Ken Dolan: Oh, it’s that time of the year Daria. Oh, yes. You see as you think of all the money resolutions you made for 2007, how many did you keep?
Daria Dolan: This is the problem with New Year’s resolution.
Ken Dolan: What?
Daria Dolan: A lot of people are just giving up on making New Year\s resolution.
Ken Dolan: Losing weight.
Daria Dolan: Because they don’t keep them anyway and I know that the large majority of us who do make resolutions never manage to see it through the 31st of the December of the end of that next year.
But these are so important even if you just take one of these resolutions we’re going to share with you today and make that your keystone to the entire year. You will have done yourself and your family and your finances a whole lot of good.
So try and pick one that you like. You don’t have to do them all. Pick one.
Ken Dolan: Can I speak?
Daria Dolan: Yes.
Ken Dolan: You made one mistake, large majorities redundant.
Daria Dolan: Thank you for embarrassing me.
Ken Dolan: No, you’re right if you do one or two of these it should be great.
Daria Dolan: I’m listening, don’t screw up.
Ken Dolan: Our goal is some degree of financial independence. I’m not going to say independence for 2008. I’m going to say some peace of mind because I think from our national radio show and we speak all over the country Daria, people just don’t feel comfortable. Part of the reason that they don’t feel comfortable is they are not making much of an effort. No wonder why nothing gets done. Alright give us a cap, let’s get started.
Daria Dolan: Okay, start saving. It’s not simple, even if it’s just emptying the pocket change out of your pocket.
Ken Dolan: We did that.
Daria Dolan: And putting it in a bottle every single night when you get home from wherever and putting that into a savings account, you’ll be amazed in how much change you walk around with.
Ken Dolan: No.
Daria Dolan: And give away, break the dollar, don’t give away the change.
Ken Dolan: You know I’m going to tell you we’re the worst savers in the industrialized world. Something else I know you can find a lot of other things to do with it. I know you can contribute the max to the retirement plans at work or if you’re self employed by the way. Key of plan or simple plan whatever it maybe but contribute the max because first of all it’s the tax saving number one.
Number two, the money is growing tax deferred and number three it’s not in your pocket and you’re not going to spend it. So you only got a little bit awhile here now and a little bit of time now in December to do what to get it done for 2007.
Daria Dolan: Also what want to do is get a look at your credit rating, your credit score not just what they’re saying about you at Equifax, TransUnion and the like but go to MyFico.com, pay the 12 bucks and see what number is attributed to you and if it isn’t in the 700’s work to get it there.
Ken Dolan: Good, I forgot to mention something on savings because I think may have a—I hate to use the word formula because I work the heck out of me but something we’ve talked about which will help you save is to pay yourself first. Everybody starts to sit down at the beginning of the month or the middle of month or the end of the month to start paying the stock that builds it up there hoping you don’t run out of money, put yourself at the top of the stock. That will help you start saving maybe as much as 10% pays offer.
Daria Dolan: Also get involved in investing. What are you doing with your money? If you don’t know—
Ken Dolan: Where is it going?
Daria Dolan: Where it’s going then you haven’t taken even the very first step of getting a handle on thing. So get involved. That is most important and I hate to say this but I say there are still a lot of my girlfriends out there because women on large majority, excuse me, a majority of women just say, “Oh, let him take care of it.” Don’t do that, get involved.
Ken Dolan: I don’t have any girlfriends by the ways so.
Daria Dolan: You better not.
Ken Dolan: Now, that’s right. I know this is the horrible like to tour to I know but the average credit card balance $9000.00. Get out of that.
Daria Dolan: That is for your post Christmas calculation.
Ken Dolan: Daria is going to be really upset when I tell you this. Yes, of course, pay off the credit cards, only charge what you can charge but I’ll tell you this that things come up and things get a little crazy. Maybe you can charge what you can pay off in a couple of three months because when that interest came, that’s where the credit cards make the money is in the interest.
Daria Dolan: And where you lose.
Ken Dolan: So get out of debt. The things that kind of whacky and a little bit out of control and all I’m going to add a little money resolution to our 2008 list area sort of on the run here and if that is getting out of control then you want to go to NFCC.org. That is a National Foundation Consumer Credit. It’s a non-profit credit counseling company, the organization and if you go to NFCC.org you got one near you. So it’s also 1-800-388-2227. Don’t ask where that number came from, 1-800-388-2227. There’s the money resolution so now with a non-profit credit counselor, the things are getting out of control.
Daria Dolan: And for those of you that don’t have your problems with debt yet. Maybe you never will, God bless you.
Ken Dolan: You're good.
Daria Dolan: But those of you that could be borderline abusers of credit and debt etcetera do what we have done our entire lives together and that is you have always lived below our means because when we lived below our means in a house that we can afford, driving a car that we can afford, shopping only when we can afford to do so.
Ken Dolan: No surprises.
Daria Dolan: You know, it’s a far thing and luxury.
Ken Dolan: If this is a price then you’re not totally thrown off.
Daria Dolan: You’re not because believe me even in our lives it has not always been just up and up and more and more money. We have lots of setbacks but we are always able to survive and keep and an excellent credit rating because we live below our means.
Ken Dolan: Yeah, I’m saving now for getting my hair color. With the amount of hair it could be the rest of the year before I have enough and by the way if you like some help from the standpoint of getting your investments under control and so they're getting the picture under control, you may want to go to a website where we recommend at cfp.net. That’s the certified financial plan of board of standards. For a talk to a financial planner in your area if you think you need help. www.cfp.net, Charlie-foxtrot-papa, cfp.net. Your hand is on my shoulder, why?
Daria Dolan: One last thing I want to say, clean living below your means and emptying that change into a bottle and stuff, we still empty change into a bottle.
Ken Dolan: Yes, we do.
Daria Dolan: And I have to share a little secret with you, when he empties and he’s out.
Ken Dolan: Don’t tell everybody.
Daria Dolan: He takes it to the Coin-o-matic, he runs it through and however much money he comes up without of that bottle. He buys me flowers.
Ken Dolan: You know what’s whacky? And we’re going to keep the wheel and get time us ours. But I want make 30 seconds. Now that you’ve told my secret, it’s amazing.
Daria Dolan: You kind like it right there.
Ken Dolan: No, in our smart money some when we did see NBC somebody gave us a little bank with a cork in it. It say smart money.
Daria Dolan: It’s a jar.
Ken Dolan: A jar with a cork in it and where should be on my mouth most of the time. But some whacky raises $55.00 within a couple of dollars of every single time and you don’t know what you throw money in randomly. And it comes up about 55 bucks.
Daria Dolan: Why do I get some beautiful flowers?
Ken Dolan: I need to get a bigger jar if I want to get her a full dozen roses, 2008 good luck to a better job than we did in 2007.
Daria Dolan: Please.
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