Women, Faith, and Finance is a collaborative initiative led by Luther College in partnership with Aase Haugen Homes, Canoe Ridge Lutheran Church, Decorah Lutheran Church, and Glenwood Lutheran Church to educate women of all ages about financial management, retirement and estate planning, and charitable giving.

Fall 2012

Sharing inspirational stories of women’s generosity, award-winning author and financial planner Dr. Kathleen Rehl of Tampa Bay, Florida,

presented the opening address at the eighth annual Women, Faith, and Finance seminar on Friday, April 13, 2012. Rehl spoke from the heart during her

keynote presentation, “Claiming Your Passion, Purpose, and Power to Make a Difference in Our Communities,” as she encouraged participants to align our life values with our charitable giving. The many stories, including her personal experience as a recent widow, highlighted why and how women give. She believes grace and gratitude are closely tied to generosity, and wants to empower all women about our financial matters.

A leading authority on the subject of widows and financial planning, Rehl also led a concurrent session based on her book, Moving Forward on Your Own: A Financial Guidebook for Widows. A book signing was held between sessions.

With attendance reaching 99 (tying the record from 2007), tri-state area women had an opportunity to expand their knowledge of finance and philanthropy in the day-long seminar. This year, participants selected three of six concurrent sessions led by area professionals. Session topics included saving and spending wisely,

To subscribe to the Women, Faith, and Finance mailing list or request more information, e-mail Jeanie Lovell at lovellje@luther.edu.

presented by Susan Taylor, Iowa State University Extension; understanding Medicare/Senior Medicare Patrol, presented by Maury Lenz, Senior Health Insurance Information Program, and Sue Pleggenkuhle, Hawkeye Valley Area Agency on Aging; an economy update by Mona Nelson, Luther College; financial planning for widows, led by Rehl; investing for your future, presented by Jeff Olinger, Thrivent Financial for Lutherans; and giving time, talent, and treasure (a session based on this year’s resource book, The Generosity Plan), led by Jeanie Lovell, Luther College. The seminar concluded with an entertaining and informative session on combatting identity theft, presented by David Smutzler, assistant chief of the Decorah Police Department, and Carol Jensen, vice president of Luana Savings Bank.

Many participants noted that this year’s WFF seminar was “the best yet.” In summing up the day, one woman wrote, “It was outstanding. I found it difficult to choose the sessions to attend—all sounded so good!” Another participant added that what she enjoyed most was, “the energy and positive learning that surrounded us.” Now in its eighth year, the Women, Faith, and Finance initiative continues to serve as a unique collaborative model that is being replicated in other communities.

Grace + Gratitude = GenerosityAdvisory GroupThe Women, Faith, and Finance Advisory Group includes representatives from five partner organizations.

Jim AndersonKeith ChristensenTracy DostalMichelle EinckCindy HansmeierKate KlimeshJeanie LovellLynn MonroeJulie Strom HendricksonNicole Waskow

As always, we welcome your ideas and input!

Special Thanks to Our Sponsors!Thanks to the generous financial contributions of our sponsors, the Women, Faith, and Finance seminar remains an affordable learning opportunity for area women. In 2012, sponsors included Thrivent Financial for Lutherans (Regional Lutheran Relations Program), the Arlin Falck Foundation, and the Winneshiek County Community Foundation. We are grateful for their continued support!

April 12, 2013—Hold the Date!Mark your calendars and plan ahead! The 9th annual Women, Faith, and Finance seminar is scheduled for Friday, April 12, 2013, at the Hotel Winneshiek in Decorah. We hope you can join us! Watch for more information in the months ahead (including discounted tickets for the Center Stage Series performance of the innovative dance company MOMIX, noted on page 3).

Keynote speaker Dr. Kathleen Rehl enjoyed signing books for participants.

Young Adults Need Core Financial Skills for Independent LivingBarb Wollan, ISU Extension Program Specialist—Family Finance

When young adults head out on their own, they have the potential to make financial decisions that establish a sound foundation for the rest of their lives. Unfortunately, they also have the potential to create financial problems that will haunt them for decades. In the next few years, they can build a foundation for a lifetime of effective financial choices, or they can begin a downward slide of over-spending, debt, and ignoring the future. It is undoubtedly easier to prevent a downward slide than to stop the slide once it has begun.

