If you haven’t received this via email (you can get on the email list at www.whitehouse.gov), here is a good schematic that shows you a top line view of what the debt ceiling agreement contained and how it was structured. 

http://www.whitehouse.gov/blog/2011/08/03/myths-and-facts-about-debt-ceiling-compromise?utm_source=email125&utm_medium=graphic&utm_campaign=deficit

The Federal Trade Commission has launched the website and blog for National Consumer Protection Week (NCPW) 2011, to be held March 6-12. The annual event, [...]]]> If one of your resolutions for the new year involves your financial health (that would be most of us!), then this might be of interest from the FTC. 

The Federal Trade Commission has launched the website and blog for National Consumer Protection Week (NCPW) 2011, to be held March 6-12. The annual event, now in its 13th year, is hosted by the FTC and nearly 30 other government agencies, consumer groups, and national organizations.

The website, www.ncpw.gov, provides information about consumer rights, and promotes free resources to help consumers protect their privacy, manage credit and debt, avoid identity theft, understand mortgages, and recognize frauds and scams.

Consumer experts will provide blog posts on a wide variety of subjects. The Consumer Topics section of the website has print and video resources to read, view, download, print, copy, and share.

Government agencies and organizations planning an event for National Consumer Protection Week should visit the site at www.ncpw.gov and send an email (ncpw(at)ftc.gov) including the date, time, location, and concise details.

Learn more about the government agencies, consumer groups, and national participating organizations on the About Us section of the website.

The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them.

To file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. 

Watch a new video, How to File a Complaint, at ftc.gov/video to learn more. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by more than 1,800 civil and criminal law enforcement agencies in the U.S. and abroad.

There are several long-term care planning resources featured at http://www.aarp.org/decide. [...]]]> Last month, Elinor Ginzler, AARP spokesperson, held a Q&A webconference about an important new public education campaing , Decide.Create.Share, meant to increase awareness among women of the importance of assessing future needs and planning for their unique lifestyles and goals with long-term care. 

There are several long-term care planning resources featured at http://www.aarp.org/decide. They include a quiz to determine how ready one is for the future, and easy, free, and practical tips that women can use to stay on track. There are also video clips of boomer women Patricia, Jeannie and Mary Ann, who share their personal stories of why and how they’re planning for their futures.  

In this extremely challenging economy, without a certain future ahead, it is critical that women really take a deep look at how they are assessing their future needs — from all angles:  home, community, legal, health and, of course, finances.  The campaign encourages women to look at these needs.  According to a recent AARP survey,  

59% of women ages 45 to 64 haven’t determined how they’ll pay for their long-term care needs.

More information on why long-term care is a women’s issue can be found here.  

I asked Elinor a few questions specifically for this readership.  Below are the questions and Ginzler’s responses:  

Gen Plus: Families are no longer living near each other in many cases. What type of planning needs to take place before a parent is either in financial or medical distress? What kind of low- or no-cost support is available?

Note: Elinor Ginzler grew up in a New Jersey suburb, spending most weekends at her grandparents.  Both sets of grandparents were in NY…about an hour away from her parents home.  As she grew up in the mobile Boomer generation, she moved 223 miles away (she can be that exact because she drove the route home to her family often enough). 

Ginzler:   Planning to take care of them includes planning to take care of yourself as well. [There has to be] open communication, it really starts with open conversations across the generations of how the people want to have their needs met as they get older. And, absolutely knowing the medical conditions, understanding the medical systems that we’re working in, that your parents are dealing with, are going to make a big difference. If you are getting engaged in these kinds of conversations at a time of a crisis scenario, potentially Mom has fallen and broken her hip and is being transported 500 miles away to the nearest hospital, that’s the worst possible time to be having this conversation. If you have had those conversations ahead of time and know how Mom wants to receive her care, who her physicians are, where her Medicare card is, you’re going to be so much better situated in being able to step in a provide some assistance. If you’re a boomer woman, you want to turn around right after that experience, and have that conversation with your children as well, so they know what your wishes are and they know how you want to be cared for. 

There is an amazing network of aging resources out there at the community level, many people don’t know about it, this is a federally funded and federally mandated program from the Department of Health and Human Services from the Administration on Aging, and it is called the Aging Network. Every community across the United States has an Aging Office. It might be called the Office on Aging, it might be called the Office of Elderly Affairs. You can find out where that office is through a website that’s run by a government funded program and operated by the National Association of Area Agencies on Aging. It’s www.eldercare.gov and if you go to that website, you can be linked by zip code to the aging office nearest that zip code, and it would be your family member’s zip code, if that’s who you’re concerned about. They’re going to be able to tell you all of the community resources that are available, those include low-cost, no-cost, sliding scale, everything from community-based programs that provide meals, all the way through in-home care agencies. So, very important to know where your aging office is, for yourself, and for your family members as well. 

Gen Plus: Many older women are easy targets for con artists, how can you assess who are the best and most trust-worthy resources for a woman without financial knowledge? 

