All Shook Up!

I have been thinking about snow globes.  Sometimes they just sit there so pretty on the shelf and then someone comes by and shakes them and the snow falls softly until it settles again.  Other times someone comes by and really, really shakes them up.  You wonder how the little figurines inside don’t fall out of place.  At times my home finances feel like a snow globe – sometimes calm and settled and then sometimes something happens and it feels like our finances have been shaken up again.  The vehicle breaks down, someone needs surgery, there is a job change … it often doesn’t take much for serenity to be turned upside down!  

If you’d like to take control of your finances, MSU Extension has great resources in our Solid Finances series.  The Solid Finances program was started in 2013 and includes weekly financial webinars.  This year’s series includes topics such as health care insurance options for those nearing retirement, avoiding financial scams, Banking 101, and estate planning and family legacies.  Each webinar can be joined live on Wednesdays at noon.  This year’s webinars started on October 5, but the great news is that all webinars are recorded.  In fact, you can listen to any of the 50 webinars that are posted on the MSU Extension Solid Finances webpage.  Some of the recorded webinars include topics such as understanding credit scores, teens and money and how to reduce debt.  

There are topics for every stage of life. If your financial world is pretty settled, like a snow globe on shelf, it doesn’t hurt to dust it off every once in a while and take a look at it to be sure.  If your financial world is a little shaky, it might just do to take advantage of the free resources to establish Solid Finances.  

How Solid Are Your Finances?

Solid Finances:  2016-2017 Series Please join the Solid Finances webinar series this year.  We have made a few changes to improve the series. This year North Dakota State University Extension Service joins South Dakota State University Extension, University of Idaho Extension and Montana State University Extension in sponsoring the series. This new multi-state format will bring new expertise to the series to better serve you. The 2016-2017 Solid Finances schedule will consist of 18 sessions, with the first session on October 5th.  The first 14 sessions will focus on issues important to residents of all states. The final four sessions will focus on issues specific to participants from Montana and Idaho.  Solid Finances will feature 7 different presenters sharing their expertise and answering your questions. Lyle Hansen (UI Extension) will open the series on October 5th by addressing Credit Scores. Joel Schumacher (MSU Extension) will lead the next two sessions on Car Loans and Creating a Debt Repayment Plan.  Luke Erickson (UI Extension) and Carrie Johnson (NDSU Extension) will address Kids and Money in November.  Health and Finances will be the focus of three sessions in late November and early December. Retirement and Financial Awareness will be the focus of sessions in January and February.  For a complete schedule please visit:www.msuextension.org/solidfinances/schedule.html If you would like to participate in the 2016-2017 series, you will need to register: If you are using the same email address with which you registered last year; please register here   If you are registering with a different email address; please register here There is no cost to participate in the Solid Finances program, howeverregistration is required. We record all of the sessions in the webinar series.  Recordings of past sessions are available for viewing at: www.msuextension.org/solidfinances/pastrecordings.html. Here are few participants’ comments about last year’s program: The presenters were very knowledgeable on the topic and quick to answer questions typed it during the webinar. I know what I am supposed to do but actually doing it….well that is where the webinars help keep me inline and on track to follow through. Really appreciate the course instructors' wealth of knowledge & experience on the subject matter being presented. I love the resources that are shared each session. The webinars got me motivated to quit procrastinating. I hope you will participate in this year’s Solid Finances series. Please contact me if you have any questions about Solid Finances. Joel Schumacher 406-994-6637 This program is made possible by a grant from the FINRA Investor Education Foundation.

Free Estate Planning Classes in the Golden Triangle!

Estate Planning Classes

in the Golden Triangle Area

Marsha A. Goetting, Ph.D., CFP, CFCS

Extension Family Economics Specialist

P.O. Box 172800
Bozeman, MT 59717-2800
phone: (406) 994-5695 fax: (406) 994-4838
E-mail: goetting@montana.edu 

Marsha A. Goetting is a Professor and Extension Family Economics Specialist at Montana State University in Bozeman.

She has presented over 800 workshops reaching over 25,000 Montanans with financial and estate planning information. She has also authored over 75 MontGuides and bulletins and has received national, regional, and state awards for her financial management and estate planning programs.

