Check out the “BUZZ WORD” Trivia, Page 5!
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Money Matters
paper money.
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in pieces of wealth considered old, silver, or other metal g by public au convenient form stamped dium of exthority and issued as a me of value. measureNewsletter ge and Financial The Quarterly from Fleet and Family Support Centers Mid-Atlantic Region chan
IN THIS ISSUE FINANCIAL TRENDS ››››››››››
› W ealth building: Social media vs. social indifference › M oney and happiness › G lobal financial literacy › F ive things to do once a year › B uilding credit
JUNE | JULY | AUGUST | 2016
Think you know the answer??
FINANCIAL TRENDS ›››››››››› Wealth building
v . s ia d e m l ia Soc
social Indifference
RESOURCES ››››››››››
› I nvesting: Hitting the target › B UZZ WORD Trivia › F uture financial habits of your kids › M y Money Matters BITS AND PIECES OF INTEREST ›
CFS BOOKSHELF ››››››››››
› S ay yes to no debt
Can social media prevent you from becoming a millionaire? New research conducted by a company called DataPoints suggests the answer may be “yes”. Sarah Stanley Fallaw, daughter of famed author Thomas J. Stanley is the person primarily involved in the study. In 1996, Ms. Fallaw’s father co-wrote a book titled ‘The Millionaire Next Door’, a best-seller that exposed the wealthy as frugal people, who above all, live below their means. One of the basic conclusions from her father’s book is that a person’s ability
to resist the temptation to keep up with fashion trends, fads or status-oriented purchases can be the most important factor in determining your likelihood to achieve financial independence. Ms. Fallaw’s research has taken this a bit farther in trying to identify characteristics “SOCIAL MEDIA VS. SOCIAL INDIFFERENCE”, continued next page
“If one does not know to which port one is sailing, no wind is favorable.” ~Lucius A. Seneca
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FINANCIAL TRENDS ›››››››
Money and happiness Can money buy happiness? “No” may be the answer, but it may make one less sad. That’s the apparent conclusion of a recent study published in the Social Psychological and Personality Science Journal. The study was entitled “Higher Income is Associated with Less Daily Sadness, but not More Daily Happiness”. It’s true that having more money in the bank doesn’t make people feel happier on a day-to-day basis, according to the study. But it might make them less sad -- especially knowing they have enough cash stashed away to cover a financial emergency. “Coming home to discover a leak in the roof, for example, may be an annoying, but easily resolved stressor for a well-off individual; in contrast, someone who could not afford to have the problem fixed right away might be plagued by this problem for months.” This is where the greater sadness comes in. The feeling of having less control over day-today events seems to promote more sadness, even when the daily events have little or nothing to do with money. In other words, a person’s financial situation has the ability to reach deeply into many dimensions of a person’s life. People with more money were significantly less likely to report feeling sad on a day-to-day basis.
However, the super-rich didn’t get much of an emotional boost from their money, either. In fact, people with especially large amounts of money might actually experience less joy than their lower income counterparts, say the study authors -- perhaps because they’re less impressed by what they have. For example, the authors point to previous research that’s found that people with higher incomes are less likely than people with lower incomes to savor positive experiences, especially if the experiences are small.
“The abundant positive life experiences that wealth provides may actually dampen the emotional benefits people reap from more mundane daily pleasures,” the study authors write. “Money does not buy happiness. I am no happier now that I have 50 million than when I had 45 million”, ~ A. Schwarzenegger
“SOCIAL MEDIA VS. SOCIAL INDIFFERENCE”, continued from previous page
of those most likely to go on to become wealthy. A consistent theme in her conclusions is that those who are able to “resist impulse purchases” are more likely to go on to become wealthy. When outlining their observations, the authors said people who succeed in building wealth “believe that financial independence is more important than displaying high social status.” Impulse purchases in pursuit of social status, they found, tend to be a hallmark of those submerged in social media. Or, put another way, those who demonstrated indifference to what is ‘trending’ were less likely to make the kind of impulsive spending decisions that can sabotage wealth building. Aside from chasing fads and trends, Ms. Fallaw (who holds a
degree in Applied Psychology) identified other indicators of the kind of impulsive behavior that prevents wealth building. For example, in the midst of a significant stock market downturn early in 2016, her “most likely to build wealth” people made little or no changes to their asset
allocation, sticking with the long-range plan instead. Not that the conclusion to all of this should be you are doomed to poverty if you have a Facebook page. Another characteristic of future financial fitness tends to be “making time for financial planning”. This means actually plotting a financial plan and revisiting it periodically to reassess progress. Conclusions: The three major characteristics of future millionaires tend to be live below your means; avoid impulsive spending decisions and put time aside for financial planning.
