Education Expensive? Try Ignorance!!

Here we are working through another week of finals at our campus. Many students are delighted to have their exams finished. Graduation is this weekend and there are many happy sons and daughters among us! Hurray for them (including my son)! On the other hand, I just questioned a student, who was waiting to speak to another professor, about the state of his semester and he replied, “I need help.” It appears that his dreams for a successful semester had run aground. His future at our institution is being questioned. He is concerned. He should be.

Why is education so important to this young man? The same reason it is important to you! His future depends on it. Like it or not, on the average, your Financial Success depends on achieving a quality education.

In 2006, median incomes (one-half the group above this income, one-half below this income) by educational level are as follows:

Educational Level for Americans, 25+ years	Median Income ($2006)
Less than 9th Grade	$ 20,901
9th to 12th grade, no HS diploma	$ 25,912
High School Diploma	$ 39,426
Some college, no degree	$ 49,691
College Graduate	$ 81,723
MS Degree	$ 88,422
Professional Degree	$100,000

(Source: http://www.census.gov/hhes/www/income/histinc/h13.html )

It is clear to see that income increases with educational level completed. Moreover, not only are annual earnings greater, but overall life-time earnings are much greater. For those with a bachelor’s degree, in 1999, their lifetime earnings were calculated to be $1,667,700 compared to those of a high school graduate of $994,080. (Don’t try to tell me you couldn’t use the extra, approximately, $700,000 over the course of your life!) Source: http://usgovinfo.about.com/gi/dynamic/offsite.htm?site=http://www.census.gov/prod/2002pubs/p23%2D210.pdf

Taking the earnings by educational level, for 2006, and calculating the average real rate of return for sequentially greater levels of educational achievement is an eye-opener. (The real rate of return is net of inflation, so one could easily add 3%-4% to these numbers to compare them with alternative “investments”.) Those completing high school, compared to dropping out of school at eighth grade, would achieve an, approximately, 17.19% return on their educational investment. Those completing some college, compared to the high school graduate, would achieve a 5.14% real rate of return on their education, while those completing college, compared to those with some college, would realize a 7.77% real rate of return on their human capital investment (the phrase economists use to describe the act of learning and investing in experiences that have market value). (Source: Calculations by the author based on the 2006 income figures above with a constant age of retirement and the cost being the opportunity cost of earning forgone while in school.)

These rates of return make a strong case for earning your diploma - all of your diplomas. Moreover, the results do not depend on the race or gender of the person. (Yes, there are some downward biases to the earnings of minorities and women but, regardless, those with greater educational levels earn more than their counterparts without an education.)

If this doesn’t convince you, let me try the following and, when you read my words and study the figure, think about how this fact works to make it easier for you to achieve Financial Success. You simply work to increase your level of educational attainment.

Given current demographic trends and rates of educational attainment, the advantage of greater levels of education will increase – and soon! Why? Those with higher levels of education will become an increasingly smaller proportion of the population and that scarcity will add to the value society places on the educated (i.e., their earnings will increase!). The following table, from the US Census Bureau, demonstrates that between 2000 and 2020, the proportion of the population with each level of education decreases for all levels of education except those with LESS THAN A HIGH SCHOOL DIPLOMA.

BOTTOM LINE: education is your primary ticket to Financial Success.

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

Chair, Personal Financial Planning

University of Missouri

Columbia, MO 65211

Note: Thanks for sending this to your friends and colleagues to increase the size of our distribution. Our goal is to help young people and their instructors, particularly high school personal finance teachers, better understand financial concepts that relate to real life. We hope that financially stronger individuals and families will work to improve the world for all of us. Good luck and may you find Financial Success!

Student Loan Repayment Strategies

It is that time of year when many students reflect on their academic year. Oftentimes, this includes consideration of the money they have spent – including what they borrowed through student loans. Much press has been given to student loans and it is clear that student loan markets are tightening, particularly the market for private student loans. A recent article in the Wall Street Journal indicates that FICO credit scores of about 650 are now required to borrow from private sources. If you are a continuing student (we’ll have more about this later), consider federally guaranteed loans first and then look for private loans. If you are graduating, you may be considering repayment strategies, such as consolidation.

In general, you may consolidate your student loans with any lender you choose. The choice of lender is yours and there is no “right answer” that we can suggest that would be correct for everyone. Each lender has their own terms and incentives and the plan that fits your situation the best may not be the one that fits your roommate’s. Consider your career, prospects for growth in your income, and your personal values and then “do the math” to ascertain the best approach for your management of your loans.