Ginzler: It is pretty horrific to know that today in the United States how much scamming is going on, essentially, what I would call financial exploitation. It’s financial abuse in some cases if you think about it, taking advantage of somebody who does not know. 

Ginzler notes that AARP recommends using a  professional certified financial planner to help guide you through some of this important financial decision-making.  In addition, she says to ask for references, contact those references, and have very open conversations. 

You might be seeking some legal advice related to your financial situation. There are attorneys that are recognized as elder law attorneys that do know how to plan for the future. You can find your elder law attorneys through your local bar association, and if you go through that, you at least know that they have recognized themselves as being experts in this area, and have been acknowledged by that bar association to at least be appropriate to be reached. You also have to interview several, be a wise shopper. When we go out to buy a pair of shoes, we usually try on several pairs before we buy the pair that fits the best. You should do that with the person you’re seeking to engage in some pretty significant and important decision-making. Talk to more than one individual and pick the one that’s the best match to you. 

Gen Plus: For a woman who recognizes that she doesn’t have enough financial resources to support herself once she can no longer earn, what are the three most important things she should do? 

Ginzler: I think that’s a great question, and I love lists of things to do, so here’s what I would say that woman, many of us that are in that category, should do. One: think about how long you think you need to be in the workplace, because that’s going to be an important decision-maker. Two: make yourself a budget and I would actually recommend that you use the tools on the aarp.org website, to create that budget for yourself today and in the future. And I would say the third thing you need to do is look at the tools that are on our website, aarp.org/decide, that are going to help you craft that plan for the future and help you in that decision making now, that will lead to a really rich future for yourself, rich in a broad way. 

Some solid resources, once again, from AARP.  If anywhere in your New Year’s resolutions, financial concerns are in your top ten, then head over to the site and check out some of these great planning tools.

As a result, and as a business owner, I LOVE networking events and social mixers.  Most of the people who attend are in business [...]]]> I’m a social butterfly.  One of those people who loves any sort of opportunity to chat with new people, experience exciting new things, see new sights.  Very socially oriented. 

As a result, and as a business owner, I LOVE networking events and social mixers.  Most of the people who attend are in business for themselves, or, if in big business, responsible in some way for building their networks to best benefit their employers.  I’ve gone to home-grown mixers, chamber of commerce, consulate events, alma mater brunches, political call campaigns,  Canadian expat events, and temple-created business mixers.  But I’d never been to a Jewish Chamber of Congress event. 

A week or so ago there was a big LA business mixer in downtown Los Angeles and at that event my companion and I happened upon a literal wandering Jew.  He had lost his booth!  With a little of this, a map of that, he was on his merry way and invited us to stop by as we did our rounds.  His booth?  The  Los Angeles Jewish Chamber of Commerce.  Not only had I not heard of it, but, as a Jewish woman, I’m automatically attracted to Jewish community-oriented activities because it feels familiar.  Of course we stopped by.  Of course we got on the mailing list.  And, of course, found out that there was a Jewish LA CC mixer just a few nights later.

We decided to go.  And I’m so glad we did!  An elegant little affair in the Millenium Biltmore in downtown LA (historic and lovely) and I have to say, I’ve NEVER had such a relaxed and wonderful time at a networking event as this one.  Everyone was truly delighted to be there and everyone was open to talking to…well…everyone.  The founder, Jeff Gurman, was all smiles and handshakes, welcoming everyone, introducing everyone.  He started the LA Jewish CC a couple of years ago and I think he’s onto something.  In any event, I’m definitely going to the next event.  Here’s a pic of me and Jeff mugging for the camera.

But here’s what I really want to tell you about.  I met a gentleman who was very understated and impressed the socks right off me.  We had a nice chat, standing at the bar, and I learned that he had left a large brokerage firm about 8 years earlier to start his own company with a partner.  Now a thriving asset management company, I was amazed at what he had been able to do in 8 short years.  From a tiny office he now had 12 asset managers (brokers) working for him managing a large amount of wealth.  He mentioned, in passing, that he had 100% client retention.  I was floored.  100%?  Over 8 years not ONE client has left him?  Not one.  The rest of his team was there wearing their power suits.  He wasn’t wearing a suit…just a nice shirt…and taking the time to have a chat with an unwealthy stranger. 

I don’t know that so many others would fall off their heels at the concept of 100% client retention in an 8-year span.  But my whole business life has been about acquisition of new business and retention of old business, marketing and delivering service, and, most importantly, building relationships.  His secret?  Of course…it was all about the relationships he had with his clients.  In 8 years, every single one of his clients got a call, every single day, to bring them up-to-speed on how their portfolio was doing.  Through ups and downs.  Every single day.  I don’t talk to all of my immediate family every single day, but imagine how much more connected we’d feel if we DID touch base every single day. 

Imagine how fantastic our business relationships would be if we talked to each of our active clients every single day.  Maybe we, too, would have 100% client retention.

That’s what I got out of my first LA Jewish CC mixer.  Now, go call someone.

