Government Is Too Involved

I am somewhat disturbed by an attitude that seems to be gaining acceptance in our American culture. Throughout most of my life it seems good things have happened because the citizens of this great country get involved and make them happen. But it seems more and more people feel things will happen only if the government somehow makes them happen. In my opinion, this will lead to mediocrity rather than excellence.

Too much government, in my opinion.

Remember

This is the weekend we all should pause and thank God for all the heroes in years past who have made it possible for us to live here in the greatest country in the world! As bankers we often see businesses owned by second and third generation family members fail. Why? In my opinion, these second and third generation members have no idea of the sweat and sacrifice made by their fathers, mothers and grandparents to make the business succeed. They lose sight of what it really takes.

I pray Americans are not like these second and third generation business people.

Honesty

Business people come in all sizes, shapes and colors! It is especially rewarding to have as associates people who can be open and honest with you. Sometimes we can get defensive, and even hurt, by honest expressions of opinion and advice. But, in the long run, people who are honest with you are the best people to be associated with. And they don't mean to offend or hurt you.

What A Beauty!

As I look out my window and see people jogging; bikers biking; ducks doing whatever they do this time of year in the pond; the bright sun; predicted high temp of 75.... how can one not be awed by the power of nature on our moods!

Annual Meeting

Last night was our 9th annual shareholders' meeting. It is held each year in the Promega Building in the Fitchburg Research Park. If you have not driven down East Cheryl Drive recently, you should. And go from Fish Hatch all the way to Syene Road. You'll not only see a couple new buildings with retail shops along the drive, but you'll also see the wonderful expansion that has taken place at HospiceCare.

Each Day Gets Better

Most of you know I had knee surgery after a fall on the ice in January. Yesterday was a great day for me in that I was able to ride my bike about a mile - albeit a slow ride around the circle at the housing complex where we live. But nevertheless, a big step in my rehab. So many times we take our health for granted, don't we?

Book Recommendation

I am currently reading "Caught in the Middle." It is a book about how the economy of the Midwest is changing. It is kind of a depressing book as the author doesn't hold out much hope for our smaller communities, especially those more than 50 miles away from a Madison, Chicago or DesMoines. It does hold out Madison as being an economy that has adjusted from relying primarily on manufacturing and agriculture to biotech, research, etc. The book argues that the Madisons of the Midwest will survive and prosper. But it doesn't offer much hope for those communities are not bedroom communities of prospering cities.

Worth a read.

Another Yuk!

Yuk! Weather is ugly today but you got to admit... we always have something to look forward to... nice weather!

Interesting article in the Wi St Journal this a.m. on the effort by Good Times owner Chris Peterson to create a reality show. Check it out and stay tuned.

Up and Down

Well, the Dow Jones is up over 8,000 again. Did it bottom out a month ago? Opinions vary. But my stance these days is to buy cautiously but don't bail out of current "good" companies. And there are "glimmers of hope" as President Obama says.

Refinance

I probably don't need remind anyone that interest rates are very low right now. If you have a home loan and your rate is greater than 5.50%, it probably makes sense for you to consider refinancing. Go to our web site, www.oakbankonline.com and see how you can calculate what your new payment would be at the current rates. Then you divide the savings into the new costs of approximately $1,200. That gives you the number of months before you break even.

Final Four

Would have been nice if Michigan State could have beat North Carolina. Watching North Carolina's talent makes me realize that Wisconsin is a ways off from winning a national championship. Wisconsin fans are happy being second best, I guess.

Dane County Trips

Back in 1996 then County Exec Rick Phelps wrote a number of articles on Dane County day trips which are off the beaten path. If you would like a copy of the six articles, send me an e-mail to rgorsuch@oakbankonline.com.

NCAA Tourney

Four of my teams are already out in NCAA tourney!

Government As A Partner

Iberia Bank is a large bank in the South. They were one of the recipients of the financial rescue funds from the federal government. They really didn't need the funds and now that the public seems to perceive that the banks who take the funds have a problem or two, Iberia is wanting to return the funds to Washington. I think we'll see more of this.

Use of a Debit Card

I really like using my debit card. I use it more than any other card in my wallet. When asked whether "debit or credit", I always say "credit". Seems to eliminate the need for a password. One thing to remember: bring your receipt home or back to the office and be sure to enter the transaction in your checkbook.

Bailout?

I am a little sensitive about how everyone refers to the so-called bank bailout as some sort of government grant to Banks. Keep in mind that the federal government is getting Preferred Stock in return for the funds distributed to the banks. As such, the government will be paid dividends, and eventually, get all principal repaid. Where else in government are we seeing a return on our investments?

Bailout?

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.