Consolidation can reduce your monthly payments, reduce the rate of interest you are being charged, and make your bookkeeping easier – with only one check to write or one electronic transfer. In general, federal loans can be consolidated and they include both subsidized and unsubsidized Stafford Loans, Federal PLUS Loans, Direct PLUS Loans, Federal Supplemental Loans, Perkins Loans, Health Professions Student Loans, Health Education Assistance Loans, Federal Nursing Loans, and Federally Insured Student Loans. When you consolidate, however, a major choice is your desire for a longer, or shorter, repayment period.

If you plan on repaying your student loan over an extended period of time, look for loan consolidation programs that offer the greatest reductions in the rate of interest you are charged (APR). Often, state programs provide such benefits and information about some of the more popular programs may be found at http://financialsuccess.missouri.edu/stateprograms.pdf.

If you plan on repaying your student loan in a relatively short period of time, five years or less, consider a consolidation program that reduces your principal owed for making your monthly payments on schedule for a contractually stated period of time. Importantly, begin making payments to repay the loan principal as soon as you are able. Most loans have a six-month grace period following graduation where you do not need to make payments. If, however, your loan is an unsubsidized student loan, interest charges will be accruing against your account during this “grace” period, thus increasing the amount of your debt. On the other hand, if you have a subsidized student loan, no interest is accruing. If you make periodic payments during this period to your subsidized loan, the full amount of each payment will reduce the amount of principal owed, reducing the total you must repay over time.

Importantly, you must repay your student loan. Nonpayment will destroy your credit rating, making it nearly impossible for you to borrow for home purchase, graduate school, or to begin your own business. Nonpayment often results in finance charges, collection fees, or garnishment….something you’d probably not like your employer to know. Another, often neglected, fact is that student loans cannot be discharged in bankruptcy. As such, there is no relief other than to meet the contractual obligations that are yours. Try to forget the lattes you purchased with this expensive money and focus on how you can get the greatest return on the investment you made in yourself with the education you purchased. More than anything, this investment is the greatest key you have to open your door to Financial Success.

Other sources of interest:
For ideas on Federal consolidations:
http://www.federalconsolidation.org and http://www.ed.gov/students/college/repay/edpicks.jhtml?src=ln

For ideas on private consolidations:
http://www.finaid.org/loans/privateconsolidation.phtml


I apologize for this tip coming out later than usual. My goal for delivery is 5:00 a.m. Central Time. Yesterday, my freshman daughter came home from college and I was asked to be chef for 20 of her high school friends. Then, this morning, I met with the Hospice Care Team with regard to my father’s end of life “game plan”. Yes, we all live the life we have been blessed to live with the tools we acquire through time. I am grateful for those I’ve acquired.

As usual, if you have friend, colleague, or family member that you think would benefit from receiving the MU Financial Tip of the Week, please forward this to them. Tell them to send an email to financialsuccess@missouri.edu with “Subscribe” in the Subject: line. We wish to be your objective source of financial information for today's young adults and students. It is a part of our mission, as a respected land-grant university.

- Robert O. Weagley, Ph.D., CFP(r)
Chair, Personal Financial Planning
University of MissouriColumbia, MO 65211

2008 Financial Literacy Survey

The 2008 Financial Literacy Survey, conducted by Princeton Survey Research Associates on behalf of the National Foundation for Credit Counseling and MSN Money was released on April 29. It key findings are useful for each of us to consider, while we reflect on our own financial situation. Feedback is essential for management and gauging our financial performance against the average person can be useful in supporting what we are doing or in motivating us to change. The key findings, with links to Office for Financial Success resources, follow.

