Chances are you just finalized your 2011 taxes. You probably tossed your documents and statements into a folder and took them to your tax preparer to do your tax return, and you now have them back, along with your finalized 2011 return.

Now is also the time of year you should be asking, “How do these statements factor into my financial strategy?” Financial strategy, you say?  Yes, you need a financial strategy or plan to figure out what you want your future to look like and how to get there. 

The documents for the tax preparer are the input required to build a financial plan. Of the things clients dread most is gathering that information. Well, congratulations. You have already done the leg work.

Let’s review what you have:

1. W2 statement of income

2. 1099 statements of interest and dividends from banks and investment accounts

3. Mortgage interest and tax information on your house

4. 1099s for any distributions you took from your retirement accounts

5. Capital gain or loss statements on your investments

6. Miscellaneous end of year statements from investments and bank accounts

7. 401k or 403b end of year statement

The next step identifies what the financial planner does. Once your documents are organized, it is time to analyze your current situation. The planner looks at your income requirements, debt and savings ability. From there, short term and long term goals are defined in one, three, five, and ten (or more) year increments. Your goals are then aligned with appropriate investments by the planner, with your input. The planner will recommend a set of investments that:

1. Fits your ability to handle risk

2. Provides you with short term cash for emergencies

3. Are diversified across many types of financial platforms

A good planner will also check to make sure that:

1. Mortgage term and rate is appropriate

2. Property insurance coverage is sufficient

3. Life insurance policies are current

4. Wills and trusts are current

5. Caregiver and care receiver needs are addressed

Once the plan is established and reviewed, the final phase is the maintenance phase; meeting with your planner annually to make updates to account for any life changes. The best time to meet is in the beginning of the year after you have gathered the information for tax purposes. Having a financial plan will take the emotion out of investing. Your planner will provide you with ideas and guidance that you may not have thought about or considered. But most importantly, the planner will help advise you on some very important financial decisions.

So, what are you waiting for? Pick up the phone and call so you too can simplify an important aspect of your life; your personal financial plan!

Susan Finefrockis a trusted financial planner and investment advisor focusing on developing comprehensive financial planning, wealth preservation and retirement accumulation strategies.

Comprehensive financial planning includes; estate, trust, tax, college and retirement planning. Finefrock weaves a financial education philosophy into her client interactions, ensuring that each client has pertinent information to make informed decisions about their financial future. How to contact Susan Finefrock: (614) 942-1305 sfinefrock@woodburyfinancial.net; www.wmsllc.net

*Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc, P.O. Box 64284, St. Paul, MN 55164, (800) 800-2638, Member FINRA, SIPC and Registered Investment Advisor. Branch office 575 Charring Cross Drive, Suite 100, Westerville, OH 43081 (614) 942-1305. Wealth Management Solutions and Woodbury Financial Services, Inc. are not affiliated entities. Neither Woodbury Financial Services, Inc. nor its representatives offer tax or legal advice. For assistance with these matters, please consult your tax or legal advisor.

Your ring is sparkling and the word is out. You’re engaged and everyone wants to know one thing: When is the ceremony? While you may have to get back with them on the exact date of the Big Day, there’s another special day for you and your main squeeze to consider as you make plans – the engagement party.

Not every couple decides to host one, but engagement parties are a fun option for duos looking to celebrate before saying “I do”. While it’s a fantastic way for the bride and groom’s families to meet and spend time together before the wedding, engagement gatherings are a great way to build excitement and give a sneak peak to your wedding day too.

So if you see an engagement party in your future, how will you celebrate? Do you want to party like a rock star or host an elegant, low-key dinner with friends and family? Party planning guru Jes Gordon says before you starting touring venues and scanning the shelves for the cutest invitations you have to ask yourself one question: Why do I want to do this?

“Parties take time and effort – not just for you but for your guests too,” Jes wrote in her book, Party Like a Rock Star. “Good reasons for getting together will not only make it worth your time but your guests’ time as well.”

Even before asking “Why?” Distinct Event Planning advises brides and grooms to consider “How?” It’s so easy for wedding budgets to turn into runaway budgets, when couples don’t map out all of their expected expenses or when excitement pulls them away from the financial game plan they created.

