Check out the “BUZZ WORD” Trivia, Page 5!
mon·ey
[muhn-ee] n·ies, adjective noun, plural mon·eys, mo –noun including exchange, any circulating medium of and deposits. dem coins, paper money, and
ed as a medium ny article or substance us a alth, or means of exchange, measure of we and deposit or of payment, as checks on dem cowrie.
mination of a particular form or deno currency.
nt. $$$$money of accou ed, or
Money Matters
paper money.
DECEMBER | JANUARY | FEBRUARY 2017
Think you know the answer??
capital to be borrowed, loan oney. invested: mortgage min terms of money
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
FINANCIAL TRENDS ››››››››››
IN THIS ISSUE
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FINANCIAL TRENDS ››››››››››
› › New Year’s resolutions › J uniors and credit mix-ups › Me vs. us credit cards › H appiness and where do you
Holiday shopping
stash your cash?
› Losing sleep over financial matters?
› Tracking the budget: The food bill
› B uzz Word Trivia › M arriage & saving for retirement › M y Money Matters
BITS AND PIECES OF INTEREST ›
CFS BOOKSHELF ››››››››››
› The little book that beats the market
y a d i l o H opping Sh
The Winter Holidays – that period of time between Thanksgiving and New Year Day – is the biggest spending event of the year…by far. With such an important time for retailers upon us, estimates of how much their customers are going to be spending take on heightened importance. Low-income shoppers are feeling better about their finances and are seen fueling a rise in holiday spending this year, a new study suggests. Households with an annual income of less than $50,000 plan to spend $837 on gifts, and other entertainment this Christmas, up 23% from 2015, according to a recent survey by the accounting firm Price Waterhouse Cooper. Households earning more than that amount are predicted to shell out substantially “HOLIDAY SHOPPING ”, continued next page more — an average of $1,388 — that figure would represent just 4% growth. The wealthiest shoppers appear ready “A budget tells us what we can’t afford, to rein in their spending, with those but it doesn’t keep us from buying it.” households earning $150,000 or more saying ~William Feather they’ll spend $1,812. That would be a 3% dip compared with last year.
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1 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FINANCIAL TRENDS ›››››››
New Year’s Resolutions Organizational experts Franklin/Covey haven’t completed their annual survey of New Year’s Resolutions for 2016 yet, but if it resembles 2015, you can count on two things: physical and/or financial fitness will top most people’s list, and most resolutions will be broken and forgotten within six months. Here’s a sampling from last year: • Percentage of Americans who make New Year’s resolutions: 45% • Resolutions still being pursued after one month: 64% • Resolutions still being pursued past six months: 26% • Percentage of people who are successful in achieving their goal: 8% • Top three resolutions: (1) physical fitness (2) financial fitness (3) lose weight We’re not here to discuss physical goals, but how about a different approach to the financial resolutions? Consider taking a little time and answering four questions about yourself:
Do I know what I’m doing with my money?
There is a very simple process to answering this question. Take out a blank piece of paper and fold it in half. On one side, write down how much income you received in the entire month of November. On the other side write down what you did with it. Rent, utilities, phone, food, etc. Use any resources or websites available to you like bill paying services or online bank statements. The objective is to make the two totals match. If you can come within $100 of identifying what you did with one month’s income, congratulate yourself! If you were not able to come within $400, the answer to the question is NO.
On present course, when will I be debt free?
The answer to this question involves making a list ncluding the name of each creditor, the balance, the payment and the interest rate. Be sure to include any debts paid by allotment. If you don’t know the interest rate, call the company and find out. Once you have this information, call any Fleet and Family Support Center and ask them to run the Full Steam (Power Payment) program for you and you’ll have the answer.
Do I have a savings account with a balance that makes me feel secure?
This answer requires complete honesty on your part and it is vitally important. Studies have shown that those who establish and maintain a savings account (especially at a young age) typically go on to become wealthy.
Have I started my own wealth building plan?
