Financial Planning Pointers
A Rose of Sharon Publication
(c) copyright 2009, Walter O. Smith, CFP, ChFC, CLU All rights reserved
5/14/09
Dial 211
Notice: The content of this newsletter is intended for purposes of consusmer financial education only. The content is not, nor intended to be accounting, tax, legal, or financial planning advice of a personal nature. If you want, or need, professional advice, you are advised to consult a properly qualified professional. The author is solely responsible for all content. This newsletter is a free benefit to members of GMAX1, a faith-based consumer financial educational organization.
If you've got what you consider to be a financial emergency, dial your 211 in your town, or city to get immediate help, as fast as possible. Almost every community in the USA has a finanical emergency 211 call center. In principle, it serves the same purpose as 911 for police, fire, or medical help.
Typically, 211 call centers can give you help, or refer you to sources of help, on-the-spot for things like the following: (remember, this is "typical". I have not way of knowing if you have a 211 call center where you live, or what your 211 call center can help you with. You have to call them to find out.)
* Foreclosures;
* Public or private housing; rent assistance;
* Health care;
*Food banks, pantries, soup kitchens, etc.;
*Child care;
Some, job assistance (a recent trend).
Posibly more than I've listed. Call them. Explain your situation. They'll tell you if they can help you.
The harsh reality is this: When you're under enormous financial stress you're a prime target for scam artists. Scammers just thrive on the misfortunes of people. They'll tell you anything, say, or claim, anything, etc., to hold out what seems like a "solution" to extinguish the flames of whatever financial fire you got on your hands....for a "fee". Credit "counseling", and foreclosure "counseling" companies are heavily populated with scammers. Victims of those sort of problems are just ripe for the picking of scammers and fraud.
Fees are usually high, "solutions" are presented as being "simple" and "direct" --exactly what you've looking for --they'll take what little you have -- or the deed to your home -- (never do that one) -- and leave you deeper in problems, or literally, homelss and totally broke.
Like smoke, these "people" disappear into thin air once they've stolen enough money.
Having said that: There are also many fine, reputable companies and firms that provide valuable consumer services and can help you. Your "problem" is trying to figure out which ones they are.
In the order of action to take:
#1. Call 211;
#2. No 211 number? Go to your place of worship. Ask your pastor help; (generally, great source for info.)
#3. Contact the Salvation Army;
#4. Go to the Web for credit counseling referrals from their national association of credit counseling firms in your area. (just put that in the search box);
#5. For federal government help and referral on foreclosure help go to the www.recovery.gov ; Also, go to the federal government Website, www.financialstability.gov . Information for stopping a foreclusre, or reducing your monthly mortgage payments is free. You do not have to pay anybody for this information.;
#6. Call your local Better Business Bureau. They assign a so-called, "BBB Charity Seal" to charitable organiztions that meet their 20 BBB requirements for being sound, valid sources of help. Nationally, go to their website, www.bbb.org/charity; for local charities and businesses, just go to their main Website, www.bbb.org.
Finally, there' also been a recent trend of growth in both state-sponsored and local government-sponsored programs for assistance in stopping foreclosures. Your 211 call center will be aware of these local programs. You can also check with your state and local government offices for help in getting direction.
Till next time. My best regards to each of you. Walt
Financial Planning Pointers
(c) copyright 2009 Walter O. Smith, CFP, ChFC, CLU All rights reserved
5/6/09
Reminder!
If You Need Health Insurance
The Federal Government will Pay 65% of "COBRA"
See the, "Flash Alert" we published on Friday, 4/17/09. (below)
If you lost your job, or will lose it by 12/3109, the federal government will pay 65% of your group health insurance for 9 months for you. (Called, "COBRA")
You have to respond to the notice your former employer sent you within 60 days to take advantage of this.
At least look into it.
Walt
Financial Planning Pointers
A Rose of Sharon Publication
(c) copyright 2009 Walter O. Smith, CFP, ChFC, CLU All rights reserved
Notice: The content of this newsletter is intended for purposes of consumer financial education only. The content is not, nor intended to be accounting, tax, legal, or financial planning advice of a personal nature to readers. If you want, or need, professional advice, you are avised to consult a properly qualified professional. The author is solely responsible for all content. This newsletter is a free benefit to Members of GMAX1, a faith-based consumer financial educational organization.