If you crunch the numbers and find that your engagement party is a-go, consult with a professional party planner to help turn your ideas into reality and maximize your money. It’s easy to image amazing color schemes, music, and the perfect food and venue, but pulling all the pieces together and assessing your options is better left to the experts, especially if you plan to host a large or extravagant gathering.

A professional party planner will work with you to come up with a party concept based on your style as a couple – whether it’s “red carpet fabulous,” or “backyard casual.” Then select a venue, menu, music, decorations and the other details to make your day shine.

Planning the event yourself is also always an option too. Before you begin just be sure to map out all you need to do and when it needs to be done, down to the smallest detail. Ask knowledgeable friends to review your to-do list to make sure you’re not leaving anything out. Then consider your other time commitments and who’s actually going to roll up their sleeves with you. Party planning done right is serious business so choose wisely!

No matter what you decide, an engagement party is a fabulous event to look forward to!  Happy Planning!

Lucretia Williams is the owner and lead consultant of Distinct Event Planning, LLC. Their mission is to ensure that they offer you the best and most professional wedding and special event planning services. Lucretia can be contacted at (614) 577-1844, info@DistinctEventPlanning.com or visit her at www.DistinctEventPlanning.com.

 What an exciting time to be a young woman entering the workforce, aspiring to climb the corporate ladder.  Never before has there been so much opportunity combined with successful role models to guide us.  Years ago I started a career with IBM.  Women executives were few and they viewed each other as competition for the small number of promotions allocated to women.  So, collaboration, mentoring, and sharing of information was nonexistent.    Women believed the way to succeed was to imitate their male colleagues by suppressing many of the inherent female personality traits.  Welcome to the new era!  Women have realized that the traits of collaborating, listening, multitasking and encouraging ideas have translated to positive bottom line in results.  What women have yet to conquer is how to lead a balanced lifestyle and not suffer, financially. 

The fact that we still recognize “Equal Pay Day” in April is ridiculous, but we need to acknowledge that women are still at a financial disadvantage.  Women account for 50% of college students and 50% of people in the workplace, but experience lower starting salaries and position status vs. men in the same professions.  Women, as primary caregivers come and go out of the workplace more often than men.  Because their careers are often interrupted to care for children or elderly parents, women may spend less time in the workforce and earn less money than men in the same age group. As a result, their retirement plan balances, Social Security benefits, and pension benefits are often lower.  So how do we implement strategies to keep young women on pace, financially?

1. Commit to Become Financially Literate 

Actively manage your finances.  Don’t use the excuse that you’re too busy or your husband handles the finances.  This is your future and your retirement.  Statistically women are better money managers and investors and experience better investment returns over time vs. men.  Sound investing can help reduce the gap between men and women’s pay.  So, all women regardless of age should have a financial plan with specific goals defined.  Take the time to get educated on basic financial concepts.   But, you don’t have to do this on your own!

2. Visualize Your Path and Begin Planning

Work with a Certified Financial Planner™ as your coach/mentor. They will lead the process of establishing a financial plan and investments that are appropriate for your personal situation.  The first step to develop a financial plan is imagining your future; where you might live, your hobbies and activities and most importantly, what your expenses might be.  You have a head start so take inventory of your current situation but try to envision how tomorrow might be different.  Look at everything from where you live to how you live.  But, don’t forget to include possible income sources, e.g., company pensions, social security, etc.  These are important pieces of the puzzle to project your future financial needs.

3. Don’t Wait To Save – Time is on your side!

As a young woman starting in the workforce, beginning a savings strategy gets you closer to a more secure retirement.  The earlier you start saving, the further ahead you will be.   The chart below shows what to expect if you save $2000 annually, assuming 6% interest.  Even if you are self-employed or own your own business, retirement savings options are plentiful, and can be customized to your specific needs.  

** This is a hypothetical example and does not reflect performance of any specific investment.  Results assume reinvestment of all earnings and no tax.

Until “Equal Pay Day” is only a memory, women need to plan for these financial challenges, make your retirement planning a priority.  Although it's never too late to save or plan for retirement, the sooner you start, the more time your investments have to grow.

