Retirement

Hindsight is everything! As I look back over a lifetime of blessings, I wonder what I would have done differently. One think that pops out is preparing for retirement. Does one who is under 40 ever think they will retire? If I had it to do over I would have disciplined myself earlier in life to save and invest. A dollar invested today will produce more retirement income than two dollars invested 10 years from now. In other words, don't put off till tomorrow what you could do a little bit of today!

Financial Advice (Continued)

As difficult as it can be, I recommend that all young professionals build a cash-like reserve equal to three to six months of their annual income. This can be a savings or money market account, or short term (less than 1 year) certificates of deposit. This is a reserve to be drawn upon in the event of an emergency, like a loss of a job. Again, it takes personal sacrifice to do this, but it is wise. In fact, all of us should have such a reserve.

Budgeting Advice

If I was giving financial advice to an 18 year old about to enter college, it would be this. Get thru school without incurring any student loan debt or do not put anything on a credit card that you do not pay off each month when you receive your statement. "Well, how do I get thru school? My folks are not rich." Work, my young son or daughter, work. It may take longer to get thru school, but when you get out, no debt!!!

We continually see young people start their working careers with significant debt. It puts pressure on them for years, in many cases.

Old Fashioned Budgeting

I recall how we used to do our household budgeting when we were first married some 47 years ago. My wife set up an envelope for all our expenditures. On the outside she would write the amount that we would put into the envelope (in cash) from each payday. Of course, the amount on the envelope multiplied times the number of paydays would equal the future payment need for that budgeted expenditure. This way, the money was always there to meet expenses.

Old fashioned, but it worked when dollars were limited!

Watch Out For the Black Ice

It's been a while. On Jan 22 I slipped on ice in Evansville, rupturing my quad tendon in the left leg. It pulled off the knee cap, necessitating surgery on Jan 27. The surgeon feels things went well. I plan to be on my bike in 75 days!

Slipped on the Ice

As we all know these are treacherous times to be walking out of doors. Ice can become a problem at the most unexpected time. Well, I found out last Thursday just how dangerous the ice can be. While walking to the gym in Evansville for a granddaughter's basketball game, I all of a sudden found myself writhing on the ground in pain. I knew I had done something pretty bad to my left knee.

Unable to get up by myself, someone eventually came along and helped me up. Fortunately my wife was already in the gym. She drove me to the St. Mary's Emergency Room where I was diagnosed with a ruptured quad tendon. Tomorrow I have surgery to reattach it.

So I may be absent for a few days. I"m looking forward to the surgery so I can start to get back to normal.

Take care.

A New Era

Regardless of how I voted last November, I have been pleased so far with President Obama's appointees and how he is addressing the pressing issues. Sure, no one is perfect. But overall, I think the nation has a bit of renewed enthusisam and optimism about the future. That is good!

Economy in 2009

I had the opportunity yesterday to hear Dr. Evans, president of the Federal Reserve Bank of Chicago speak on the economy and his outlook for 2009 and 2010. He left no doubt that he thinks 2009 and early 2010 will see more unemployment nationally. He does feel we may see some improvement in latter 2009, but it will be a slow process to get us back to a normal level.

Brrrr!

Being a Yooper I think I know what it takes to keep warm in severe cold weather. If I didn't, I probably would be be a frozen statistic up there.

Wearing wool clothing cannot be over emphasized. And footwear that keeps your feet dry. And then a good hat with cover for your ears. A scarf wrapped around the neck keeps the wind out.

I also think its a good idea to keep your car's gas tank full. Each time you fill up, add a bottle of gas d-icer to keep your fuel line from freezing up. The fuel line can freeze even when the car is on the road if you don't take these precautions.

Remember your pets safety when you have to take them out!

Enjoy!

Stock Price

We recently had an evaluation done on our holding company stock. Keep in mind that the Bank is a subsidiary of Oak Financial, Inc., the holding company. The evaluation was done by the accounting firm WIPFLI. Their formula for arriving at the value is book value of stock multiplied by 150% (normal premium paid by an acquirer for control of a community bank) less a discount of 25% due to lack of marketability for the stock and because most transactions would involve minority stock interests.

Got it?

Good Bye 2008

I've always been able to maintain an attitude that "you can't do anything about what has already happened!" And that's the way I look at 2008. Adios! You're history! On to 2009 with all the possibilities for improvement in our economy.

More than just wishing all a good economy in 2009, I want to wish all a healthy and happy New Year! In the final analysis, it is not about material things. It's about relationships and how we treat our brothers and sisters.

Greetings, etc

May Peace on Earth somehow be obtained.... and may 2009 be a healthy and happy one for all of you. We are blessed and live in the greatest nation on earth!

Auto Rescue

Philosophically I am opposed to government "rescuing" any business. But these are unique times, to say the least. But I am seeing glimmers of economic recovery. The low interest rate environment is stimulating some home buying. And many households will refinance their mortgages. As a result of lower home payments and gasoline at half the price per gallon as a few months ago, there will be an estimated $500 billion available for saving/investments and spending.

BRRRR!

It is cold!! Again, dressing properly takes some of the sting out of the cold. I personally love wool clothing during this kind of weather. And warm footwear, despite how unattractive, is a must. And keep your head covered. I ran into a native of Door County a few days ago. She said she loved the cold weather .... with snow.

Auto Rescue

I understand the short run implications of a failing American auto industry. But in the long run, they have to be able to compete. Just throwing $14 billion dollars at them now only delays the inevitable if they can't compete. And one of the areas they are non-competitive now is pricing. So unless they can reduce their costs to enable lower sales prices for the vehicles, more money right now may be wasted.

Like the U.P.

Today's snow storm reminds me the Upper Peninsula of Michigan, where I spent some great years. Storms like this are a frequent occurrence there and do not get the media attention like here. And despite perception, it is not really much, if at all, colder than here. Being surrounded by open water like Lake Superior, Michigan and Huron, keeps it warmer. It's just the length of the winter that gets to people there.

Packers and First Snow

Well, another close loss by a Packer team. As I sat in my seat at Lambeau yesterday and saw the catch by Smith in the closing minutes that eventually led to the winning touchdown by Carolina, I once again marveled at the athleticism of those guys. They have God-given talents!

What a beautiful morning! I'm a believer that as long as it is cold, we might as well have snow. What else could anyone expect from a Yooper?

Make someone happy today!

Giving Thanx

Happy Thanxgiving to all!!

Giving Thanks

My pastor had an interesting challenge for me in his sermon this past Sunday. It has to do with Thanksgiving. Each morning as you awake think of 5 things you are thankful for. Then before you retire for the evening, think of 5 things you are thankful for.

Sometimes even the smallest of things are overlooked. Like just waking up!

Worst To Come

Terry Taylor and I attended an all day event at the Federal Reserve in Chicago last Friday. It was an all day event in which there was not a lot of good news! Some takeaways: "The worst is to come." "The earliest we can expect the economy to bottom out is 2nd half of 2009." The two indicators to watch for a sign that the bottom has been reached? 1. Stabilizing of home prices; and 2. Level or improving Consumer Confidence.

How about those Badgers and Packers this past weekend!

Be kind and laugh alot!