This is another easy one to answer. Are you making regular contributions to TSP, an IRA, or other investment? If the answer is no, the solution is simple. Go to mypay.dfas.mil, log on to your account and designate at least one percent to go into TSP and you’re in! Simply answering these questions can lead you to a greater awareness and hopefully a greater interest in your financial situation. Need help? Contact a Fleet and Family Support Center near you. “When I was young, I thought that money was the most important thing in life; now that I am old, I know it is.” ~Oscar Wilde
“HOLIDAY SHOPPING”, continued from previous page
Households earning between $100,000 and $149,999 are seen tightening their grip even more, and are planning to shell out $1,394 — down 10% from last year. The holiday season forecasts include spending on restaurants and travel. Basic conclusion: the higher your household income, the more restrained you are expected to be with your holiday shopping compared to last year. Whether the predictions hold true and whatever your plans for holiday spending may be, we have two bits of advice to offer: 1. You should not feel obligated to get caught up in this spending spree. 2. Know your spending limits and enforce them. How does a person go about establishing spending limits? Here’s a thought. Add up all of the spending you have planned for the holidays. Don’t just think about gifts, remember to include parties, travel, decorating, food, postage, etc. Compare that total to what you have in your savings account. If the planned spending exceeds the savings account, a good question would be, “How am I going to pay for this?” If the answer is borrowing, consider slowing down and revisiting some of the things on your wish list. Another strategy is reduced spending on routine monthly expenses. Whatever your approach, be careful not to leave yourself with a financial hangover that lasts well into the new year.
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FINANCIAL TRENDS ›››››››
Juniors and credit mix-ups
If you’re expecting a baby soon you have no doubt started thinking about names. Noah, Emma and Emily have surged in popularity recently at the expense of Jimmy, Johnny and Mary. One trend that has endured is the “junior” – that is, a father giving his son the same name. Mom’s sometimes do it, but not nearly as often as dads. Parents who want their names to live on through the generations should proceed with caution, however. Honoring your child with your exact name can cause lots of headaches and problems down the road with credit reporting issues. It has long been the case that credit reporting agencies tend to mix files of people with the most common names James Harris, Cathy Johnson, etc. But the problem becomes more acute when, not only does the first and last name match, but the middle initial is the same. The odds of a credit file mix-up soar when the names and the addresses match. Especially when one person isn’t in the habit of noting ‘Jr’ or ‘Sr’ on a credit application.
Me vs. us credit cards If it’s a happy relationship that you seek, the younger generation may want to consider the habits of the older generation. At least in the way credit cards are managed. In a new survey, TD Bank found that among all Americans, 47% of respondents reported sharing all of their credit cards, while 37% indicated they only have separate cards. However, when asking people whether they were “extremely or very happy” with their significant other, TD Bank found that the percent who share all cards jumped to 53%. TD Bank also broke the card-sharing data out across age groups to see what the prevalent practice is in each generation. Millennials, (generally 35 years old and younger) were the only group to report more card separateness than togetherness,
Compounding the problem is the growing likelihood that adult children continue to live at home longer. By the time a person hits the age of 20, it becomes very likely they have a credit file, because they have a credit card or financed a car. The problem is magnified when either junior or senior has some ugliness on their credit file that is causing problems for the family member. If you are thinking about bestowing your name on a child, consider altering the middle initial. That will help keep things separate. It underscores the importance of checking you credit file a little more frequently (www.annualcreditreport. com) and paying a bit more attention to some of the data contained on the report. “Rumor travels faster, but it don’t stay put as long as truth.” ~Will Rogers
although the split was close at 40% shared to 42% separate. Meanwhile those aged 35-54, (Generation X) shifted to slightly favor shared cards (45 percent versus 41 percent). It was the findings for the Baby-Boomer generation, age 55 and older, that almost exactly mirrored those of happy couples, with the “us cards” crowd outnumbering the “me cards” crowd 52 to 31 percent. Interestingly, the survey findings show that this does not correlate with baby boomers being happier with their significant other than millennials. In fact, when asked about their general relationship satisfaction, 85% of the younger generation reported being happy against just 73 percent of baby boomers. The conclusion? Sharing credit cards does not make people more happy, but it is an element of greater financial openness that may contribute to it. “To err is human; to admit it, superhuman.” ~Doug Larson
Happiness and where do you stash your cash? Interesting correlations have been identified on the extent to which money can lead to happiness. It tends to, but maybe not how you might think. A recent study conducted by the University of Cambridge in the U.K. reached some thought provoking conclusions. The authors of the study acknowledged past connections between how much money people have accumulated and their dispositions, but they took things a bit farther in wondering whether it mattered to people where that money is deposited. They found that when money is in a liquid accessible bank account (such as checking or savings), it makes people much happier than when it is sitting in a 401K or tied up in the value of their house. In other words, when money can be turned into cash-in-hand immediately, it produces a different psychological effect than overall wealth. The researchers partnered with banks and surveyed their customers, linking their responses to bank account transaction data. They expected a pleasure link between the poorest customers and immediate cash, but their data suggested the same link exists with even the wealthiest customers. Regardless of your wealth – value of investments, retirement accounts, home - going to the ATM and seeing a large available balance would seem to give people the biggest thrill. Of course, a financial planner would never encourage a client to keep gobs of money in an unproductive, no-interest checking account. But let’s face it, people tend to do what makes them happy. “The greatest mistake you can make in life is to continually be afraid you will make one.” ~Elbert Hubbard
3 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FINANCIAL TRENDS ›››››››
Losing sleep over financial matters?