If you are a parent of a teen or young adult, ask yourself: are they ready for independent living? Even if the teens you care about are not your own children, you can still find ways to provide a good example and encourage thoughtful decision-making.

Below are seven types of skills that will send a young adult down a path toward a lifetime of financial well-being. Comparison shopping—ability to evaluate options, examining

not only the price but also the features of the product in relation to their own needs and priorities.

Evaluating information, including advertising—recognizing advertisers often present one-sided information because their purpose is selling, and identifying sources of reliable information.

Resourcefulness—ability to see more than one way to meet a need or solve a problem. Examples: cooking instead of eating out, buying a new accessory instead of a whole new outfit.

Realistic expectations—ability to recognize that scarcity is a fact of life; no one can have everything they want, and choices need to take into account both short-term and long-term satisfaction.

Checkbook management—ability to write checks properly, record them in the check register, record ATM transactions,

2012 Women, Faith, and Finance Seminar Highlights

Mona Nelson helped participants better understand the economic headlines.

keep balance up to date, and reconcile the bank statement with their register.

Consumer privacy—ability to keep secure key information such as social security number and credit card and bank account numbers, and to avoid excessive exposure to direct marketing by phone, mail, or email.

Credit management—ability to selectively evaluate credit offers; understanding the costs incurred when credit card balances are not paid in full each month; understanding that paying only the minimum balance is a very costly decision; recognizing that “plastic” is still real money.

Keep in mind that it doesn’t do any good to have a skill if you do not use it. Young adults are more likely to believe these skills are valuable, and actually put them to use, if they have had a chance to practice them successfully and experience their benefits before they are out on their own. Use these tips and your own ideas to help your teens build the skills they need.

To build the first four skills, the following steps are valuable with both teens and younger children, as long as age-appropriate examples are used. • “Think out loud” about your own decisions, letting children

hear about the factors you consider. • Talk about “choices” and “decisions.” For example: “I chose this

because…,” or “I decided this was more important than…” • Involve them in planning a project with a fixed amount of

money (a party, a vacation, room redecorating). Allow time so they can compare alternatives and generate creative ideas.

• Watch television ads with your children and laugh with them about the assumptions: “I can’t believe they’re trying to tell us

Susan Taylor offered ideas for using money wisely. Women enjoyed sharing their stories during seminar sessions.

In the closing session, Carol Jensen and Dave Smutzler answered questions about identity theft.Sue Pleggenkuhle visited with participants following her session on Senior Medicare Patrol.

Decorah’s Women’s Weekend Out—April 12-13 In 2013, Decorah’s Women’s Weekend Out festivities will once again coincide with the Women, Faith, and Finance seminar. Make plans now to enjoy the whole weekend in Decorah.

On Friday, April 12, 2013, the Luther College Center Stage Series will present an evening performance by the innovative dance company, MOMIX. With seemingly endless energy, the dancer-illusionists of MOMIX create a fantastical world out of nothing more than light, shadow, larger-than-life props, and the human body. This production—Botanica—has been called “the IMAX version of dance theater.”

Group ticket sales are available by contacting the Luther College Box Office at 563-387-1357. Individual tickets go on sale Thursday, March 21. Those who register for the Women, Faith, and Finance seminar will receive a discounted ticket price for this evening performance. More information about Decorah’s Women’s Weekend Out will be included in the Spring 2013 WFF newsletter.

Did You Know?More than half (54%) of kids report they go to their moms first when they have a question about money, compared to 40% who go to their dads first.—2012 Parents, Kids and Money Survey, T. Rowe Price

“In those times we yearn to have more in our lives, we should dwell on the things we already have. In doing so, we will often find that our lives are already full to overflowing.”

—Jim Stovall, author of The Ultimate Gift

that if we drink that soda our lives will be fun and exciting like the people in the ad!”

• Encourage them to work toward a longer-term goal (e.g., saving money for a special purchase, or working for weeks to make a complex craft project), so they can experience the benefits of investing now for results in the future.

