" disease that impacts the lives of these young people and their families. We feel we are getting close to a "cure". But it takes lots of $$$$ for the research.

Investor Sentiment

I just read an article on investor sentiment these days. Amongst professional investors, 39% are bullish; 31% neutral; and 30% bearish. The average asset allocation of these same investors is stocks - 60%; bonds - 15% and cash - 25%.

Financial Overhaul

In my opinion, the highly publicized financial regulation legislation about to be signed into law by Pres. Obama, will do little to correct the abuses that were present during the recent financial crisis. A huge new bureaucracy will be created creating all kinds of new compliance issues. These compliance issues costs the banking system billions of dollars. And guess who pays? You're right..... you the consumer!

Happy July 4

It looks like we are all going to have great weather this weekend. If you are going to be outdoors, be sure to take your Deet insect repellant!

What a great country we are blessed with. Yes, there are shortcomings, but can you think of a country you'd rather live in? God bless America!

Riding in Death Valley

In October I will be riding my road bike over 100 miles in Death Valley to raise money for the Juvenile Diabetes Research Foundation. You see, my oldest grandchild, Prentice, has Type 1 diabetes. He was diagnosed when he was 8 years old.

My goal this year is to raise $10,000. For my 2007 ride in Montana and my 2009 ride in Vermont I raised $8,000 on each ride.

Contributions of any amount are welcome. Make checks payable to JDRF and mail to Bob Gorsuch; Oak Bank; 5951 McKee Rd, Suite 100; Fitchburg, Wi 53711-5114.

Thanx.

Dot Com

Wow! This past March marked the 25th anniversary - yes, 25th - of the registration of the first dot-com domain. It was over a month before the 2nd one was registered and the 100th didn't take place until 20 months later. Now there about 668,000 dot-coms registered every month!

Final Tip

Check the benficiary designations on all of your investment accounts, including any mutual funds. You want to make sure the names and contact information are accurate and up to date.

Next to Last

Here's the next to last quick financial management tip...

If you or your spouse wear a ring with a diamond or other precious stone, have a jeweler check the prongs. Even one loose prong increases the risk of the diamond falling out.

Financial Management

Another financial management tip......

Check up on your credit. This is something that should be done every year. If there is an error, file a dispute with the reporting agency and call the creditor. Higher credit scores mean lower interest rates.

Another Tip

Investigate your broker. Run a background check of your broker at www.finra.org/brokercheck. The report will show the broker's qualifications and will list any regulatory action that has been taken against him/her in the past.

Take an X-Ray

Another financial tip.... analyze the mutual funds in your portfolio to ensure that they are not holding the same stocks.

Financial Management

Further detail on financial management tips...

A safe-deposit box provides safety against a fire or theft. We also suggest keeping a copy of important electronic files in the box.

More Financial Tips

Let me elaborate on the financial management tips I previously posted to this blog.

Copy everything in your wallets. This is a good way to protect yourself in the event of a stolen or lost wallet. Be sure to copy the front and back of all cards, especially since the customer service number is typically on the back of credit cards.

Financial Management Tips

Here are some quick financial management tips:

Copy everything in your wallet.
Rent a safe deposit box.
Take an e-ray of your mutual fund portfolio.
Investigate your broker.
Check up on your credit.
Buy treasuries directly from the source.
Calculate your future social security benefits.
Keep the bling in your ring.
Leave your cash to the ones you really love.

More detail on each of these in future blogs.

Geese & Safety

I have been following the Warner Park geese controversy. I'm kind of torn. On the one hand I am against killing the geese; but on the other I am concerned about what kind of risk they pose for air traffic and the safety of passengers on those planes. As we all know the Flight on the Hudson was caused by geese that were hit by the plane on its take off and clogging the engines.

If we kill the 100 or so geese that are residents of Warner Park, will they be replaced by another 100; and another 100, and on and on?

High Speed Train

I look forward to taking the proposed train to Milwaukee if it stops at Miller Park and the State Fair grounds. But I doubt if I will take it when I travel to see my daughter and her family in Milwauee since I'd have to take a taxi from somewhere in Milwaukee to their home and then back to the train station. And I expect there are lots of other scenarios where I would find it inconvenient not to have my car. And will I take the train to Chicago through Milwaukee? Depends how long it will take.