If you answered yes to the above question, odds are you are female. When it comes to financial matters, women tend to worry more and sleep less than men, according to a new CreditCards.com poll. A national survey recently commissioned by CreditCards.com to gauge how money worries affect sleep found that 56 percent of men report occasionally losing sleep over at least one financial problem. The rate jumps to 68 percent for women. Overall, approximately six in ten adult Americans say they lose sleep over at least one financial problem in the telephone survey of 1,000 adults in the United States. Survey respondents were given a list of financial concerns and asked which caused them to lose sleep at least occasionally: saving for retirement, education costs, paying for health care or insurance bills, paying the monthly rent or mortgage, and credit card debt. The most common money worry is saving enough for retirement. Especially for those over the age of 30, wealthy individuals and college graduates. The second biggest sleep-depriving concern is educational expenses. That issue troubles young adults the most. If someone is tossing and turning because of financial stress, there is
probably more than one problem keeping them awake. According to the poll, the average person who is losing sleep said more than two money issues are stressing them out and keeping them up. The latest money worries poll found that women out-fret men overall and in each of the five specific financial concerns they were asked about. For example, 44 percent of women said they’ve lost sleep worrying about retirement savings compared to only 35 percent of men. Women also lose sleep over health care and insurance bills quite a bit more than men: 33 percent compared to 24 percent, respectively. The statistical gender differences in stress levels may be the result of a number of factors, one of which may be the fact that, at least for those in a relationship, women tend to actually pay more of the expenses, and hence be a bit more aware of the money situation. Biological female instincts to nurture and take care of others may result in added sleep-depriving stress. Women overall tend to make less money and have less wealth and money saved which may lead to a more unstable financial position. “As long as you can see each day as a chance for something new to happen ... you will stay young.” ~Sarah Delaney
24 The percentage of adults in this country who report that someone in their household purchased or leased a new or used car in the last year.
LAST ISSUE
BUZZ WORD TRIVIA ANSWER! Market Capitalization is a measurement of the value of a company. It is defined as the price of a share of the companies’ stock multiplied by the number of shares outstanding. The most valuable company in America is currently Apple, worth about $540 billion. Below are four other publicly traded titans of American commerce.
Which of the four has the largest market capitalization as of September 1, 2016? A. Coca Cola B. Exxon/Mobil C. Facebook D. Amazon
ANSWER: (D.) Amazon
4 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FINANCIAL TRENDS ››››››› Tracking the budget
The Food Bill
According to the US Dept of Agriculture, the average amount of monthly income devoted to grocery shopping is usually between 14 and 17 percent. Of course, it can vary significantly depending on where one shops, family size and frequency of dining out. And here’s a twist: We have deflation in the grocery aisles. The U.S. is on track this year to post the longest stretch of falling food prices in more than 50 years, a streak that is cheering shoppers at the checkout line. Let’s hope it continues. According to the Food Marketing Institute, American households average more than one-and-a-half grocery store visits a week. This amounts to about $5,500 per year, per family. The total doesn’t include money spent on food
outside the grocery bill for such events as lunch or dinners at a restaurant. Due to the frequency of trips and the sheer size of the expense, people often lose touch with just how much they spend on food. But, it matters. The only larger items in a monthly budget tend to be housing and transportation. Two lunches out per week (@ $8 each) plus one dinner out (@ $25) works out to almost $165 a month or just under $2,000 per year. And that doesn’t count the snacking trips to a convenience store, coffee runs in the morning, or vending machine use at work. If you’ve ever wondered why you don’t have as much money left at the end of the month as you would like, the answer is probably food. Try tracking it for a week or two. Or simply review your debit card
swipes for a period of time. It can add up in a big way. Strategies for spending less and saving more often involve changes to the way we spend money on food. It’s a soft target than can offer real opportunities for financial gain. “The percentage you’re paying is too high priced, while you’re living beyond all your means. And the man in the suit has just bought a new car, from the profit he’s made on your dreams” ~Steve Winwood
} {BUZZ WW Think you know } D R D R O D} A the answer? {B{ UUZ ZZZWORO B
TRIVI
All I did was answer the question! You can too!