An Extension Directory can be found here.

March 9, 2015 - Teton County 

Transferring Your Farm or Ranch to the Next Generation

·         Stage Stop Inn

1005 Main Ave N

Choteau, MT 59422

·         Noon-1:30 p.m.

·         Free – Register by contacting MSU Extension in Teton County 466-2491 or click here to email to register!

Individual or Family Financial Consultations (30 minutes each)

·         Stage Stop Inn

·         2:00-2:30 p.m., 2:30-3:00 p.m., 3:00-3:30 p.m., 3:30-4:00 p.m., 4:00-4:30 p.m., 4:30-5:00 p.m.

Estate Planning

Think You Know Who Receives Your Property When You Pass Away?  Think Again …

·         Stage Stop Inn

1005 Main Ave N

Choteau, MT 59422

·         6:30 p.m.-8:30 p.m.

·         Free – Register by contacting MSU Extension in Teton County 466-2491

March 10, 2015 – Choteau

Individual or Family Financial Consultations (30 minutes each)

·         Stage Stop Inn

·         8:00-8:30 a.m., 8:30-9:00 a.m., 9:00-9:30 a.m., 9:30-10:00 a.m., 10:00-10:30 a.m.

March 10, 2015 - Toole County

Estate Planning

·         Sunburst Library

Sunburst, MT

·         1:30—3:30 p.m.

·         Comfort Inn of Shelby

455 McKinley

Shelby, MT

·         6:30 p.m.

March 11, 2015 - Liberty County

Estate Planning

Steps everyone can take to simplify estate planning and gift giving

·         Sweetgrass Lodge

511 1^st St. W.

Chester, MT 59522

·         6:00 p.m.

March 12, 2015 – Blackfeet 

Estate Planning

Why everyone needs a will..what happens if you don’t have one”

·         Blackfeet Tribal Conference Room

Browning, MT 59417

·         1:00-3:00 p.m.

·         Contact the Blackfeet Extension Office for more information at 338-2650

March 12, 2015 – Glacier County

Estate Planning

·         Glacier County Courthouse Annex

Cut Bank, MT  59427

·         6:30 to 8:30 p.m.

·         Free—Please pre-register for material at 873-2239 or click here to register via email

March 13, 2015 – Blaine County

Estate Planning

·         Montana Seed Show

Harlem High School

Harlem, MT

·         10:00 a.m. - Noon

* Marsha Goetting will also be presenting on Credit Card Smarts to the 6^th graders at the Chinook Meadowlark Elementary that afternoon.

Eleven Months Left for New Year's Resolution!

During January, I’ve covered the topics of identity theft, security freeze, credit reports and credit scores.  You may have set your own New Year’s resolutions, but I’ll bet you have figured out that I think taking care of your personal identity and credit record should be one of them.  I encourage you to set aside some time this week, even just 30 minutes to assess your personal situation.  The following week, set aside 30 more minutes to address any issues that were revealed in your assessment.  By setting an appointment with yourself, you are much more likely to get the business handled.  Also, according to some time management classes I’ve taken lately, setting a timer can eliminate the drudgery of a task.  The suggestion from the class was to set a timer for 25 minutes and then take a 5 minute break.  For me, it always seems like I spend more time dreading a task than actually doing it.  The same may be true for you. 

While you are assessing your credit and data security information, you may want to take an identity theft risk assessment test . The risk assessment is broken into sections: checking for evidence of identity theft, destroying sensitive personal information, and limiting access to sensitive personal information.  There are great questions that point you to important behaviors, like checking your credit card statements against your receipts, so that you are able to tell if there are unauthorized charges.  When I looked at the risk assessment web

site, it reminded me that I had a charge on my credit card that I wanted to investigate.  It is surprising how many good practices you can learn from a simple quiz. 

The section on limiting access to sensitive personal information is especially important.  Be sure not to give out your personal information on an unsolicited phone call or allow someone to access your computer remotely.  There are plenty of frauds out there.  If it seems suspicious, it probably is.  If a caller presses you for information, hang up.  If it is a legitimate call, they will follow up using other methods.  You may also want to opt out of prescreened credit offers, phone calls and junk mail.  You can do so by going to the opt-out portion of the Federal Trade Commission’s website.