East Side of Madison

I had the opportunity to bike through the near east side of Madison yesterday. For a person who spends most of his time either on the west or south side of Madison, I was impressed! The neighborhoods have a special feel to them. And their proximity to Lake Monona is a special amenity. Some the homes architecture is beautiful. If it has been some time since you have driven or biked around that area, it is worth the effort.

Cubs and Pirates

Man oh man, how could the Brewers outscore the Pirates 36 to 1 and then get swept by the Cubs! At home! It was funny seeing Cubs fans walking from their cars to the Park last Sunday carrying brooms. Until too much beer is consumed, everyone gets along pretty well. But then, there are those who can ruin an otherwise great day because of their over imbibing.

Bank Ranking

I suppose many of you saw the article in last Sunday's "State Journal" regarding the ranking of banks. I have always been unimpressed with the importance of these rankings. They are all built on ratios with those doing the ranking having no knowledge of what lies behind the numbers.

Watch for Fraud on Your Accounts

We are seeing increasing fraud being perpretated on our clients' accounts. You can reduce the incidence of this problem by:

1. Be sure to check every account statement you receive and report any errors or fraud right away.

2. Be careful of who you disclose your social security number to. Never give out personal information to any source you are not familiar with.

3. Don't open attachments or click on any link unless you are certain of the source.

4. Beware of pop up windows.

5. Use a good anti-virus software.

6. Be cautious of online coupon offers, especially if they ask for account numbers, social security number, or any other personal information.

7. Do not respond to requests from your bank or any banking regulator via e-mail in which personal information is requested.

Election Results

A less than 10% voter turnout in yesterday's election is disappointing. I feel two of our most important rights and responsibilities is the right to vote and the right to a trial by jury.

Did you vote?

Weather & Politics

Amazing how this weather affects peoples' moods. Everything tends to become more positive.

Keep an eye on the proposed legislation in Washington that appears to cure every economic ill. Senator Dodd's committee is proposing a financial reform package. Our country needs meaningful financial regulatory reform that protects America's taxpayers and our financial system. Our nation's nearly 8,000 community banks never participated in the risky practices that led to this economic crisis and are clearly the one part of the financial system that truly works.

We can no longer tolerate a system where a handful of institutions have the ability to put our entire country at risk. The only way to truly safeguard our financial future is to end the too-big-to-fail and enforce rules on the unregulated financial players.

Dane County Rides

As I do each year, I am offering anyone who e-mails me at rgorsuch@oakbankonline.com a copy of six articles written several years ago by then county executive Rick Phelps. Each article detailed a scenic and historic drive somewhere in Dane County. These are routes you may rarely travel in the normal course of the day.

Alice.com

If you have not taken a look at www.alice.com, I suggest you do. I have found it to be a very interesting shopping site. It is a local company. Check it out.

Taking Charge

To be a true leader, I like the suggestions by Marshall Loeb in the February 25, 1980 "Time" magazine:

1. You have to be able to set priorities.
2. You need the ability to grab ahold of tough problems and not delegate them.
3. Set and demand standards of excellence.

More to come.

Regulatory Overkill

As usual after a problem, congress is trying to "fix" the financial system. An example of the efficiency and wisdom of our elected bodies is the privacy issue. Let me ask: how many Privacy Notices do you receive and how many have you ever read? The cost to business is horrendous. And guess who ends up paying for this needless requirement? You and me!

Certificate Hunters

If you are one who regularly use bank Certificate of Deposits for income providers, I have a suggestion in this low interest rate environment. Ask your bank if it offers a bump-type certificate. This type of instrument will usually provide you with a higher annual percentage yield, while giving you the ability to raise the rate on your deposit if rates should rise.

Final on Checking Accounts

Whether you choose a joint checking account or a separate account, open and frequent communciation is the key. In my opinion, good communication on financial matters is essential for a good marital relationship.

More on Checking Accounts

There are potential negatives to mingling money matters in one checking account, such as:

One person is bad at tracking checks, ATM or debit withdrawals.
There may be a feeling of a lack of autonomy and financial independence.