Which past president was the first to be featured on a U.S. coin? 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 December 31, 2016 and you are in the running to win. *Please email responses to andrew.thomas6.ctr@navy.mil *If you win, you will need to come by the Norfolk FFSC to pick up the gift basket. Good Luck!
ET1 John Grow
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FINANCIAL TRENDS ›››››››
Marriage &
Divorce is consistently cited as a leading cause of bankruptcy, usually the 2nd or 3rd most frequent cause after medical expenses or job loss. In what may seem like a paradox, a recent report has concluded that married people are better at saving for retirement and have more money accumulated. You read that right. A 2015 study by the Economic Policy Institute found that married couples (who stay married) have retirement account (401K and IRA) balances significantly higher than single people. Financial preparation for retirement has long been cited by financial advisors and policy experts as deficient. Even among those approaching retirement (age 56–61), most single men and women do not have any retirement account savings, the Economic Policy Institute (EPI) included in its report. Specifically, 43% of single men and 42%
saving for retirement
of single women have retirement account savings, compared with 65% of married couples. And those who do have retirement savings accounts haven't stashed away much. Among single men with savings, the accounts hold an average balance of $34,000. Single women with savings have an average of $30,000 saved. Meanwhile, the typical married couple with savings has a combined balance of $78,000. In general, the EPI notes, most people need to set aside more, and women are particularly vulnerable because they live
longer and are more likely to outlive their savings. How much is enough for you in a retirement account? According to retirementplan provider Fidelity Investments, to be financially ready to retire by age 67, you should aim to have 10 times your final salary in savings. If your household income is $100K, that means your goal should be $1 million. “Everyone is a disciplined long-term investor until the market goes down.” ~Steve Forbes
My Money Matters
Young sailor is ready for the future! ABH3 Cyrus Yochim of the USS George Washington is ready! The 22 year old Montana native (by way of Nebraska) feels totally prepared for life after the Navy. Mr. Yochim enlisted in 2012 and spent quite a bit of time attached to the ship while in Japan. The overseas experience left him flush with cash especially since he found no need for a car. Of course, there are several people who find themselves with extra money. We don’t see very many who make such productive use of it. Mr. Yochim was able to bank a remarkable amount of his income. All the while squirreling a prodigious sum into TSP which already puts him on a pace to be very wealthy one day. Upon returning to the states, a car
ABH3 Cyrus Yochim became a necessity, a purchase he made with cash. Debt is simply not part of the plan. He has been “amazed” at some of the vehicles people buy and get into debt
over, a decision he feels is often made “on impulse”. He credits his financial success to one simple rule, “Live within your means”. When he gets paid, he “always puts something in savings”. Mr. Yochim received a lot of financial advice from his stepdad who also spent time in the Navy, and a healthy dose of inspiration and drive from his mom who encouraged him to go into the military and take advantage of the benefits. So what’s all this money for? The next step is to sell the car, move to New York city, and enroll in a mechanical engineering curriculum at NYU. That sounds rigorous, but at least financial stress won’t be part of the picture.
6 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
BITS AND PIECES ››››››› Do you really want this in retirement?
According to the Consumer Financial Protection Bureau, more people are entering retirement with more debt than ever, especially mortgage debt. The CFPB says the percentage of homeowners age 65 and older with mortgage debt increased from 22% in 2001 to 30% in 2011. Among homeowners 75 and older, the rate more than doubled to 21% from 8.4%.
The most popular thing to worry about
According to a nationwide survey conducted by the Charles Scwab, it’s saving for retirement. Preparing for retirement beat out other popular financial concerns such as job security, paying off credit cards or student loans and keeping up with living expenses. About half of the 1,000 plus respondents noted they felt it would be “impossible” to save enough to have a comfortable retirement.
than 65, the percentage using gift cards actually shrunk during the same time period, going from 37% to 31%. “The borrower is servant to the lender.” ~Proverbs
How many credit cards do you have?
According to a July 2016 survey by Gallup, the percentage of Americans with no credit cards has increased from 17 to 29 since 2002, but the percentage of Americans with 1 to 2 credit cards has remained steady between 30 and 35 percent during the same period. The largest drop has been with people who have multiple (more than 3) cards. The age group most likely to have a credit card? 83% of 25 to 34 year olds followed by babyboomers at 78%.
