How Many S’s in Success?

If all goes well, while your email box was receiving this Financial Tip at 5:00 a.m., CDT, I was sleeping on a plane en route from Anchorage to Denver. I am returning from a week of fishing and bear watching with my two sons. The oldest went with me as a reward for his University of Missouri graduation and the youngest went with us, simply, because he loves to fish. Actually, he lives to fish.

Why am I telling you? Well, today’s Financial Tip is about goals.

I’ve always wanted to go to Alaska, ever since a neighborhood pal moved there shortly after Alaska was admitted to the Union. (Boy! Am I old?!) Until this week, I had never visited Alaska and I took my boys with me and they both WANTED to go with me. Now, that is SUCCESS!

A wise man once asked me how many S’s were in the word success. Counting three but knowing he was tricking me, I simply said, “Two”. He replied (of course), “No, you’re wrong. There are five. If you want to have success you need to do the five S’s.”

See it – You must first visualize your goals. See your goals as real and possible. They just might be scheduled for later in life. If you want to quit smoking, visualize yourself not smoking.

Say it – Tell others about your goals. Taking a public stand is very motivational. Others, also, can get on-board to help you.

Sign it – Write your goals down and put them where you see them: on your refrigerator, your mirror, or the first listing in your “contacts” on your cell phone.

Support it – If you know your goals in dollars and time, calculate how much you need to be saving each period (week, month, or year) to reach your goal and then do it. If you want to lose weight, make proper dietary choices and set intermediate goals for your weight.

Stick to it - Accept the fact that you are not perfect. You might miss a deposit, eat one too many Girl Scout cookies, or have a cigar at a social event. Don’t quit trying! Be true to your goals and soon you will be living them.

In closing, I want to thank you for reading this slice of (my) life. We are grateful for both your interest and your help in providing access to our MU Financial Tip of the Week to as many individuals as possible. We want all to reach their Financial Success, regardless of how many S’s they need to reach it.

Robert O. Weagley, Ph.D., CFP(r)

Chair, Personal Financial Planning

University of Missouri

Columbia, MO 65211

Are You Really You?

It seems that every week I’m either phished or pharmed by some imposter trying to be my bank, my credit card company, or my credit union. They claim my account has been compromised and they instruct me to link to another site and provide details about myself. Usually, I notify the institution to either 1) warn them of this imposter sending emails to their account holders or 2) see if it is real. (Some of the emails are darn good, while some imposters seem to have failed 3^rd grade spelling.)

While I admit that I hate to be paranoid, we must each act to protect our identity. What should we do?

1) Don’t give out financial information such as your checking account, credit card, or Social Security numbers, unless you can trust the one who is making the request. If you’re suspicious, do not give them any information. Never.

2) Notify your institution about suspicious emails, phone calls, or other contacts.

3) Be aware of phishing (bogus emails) and pharming (redirecting a website’s traffic to another, bogus website).

4) Notify your institution of suspicious charges on your account.

5) Put your outgoing mail in a U.S. Postal Service collection box.

6) Shred unwanted financial statements.

7) Verify the data in your credit report ( www.equifax.com , www.experian.com, & www.transunion.com )

8) Receive a free annual credit report ( www.annualcreditreport.com )

9) Report lost or stolen checks or credit cards immediately.

While nothing is guaranteed, these steps will help put those who are out to harm or steal from others where they belong. Moreover, it will not put you on the detour around the road to Financial Success.

Robert O. Weagley, Ph.D., CFP(r)

Chair, Personal Financial Planning

University of Missouri

Columbia, MO 65211