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Saturday, October 29, 2011
FINANCIAL CONFERENCE SPEAKER Robyn Breshears: The bank executive from Springdale, Ark., will speak on the importance of wealth-building in a session called “How Can I Make Money Grow on Trees?” during a financial conference for women. She says it’s especially critical for women, with their longer life expectancies, to create a financial road map.
Life expectancy makes planning vital for women BY LAURIE WINSLOW World Staff Writer
One of the common financial mistakes people make is not developing a road map for their financial goals. And for women, in particular, creating a financial road map is critical as they are more likely to outlive men, said Robyn Breshears, a senior vice president and private banking manager with Arvest in Springdale, Ark. Next month, Breshears will join a slate of other speakers who will help women of all ages navigate their way to financial wellbeing. Her presentation is part of the “Do It Herself: A Journey to Financial Freedom” financial conference to be held from 8 a.m. to 4 p.m. on Nov. 4. The event is presented by the Oklahoma Society of CPAs. Breshears will speak on topics including the importance of wealth building in a session called “How Can I Make Money Grow on Trees?” Growing long-term money is a lot like growing a tree, Breshears said. Just as people think about where they want to plant a tree, and then nurture, fertilize, feed and prune it so they can enjoy its shade 20 to 30 years later, people need to think about financially planning for the long term and nurturing that plan over time. The sooner people can start saving and working toward their goals, the better, Breshears said. She recommends college graduates and new employees sign up for their employer’s retirement plan as soon as they can, contributing at least as much as their employer’s match or as much as they can and increasing that amount over time to meet their financial goals. “As you receive raises over time, if you don’t have additional family needs, just sock that extra amount away. Once you do learn to live without it, it grows that much faster,” she said. Breshears noted that women often outlive men, which means they’ll need more money over a longer time. Women need to consider what their income stream will be in the future and whether they’ll need to pay for long-term care. For short-term savings, Breshears recommends having a nest egg that would cover six months’ worth of expenses in case of emergencies or a job loss. For long-term goals, people should consider several factors, including how long
‘Do It Herself: A Journey to Financial Freedom’ Date: Nov. 4, registration 8 to 8:30 a.m., conference 8:30 a.m. to 4 p.m. Location: Marriott Southern Hills Hotel, 1902 E. 71st St. Topics: Getting out of debt; basic budgeting; income taxes; starting your own business; college savings; how to raise money-smart kids; relationship finances; overcoming financial crisis, identify theft; building wealth and more. Cost: $15 Register: Visit the Consumers section of www. oscpa.com. You can also send form with payment to OSCPA at 1900 NW Expressway, Ste. 910, Oklahoma City, OK 731181898, or fax to 405-8413801 they plan to work, what kind of income stream they want in retirement and whether they want to leave a legacy for their family. She suggests for the long term that people take a balanced approach to investing, including a combination of fixed-income investments such as bonds and Treasurys along with stocks or equities. Theoretically, these investments work together like a teeter-totter, so that when one investment is up in value the other may be down, Breshears said. “That keeps the volatility, the fluctuations in your nest egg from dipping too high or too low,” she said. “The way you determine that balance is your age, how long you’ll be in the markets, how long you have until you retire and your own risk tolerance.” If you’re the kind of person who loses sleep and checks your balance every other day and gets a stomachache, then you may need to pare back and be much more conservative, Breshears added. She noted that a lot of cash is sitting on the sidelines right now as uncertainty about the market and peoples’ fears and emotions affect their decisions. But Breshears likened the current stock market to a shoe sale where people can find some great values and cheap stocks. “It’s an incredible time to be dipping your toes into the market,” she said.
Spending up as income stalls • The disparity may suggest people are cutting their savings due to extremely low interest rates. BY MARTIN CRUTSINGER Associated Press
WASHINGTON — Americans’ incomes have stagnated for three straight months. Yet they boosted their spending in September 0.6 percent — three times the increase in August. Under normal circumstances, that would be a troubling sign for the economy. But a closer look at Friday’s report from the Commerce Department on September income and spending suggests another possibility: Many people are cutting their savings because the interest they are earning has become nearly worthless. Consumers earned only 0.1 percent last month. And after adjusting for inflation, their after-tax incomes fell 0.1 percent last month — the third straight monthly decline. But the decline was largely because of a 1.4 percent drop in interest income last month, the third sharp monthly drop. Wages and salaries increased
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Fund investing 101 How to buy a fund
drafts without flinching.
categories: stocks, bonds, money markets, hybrids and alternative investments. In general, the more a fund is oriented toward stocks, the riskier it is and the greater the potential for reward. Check the record: Look at long-term results — at least five years’ worth, preferably 10. Compare the record with a benchmark and the category average. Keep costs down: Fees eat away at your returns. Avoid sales charges, too.
A manager’s departure shouldn’t be an automatic trigger to dump a fund, but it should raise a red flag.
Get the right fund for your goals: Funds come in broad
Make sure you can live with a fund’s risk: And be certain
that a fund’s returns have been commensurate with its risks and that you can sit through the inevitable down-
When to sell a fund Your manager splits:
Performance turns stinko:
If a fund persistently lags its benchmark and peer group, it may be time to put your money elsewhere.
The fund changes its stripes: Check out its current
investment style with an eye toward how it fits in with your portfolio. If a fund is no longer a good fit, consider selling. Assets explode: The bigger a fund, the less nimble. Nellie S. Huang is a senior associate editor at Kiplinger’s Personal Finance magazine.
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saved to those with high debts, which could result in more spending by consumers. “The sharp decline in the saving rate doesn’t concern us quite as much as it did, since it is possible that it partly reflects a sharp decline in debt servicing costs,” Ashworth said. Consumer spending is closely watched because it accounts for 70 percent of economic activity. The spending increases in September included a 2.2 percent jump in purchases of durable goods, reflecting strong car sales during the month. Sales of non-durable goods such as clothing were also up a solid 1.1 percent, and purchases of services such as rent and utility payments edged up 0.2 percent. Inflation, as measured by a price gauge tied to consumer spending, edged up 0.2 percent in September. But core inflation, which excludes food and energy, showed no gain at all. That left core inflation rising at a moderate 1.6 percent Elsy Santiago (left) and her sister Betsy leave a Florida departover the last 12 months. ment store with their purchases. Consumers boosted their spendMany economists worry ing in September at three times the pace of the previous month that consumers won’t be able but their incomes barely budged. Associated Press file to keep spending like they did this summer without earning 0.3 percent in September. nomics, said the report could more. For spending gains to Paul Ashworth, chief U.S. signal that there is a transfer be sustained, employers need economist at Capital Eco- of income from those who to step up hiring.
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