Significant numbers of households struggle with mortgage payments. One in ten homeowners, with a mortgage, reported being late or missing at least one mortgage payment last year. One quarter of all renter households say that they do not know enough about owning a home to buy one. http://financialsuccess.missouri.edu/tipoftheweek/homeshopping.pdf

Millions have serious difficulties paying bills each month. The majority of the public pays their bills on time. However, seven percent of the population report receiving calls from credit collectors or are contemplating filing for bankruptcy. For those in the 18-29 year old category, only 59% report paying their bills on time every month, a basic practice for sound household finances. http://financialsuccess.missouri.edu/tipoftheweek/creditscoring.pdf

Only a minority of the population has a budget. Keeping a budget is a key to sound financial planning, yet only 42% report keeping close track of how much they spend on budget categories. This does not vary by income, gender, or age. http://financialsuccess.missouri.edu/tipoftheweek/freebudgettools.pdf

Emergency funds are lacking. The majority of the public does not have an adequate emergency fund, defined as 3-6 months living expenses. More than one-third have no money saved in non-retirement savings and one-quarter have no retirement savings. http://financialsuccess.missouri.edu/tipoftheweek/EmergencyFunds.pdf

Many are underinsured. Only one-quarter of the population of baby boomers reports having long-term care insurance. Only one-in-ten renters have renter’s insurance. Insurance is a cornerstone to protecting our financial lives. http://financialsuccess.missouri.edu/tipoftheweek/rentersinsurance.pdf

Credit report, what credit report? Slightly more than one-third of consumers, thirty-seven percent, report having checked their credit report over the past year. This free service is a key to protecting your identity and knowing your credit score. http://financialsuccess.missouri.edu/tipoftheweek/freecreditscore.pdf

Parents and home are the financial educators for most of the public. Almost half of those reporting that they keep track of their finances say that they learned it from their parents. Unfortunately, the half that does not monitor their finances, probably learned that from their parents, as well. Parents have a huge influence over us, especially with respect to money matters. If the influence of your parents is not quite what it should have been, then learn it on your own. You have no choice. Take a personal finance class, learn from financial professionals, or seek the help of a valued friend or co-worker to help you in this area of life. http://financialsuccess.missouri.edu/tipoftheweek/educationresources.pdf

Americans worry about their income. Only one-quarter of those surveyed report that they are confident their income will keep pace with inflation. Approximately one-half report that they believe their income will decrease in purchasing power. One must continually update their human capital by staying abreast of changes in their fields. Look for positive things that you can do to set you apart from your co-workers to help your earnings grow over time. http://financialsuccess.missouri.edu/tipoftheweek/howtogetrichinamerica.pdf

The above information was taken from the 2008 Financial Literacy Survey, produced by Princeton Survey Research Associates on behalf of the National Foundation for Credit Counseling and MSN Money and released on April 29, 2008. If you find this Tip to be useful and you know a friend that would benefit from reading it, pass it along and encourage them to sign up to receive the MU Financial Tip of the Week. All they need to do is to send an email to financialsuccess@missouri.edu with Subscribe in the subject line. Thank you and enjoy your Financial Success.

- Robert O. Weagley, Ph.D., CFP(r)
Chair, Personal Financial Planning
University of MissouriColumbia, MO 65211

Personal Finance Software

The other day, a law student at MIZZOU sent me an email asking for advice on personal finance software. I discussed this with the geekiest member of our faculty and his summary of the marketplace was quite informative. Thus, it is this week’s Tip of the Week.

First, when considering personal finance software you have two primary choices. You either (1) purchase desktop software that you install locally on your personal computer or (2) you utilize online software that you are able to access from any on-line computer. We’ll discuss the advantages and disadvantages of each, leaving the decision of which to utilize to the reader.

Desktop Software
Advantages:
· Security is good as the data are on your personal computer. Viruses, however, can steal your information or your hard drive could crash. That said, any computer user should have strong anti-virus software installed and have backups made of important files.
· It can be set up to work with other on-line accounts and to self-update information.
· Desktop software is more flexible, allowing you to classify more accounts than most online versions.
· If you utilize Quicken or Microsoft Money, you have the strength of either Intuit or Microsoft’s word that the product will be continually enhanced.
Disadvantages:
· You will have to pay for upgrades, often costing between $50 and $100 every 2-3 years.
· The software is only on your machine, making it difficult to view over the internet. It is true that the software can publish to an online site, allowing you to view some pieces of your information over the internet, but these are not as sophisticated as the online software.
· The potential loss of data is very real, as too few people back up the data on their computers.
· The software is not updated as often as the online software.

Online Software
Advantages:
· Online software is accessible from wherever you can use the internet, including your mobile phone.
· Updates are automatic. Some sites regularly retrieve information from your online accounts.
· All the processing of data goes on through secure servers and is backed up by the provider.
· You can share information with others. For example, a husband or wife can let each other see their finances at the same time from different locations.
· Some provide free services such as bill pay.
Disadvantages:
· All of your account information is online. If someone hacked into the servers of the online provider, your data could be compromised.
· Online software is not as flexible. Some procedures may not be able to be accomplished by the online software (e.g., savings bonds).