2 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FINANCIAL TRENDS ››››››› Global Financial Literacy McGraw Hill Financial, parent company of S&P Rating service has once again canvassed the globe to determine who needs more schooling on the subject of financial literacy. The results range from surprising to shocking. For purposes of the survey, a person’s financial literacy is determined by their answers to five questions. If you miss one question you are considered literate. Two wrong answers and you are not. Worldwide, it is revealed that one in three is financially illiterate. The results are broken down by country. Canada, Great Britain and Germany scored best with 68, 67 and 66 percent financial literacy rates, the US scored 57%. Brazil, China and India scored far lower with scores of 35, 28 and 24 respectively.
How are you feeling about your own abilities? We’ve got the fivequestion quiz below, good luck.
1. Suppose you have some money to invest. Is it safer to put your money into one business or investment, or to put your money into multiple businesses or investments? a. One is safer b. Multiple are safer c. Don’t know 2. Suppose over the next 10 years the prices of the things you buy double. If your income ALSO doubles, will you be able to buy less than you can buy today, the same as you can buy today, OR more than you can buy today? a. Less b. About the same c. More
3. Suppose you need to borrow 100 dollars. Which is the lower amount to pay back: 105 dollars or 100 dollars plus three percent? a. 105 b. 100 plus three percent c. Don’t know
4. Suppose you put money in the bank for two years and the bank agrees to add 15 percent per year to your account. Will the bank add MORE money to your account the second year than it did the first year, or will it add the SAME amount of money both years? a. More b. Same c. Don’t know Don’t stop here, there is one more question which is our BuzzWord Trivia question for this month. You can find it on page five. Get the answer correct and you’re in the running to win the gift basket. “No one can make you feel inferior without your consent” ~Eleanor Roosevelt
Five things to do once a year You are probably doing most, if not all, of these things already. We encourage a minimum of five financial tasks to be done at least one time during the year. And whether you do them all in one weekend or spread them throughout the year, here they are: 1. Get your taxes filed – preferably on time. No way around this one, although some try anyway. Away on deployment? The IRS makes it easy to get an extension, but it only delays the inevitable. Get it done; get it behind you. 2. Go through a budget – (if applicable) with someone you love and share your money with. Sit down and make a list of the decisions you are making with your money. The vast majority of things you spend money on, are done every month (rent, utilities, car insurance, gas, food, etc). Your spending patterns can evolve a lot from one year to the next. Stay in touch with what you are doing with your money. 3. Get your credit reports – all three within the year. Whether you go to
annualcreditreport.com, Fleet and Family Support Center or other sources, take a close look at your credit reports on a regular basis. Everything accurate? Is it all your stuff? Are there items you need to dispute? By the way, while you have your credit report in front of you… 4. Inventory your debt – did it go up or down since last year? Don’t have any debt? You get an A+. The objective is to see the amount you owe continue to go down. Take additional time to know the interest rate for each debt. The APR is the price tag for having debt. Make sure you understand what they are charging you for being in debt.