The FTC recently concluded the case that drew the largest ever imposed on [...]]]> This just out from the Bureau of Consumer Protection/Division of Consumer and Business Education, The Federal Trade Commission (and if you do nothing else, watch the two videos  — a good one on debt collection, and an excellent one on scams/cons):

The FTC recently concluded the case that drew the largest ever imposed on a debt collection agency for allegedly threatening and harassing consumers; disclosing their debts to third parties, and depositing postdated checks early, in violation of federal law.  The FTC has also released this consumer education video on debt collection so that consumers can be aware of their rights and debt collectors can be aware of their responsibilities under federal law.  The video is also available in Spanish. 

Here is the full press release with details:

January 7, 2009

Debt Collection Supervisors Settle FTC Charges

New FTC Video Explains Consumer Rights

Concluding a case that drew the largest civil penalty ever imposed on a debt collection business, the Federal Trade Commission settled with the two remaining individual defendants who allegedly misled, threatened, and harassed consumers; disclosed their debts to third parties; and deposited postdated checks early, in violation of federal law. The settlement order requires each of these senior managers to pay a civil penalty and bars them from future violations.

“The FTC wants to remind debt collectors of their responsibilities and obligations under the law. Abusive collection actions are illegal, and if debt collectors use abusive tactics they could face legal action,” said David Vladeck, Director of the FTC’s Bureau of Consumer Protection. “At the same time, we want consumers to understand their rights if their debts go into collection. Money matters, and the more people know about managing their debt and dealing with debt collectors, the better off they will be.”

According to the FTC’s complaint, filed by the Department of Justice on the FTC’s behalf, the defendants participated in, or controlled, the actions of debt collectors whose unlawful practices included false or deceptive threats of garnishment, arrest, and legal action; improper calls to consumers; frequent, harassing, threatening, and abusive calls; and unfair and unauthorized withdrawals from consumers’ bank accounts. The complaint also alleged that the defendants failed to adequately investigate consumer complaints or discipline collectors, and collectors who were terminated for violating the Fair Debt Collection Practices Act (FDCPA) often were rehired within a few months.

In 2008, Academy Collection Service, Inc. and its owner, Keith Dickstein, paid $2.25 million to settle FTC charges that Academy collectors violated the FTC Act and the FDCPA while collecting debts, and that Dickstein failed to stop the violations. The settlement order announced today, negotiated by DOJ and the FTC, imposed civil penalties of $375,000 and $300,000, respectively, on Albert S. Bastian and Keith L. Hurt III, who oversaw Academy’s Las Vegas collection center. The judgments were suspended upon payment of $7,500 each, based on their ability to pay. The full judgments will become due immediately if the defendants are found to have misrepresented their financial condition.

The order bars Bastian and Hurt from making false, deceptive, or misleading representations in debt collection efforts, such as that nonpayment will result in garnishment of wages, seizure of property, or lawsuits, or that they or their agents are attorneys. They also are prohibited from withdrawing money from consumers’ bank accounts without their express informed consent, and from depositing or threatening to deposit postdated checks before the date on the check. In addition, the pair are barred from improperly communicating with third parties about a debt; communicating with a consumer at any unusual time or place, including the workplace; and harassing, oppressing, or abusing any person in connection with debt collection.

The Commission vote to authorize DOJ to file the consent decree was 4-0. The consent decree was entered in the U.S. District Court for the District of Nevada.

The Commission has released a video, at www.ftc.gov/debtcollection and www.youtube.com/ftcvideos, explaining consumer rights regarding debt collection. Consumers with questions about their rights under the FDCPA should refer to Debt Collection FAQs: A Guide for Consumers at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm.

NOTE: This consent decree is for settlement purposes only and does not constitute an admission by these defendants of a law violation. A consent decree is subject to court approval and has the force of law when signed by a judge.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,700 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

No way to segue gracioiusly here, but if you have a kid and have been to Disneyland in the past few years, then you might have enjoyed the [...]]]> If you haven’t visited the White House website lately, it is a must-see at www.whitehouse.gov  Not only are there daily updates, but they are exciting. 

No way to segue gracioiusly here, but if you have a kid and have been to Disneyland in the past few years, then you might have enjoyed the Buzz Lightyear show in Tomorrowland.  In the show, kids are taught the space crusaders were taught the credo, “To infinity and beyond!” Pretty good for space travellers. 

Well, the Obama camp has done it again…addressing calls for transparency (and payment on the campaign promise), very early on, Obama has a new website: www.Recovery.gov, where the economic recovery is being tracked and reported upon. 

There are charts:  http://www.recovery.gov/?q=content/investments

Timelines: http://www.recovery.gov/customcode/timeline/timeline.html

And even areas to voice your stories, thoughts and concerns. 

There is also a link to the final 407 page bill so anyone who wants to be informed, can be.  This horrible economic situation sure isn’t Disney…by any comparison, but I do think we may need an economic credo for our economic warriors.  So in hopes of optimistic years ahead…how about: “To transparency and beyond!”