Some couples have a joint checking account but also maintain separate checking accounts. This joint account is typically used to pay household bills so all income goes into this account first. It is critical that spouses communicate well with each other to understand the monthly expenses, create a budget and ensure that amount of money goes into this account. Money, in the separate accounts then is typically either used to pay for the "wants" of a person and any pre-existing debts they might be bringing into the marriage.

Joint Checking Accounts

Here's some more info on joint vs separate checking accounts.

Here are a few of the positives for a joint checking account:

One account is logistically easier than two. There is only statement to balance. Checks, ATM and debit withdrawals all come out of the same account.

A joint account promotes the notion that marriage is a team effort.

Joint vs. Separate Checking Accounts

The debate over joint versus separate bank accounts has always been a hot topic among married, or soon to be married, couples. Some couples swear by separate bank accounts while others think joint accounts are the only way to go.

Neither method is right or wrong; however it is important that couples decide what works for their situation. Finances can often be complicated by a variety of factors such as previous marriages, child support, credit card debt and student loans. Because resentment over money can fester and ruin a relationship, this is one of the conversations that should occur sooner rather than later in the marriage.

I'll have more on this in subsequent postings.

More on Finances

Before you become eligible for Medicare, you might want to consider purchasing a major medical plan to cover doctors' visits, drugs and hospital care. These plans, which can vary in costs and medical benefits, include indemnity plans, preferred provider organization (PPO) plans, health maintenance organization (HMO) plans and point-of-service (POS) plans.

8th Key to Good Credit

#8 tip for good credit:

Build an emergency fund equal to at least six months of living expenses. If the unexpected happens, you will still be able to pay fixed expenses instead of falling behind.

See last blog for item on COBRA. If you are not eligible for COBRA, you might want to consider a catastrophic or high-deductible medical plan, which typically carries lower premiums than other individual policies. Keep in mind that people with serious preexisting health problems - such as heart disease, diabetes or multiple sclerosis - typically cannot get catastrophic health insurance.

Happy February

Early spring is on the way!

Tip # 7 for Good Credit: Order a free copy of your credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months at www.annualcreditreport.com or call (877) 322-8228. Read your report carefully and correct any errors.

By the way, if you plan to retire from your job before age 65 and are not eligible for Medicare, check to see if you are eligible for COBRA. COBRA is a federal law that typically entitles you to continue your employer's health insurance coverage for up to 18 months after leaving a job.

Good Credit

Tip # 6 for getting and keeping good credit:

#6. Avoid offers to open several different credit cards, and never use one credit card to make payments on another.

A reminder: Americans are eligible for Medicare at age 65, so take this into consideration if you plan to retire at an earlier age.

Good Credit

Tip # 5 on your path to credit quality:

#5. Use debit and credit cards for convenience and safety, but not to overspend. Monitor the activity on your account and review statements carefully. Be sure that you understand the terms and any fees that may apply.

Want a map of some interesting side trips in Dane County? Send e-mail.

Good Credit

Tip # 4 to establishing good credit and a solid financial future:

4. Pay all your bills on time, including utilities and even gym fees and parking tickets.

Tip # 3

Tip # 3 for building a solid financail future:

3. Develop and follow a budget. Make sure to account for both fixed and non-monthly expenses, such as insurance and taxes.

More Financial Tips

The second tip for good credit and a solid financial future is:

Open a savings account and contribute to it regularly. One process I have followed is to open a savings account; build it to $1,000. Then buy a bank certificate of deposit with a higher interest rate. Rebuild savings to $1,000 and do again. An alternative to the bank certificates, depending on your age, would be to put the $1,000 into a broad based mutual fund; like Vanguard 500 or Russell 2000.

Good Credit

Beginning with this posting, I am going to offer some tips for those whose resolution for 2010 is to establish and maintain good credti. Having a good credit history is key to any financial plan. Establishing good spending and saving habits, and sticking with them, is critical when times are tough and can go a long way toward helping you achieve your financial goals.

Tip # 1: If you are just beginning to establish your credit history, open a checking account and keep careful track of your balance.

Congress Looking Out For Us

I have to smile everytime I get a "Privacy Policy" mailing from a company. Have you ever taken time to read one? I haven't and I doubt if more than 1% do. But it makes someone in Washington feel good. These legalese documents are a waste of time and money.