Rokita encourages Hoosiers to make "casholutions" for 2007
Contact: Jen Fanger
317-234-2962
Media@sos.in.gov
Indiana Secretary of State Todd Rokita releases list of suggested financial New Year's resolutions for Hoosiers
Indianapolis, Ind - At a time of year when many are making resolutions to get physically fit in 2007, Indiana Secretary of State Todd Rokita encourages Hoosiers to also include financial fitness as part of their plan for a healthier lifestyle.
"The most popular New Year's resolutions often involve losing weight, exercising more, or giving up unhealthy habits such as smoking," Rokita said. "But many people overlook financial fitness, which is key to an overall healthy lifestyle. Being financially fit means understanding your income, how much you spend, how much you save, how much you invest, and ultimately, your credit history."
Some suggested New Year's financial resolutions - "casholutions," - for Hoosiers to consider in 2007:
- Control Your Spending
You can't save your money if you're always spending it. Instead of buying the newest gadget on the market, put that money aside for your investment and savings accounts. A good rule of thumb when it comes to savings - save at least 10 percent of your income. - Create a Budget and Live By It
Handling your personal finances without a budget is like Peyton Manning playing without a playbook. A budget is a great way to get a grip on your finances and will keep you in line with your long term spending goals. - Be Credit Card Smart
Are you using your credit card a lot? If your balance is $1,000 and you pay the minimum of $35 a month with an 18 percent interest rate, it will take you three years (and an extra $315.54) to pay off the card. If you are unable to pay the balance in full each month, pay more than the minimum and be sure to pay on time to save yourself from late charges and higher interest rates. - Pay Yourself First
Retirement's not going to pay for itself. Take advantage of your company's 401(k) program or set up an IRA. Employers typically offer some sort of matching on 401(k) contributions, and that's like free money! - Investigate Before You Invest
Before you invest your money, make sure the investment and the person selling it are legitimate. All corporations should be registered with the Indiana Secretary of State's office. You can visit www.IndianaInvestmentWatch.com to check the licensing status of your broker/dealer and make sure the security is registered.
"Taking the proper steps now toward financial fitness will better prepare Hoosiers for the future and will improve Indiana's overall economic health," Rokita said.
For more information, visit http://www.indianainvestmentwatch.com/.
About Indiana Investment Watch
Indiana Investment Watch is a broad-based campaign created by Indiana Secretary of State Todd Rokita as an effort to reach and educate residents who have investments or may soon be looking for investment opportunities. Created after a statewide survey showed that nearly two-thirds of Indiana adults who own financial investments have little or no knowledge about potential fraud schemes or the security of investments, this program combats the lack of investment education among all Hoosiers. More information about the program and its initiatives can be found at http://www.indianainvestmentwatch.com/.
Indiana Investment Watch is a free service and is funded entirely from the fines paid by stock brokerage firms in connection with the settlement of stock analyst conflict of interest cases.
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