To build checkbook skills: • Help teens open a checking account when they get their first

job or several months before they leave home, to give them experience before they are on their own. Before turning 18, teens need an adult as co-owner of a checking account, giving parents an opportunity to be involved and teach basic skills.

• Since some teens are more receptive to suggestions from adults other than their parents, ask bank staff to give the teen pointers on writing checks and avoiding common mistakes.

• Expose younger children to checkbook management. Let them see you recording checks and balancing your register. Let them write out checks for you to sign.

To build consumer privacy skills: • As opportunities arise, tell children about your own efforts to

protect your privacy. For example, when you send in a warranty card, show them that you only write the essential information, and explain why you ignore the extra questions included for marketing purposes.

• Explain why they should not print their Social Security number on their checks or driver’s license.

• As they use the Internet and email, teach them about protecting their safety by not giving out information about their age and

where they live. Then expand that lesson to include account numbers and other financial information.

• Post a sign by the telephone reminding all family members not to give personal or financial information to telemarketers or to any incoming caller.

To build credit skills: • Discuss with your child your own experiences and philosophy

about credit. • Let children see that every credit card purchase is included in

the monthly bill. • Show children or teens the paperwork and costs on a loan you

have (mortgage, car loan). • Send for your credit report and let teens see the information

compiled. • Show teens how credit costs are determined by how quickly you

pay off a debt. For example, a $2,000 balance on an 18% credit card can be paid off in 11 months with payments of $200/month, at a total interest cost below $200. Monthly payments of only $50 mean a payoff time of 62 months, and interest cost of $1,077.

• As teens approach age 18, help them compare credit card offers received in the mail, looking at interest rates, annual fees, grace periods, other fees, and credit limits.

• Make it clear to your children that you will not bail them out of any credit difficulties. Also make it clear that it is better to catch any problems sooner rather than later, and that there are financial counseling agencies to help people make repayment plans.

• Encourage college students to think about ways to keep student debt as low as possible.

Reprinted with permission from Iowa State University Extension.

Benefits of Giving BackIn a survey of nearly 4,600 Americans, 68 percent of people who volunteer reported that they feel physically healthier. In addition, 89 percent of volunteers agreed that volunteering improved their sense of well-being, 73 percent feel that volunteering lowered their stress levels, and 92 percent agreed that volunteering enriches their sense of purpose in life. The survey also noted that volunteering appears to correspond with higher levels of life satisfaction—including a greater sense of meaning and purpose and higher levels of optimism. What great reasons to volunteer in your community!

UnitedHealthcare and VolunteerMatch sponsored this 2010 study to understand patterns of volunteering in the United States and its relationship to health and well-being.

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From the DirectorWhen entering my sister’s home, one of the first things you see prominently displayed on her kitchen wall is the scrolling-script phrase, “Have an attitude of gratitude.” What a wonderful motto by which to live our lives. While giving thanks and being grateful are important year-round, they seem to be at the forefront of our minds during the final months of each year.

Last November, while driving to a family Thanksgiving celebration, I was listening to public radio (as I so often do in my travels). While several people were featured in this particular program, one man’s profound statement really resonated with me. He said, “Gratitude isn’t thanksgiving until it is expressed.” How true! How often do we take the time to pause and think about the many things for which we are grateful? Perhaps not often enough. And if we do count our blessings, do we make the extra effort to express that gratitude to those important to us? Why keep it inside, when we can share our thanks with the world around us?

During this season of thanks (and throughout the coming year), let’s make a point to really express how thankful we are for the many blessings we have received. Thank the friend who sent an e-mail that made you smile or the family member who helped you through a tough time. And if there’s an organization that is important to you, share your gratitude for its mission by making a contribution. (This contribution can be money, time, or skill—they are all part of our philanthropy.) Large or small, these gifts reflect your thanks for their good work.

Let’s all lead by example with our attitudes of gratitude. Indeed we all have much for which to be thankful.

Jeanie Lovell, CFREProgram Director, Women, Faith, and Finance InitiativeLuther College

“Feeling gratitude and not expressing it is like wrapping a present and not giving it.”

—William Arthur Ward