Another place to be cautious is at the check-out stand.  Do not leave your credit card sitting out where others could see the numbers.  With today’s pervasive technology, someone near you in line could take a photo of your card without your knowing.  I try to keep my card covered while in the cashier’s line right up until the card is swiped. 

If improving your personal information security is one of your goals this year, I encourage you to set aside 30 minutes this week toward that endeavor. 

Opt Out of Unsolicited Mail, Calls, Email

Is Someone Else Using Your Credit?

For the longest time, I have had a prompt in my calendar yearly to check my credit report.  Credit reports can be received free annually from the three major credit reporting companies – TransUnion, Equifax and Experian.  In the past, I would request my credit reports from all three companies at the same time on the website www.annualcreditreport.com .  There are numerous other sites that purport to offer free credit reports, but generally there is a catch – and a fee.  If you want to check your credit, be sure to use the right site.  Federal law allows you to get a free copy of your credit report once every twelve months from each of the three credit reporting companies. At a recent financial class I attended, the speaker suggested that rather than get all your reports at once, you should stagger them, so that every 4 months you would be checking the accuracy of your report from at least one of the companies.  Given the frequencies of data breaches, it makes pretty good sense.  Maybe you would like to put a prompt in your calendar every four months to check out your credit, rotating through the three companies. 

Once you have your credit report in hand (or on screen) you can check to make sure that there are no errors, or loans/credit cards in your name that you didn’t open yourself.  Two of my family members, I’ll call them Steve and Susan, have had their identities stolen in very different ways, but checking credit reports routinely might have tipped them off a little sooner to the problems.  In the one case, a “friend” had too much access to Steve’s financial information and was able to open new credit cards in his name, directing the mail to another post office box.  Luckily, Steve was informed about it by a mutual acquaintance who suspected what was happening.  When he requested his credit report, Steve was surprised to see how many credit cards were open in his name and their balances.  Yikes! 

Not only do credit reports show what lines of credit are open in your name and your balances, they also show payment history, credit limits and closed accounts.  Credit reports can be useful tool for those wishing to improve their credit, as they can see where they can make improvements. I have known people who have obtained their credit reports, changed their financial habits and improved their credit record after a couple years of diligence.  Improving credit after your identity has been stolen may take more time and involve a lot more hassle.

My family member, Susan, had her identity stolen by a co-worker, who unfortunately not only damaged credit in her name, but also has quite a rap sheet with law enforcement under Susan’s name.  Not only has the identity theft hurt her credit, but it has also cost her a few jobs.  She is in a profession that requires background checks and typically, employers are not inclined to hire someone wanted for drug running and prostitution; nor do they want to invest the time to wade through the identity theft situation to get to the real truth.  Imagine explaining those charges at an interview! 

Unless you check your credit regularly, you could also become victim to a thief who steals your name and your credit.  Whether you check yearly, or every four months, I encourage you put it on your calendar to guard your identity by checking your credit report.  

Resources for you:

Tips for Taxpayers, Victims about Identity Theft and Tax Returns
How to Place a Fraud Alert
Identity Theft

Montana $aves $cavenger Hunt

I wanted to share the information below about a great opportunity to engage young people in learning about financial fitness.  Last year, we had several area students who completed the scavenger hunt and won the drawing for $100.  For more details, keep reading ...


Montana State University Extension is offering two Montana $aves $cavenger Hunts as a part of the America Saves program during 2014-2015.  The hunts are specifically designed for two age groups:  11-14 and 15-19.  Students will learn about the benefits saving and investing, how credit can be a friend for foe, and how to be in control of their money.

Students who complete the Montana $aves $cavenger Hunt are eligible for a drawing for one of 33 cash awards of $100 in each age group during America Saves week February 23-27, 2015. The 66 cash awards for Montana students are courtesy of generous sponsors.

The Montana $aves $cavenger Hunt can be used by teachers who want to incorporate learning about finances into their classes in family and consumer sciences, economics, math, or social studies.  The $cavenger Hunt could also be utilized as an extra credit opportunity for students to complete “after hours” at home or the local library.