5. Evaluate contributions to savings and investment accounts - consider automating the contributions. This is the wealth building part. Are you making more money than you were last year? Consider bumping up your savings and investing contributions. What is your total balance on all savings and investing accounts? At this point, a person could take things a little farther. Are there ways to cut your tax bill? Is your cell phone or cable TV plan more than you need? Is there a better deal on the car insurance to pursue? Are you on track to meet your investment goals? There is no need to be obsessed with money. Just keep up with the regular maintenance and get on with your life. “Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich” ~Author unknown
3 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FINANCIAL TRENDS ›››››››
Building Credit Ever thought you can’t build a great credit score without getting yourself into debt? Think again. It’s one of the credit world’s more popular myths: credit = debt. Let’s reconsider this conclusion. The credit scoring world is dominated by three credit reporting agencies (Experian/Equifax/Transunion) and one credit scoring model – the FICO score. There are other scores, but FICO is big #1. The credit reporting agencies have the data, FICO has the model to convert that data into a prediction about the degree of risk a consumer’s represents. Above all, the model emphasizes two broad factors: Payment History and Credit Utilization. Although all payments are not given the same weight, avoiding late payment notations on your credit report is the most powerful way to create a great score.
Is Debt Really Necessary?
Credit Utilization is also a powerful factor. It represents the percentage of available credit you have used. With a car loan, your available credit is the beginning balance. This means at the point that are making your first payment on the loan, you are maxed out on your available credit. Compared to an installment loan, credit cards represent a far more influential amount of available credit. The objective with credit cards is to keep maximum distance between available credit and actual balance This is best accomplished by paying the account in-full each month. Using a credit card is important because it generates the payment history. So,
here’s the process: Get a credit card, use it, pay the balance in-full each month. No debt, no finance charges, and up goes the credit score.
This is where things get crazy
Want to see your credit score go even higher? Get a second credit card. Treat it as you did the first one. Use it, pay it in-full, on time, every time. You are done. As your credit history lengthens, your score will keep going up, and you never got yourself into one nickel of debt. If you are wondering whether this logic applies to more and more credit cards, the answer is “yes”, to a point. Opening multiple credit accounts in pursuit of a higher score can backfire on you. It is not suggested that you open an account you don’t need or intend to use. After all, you are only making yourself more susceptible to identity theft. If you are the type of person who will have a hard time resisting the temptation of all of that available credit, stick with one, and keep the available credit low. Credit cards are the most influential type of account to have on your credit report. They can push credit scores up without requiring you to get into debt. But, they can also get you into a lot of trouble. “Parents are the most influential teachers of financial management. If you think your 4-year-old isn’t watching like a hawk every time you swipe your credit card, think again.” ~Mike Sullivan, Director of Education, Take Back America
45%
The number of adults in the US who are living paycheck-to-paycheck according to a December 2015 survey by the National Endowment for Financial Education.
Global Financial Literacy
ANSWERS FROM PAGE 3:
1. B 2.B 3. B 4. A
LAST ISSUE
BUZZ WORD TRIVIA ANSWER! QUESTION: From the Boston Tea Party, to taxes on whiskey, tobacco and sugar, there is a long a rocky history of taxes in the United States. The personal income tax made its debut to help pay for the Civil War, was eliminated in 1872, was revived in 1894, and then declared unconstitutional by the Supreme Court the following year.
In what year was the personal income tax made permanent in the US?
ANSWER:
4 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
1913
RESOURCES ›››››››
Investing
Hitting the target Asset allocation is considered one of the key decisions an investor makes. Ideally, investment dollars should be spread over several asset areas such as bonds, large stocks, small stocks, international stocks, etc. Proper allocation can reduce risk, but should be reviewed periodically as investment horizons change. That is, throttle back on the percentage allocated to risky areas as you close-in on that time when you will be using your money. TSP’s Lifecycle funds are an example of asset allocation that becomes less risky as an investor gets closer to retirement. Of course, there are many Lifecycle or Target-Date fund options throughout the investment industry. All major investment companies offer similar target-dated choices that reduce an investor’s risk as the last day of work nears.
