The Boardcast

The Boardcast's Blog of the Week

There are plenty of "Get Rick Quick" schemes floating around cyberspace. In fact, a simple google search will show just how many links are associated with "Get Rich Quick". I tried this experiment and up popped 25,000,000. Some of them warn against being entrapped by these schemes but many more are proponents of them. There is, however, one blogger who has developed an online following by taking an inventive approach that highlights the real source of financial growth and stability. This blog is called "Get Rich Slowly" and I'd suggest that Boardcast readers might want to take a look.

Get Rich Slowly has been online for 18 months (JD, the blog moderator, is hosting a contest this week in honor of this anniversary). In JD's own words, :

You will not find any get rich quickly schemes here. You will not find multi-level marketing fads or hot stock tips here. I am not pitching any product or book. (Yet.)

You will find daily information about personal finance and related topics. I’ll share stories about debt elimination, saving money, and practical investing. I will post occasional reviews of books, magazines, and software. I will scour the web for the latest personal finance tools and articles. I’ll also post news on related topics like simplicity, frugality, and personal development. (I believe that personal growth is systemic, that in order to improve financially, you have to improve in other areas of your life.)

A recent post included tips on how to save money when eating out at expensive restaurants. These tips included very sensible suggestions like ordering from the appetizer menu, eating a light snack before going out and sharing a dessert. This isn't rocket science. JD's posts often include practices and approaches used by the ordinary sensible consumer. As a whole, the blog encourages this "common sense" approach to debt reduction, saving and spending.

I've been delighted to see that JD has mentioned the value of using credit unions and our products and services. The September 7th post quoted a Consumer Reports article recommending that consumers look at credit unions when they want a credit card with a fair policy at a good rate. JD said:

The October 2007 issue of Consumer Reports contains a credit card roundup, including an overview of the best and worst cards based on responses from 36,000 readers. The best cards generally came from credit unions, and the worst from large banks. “Almost anyone can join a credit union these days,” the magazine says, “and it might be a good idea, if only for a good credit card.”

There are many internet sites vying for our attention. It seems to me that Get Rich Slowly encourages it's readers to take a balanced, sensible approach to saving and spending.

International Credit Union Day

More than 172 million credit union members around the world will celebrate International Credit Union Day on Oct. 18, 2007, to commemorate the credit union movement’s history and achievements. In honor of this special day, UFirst FCU invites members and visitors to our credit union to join us for donuts, apples and apple cider. In honor of the day, we will be holding a coloring contest for children. All children who color a poster will be entered into a drawing to win a Crayola backpack full of art supplies. Watch for photos of the event on The Boardcast.

Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October. Each year, it affords the opportunity to remember our proud history and promote understanding and support for the credit union difference. This year’s theme, “Together We’re Better,” reflects the value of credit union cooperation on all levels for members from all walks of life. Working together, credit unions build stronger institutions and more effectively serve their members.

Someone's Getting the Message

A recent study by the brokerage firm Edward Jones indicates that Gen-Xers are doing a better job of saving for retirement than their parents or grandparents did. 68% of young adults between the ages of 25 and 34 say they are heeding the warning being given by most financial advisers. They have already begun to save for retirement. Only 34% of adults 65 or older say they began saving before they were 34. Researchers explain this change in behavior by pointing to predictions that company pensions aren't the certain retirement cushion they used to be and the future of Social Security is less solid than in the past. CUNA News quoted the article as advising young adults to:

Set aside savings for emergencies, get adequate insurance, set realistic financial goals and then take advantage of your employer's 401(k) or 403(b)-particularly the company match.

I'll add my own suggestion which is to participate in Deferred Compensation programs, where available. They take advantage of pre-tax savings opportunities.      

Speaking of messages, congratulations are in order for our friends at Vancity Credit Union in Vancouver, BC who blog at changeeverything.ca. They have been honored with a Certificate of Recognition by the jury of the Digital Marketing Awards. Their blog is among the best interactive marketing sites in Canada.

New York's CURIA Co-Sponsors

The New York State Congressional delegation added two more co-sponsors of CURIA (Credit Union Regulatory Improvement Act). Action on this important legislation is pending.  Click on the map to see the 29 New York State Congressional Districts showing the new co-sponsors, Rep. Pete King and Rep. John Hall, as well as the other 11 current CURIA supporters. A little less than half of our Congressional Representatives are now CURIA sponsors. In addition, as reported in today's CUNA News Now,

Rep. Maxine Waters (D-Calif.) has signed on in support of the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537) and with her signature four out of five chairs of House Financial Services subcommittees are represented on the official co-sponsor list.

CURIA represents important legislation for credit unions. It modernizes credit union net worth standards; advances credit union efforts to promote economic growth; and modifies credit union regulatory standards by eliminating unnecessary, burdensome and outdated regulations, as well as making other needed reforms to credit union oversight and governance. We are grateful to those in Congress who support legislation designed to promote the credit union philosophy of "People Helping People."

Credit Unions and Other Co-ops

Ufirst FCU and other credit unions proudly fall under the co-op banner. National Public Radio is spearheading the launch of National Co-op Month during October. Credit Unions are proud to be part of the co-op family. Cooperatives are designed to benefit members and their communities. They can include large ventures as well as small storefronts like the North Country Food Co-op in Plattsburgh. The National Cooperative Business Association (NCBA) has launched a website to celebrate co-ops at www.go.coop/. Visit this website to get infomation about the variety of co-ops working together to improve the lives of members throughout the United States.