Submitted by:

Susan J. Finefrock CFP®

20 Northwoods Blvd

Columbus, Ohio  43234

(614) 841-9650  office

(614) 580-5522  cell

www.moneyconcepts.com/sfinefrock

Valentine gifts will not be the only things flying off the shelves this season. Between now and early spring, thousands of grooms-to-be will be scanning jewelry counters for the perfect ring. If your ring finger has a little bling headed its way, it’s time to share your ideas for an ideal engagement with your honey.

Being able to express your ideas to your mate is the cornerstone of any great relationship, right? So why not get some practice in as engagement season unfolds.

Don’t have the ring yet and unsure of what you want? Try visiting the websites of popular jewelry retailers with your fella first. Stores like Kay Jewelers, the Diamond Cellar & Zales each have hundreds of rings to view online and the sites allow you to narrow your search based on cut, metal and price. Looking online before heading into a physical store offers a pressure-free way to window shop for the perfect piece. No waiting in line at a busy jewelry counter or high-pressure sales await you when you do a little virtual viewing from home. Plus, you can carefully compare each store’s policies on returns, repairs and other services in peace. You might even discover “online-only” deals that clerks may honor in-store.

Once you have a good idea of what you want, talk openly with your honey about your wedding budget and how the ring fits into the “bottom line” of your big day. Be sensitive to what he can afford and respect the boundaries of your overall budget. Keep in mind most stores offer deals on ring upgrades. Your dream ring may not fit into the budget now but stores offer great exchange programs to customers looking to upgrade to bigger and better pieces later on.

After talking over those serious budgeting goals, head to the store for a little playtime. Nothing gives you peace of mind like trying things on before you buy. It’s best to find out firsthand, if your online pick really compliments your personality and if the design is practical for your lifestyle. Trying rings on and talking with a professional about the pros and cons of each piece lets you do that.

Find your Favorites, discuss your Finances, and see if it Fits – ring hunting never looked so easy. Happy shopping!!

Lucretia Williams is the owner and lead consultant of Distinct Event Planning, LLC. Their mission is to ensure that they offer you the best and most professional wedding and special event planning services. Lucretia can be contacted at (614) 577-1844, info@DistinctEventPlanning.com or visit her at www.DistinctEventPlanning.com.

Conventional wisdom says that what goes up, must come down. But even if you view market volatility as a normal occurrence, it can be tough to handle when it's your money at stake. Though there's no foolproof way to handle the ups and downs of the stock market, the following common sense tips can help.

Don't put your eggs all in one basket

Diversifying your investment portfolio is one of the key ways you can handle market volatility. Because asset classes often perform differently under different market conditions, spreading your assets across a variety of investments such as stocks, bonds, and cash alternatives (e.g., money market funds, CDs, and other short-term instruments), has the potential to help reduce your overall risk. Ideally, a decline in one type of asset will be balanced out by a gain in another, but diversification can't eliminate the possibility of market loss.

One way to diversify your portfolio is through asset allocation. Asset allocation involves identifying the asset classes that are appropriate for you and allocating a certain percentage of your investment dollars to each class (e.g., 70 percent to stocks, 20 percent to bonds, 10 percent to cash alternatives). An easy way to decide on an appropriate mix of investments is to use a worksheet or an interactive tool that suggests a model or sample allocation based on your investment objectives, risk tolerance level, and investment time horizon.

Focus on the forest, not on the trees

As the market goes up and down, it's easy to become too focused on day-to-day returns. Instead, keep your eyes on your long-term investing goals and your overall portfolio. Although only you can decide how much investment risk you can handle, if you still have years to invest, don't overestimate the effect of short-term price fluctuations on your portfolio.

Look before you leap

When the market goes down and investment losses pile up, you may be tempted to pull out of the stock market altogether and look for less volatile investments. The small returns that typically accompany low-risk investments may seem attractive when more risky investments are posting negative returns.

But before you leap into a different investment strategy, make sure you're doing it for the right reasons. How you choose to invest your money should be consistent with your goals and time horizon.

