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.