Flash Alert
Sources of Mortgage Foreclosure Help
In case you are in, or will be in, a forclosure situtation in the near future, this is just a listing of sources of help and ideas you can turn to for assistance.
Pointer: You do not need to pay anybody for information. If you're asked for money for that purpose, you're not dealing with the right people.
- #1: Call your 211 Center in your community for referral to help. (like a 911 call center, only this deals with emergency financial and social services help)
- Ask them if your State or local community has any sort of mortgage foreclosure help to stop a foreclosure.
- #2: Neighborhood Works America: (888) 995-4673; Web: nw.org
- #3: National Mortgage Help Center: (800) 373-4204
- #4: Federal Government Help: Web: Financial Stability.gov; Recovery.gov
- HUD: (800) 569-4287; Web: HUD.gov
(Contact local lenders to see if participating in programs)
- #5: Call your place of worship: Most clergy are aware of different programs and sources of help locally.
Financial Planning Pointers
(c) Copyright 2009 Walter O. Smith, CFP, ChFC, CLU, All rights reserved
Notice: The content of this newsletter is intended for purposes of consumer financial education only. The content is not, nor intended to be, accounting, tax, legal, or financial planning advice of a personal nature to readers. If you want, or need, professional advice, you are advised to consult a properly, qualified professional. The author is solely responsible for all content. This newsletter is a free benefit to members of GMAX1, a faith-based consumer financial educational organization.
Sources of Consumer Financial Education
(4/28/09)
Consumer financial literacy in the USA is in bad shape. When you stop and think about it: Who, or when, did any of us ever get an "financial education" from anybody, anwhere? For most of us the answer is "nobody and never". (that is starting to change for kids in school now, thank goodness.)
I'll cover things of that nature through this newsletter, but two of the best sources of educational information for us, as individuals, and for teachers conducting a class, are put out by the federal government.
- For us, as indivduals:
- Go to, mymoney.gov Summed up, it's got it all.;
- For teachers conducting a class:
- Go to the FDIC Website for, "FDIC:MoneySmart"
That's a curriculum for a 10 class model that's free, and it can be copied (no copyright on it)
Telephone: 1-877-275-3342
Website: FDIC.gov/consumers/consumer/moneysmart
Financial Planning Pointers
(c) Copyright 2009 Walter O. Smith, CFP, ChFC, CLU All rights reserved
Walt Smith, CFP, ChFC, CLU, Editor
Notice: The content of this newsletter is intended for purposes of consumer financial education only. The content is not , nor intended to be, accounting, tax, legal, or financial planning advice of a personal nature to readers. If you want, or need, professional advice, you are advised to consult a properly qualified professional. The author is solely responsible for all content. This newsletter is a free benefit to Members of GMAX1, a faith-based consumer financial educational organization.
Financial Newletter
Flash Alert
Stimulus Cobra Rules Start for Health Insurance
Friday, 4/17/09
Many of you already know that if you lose your job, you lose your group health insurance. And, you also know you have a "right" to continue your former employer's group health insurance for 18 months after you leave your employer, under "COBRA". For, 102% of the group premum (which, typically averages $1,069 per month, while your average unemployment benefit is $1,278 per month, or so. If you get one at all--less than half of people do.)
The long and the short of this is: Under the federal economic stimulus law you can buy your COBRA health insurance with a 65% subsidy for 9 months. Federal law requires your employer to notify you of this crucial benefit if your employer has 20, or more, employees, by a deadline of April 18, 2009. (Check your State: Some States have passed so-called, "mini-COBRA" laws, extending these subsidies to companies with 20 or fewer
employees)
Here's the "timing point" you need to know about; Even if you initially declined your COBRA coverage you've got 60 days to act to take advantage of this subsidy, after you receive notice of it, from your company.
For many of you, this point could obviously be critical. I suggest you consider acting ASAP, if you need health insurance.
For information: Call the U.S. Department of Labor, Phone: 866-444-3272
Website: Dol.Gov/EBSA/FAQS/FAQ-COBRA-Premiumeducation-EE.HTML.
The federal stimulus law put in $24.7 billion for 9 months for this subsidy, which it is claimed, will benefit an estimated 7 million people who lost (or will lose) their job between 9/1/08 and 12/31/09.
By the way, We are introducting our "Financial Newsletter" to be of benefit to our members.