For instance, putting a larger percentage of your investment dollars into vehicles that offer safety of principal and liquidity (the opportunity to easily access your funds) may be the right strategy for you if your investment goals are short-term (e.g., you'll need the money soon to buy a house) or if you're growing close to reaching a long-term goal such as retirement. But if you still have years to invest, keep in mind that stocks have historically outperformed stable value investments over time, although past performance is no guarantee of future results. If you move most or all of your investment dollars into conservative investments, you've not only locked in any losses you might have, but you've also sacrificed the potential for higher returns.

Look for the silver lining

A down market, like every cloud, has a silver lining. The silver lining of a down market is the opportunity you have to buy shares of stock at lower prices.

One of the ways you can do this is by using dollar cost averaging. With dollar cost averaging, you don't try to "time the market" by buying shares at the moment when the price is lowest. In fact, you don't worry about price at all. Instead, you invest a specific amount of money at regular intervals over time.

When the price is higher, your investment dollars buy fewer shares of stock, but when the price is lower, the same dollar amount will buy you more shares.

For example, let's say that you decided to invest $300 each month towards your child's college education. As the illustration shows, your regular monthly investment of $300 bought more shares when the price was low and fewer shares when the price was high:

Although dollar cost averaging can't guarantee you a profit or avoid a loss, a regular fixed dollar investment may result in a lower average price per share over time, assuming you continue to invest through all types of markets. You should consider your financial and emotional ability to make ongoing purchases, regardless of price fluctuations, however.

(This hypothetical example is for illustrative purposes only and does not represent the performance of any particular investment. Actual results will vary.)

Don't stick your head in the sand

While focusing too much on short-term gains or losses is unwise, so is ignoring your investments. You should check up on your portfolio at least once a year, more frequently if the market is particularly volatile or when there have been significant changes in your life. You may need to rebalance your portfolio to bring it back in line with your investment goals and risk tolerance. A financial professional can help you decide which investment options are right for you.

Don't count your chickens before they hatch

As the market recovers from a down cycle, elation quickly sets in. If the upswing lasts long enough, it's easy to believe that investing in the stock market is a sure thing. But, of course, it never is. As many investors have learned the hard way, becoming overly optimistic about investing during the good times can be as detrimental as worrying too much during the bad times. The right approach during all kinds of markets is to be realistic. Have a plan, stick with it, and strike a comfortable balance between risk and return.

Savings for Superwomen

While being obedient to God’s instruction I sat down to write a book last year.  Along the way, after talking to agents & being flown out to speak with Strebor Books in New York, I decided to stick to the originality of my own voice & self-publish.  The road has been uphill; in a pair of 6 inch platform stilettos, while carrying a basket of watermelons on my head..but I press on.  I decided to order my first print run, on my credit card none-the-less.  If you know me, I hate buying anything on credit.  But, I pressed on, as book sales continue trickling.  Balancing my son heading to college for year two; I had to cut back somewhere to reduce household expenses, and although I love to cook, groceries where the obvious choice.

According to the U.S. Dept of Labor, the average American spends $177 per person on groceries in a month.  So I started implementing some of the strategies I used when I came back to the United States with 2 boys and $8 in my pocket. No more running to the store three times a week (as if I had time to waste back & forth at the store).  If I go with a list; shopping for one week takes the same amount of time as shopping for two weeks.   Unfortunatley, I like to eat according to my taste buds.  I prefer eating 5 small meals a day, so sticking to the standard 3 meals a day menu doesn’t always work with me.  But it’s time to look at my food budget. 

Planning my menus

I usually have a few staple meals I like to crank out every month because they are favorites; and Friday night the kitchen is a no go area (for me anyway) unless we are making a pizza, so that leaves about 15 days to work with.  Planning a menu for the month used to take me five hours on a Sunday, but now I have it down to a science.  I really prefer to plan my menu, because I hate riding home from work wondering what we are having for dinner; and with a house of all guys—enuf said!  I am not saying you have to plan for the entire month, plan for a week; but planning in advance will provide some stress relief. 