What it comes down to is your personal comfort level and your satisfaction with the product for the purposes you need. Luckily, most of these products offer free trials online. As a point of departure, I would download some of the free trial software onto your desktop and try out some of the online services.

Desktop:
1. Microsoft Money: http://www.microsoft.com/money/default.mspx
2. Quicken: http://quicken.intuit.com/help-me-choose.jhtml?lid=site_banner

Online:
1. Yodlee: http://www.yodlee.com (choose the Yodlee Money Center link)
2. Quicken Online: http://quicken.intuit.com/help-me-choose.jhtml?lid=site_banner
3. YNAB (You Need a Budget): http://www.youneedabudget.com/aw/quicken.php?gclid=CPG34auk9JICFQ4JPQodZHEvzQ

Our geek uses Yodlee. It is free, and they are constantly updating. Moreover, they actually sell their services to banks and other institutions. Personally, I don’t use any of them. I use a spreadsheet application that I wrote and have used for several years. The trouble is that I’m old and way behind on the evolutionary curve. This weekend, I plan to explore these options to see if it is time for me to move into the 21st century with you.

If you have any questions, let me know. Between The Geek and I, we’ll do our best to help.

- Robert O. Weagley, Ph.D., CFP(r)
Chair, Personal Financial Planning
University of Missouri
Columbia, MO 65211

NOTE: This is the fourth of our new MU Financial Tips of the Week and was written by Rob Weagley, Ph.D., CFPTM, Chair of the Personal Financial Planning Department, University of Missouri, with lots of support from Andrew Zumwalt. Andrew is the Director of our MoTax program where we enhance financial education through taxpayer assistance - a program aimed at low to moderate income households. I appreciate hearing from you about ideas for future “Tips”. Thanks. – Rob Weagley

How to get rich in America

· Recognize how lucky you are to be you. First, you’re either an American or you are being educated in America, a country with 6% of the world’s population and 35%-40% of world’s wealth. In an absolute sense, what you already have at your disposal in terms of freedom and financial resources exceeds that of most of the rest of the world’s population. Be grateful for this and return the favor by making a positive difference in our world.

· Understand the power of compound interest. You probably won’t get rich from your earnings – at least most people can’t. Always pay yourself first, save your money, save religiously, save 10% of your first paycheck after graduation – every paycheck until you retire. You’ve heard this before, but it bears repeating. A 22 year-old, with a $30,000 / year starting job, saves $3,000 per year the first year. With 3% inflation in earnings/savings; a 5% rate of return above the rate of inflation, the saver would have $479,100 in “real” dollars (adjusted for inflation) when they retired. (Or, $1,811,764, as measured by the number of greenbacks/dollars.) If they wait until they are 32 to begin saving for retirement, their retirement funds would shrink to $270,961 (real) or $762,447 (nominal). This is huge.

· Resist temptation for immediate gratification. We’ve talked of this often. Bad consumption decisions can cost you a fortune. Don’t gamble. Don’t let your ego be tied to what you own.

· Take good care of your health. Exercise and eat well to lower your medical bills. This gives you greater income, leading to more savings, and on to greater wealth. Take a class in nutrition/fitness. Besides, you’ll feel better!

· Get a good education. You’re doing that! Most of you are in college or have completed a college degree. Know how special you are, as only 24% of the US population has a bachelor’s degree and 9% an advanced degree!!!

· Consider the financial benefits of being married. Research shows that married people earn more and have greater wealth than single people. They should, as they often have two incomes and are likely to have two brains. Married people tend to be healthier, happier but remember to marry the right person, as divorce can undo the best laid financial plan.

· Establish and maintain an emergency fund. Increase your insurance deductibles and maintain adequate insurance coverage in each of these areas: Health/Disability, Life, Property/ Casualty, Retirement Savings, and Liability.

· Don’t try to beat the market. Index funds work well. If you don’t believe me, read the old book; Winning the Loser’s Game, by Charles Ellis. If you’d like others to manage your money, at least understand your investments. When you are getting started, remember that small investors have small portfolios and that it is hard to be well diversified with a small portfolio. Once you’re wealthy, you can take some of your money and make some riskier individual investments.