Students have until February 20, 2015 to complete the 9 quizzes for the Montana $aves $cavenger Hunt.  The hunts do not have to be completed all at one time.

The Montana Saves Website has links to all the Montana $aves $cavenger Hunt materials:
Invitation to Students, Posters for each age group, and a list of websites for all quizzes.  Teachers whose students participated last year indicated a list of the websites for the school Computer Technician would be helpful.  You can print out the list or refer your Computer Technician to the site. www.montanasaves.org/

You are invited to review the Hunts to gain a better understanding of how this educational tool would be of benefit to youth.

The website for ages 11–14 (as of September 1, 2014). www.msuextension.org/montanasavesscavengerhunt1
The website for ages is 15–19 (as of September 1, 2014). www.msuextension.org/montanasavesscavengerhunt2

Please contact Marsha Goetting, MSU Extension, at goetting@montana.edu with questions.

Protect Yourself from a Gold Digger -- Thursday, May 22 at 9:30 a.m.

The MSU Teton County Extension Office will be showing the video, Gold Diggers: Investment Fraud in the Treasure State on Thursday, May 22 at 9:30 a.m. at the Choteau Baptist Church.  The showing of the video on investment fraud is free to the public.  While no registration is required, a courtesy call is appreciated to plan seating.  The documentary, Gold Diggers: Investment Fraud in the Treasure State, produced by the Montana Commissioner of Securities, tells the story of two of Montana's most infamous investment scams.

"More than two hundred years ago, prospectors flocked to what we now call the Treasure State in search of fortunes," said Lindeen.  "Though Montana's prospector days are long behind us, we have a new brand of gold diggers who would rather prey on our trust than dig for gold.  Modern day gold diggers are scammers and con-artists who can steal a life savings in the blink of an eye."

Narrated by award-winning actor Bill Pullman, Gold Diggers tracks two recent cases of investment fraud in Montana: the Arthur Heffelfinger case in Helena and the Anne Marie Schlenker case in Bozeman.  In total, the two scams robbed dozens of Montana investors of more than $3 million, leaving victims in financial ruin.  The film features interviews with victims, securities experts, and the regulators and attorneys who investigated and prosecuted the two scams.

"Education is the silver bullet when it comes to fighting fraud," said Lindeen.  "The more Montanans know about their rights and where they can turn for help, the better they can protect themselves from modern day gold diggers."

Lindeen's office produced Gold Diggers with a grant from the Investor Protection Trust, a nationally-recognized, independent organization that helps consumers make informed investment decisions.  All funding for the Trust comes from voluntary and court-ordered contributions from criminals who commit investment fraud.

Press release from:

Better Late Than Never

I’m running a little late, which my friends and family will tell you isn’t that unusual.  I don’t try to be late.  I just always think I can get one more thing done.  My most famously late time was probably when I arrived to a wedding an hour after it was scheduled to start.  The problem was, the wedding was mine.  So, what can you expect from someone who was an hour late to her own wedding?  You can expect that I’m not going to be on time for everything.  What I’m late for now is America Saves Week, which is February 24-March 1.  But, better late than never.  Which, if you think about it, is an adage that applies to saving money, too. 

Hopefully we have all heard about the time value of money. If you save when you are young, you’ll accrue more interest -- thereby having to save less overall, but ending up with more saved.  For example, Jack deposits $2000 into savings for 10 years between the ages of 25-34 and leaves it there, contributing nothing

more to his savings between ages of 35-65.  Jill, on the other hand, waits until age 35 and starts depositing $2000 per year for 31 years (ages 35-65).  Jack put a grand total of $20,000 away and Jill put $60,000 in savings.  In the end, due to the time value of money and compound interest, Jack has $545,344 at age 65 and Jill has $352,427.  By starting when he was younger, Jack is almost $200,000 wealthier.  But what if you no longer qualify as young?

What I’m afraid happens to people is they hear that they should have started saving before they were in their 30’s and, since they got a late start, feel hopeless.  But, guess what?  Jill still has $350,000 and change in savings.  Truly, better late than never.  Even though I’m not great at math or time, I know that $350,000 is a lot more than zero.  If you get a late start, so be it.  Just be sure you get started. 