This is how I do it. I check to see what I have in my pantry, freezer & fridge.  I can send you a list of pantry essentials if you want to email me.  I put them in three categories; Breakfast, lunch & dinner. For example:

Breakfast foods- eggs, hot cereal (corn & oat meal), bread, cold cereal, ingredients for waffles (corn bread waffles & chicken-yum!), turkey bacon, sweet potatoes, spinach, cinnamon, vanilla & spices

Lunch foods- peanut butter & jams, lunch meat, tuna, bread, pita, tortillas, shredded cheese, yogurt, salad stuff, fruits-lots

Dinner foods- meats, beans, rice, potatoes, pastas, quinoa, veggies, fish, canned goods

Holy Meatloaf WonderWoman-Look at the savings!!!

Once I know what I have, I check the grocery store ads for sale items- I prefer doing mine on line coupled with my Trader Joe’s circular! I have a certain amount set aside for groceries each month. That’s it, no mas! Some months I don’t spend the entire amount and it allows me to stock up on special items that have rock bottom pricing once a year- like turkeys around Thanksgiving. 

After I determine what sale items to buy, I start to create my menu.  What if you are menu-challenged?

I invited some girlfriends over, hoping I could get some new ideas from a recipe swap; kind of like kids playing Go Fish-with your favorite beverage.  Once I have decided my recipes, I sit down with my family’s monthly calendar and plan my menu.  Why the calendar?  I don’t want to cook a roast on a night when my son has track practice or I need to work late.  I like to plan dinner time when we can sit at the table when I can manage it.

If the prospect of planning a whole month’s worth of meals is overwhelming, don’t panic! Start with a seven-day dinner menu.  By completing a week’s worth your mental stress time at night should lessen and also decrease your trips to the store.  Regular menu planning and checking what you have in your cupboards will minimize wasted grocery dollars and rotting food that would need to be tossed because you forgot it was there.

Share with the community your comments & helpful hints for cutting costs. You can also 'like' my HOLDING ONTO SOMEWHERE Facebook page for great contests & recipes. 

Responses to my first article and panel discussion from the Women’s Collective have been tremendous.  A number of women have asked me to provide additional  information about Money Concepts Circles.  In my previous blog, I discussed the purpose, process and benefits.  I now think it would be useful to walk you through what the first circle event looks like. 

After years of serving the financial needs of women, I have come to the conclusion that our childhood views about money have a life-long effect.  So, I start with a group discussion of your predisposed ideas about money from your childhood.  As kids, the introduction and exposure to money shaped how we view money, how we handle money and the amount of stress it may or may not add to our everyday lives.  Most people don’t connect these dots until they answer these questions. 

1. Was money openly discussed in your household?
2. Did your parents share the financial duties?
3. Was it a source of stress for your parents or did it open doors and create opportunity?
4. Did your mother have input into the investment decisions?
5. Did your mother work and earn her own money?
6. Did your family have a budget?
7. How did you learn about money and finances?
8. Did either of your parents discuss financial responsibility with you?
9. Was this a positive or negative experience?
10. Looking at where your parents are today, did they manage their money well?

As if this is not enough to monopolize the first evening’s discussion, we then compare how you believe your spouse or partner would answer these questions.  Lastly, can you see how the similarities and differences can impact your relationship, positively and/or negatively?

So, once you have a picture of your past, it is much easier to understand how it has impacted your current thinking about money.  This then allows you to formulate a plan to move from your current way of thinking to exploring changes or adjustments to the way you operate and execute money decisions, going forward.  It’s all very empowering!

All this from the first night of sharing and exploring with your girlfriends, with much more to follow…

Susan J. Finefrock, CFP®

Money Concepts Financial Planning Center

20 Northwoods Blvd.  Suite E

Columbus, Ohio   43235

Phone: (614) 841-9650

Email:  sfinefrock@moneyconcepts.com

Website: http://www.moneyconcepts.com/sfinefrock

All Securities through Money Concepts Capital Corp.  Member FINRA/SIPC

11440 N. Jog Road, Palm Beach Gardens, FL 33418– Phone: (561) 472-2000 

The short answer is yes! Whether establishing on-line banking, writing a check, or developing prices for services and merchandise ... I try to use the numbers 8, 6, 9, and 1 (in that order). Eight represents prosperity. Six is hard metal (reprenting coins/money). Nine is considered a lucky number in Feng Shui. One means new beginnings. Thus, why my toll-free number is (866) 689-6891 -- I waited and searched for such a number.