· Strive for a balanced life. Live a principled life that is full of integrity and responsibility. At the University of Missouri we have Four Values: Respect, Responsibility, Discovery, and Excellence. While these are pretty good cornerstones upon which to build your life, you’ve your own values. Remember the person you want to be and strive to be that person.

NOTE: This is the third of our new MU Financial Tips of the Week and was written by Rob Weagley, Ph.D., CFPTM, Chair of the Personal Financial Planning Department, University of Missouri. He appreciates hearing from you about ideas for future “Tips”. Importantly, feel free to forward our “Tips” to others and remind them that they can sign up to receive the tip by sending an email to financialsuccess@missouri.edu with “Subscribe” in the Subject Line. Thanks. – Rob Weagley

Robert O. Weagley, Ph.D., CFP®
Chair, Personal Financial Planning
University of MissouriColumbia, MO 65211

Finding Money Where You Least Expect It…

If I were to offer you $10, with no strings attached, would you turn it down? Of course you wouldn’t. That $10 would immediately apply to the asset side of your personal ledger and your net worth would immediately be $10 greater. Knowing this, however, does not stop you from burning, drinking, or driving this same $10 away from your assets each and every day, week, and, over a year, these decisions can amount to hundreds, perhaps thousands, of dollars.

For this Tip, I want to focus on things that you already pay for, where you can save some money for your future, without sacrificing your present…..Sounds like a win-win to me, so let’s begin.

Cell-phone service: How many minutes per month do you use your cell phone? If you’re paying for 2000 but only using 400, you might be able to change your plan and save some money. Be careful of early termination charges but I recently surveyed Sprint plans, as an example, and found that if one were to reduce their minutes from 1450 to 1350, they would save $10 per month, or $120 a year. Not a bad start.

Checking Account: Have you compared the charge on your checking account with other options, since you opened it? Have you ever looked at a credit union to see what interest you will receive and at what cost? How many checks do you write and would paying a small fee per check cost as much as the lost interest from the “free” account that requires you to keep a balance of $2,500 earning today’s low rates? Compare this to the 3% per year that you could earn at an alternative bank.

Auto Insurance: Don’t expect your insurance agent to ask you if you’re eligible for a discount, you should ask her. Are you a good student? Did you take driver’s education? Do you have a clean driving record for an extended period of time? If you can answer yes to these questions, you might save some money. GET YOUR EMERGENCY FUND ESTABLISHED and raise your deductibles to $1,000 from $250. This can save you 30% of your premium dollars, amounting to $500 per year, according to the Insurance Information Institute. If you have an old car, drop your collision insurance and cover the loss from your emergency fund. These savings can be saved each year to maintain your emergency fund or to add to your savings for your other financial goals.

Clothing: Reduce your clothing expenditures by shopping around for items that you need. We can all think of something that is hanging in our closet that we don’t wear that we wish we had not purchased on impulse. How many of you have ever shopped at a used clothing store for clothing items that you wear infrequently like ski sweaters, umbrellas (lose them often), or costumes (usually worn once)? Often, in college towns, there are stores operated by upper-middle class citizens where clothing is donated for those of lesser means to purchase. This upscale resale can be a bonanza for today’s students.

Drinks: Occasionally I see students in line at the local coffee shop spending $2.00 for a cup of coffee they could purchase at the student union for $0.85. I’ve asked them why they do this and they say that the coffee is better at Barstucks. When I ask them how they know that, they admit that they’ve never purchased coffee at the student union. This problem is greater if you like to buy the chocolaty, sugary concoctions (besides the empty calories). Think what saving a little over $1/day can mean at the end of the month and what it could do for your ability to pay for the things you really need. Advice: Save the lattes for when you’re truly able to afford them. Then, with your savings over the years, buy stock in the company that sells them!

Credit cards: First (I shouldn’t have to write this to our readers), use your credit card as a convenient way to make purchases but do not carry a balance and pay the finance charges that come with high interest rates. If you do carry a balance, shop around for a card with a lower rate of interest. Finding a rate of interest of 14% instead of 16% can make a difference in the cost of carrying a balance. If you have a balance of $2,000 and, assuming you make the minimum payment of 3% of the original balance or $60 per month, you’ll spend $547 in interest, compared to $662 in interest at 16%. Moreover, you’ll repay the loan 2 months sooner. Whenever you get the balance paid try very hard to keep from carrying a balance on your credit card. Very few things we need bad enough to pay 30% more for them ($662/$2000 = 33%)!

