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.