Morningstar, a financial research firm, recently released the results of a 10-year study of target-dated funds conducted over a 10-year period ending in 2014. During that time frame (which included the housing crisis/great recession) the studied target-date funds had an average rate of return of 5%. However, although the funds returned 5% the average investor who was participating in the fund received a higher rate of return, 6.1%. How can that be? A fund’s return is calculated by the difference in value (increased or decreased) of a lump-sum amount invested at the beginning of a period until the end – asset value growth plus dividends. Target fund investors tend to be those who don’t manually change their
allocation (since the investment approach does it for them) and add to the fund monthly, usually paycheck-to-paycheck. These regular contributions, also known as dollar cost averaging, enable the investor to buy more shares when the price is low and fewer shares when the price is high. This approach by itself can boost returns. Morningstar’s research has concluded that in the studied period, dollar cost averaging added over 1% to an investor’s returns. Of course, it didn’t hurt that during the 2008/2009 recession the stock market took a huge dip, enabling an investor making regular, unchanging contributions to profit by purchasing lots of inexpensive shares. Unless they pulled their money out, which is a decision targetdate investors tend not to do. While the target-date or lifecycle fund is not for everyone, it appears pairing it with dollar cost averaging can have a powerful wealth building effect. “Paying down your debt is the safest, simplest investment you can make” ~David Bach
Think you know {BUZZZW } } D OORRODR } D the answer? {BUZZ WW
{BUZ
TRIVIA
All I did was answer the question! You can too!
Here is question five from the Global Financial Literacy Quiz. 5. Suppose you had 100 dollars in a savings account and the bank adds 10 percent per year to the account. How much money would you have in the account after five years if you did not remove any money from the account? a. More than $150 b. Exactly $150 c. Less than $150 Think you know the answer? Enter our contest for an FFSC Gift Basket give away. LOTS OF FUN STUFF! Submit a correct response no later than June 30, 2016 and you are in the running to win. *Please email responses to wally.barstow.ctr@navy.mil *If you win, you will need to come by the Norfolk FFSC to pick up the gift basket. Good Luck!
CDR Clinton Warren
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RESOURCES ›››››››
Future financial habits of your kids Have you been peppering your kids with sound financial messages such as avoiding debt and developing good savings habits? Don’t be too disappointed when they leave the house, go to college and seem to forget everything you said about money. According to a study published in the December 2015 edition of the journal Family Relations, college students’ financial habits often have more to do with who they’re dating than what they were taught growing up. The “financial behavior of romantic partners (but not parents) positively predicted students’ financial attitude, which in turn positively predicted students’ financial behavior,” concluded the study’s six authors in the report. Not that anyone is advocating that you give up on your kid’s financial future. “Parents’ responsible financial behavior has a positive, direct effect on college students’ financial behavior, even when controlling for both the parents’ and the students’ baseline habits,” write the authors.
But for many college students, peer pressure may be more influential — especially when a student is paired in a romantic relationship. College students not only make similar financial choices as their romantic partners; they also tend to mimic their partner’s attitudes on key financial topics, such as spending and saving, credit card debt and financial education. As students spend less time interacting with their parents, their family’s influence simply tends to diminish. Based on the study’s conclusions, one author wrote, “We predict that as these
My Money Matters
students continue to age, the influence from family origin will fall further away, although not diminish altogether, and romantic partners’ influence will be even stronger.” The authors came to their conclusions after polling more than 1,500 college students in multiple waves about their financial attitudes and influences. They found that both parents and romantic partners help shape students’ money habits. However, college students tend to be more heavily influenced by their paramours than their parents. When teaching kids about money, be realistic about how much lasting wisdom you’ll impart. But don’t give up too soon. Your kids might listen more closely to their peers once they leave the nest, but the good financial habits you instill early will still serve them well long after they leave school. “Sooner or later, everyone sits down to a banquet of consequences” ~Robert Louis Stephenson
Only five years invested and growing Ever heard of someone who enlists in the Navy because they want the Post 9/11 GI Bill benefit? Of course you have. ETN2 Kellie Everett readily admits the education benefit was the main reason for joining the military. However, in five years she has accomplished much more. Let’s start with her debts: she doesn’t have any, pays her credit card in full each month. The savings account is more than ample. How about TSP? She started in boot camp and presently is contributing 12%. She has chosen her investment funds on her own (no G Fund here) and is on a pace to be a millionaire when she’s 60. When the subject of her additional investment account comes up, Ms. Everett just shrugs her shoulders and replies, “I’m not sure what I’m going to do with all that money”. What a nice problem to have.