One way to get started it to go to www.AmericaSaves.org and set a savings goal.  It doesn’t matter how big or small the goal is, just get started.  It also doesn’t matter if you do it after the big America Saves Week.  In the end, what matters is that you save some money.

Stephen Brobeck, Executive Director of the Consumer Federation of America and a founder of America Saves, noted: “Only about one-third of Americans are living within their means and think they are prepared for the long term financial future. One-third are living within their means but are often not prepared for this long term future. And one-third are struggling to live within their means.” If you are in the two-thirds of Americans who are not prepared for the financial future, now is the time to start preparing. 

One great financial tip is to automate savings.  Even if it is $40 per month, getting that habit automated can really make a difference.  If you have automatic deposit on your paycheck, set up a savings account and automate a portion to the savings.  Some people spend whatever they have, or can see in their checking account, so getting a portion automatically out to savings can be an important move.  If you get a tax refund, put that in your savings.  You might be surprised that the financial security you feel as you start to build savings will be more important to you than consumer purchases.  You can get used to living on less.

There are twenty-five other great strategies in the book, Small Steps to Health and Wealth by Rutgers Extension.  We have twelve copies of the first edition of the book available for free at the MSU Teton County Extension Office, because it is never too late to get your finances in order.

What if, all those years ago, I had decided because I was running a little late, I shouldn’t even bother?  With savings, and weddings, as it turns out, it’s great to be on time, but it is also better late than never! 

Resources for Saving:

Thanks to Barbara O'Neill, Ph.D., CFP, CRPC, AFC, CHC, CFEd, CFCS

Extension Specialist in Financial Resource Management, Distinguished Professor,Rutgers Cooperative Extension for the list of resources below.

Cooperative Extension Investment Resources

When it comes to investing, it always helps to have background information, financial calculators, and other planning tools. The Cooperative Extension System offers a wide array of online resources through its online eXtension portal and through various land-grant universities. Below is a list of publication titles and Web site addresses:

eXtension Personal Finance Web site: http://www.extension.org/personal_finance

eXtension Investing for Your Future 11-module home study course:

http://www.extension.org/pages/10984/investing-for-your-future#.UwN5fk2YaM8

eXtension Investing for Farm Families home study course:

http://www.extension.org/pages/23204/investing-for-farm-families#.UwN5sk2YaM8

eXtension Saving and Investing Web page:

http://www.extension.org/pages/8634/financial-security:-saving-and-investing#.UwOCFk2YaM8

eXtension Saving and Investing Research Briefs:

http://www.extension.org/pages/18217/saving-and-investing-research-briefs#.UwOCk02YaM8

Illinois- Plan Well, Retire Well Blog: http://web.extension.illinois.edu/cfiv/eb141/index.cfm

Indiana – Planning for a Secure Retirement (online 10-module retirement planning course with dozens of links): https://ag.purdue.edu/programs/areyouprepared/secureretirement/Pages/default.aspx

Iowa- Family Finances Web Site: http://www.extension.iastate.edu/humansciences/family-finances-families

Iowa- Invest Wisely (news articles and audio files): http://www.extension.iastate.edu/investwisely/

New Hampshire- Saving and Investing Web site: http://extension.unh.edu/Managing-Your-Money/Saving-and-Investing

New Jersey- Investing Basics (from Rutgers Cooperative Extension book Money Talk: A Financial Guide for Women): http://njaes.rutgers.edu/money/pdfs/session-iii.pdf

New Jersey- Investing for Retirement (from Rutgers Cooperative Extension book Money Talk: A Financial Guide for Women):

http://njaes.rutgers.edu/money/pdfs/session-iv.pdf

New Jersey- Investment Risk and Return Characteristics: http://njaes.rutgers.edu/money/investmentrisk.asp

New Jersey- Rutgers Cooperative Extension Asset Allocation Spreadsheet: http://njaes.rutgers.edu/money/

New Jersey- Rutgers Cooperative Extension Personal Finance Web Site: http://njaes.rutgers.edu/money/