These six ideas, from a multitude of possible ideas, can save you $1,380 per year which could add up over time to over $300,000, if you invested the savings at a modest rate of 7% for the next 40 years. Moreover, for most of the above changes in behavior, no one will notice the changes – except your banker, investment advisor, or significant other.

For more information on:
Checking accounts:
http://www.in.gov/dfi/education/Money_Smart/checking_account_information.htm
https://www.mcua.org/
Auto Insurance:
http://www.insurance.mo.gov/
Credit Cards:
http://moneycentral.msn.com/banking/services/CreditCard.asp


NOTE: This is the second of our new MU Financial Tips of the Week and was written by Rob Weagley, Ph.D., CFPTM, Chair of the Personal Financial Planning Department, University of Missouri. He appreciates hearing from you about ideas for future “Tips”. Importantly, feel free to forward our “Tips” to others and remind them that they can sign up to receive the tip by sending an email to financialsuccess@missouri.edu with “Subscribe” in the Subject Line. Thanks. – Rob Weagley

- Robert O. Weagley, Ph.D., CFP(r)
Chair, Personal Financial Planning
University of MissouriColumbia, MO 65211

Financial Spring Cleaning

With spring approaching, many people engage in “Spring Cleaning”, where they clean out the clutter that has accumulated during the winter months. This is also a good time to ‘air out’ your finances as well. If you have had some major life events since the last time you examined your financial life, you might discover some dusty financial accounts that you have forgotten.

As people age, they accumulate checking and savings accounts. Often, one of the first tasks involved with moving to a new location is to setup accounts with local financial institutions; however, people often forget to close down the accounts at the place they moved away from. Similarly, married couples often start new joint checking and savings accounts, but often leave their old accounts from their single years open. Savers interested in the highest interest rates move their money around as they chase after the highest yielding accounts. Oftentimes, they leave their old accounts open either through neglect or on the chance that the account may again be an interest rate leader.

The accumulation of dusty accounts also happens with retirement accounts. Employees will change jobs and often leave their old 401(k) or 403(b) with their old employer. Employees that find themselves to be quickly climbing the corporate ladders between companies may find themselves with several retirement accounts, each having different rules and investment options. Keeping tabs on each of these accounts and maintaining an overall picture can be daunting.

What are some of the problems with leaving accounts open? First, it makes recordkeeping much more complicated. Receiving multiple statements in the mail at the end of each quarter or month can strain simple recordkeeping systems, especially if the accounts hold negligible amounts of money. Furthermore, multiple accounts can cause headaches at tax time. If you receive an interest statement showing that you earned $25 in interest after you’ve filed your tax return, you will have to amend your return with the complicated and costly 1040X. The $25 interest may cost you upwards of $150 in additional tax preparation fees. Second, you may be charged inactivity fees if your account shows no activity. These fees, ranging from $5 to $10 per month, may slowly eat away at your account balance, until your account turns negative. Thirdly, it may cause headaches for your heirs. If you have a hard time keeping track of your accounts, imagine what your heirs will feel as they try to untangle your financial situation.

So, what to do: As the earth renews itself this spring, take some time to shake out the dust and breathe new life into your financial plans. Step back and examine your entire financial situation. Are you meeting the goals you’ve set for yourself financially? If you haven’t set any goals, now might be a good time to set some after you’ve organized your financial life. If you have multiple old checking and saving accounts, decide if you really need them and close the unneeded accounts. Consolidate your accounts so that your financial situation becomes easier to manage and less stressful. If you have multiple retirement accounts, you might want to consider rolling them into your current employer’s retirement plan or into your own retirement account at an independent financial institution. Take some time to update your net-worth statement, as well as to review your will and other end of life documents. If situations have changed since the last time you updated the documents, draft and sign new documents reflecting your current situation.

Taking care of these details now will likely make the financial aspect of your life less stressful for you throughout the year.

NOTE: This is the first of our new MU Financial Tips of the Week and was written by Andrew Zumwalt of our University Extension staff and Director of our MOTax program. We appreciate hearing from you about ideas for future “Tips”. Importantly, feel free to forward our “Tips” to others and remind them that they can sign up to receive the tip by sending an email to LISTSERVE@LISTS.MISSOURI.EDU with No Subject Line and in the body: subscribe financialtip your first_name your last_name . Thanks. – Rob Weagley