ETN2 Kellie Everett However, the Massachusetts native has big plans. When she gets out of the Navy, they start with some time with family as she gears up for the fall semester at Cal Tech in Los Angeles and the eventual degree in electrical engineering. From there, the sky’s the limit.
“Growing up, my parents took care of my needs. What I wanted, like horseback riding lessons, was up to me”. She feels the approach taught her the value of money. Kellie credits her financial savvy to her upbringing, a TSP brief she received while on the USS George HW Bush, and the website mint.com. She admits to sometimes stressing about money, swears she is giving up motorcycles, and is looking forward to school, marriage, and hopefully a family someday. Can a person establish a firm financial foundation is five short years in the Navy? ETN2 Kellie Everett is just the most recent Sailor to answer that question affirmatively.
6 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
BITS AND PIECES ›››››››
Analysis Paralysis
Less can mean more when faced with a large variety of choices. Research suggests when people are faced with displays of a dozen or more choices, they tend to freeze up and buy nothing at all. Whereas the fewer the choices, the more likely they are to make a decision. This tends to be true whether you are shopping for cereal or deciding where to invest your money in a 401K.
what they were looking for. Meanwhile, 78% of cardholders who asked for a lower interest rate received one.
This is a myth
A recent online survey from NerdWallet conducted by Harris Poll, found that 54% of cardholders think that carrying a credit card balance helps their credit score. The reality: using a credit card regularly and paying it off every month has the best effect on your credit score. You can carry a balance if you want, but that is only going to cost you finance charges.
of super-prime customers have ZERO late payments on their report and an average utilization rate on the credit cards of only 8% (utilization is the percentage of available credit actually used). On the other extreme, deep subprime customers have had a late payment noted within the last three months and have an average utilization rate of 99%.
Did you leave a tip?
In a survey of 400 customers of “full service” restaurants conducted by Technomics, they found the most common amount left for the server was 16 to 20 percent. Need help with that calculation? Look at the pre-tax amount on the check, move the decimal one digit to the left, multiply that number by two – that is 20%. By the way, whatever tip you leave, the person getting the smallest cut (if any) is the person who tends to work the most hours – the dishwasher.
On the rise
Total U.S. credit card debt hit $714 billion (up $34 billion from a year earlier) according to the Federal Reserve Bank of New York. That means the average household with credit card debt now owes $7,879. Credit card debt had declined significantly from the $900 billion owed in the run-up to the financial crisis of 2008 - 2009. “Nothing is work unless you’d rather be doing something else.” ~George Halas
Can’t hurt to ask
According to a survey by CreditCards. com, 89% of credit card holders who asked for a late fee to be waived got
It’s a big day Millennials upping the ante
According to a recent survey by Fidelity Investments, those aged 25 – 34 have increased their contributions toward retirement accounts. In the last two years, the monthly contribution percentage has gone to 7.5 from 5.8. A nice jump, but it pales in comparison to older age groups. For example, those aged 35 to 50 are now socking away 8.2 percent of their income, and the oldest workers (aged 51 to 69) are saving an average of 9.7%. “The herd instinct among investors makes sheep look like independent thinkers.” ~Edgar Fiedler
Extreme characteristics
Credit scoring company, FICO, considers a borrower “super-prime” if there score is 781 or above and “deep subprime” if the score is below 550. What do these extremes mean? According to Rod Griffin of Experian, nearly 100%
According to wedding planning website The Knot, the average cost of a wedding in 2015 was $32, 641. If that sounds a little pricey, by all means scale down. The last thing you want is to start a marriage off with a big debt. The most expensive part of most weddings: the reception.