New Jersey- Rutgers Cooperative Extension Financial Goal-Setting Worksheet: http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdf

New Jersey- Rutgers Cooperative Extension Financial Planning and Investing Glossary: http://njaes.rutgers.edu/money/glossary.asp

New Jersey- Rutgers Cooperative Extension Financial Fitness Quiz:

www.rce.rutgers.edu/money/ffquiz.asp

New Jersey- Rutgers Cooperative Extension Investment Risk Tolerance Quiz: http://njaes.rutgers.edu/money/identitytheft/

New Jersey- Rutgers Cooperative Extension Tax Information Web page: http://njaes.rutgers.edu/money/taxinfo/

Virginia- Building Your Financial Team: Financial Planners

www.ext.vt.edu/pubs/agecon/448-063/448-063.html

A Goal Well Set ...

Abraham Lincoln is credited with saying, “A goal properly set is halfway reached.”  America Saves Week is February 24-March 1.  This month is a great time to properly set a goal for your personal or family savings.  Now is the time to take action and put into practice the theme of America Saves Week:  Set a Goal. Make a Plan. Save Automatically.  One easy way to get started is to log onto www.americasavesweek.org and pledge a savings goal.  Those with a savings plan are twice as likely to save for emergencies and retirement as those without a plan. When you take the pledge you can also choose to receive text message tips and reminders to help you save for your goal.

As I’ve studied different personal financial management strategies, one of the tips I’ve run across is to do something each day related to your personal finance.  In essence, keep it on your mind and keep the goal in front of you.  I signed up at America Saves and have been receiving email and text reminders, which help keep my goals in front of me.  It is easy to get sidetracked in today’s world that is always marketing some new product, service, or opportunity.  It is nice to receive reminders that keep me on track for limiting my expenses, thereby allowing me to save some money.  Even if you can only save a modest amount of $10 or so, it is developing the habit that is important.  Many of us, even on a very limited budget, can find ways to live more frugally and find a little bit of money to set aside to start reaching goals.

Last weekend as I worked on preparing our taxes, I checked our average monthly spending in several categories.  I’m convinced that we could probably “tighten the belt” in a few areas.  Actually, one of the expenses categories that surprised me was food.  I suppose we could literally tighten our belts if we bought and ate less food!

Speaking of taxes, here are a few ideas from John Gower and the America Saves website: Each year, about 75% of Americans who file tax returns receive a refund. According to the National Foundation for Credit Counseling (NFCC), more than half of those receiving refunds (58%) intentionally plan it that way. So if you are a member of the group that’s been giving Uncle Sam an interest-free loan every year, what are you going to do with that money? Spend it? The average refund is about $3,000. That’s a serious chunk of change that would be better put to use in other ways. Here are a few ways to spend your tax refund that will improve your personal finances far more than a new purchase.

Pay off credit card or other consumer debt. If you cannot pay it all off, making a substantial payment will still lower your future monthly payments considerably. If you have more than one credit card to pay, pay the one with the highest interest rate first. Or, if your credit cards are under control, plunk down a big payment on your car or your mortgage.

Build up an emergency fund. Experts recommend setting aside at minimum enough to live on for six months, or a year if you have a family. This is money that should be kept accessible, so you can tap into it if you have unanticipated big expenses for home repair, medical care, or you find yourself suddenly unemployed.  (I think that people who are barely making ends meet find it discouraging to think of putting away six-twelve months of income; but remember what I said earlier – even $10 a month is a habit worth working toward.  Eventually, you may be able to save more, especially if you start by putting your tax refund away each year into an emergency fund.  It may not be as fun as a new big screen TV, but when the furnace breaks down, you’ll be glad you did it.)

Fund your retirement.  Start or add to your IRA or 401(k). IRAs and 401k plans are opportunities to put aside money now for retirement purposes. Since these plans are tax-advantaged, they are even more valuable than a typical savings or investment account. So if you’ve been avoiding retirement contributions lately, or have not even started a retirement plan yet, you could use your tax refund to turn that around in 2014.

  Remember, a goal well set is half way met!

http://americasaves.org/

http://www.montanasaves.org/

https://www.saveyourrefund.com/home/