This morning I went through the process of switching banks for our household account. All scheduled bill payments use these numbers. As an example, $188 is good a couple ways -- uses eights and a one, plus 1 + 8 + 8 = 17. Reduce that to a single digit 1 + 7 = 8.

No kidding -- I've helped people reprice their homes and they sold right away. In one case, the lady was on her third realtor and had dropped the price several thousand dollars. After repricing it, a bidding war started and she received more than the original asking price! You can read her testimony on my website (and she sold the home to someone named Faith). For more information about numbers, here's an article  http://www.intuitiveconcepts.com/articleprosperitynumbers.htm. So how do you think you can leverage this tip?

Feel free to sign up for our free monthly newsletter, "News You Can Use" via our website. It was the name Faith that incented me to have this be my first Women's Book blog post. It's Easter weekend and so I wish all of you peace.

May you be exceedingly, generously, and joyfully blessed, (c)

Diana Garber, The Feng Shui Results Lady (c), Intuitive Concepts, Inc.

Talking Money Women to Women - How A Money Concepts Circle Can Help You!

At last week’s Collective for Women launch, I participated in a panel on reinventing your views about money.  I noted that at some point in life, as a woman, you will eventually have sole responsibility for family finances.  Whether it is due to the death of a parent, or surviving a spouse or to divorce, the woman will have the responsibility of handling critical money issues.  Unfortunately, many women are unprepared for this responsibility and are unsure where to turn.  Well, as a financial professional that is passionate about financial literacy for women, I continually explore ways women can address this gap in their knowledge and confidence. 

I often suggest a forum where women are comfortable and confident; a forum where women can collaborate with each other in a relaxed environment; a forum where you can express your views or ask your questions without feeling threatened or ridiculed. I call these forums, a Money Concepts Circle.   A Money Concepts Circle is a fun and non threatening way to educate, enlighten and empower women about financial matters.  They are similar to scrapbooking or book clubs, except the topic is money.  This is not an investment club.  It is a learning club and sharing club.   And the best part, there is no cost.

So what is a Money Concepts Circle?

A Money Concepts Circle is a group of women who meet on a regular basis to discuss, explore and learn about money concepts.  It consists of 4-6 of your closest friends, sisters, aunts, cousins, co-workers, or neighbors.  The gatherings typically take place in the comfort of your own home with women you already feel comfortable and can confide in.  I facilitate the first few meetings until the group is off and running; I provide the structure and set the ground rules, I frame the discussions and then work with the group to select future topics for discussion.  Then on an as-needed basis, I will drop-in or bring another subject matter expert to initiate discussion on a topic of interest to the group.

What are the benefits?

The benefit to you is you start developing a foundation to build upon in an informal setting, with people whom you are already comfortable with.  Financial topics relevant to you are explored from differing points of view from a female’s perspective.  And it all starts with exploring your beliefs about money!  Eventually you become more familiar with financial terms and learn how they may or may not apply to your daily lives. A broad understanding of financial matters emerges and you begin to feel confident and knowledgeable. And the best part, it happens in a social setting where we can laugh and have fun with each other.

How do you get started?

Starting a Money Concepts Circle is easy.  Contact me at the information below and I will talk you through the initial start up process.  It is as easy as gathering 4-6 other women who are willing to meet, share and benefit from an understanding of money concepts and financial literacy. 

Susan Finefrock, CFP®

Money Concepts Financial Planning Center

20 Northwoods Blvd.  Suite E

Columbus,  Ohio  43235

Phone:             (614) 841-9650

Email:              sfinefrock@moneyconcepts.com

Website:         www.moneyconcepts.com/sfinefrock

 All Securities through Money Concepts Capital Corp.  Member FINRA/SIPC

11440 N. Jog Road, Palm Beach Gardens, FL 33418 – Phone: (561) 472-2000