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IT’S THAT TIME OF YEAR: RESOLVE TO BE FISCALLY FIT IN 2001

 

Department of Commerce Urges Ohioans To Commit To Saving and Investing

 

Right along with the routine resolution to become physically fit in the new year, the Ohio Department of Commerce is encouraging Ohioans to become fiscally fit by making sound saving and investment decisions in 2001.

"Just as many of us resolve to exercise more and eat less, this is a good time to develop a plan to save and invest wisely in the new year," said Debbie Dye Joyce, commissioner of the department’s Division of Securities. "Like regular physical exercise, regular saving and investing is a habit that can be developed through commitment and discipline. Fiscal fitness is a habit that literally pays dividends," she added.

Commissioner Dye Joyce recommended beginning a fiscal fitness program by developing a financial plan. "Research shows that people who set savings goals, on average, save twice as much money as those without a financial plan," she noted. In developing a financial plan, Dye Joyce recommended the following:

• define the purpose for saving and investing;
• set short-term and long-term financial goals;
• establish a level of risk tolerance;

• consider which saving and investing products are best for your goals and risk tolerance (including employer-sponsored plans); and

• stay disciplined.

Once you have a financial plan in place, Dye Joyce said that the word "THINK" serves as a useful acronym when considering an investment opportunity:

• Treating investment guarantees with skepticism.

• Homing in on your investment objectives.

• Investigating before you invest.

• Not being pressured into a particular investment opportunity.

• Knowing how your investment funds will be used.

 

The Division of Securities, which can be reached at 1-800-788-1194 or www.securities.state.oh.us, serves as a resource for investors and prospective investors, providing information about the licensing status of those who sell securities and give investment advice, and information about whether certain securities products are registered.

"The Division of Securities has a wealth of information available to current or prospective investors," Dye Joyce said. She noted that the Division provides, free of charge, a wide array of investor education literature such as "Who’s Who in the Financial Planner and Investment Adviser Field," "Questions for Informed Investors," and the "Investor Bill of Rights."

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The Division of Securities promotes an honest and fair securities market where individuals and businesses can raise capital and investors can expect a fair return on their investment. Other Commerce divisions enforce regulations regarding industrial compliance, financial institutions, real estate, liquor, auctioneers, and unclaimed funds, among others. The department's Internet address is www.com.state.oh.us

 

 

Note to editors: This would be timely news during the week of December 26.

 

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