A reminder from the IRS
If you receive an email claiming to be from the IRS that contains a request for personal information… Don’t reply; Don’t open any attachments; Don’t click on any links; Do forward the email to phishing@ irs.gov; Delete the email.
Buying a car = Getting a loan
Do you itemize your deductions?
The amount of auto loan debt ($1.26 trillion) has long surpassed credit card debt ($726 billion) and is now closing in on student loan debt ($1.38 trillion). So far things have gone well: only 3.5% of auto loans are past due, compared to 7.2% of credit card debt and 11.1% of student loans. But, according to Experian 22% of all car loans fall into the subprime credit score category (620 or less).
Of all taxpayers earning less than $100K only 20% itemize their deductions, but of wage earners in the $100K to $200K bracket 77% itemize. Watch out though if promised tax cuts come to pass, these deductions are about to become less valuable. Some popular deductions may even be on the chopping block.
How do you “like” this?
Pop quiz
What weighs about 1 gram, last about 8 years, has no paper in it, and gets less valuable every year? A $100 bill. “The minute you’re satisfied with where you are, you aren’t there anymore.” ~Tony Gwynn
Gift cards catching on
Especially for those in the 25 – 34 age group according to a creditcards.com survey. In 2013, 39% in this age group bought retailer-specific gift cards as holiday gifts. In 2016, 60% responded they will be using gift cards. For those older
Facebook pegs the number of monthly users of its site at 1.79 billion which is the equivalent of one quarter of the world’s population. That is an advertising platform like no other. “The surest way to ruin a person who does not know how to handle money is to give him some.” ~George Bernard Shaw
7 | MONEY MATTERS A QUARTERLY FINANCIAL NEWSLETTER FROM FLEET AND FAMILY SUPPORT CENTERS MID-ATLANTIC
FFSC FINANCIAL CLASSES
Financial Bookshelf››››
The little book that beats the market
• • • • • • • • • • • • • •
by Joel Greenblatt
If you enjoy keeping your investment approach short and simple, you would probably appreciate this book. The author is an Ivy League professor, hedge fund manager and self avowed value investor in the mold of Benjamin Graham (see book review of The Intelligent Investor, Money Matters Fall 2016). This book is the second edition - published in 2010 - of his original which he released 5 years prior. Unlike many financial advice books, you’ll find no guidance on the importance of making a budget, establishing a savings account or minimizing high interest debt. Mr. Greenblatt wastes no time getting to the singular focus of his book, which is selecting individual equities that will beat the broader market. No “random walk theory” of the stock market here. But if that objective seems a bit overconfident, his methods are refreshingly straightforward and rely on two simple metrics. The first is “Earnings Yield (EY),” which is calculated by dividing a company’s earnings per share by its share price. It is a simple measurement indicating how expensive a company is in relation to the earnings a company generates. It is the key indicator of ‘value’ that identifies above average earnings in relation to their stock price. He then relies on a “Return on Capital (ROC)” (operating income divided by employed capital). This measures the ability of the company to make money based on what they have invested in their capital expenditures. The approach is to buy superior companies (high ROC), but at a relatively inexpensive price (high EY). Or as he puts it, “cheap is good, cheap and good is better.” He also calls it his “magic formula.” If any of this strikes you as the least bit complicated, he makes it very simple by offering at no cost a website: magicformulainvesting.com, where one can query companies of a particular size (market capitalization) that have both high ROC and high EY. From the generated list, he suggests picking companies that you know and like.
• • • •
The first chapters of the book are written in child-like form. In fact, a kid who builds a business selling gum in school is offered as an example of the simplistic ideas used to evaluate a business. A key point made: Look at the stock listings in any newspaper and note the highs and lows of any share price in the last year. These gyrations re-set the value of the company on a daily basis. But, does a company really change so dramatically in value in a typical year? Or is this the emotional reaction of the broader market to day-today events? Catching the price of worthwhile companies during the low point of these inevitable swings is the hallmark of the value investor. The claim of his “magic formula” is that over the last 17 years, his approach has beat the market 95% of the time in any 3 year period. How effectively his approach carries into the future is anyone’s guess. For anyone intrigued by the idea of investing in individual stocks instead of mutual funds, the book may be a starting point, perhaps a successful one. “There are two ways to be fooled. One is to believe what isn’t true. The other is to refuse to believe what is true” ~Soren Kierkegaard
• • • • • • • • • •
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