Google to prohibit payday loan ads
After July 13th, you’ll need to search for your payday loan somewhere other than on Google. The search engine has announced it will soon stop allowing any payday loan advertising. What exactly does Google consider a payday loan? Loans where repayment is due within 60 days and carry interest rates in excess of 36%. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” ~Colin Powell
7 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FFSC FINANCIAL CLASSES
Financial Bookshelf›››› Say yes to no debt
• The Art of Money Management • Banking and Financial Services • The Basics of Retirement Planning
by Dr. DeForest B. Soaries, Jr.
• Car Buying Strategies
Should your personal financial affairs take on a similar degree of importance as your spiritual well-being? In his book, Say Yes To No Debt, Dr. DeForest Soaries, suggests the answer may be “yes”. Not that he is the first clergy to punctuate the importance of financial fitness. It has been almost a quarter century since a pastor named Dave Ramsey started writing about getting out of debt. Dr. Soaries however, takes the religious link to a new level. The book was born out of a campaign to raise money for an addition to his church. His conclusion was that his flock was so burdened by crushing personal debt, that they were unable to increase donations. Instead of asking for more money, he decided to advocate that they pay off debt. The framework of the book is a proposed 12-step program, beginning with what he calls the “Emancipation Proclamation”. A powerful reference for some, but he goes on to describe personal debt as “modern day slavery – this time, self-imposed”. A Proverbs verse, “The borrower is servant to the lender” is used early on. His clergy license occurs frequently throughout the book, as he makes several biblical references. He also assures the reader that nowhere in the bible is wealth building discouraged. “Become debt free and start building real wealth,” he proclaims. The necessary central pledge is that a person should keep their expenses below their income. The early steps of what he calls his dfree® process involve admitting the problem, addressing the problem and adjusting the attitude. All are necessary to overcoming this first fundamental hurdle of bringing one’s spending under control. It’s tough medicine, but his tone remains optimistic and uplifting throughout the book. Although he feels there is “no good debt”, particular emphasis is placed on credit cards as “the most destructive”. To some extent he seems to have missed the fact that credit card debt has been declining for years (especially among millennials) only to see student loans and car loans surge as the two most prolific sources of consumer debt.
• Command Financial Specialist Training
• Consumer Awareness • Command Financial Specialist Forum • Command Financial Specialist Refresher • Credit Management • Developing Your Spending Plan • Division Officer Financial
Leadership Seminar
• Don’t Bet Your Life On It • Financial Responsibility in the Military • Homeownership • How to Survive the Holidays
Financially
• Identity Theft Protection
Dr. Soaries is especially big on taking specific action steps and “setting the timer” on when mileposts will be reached. Staying on track and staying motivated are paramount. Ideally, the dfree® process is carried out with the support of a larger group, all of whom are working toward a common goal. Early on, he identifies three key elements of any plan: • Identify the goal • Assemble the support necessary to execute a plan • Adopt a schedule for completion. While he believes “economic deprivation can undermine one’s spiritual vitality”, there is plenty to be learned by anyone (spiritual or not) who is serious about getting out of debt. A former Secretary of State for New Jersey and unsuccessful candidate for the US House of Representatives, Dr. Soaries feels “There’s no mission more central to the current needs of Americans than that of helping to relieve the pressures of financial oppression.” Similarly sweeping rhetoric can be found throughout. He includes a section on beginning a dfree® movement within your own group or church. If you have identified debt liquidation as a personal goal, his passion is palpable, his approach inspiring. This book may be the kickstart you’re looking for. “A person who stands for nothing falls for anything.” ~Malcolm X
• Insurance • Million Dollar Sailor • Savings and Investing • Smart Start Finances for Newlyweds • TSP-Your Key to Financial Independence For class schedules and to register for classes, call an FFSC near you, visit our website or scan this mobile code with your smart phone.
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www.cnic.navy.mil/navylifema Do you have comments about this publication, a topic you would like to see covered or a book to be reviewed? Contact Wally Barstow at (757)444-2102 or wally.barstow.ctr@navy.mil
8 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC