Blogs: Money: Seniors

 tips

The Oregon Department of Justice Financial Fraud/Consumer Protection Section offers these  top ten consumer tips to protect yourself and your family:

1. Become educated. Informed consumers are smart consumers. Visit oregonconsumer.gov to learn more about consumer protection in general, and visit onguardonline.gov to learn how to be safe, secure and responsible online.

2. Join the Scam Alert Network. Sign up online at oregonconsumer.gov to be notified of new scams, fraud and other consumer threats.

3. Reduce junk mail. Call 1-888- 567-8688 or register online at optoutprescreen.com to reduce offers of credit and insurance. You can also opt out of receiving unsolicited mail from many other companies by registering with the Mail Preference Service online at dmachoice.org and paying $1.

4. Check out the business before you buy. Call the Oregon Department of Justice at 1-877-877-9392 or search Be InfORmed, an online database at oregonconsumer.gov, to research complaints and resolutions. You should also confirm the business’s physical address and phone number in case you have questions or problems.

5. Reduce telemarketing calls. The National Do Not Call Registry allows you to block most telemarketers, who should not call your number once it has been on the registry for 31 days. If they do, you can file a complaint with the Federal Trade Commission. Register online at donotcall.gov or call 1-888-382-1222 from the number you want to register.

6. Understand that wiring money is like sending cash. Con artists often insist that people wire money, especially overseas, because it’s nearly impossible to reverse the transaction or trace the money. Do not wire money to:

• Someone who claims he or she wants to hire you.

• Sellers who insist on wire transfers for payment.

• Someone who claims to be a relative or friend in trouble and wants to keep it a secret from the family.

7. Order your free annual credit report. Visit annualcreditreport.com or call 1-877-322-8228 to order a free credit report and review it for errors.

8. Read the fine print. Read contracts in full and make sure you understand the terms before you sign. Be suspicious of promises made by salespersons that differ from the written terms and make sure you get a copy of the signed contract for your files.

9. Sleep on it. Sales pitches that offer discounts if you “sign now” are often scams. Legitimate businesses will usually give you the same deal later.

10. Report fraud. If you think you have been a victim of fraud, call the Oregon Department of Justice at 1-877-877-9392 and request a complaint form be mailed to you or visit tinyurl.com/ORcomplaintform to file a complaint online.

Stay informed and stay safe--and share these tips with family, neighbors, and friends across the state to help them become smarter consumers as well.

Remember, if it sounds too good to be true, it probably is!

Contributed by Jenny W. with the help of the Oregon Department of Justice.

Click here for "Don't be a victim--prevent financial fraud! (Part 1)

Oregon Attorney General Ellen Rosenblum says, “Every year, thieves and con artists cheat thousands of Oregonians out of their hard-earned money and valuable personal information. I need your help to stop the fraud before it starts and alert others so they can avoid becoming victims.”

Fortunately, the Oregon Department of Justice can help us become savvy consumers. Check the website at www.oregonconsumer.gov, or call the Consumer Hotline 1-877-9392, or e-mail help@oregonconsumer.gov.

You can:

  • Learn how to protect yourself from scams and fraud.

  • Request written materials be mailed to you.

  • Ask a question about a business or learn how to file a complaint against one.

  • Sign up for the Scam Alert Network

  • Search BeInfORmed, a database of consumer complaints.

  • Ask questions about:

    • automobile sales

    • credit/debt

    • home repair

    • retail sales

    • services

    • internet sales

    • fraud

    • real estate

    • telemarketing

    • home solicitations

Stay informed and stay safe--and share these tips with family, neighbors, and friends across the state to help them become smarter consumers as well.

Remember, if it sounds too good to be true, it probably is!

Contributed by Jenny W. with the help of the Oregon Department of Justice.

Click here for "Don't be a victim--prevent financial fraud! (Part 2)

It’s a new year - have you checked your credit reports lately? There are three nationwide consumer credit agencies (Equifax, Experian, and TransUnion) and together they maintain the official website AnnualCreditReport.com which lets you check your credit report (or “credit file disclosure”) for each of these agencies once every 12 months, for no cost.

For more information and motivation, take a look at this credit score action plan from the FINRA Investor Education Foundation.

(Keep in mind that your credit report is different from your credit score, which is a number assigned by a credit agency. The Federal Reserve has a webpage which explains the difference.)

Once you’ve figured out your credit situation, the library has books which can help you learn how to control and repair your credit and debt. There are also a number of nonprofit agencies who provide free debt counseling:

The Money Tip$ video series concludes with a brief discussion of credit.  Your credit score can affect everything from insurance rates to employment opportunities, as well as the cost (and ability) to borrow money when needed.  This episode presents the main elements of your credit score, helping identify ways to improve your credit situation to save money in the future.  We hope you've found the Money Tip$ video series to be helpful in learning new ways to manage your money.  Click the video below to view our fifth, and final, installment:

 


The Money Tip$ video series was produced by Multnomah County Library in collaboration with Innovative Changes, a Portland non-profit organization that exists to help low-income individuals and families manage short-term financial needs in order to achieve and maintain household stability.  Made possible by The Library Foundation with a grant from the FINRA Investor Education Foundation through Smart Investing @ your library ®, a partnership with the American Library Association.


 

Now that you've learned some tips to help set SMART money goals, set up a budget, and survive tax season - its time to focus on how you can save money.  This Money Tip$ episode offers creative ways to save money in order to achieve your SMART goals, while staying within the framework of your personal budget.  You'll find that you'll be better equipped to handle unexpected situations not included in your monthly budget - such as a serious illness, or auto repair and maintenance - by establishing a plan for saving money.


This episode of the Money Tip$ video series was produced by Multnomah County Library in collaboration with Innovative Changes, a Portland non-profit organization that exists to help low-income individuals and families manage short-term financial needs in order to achieve and maintain household stability.  Made possible by The Library Foundation with a grant from the FINRA Investor Education Foundation through Smart Investing @ your library ®, a partnership with the American Library Association.


 

 

Why do you need a budget?  Everyday life can be difficult if you don't know where your money is coming from - and where it is going.  The Money Tip$ video series continues with helpful information about budgeting.  This episode presents simple strategies for tracking your hard earned money, allowing you to make decisions that align with your short-term and life-long financial goals.   

Here's episode three:


The Money Tip$ video series was produced by Multnomah County Library in collaboration with Innovative Changes, a Portland non-profit organization that exists to help low-income individuals and families manage short-term financial needs in order to achieve and maintain household stability.  Made possible by The Library Foundation with a grant from the FINRA Investor Education Foundation through Smart Investing @ your library ®, a partnership with the American Library Association


 

This second installment of the Money Tip$ series focuses on setting SMART goals for managing your money.   What is a SMART goal?  This episode will outline key elements for setting goals that are realistic and achievable.  When your goals are set within your reach, it will be easier to reach your money management and financial goals.  Take a look:

   

  

This episode of the Money Tip$ video series was produced by Multnomah County Library in collaboration with Innovative Changes, a Portland non-profit organization that exists to help low-income individuals and families manage short-term financial needs in order to achieve and maintain household stability.  Made possible by The Library Foundation with a grant from the FINRA Investor Education Foundation through Smart Investing @ your library ®, a partnership with the American Library Association


 

Money Smart Week, April 5 - 12,  is a national public awareness campaign designed to help consumers better manage their personal finances.  Libraries and other organizations across the country use this time to stress the importance of financial literacy, and inform consumers about where they can get help. 

To celebrate Money Smart Week (and beyond!), we will release a series of five short videos called Money Tip$ over the next several weeks.  The videos in this series are designed to provide quick tips for money-related topics such as credit, budgeting, saving, and setting SMART goals for managing your money.  With tax season in full bloom, the first installment outlines several ways to make the most of tax time.  This brief video will offer reminders about important tax credits, free tax preparation assistance, along with several ideas for using your income tax refund strategically to benefit you in the long run.  


The Money Tip$ video series was produced by Multnomah County Library in collaboration with Innovative Changes, a Portland non-profit organization that exists to help low-income individuals, families and others, manage short-term financial needs in order to achieve and maintain household stability.  Made possible by The Library Foundation with a grant from the FINRA Investor Education Foundation through Smart Investing @ your library ®, a partnership with the American Library Association


 

What is my car worth now if I want to sell it?

I want to buy a used pickup truck. How can I find out what a fair price is?

What is the safest car for my teen to drive?

 

All of these questions and more can be answered with these online resources:

  • The Kelley Blue Book Online gives you timely and accurate prices on new and used cOld Red Truckars based on geography and condition. For most vehicles you can get a good idea of prices for buying a new or used car from a dealer or private seller and also what you can expect to sell one for to a dealer or private buyer.
  • The Car and Driver buyers' guide covers automobiles manufactured in the last two years and can be searched by manufacturer, vehicle type, price range and more.
  • Click and Clack, the comedic brothers from Car Talk, use down-to-earth humor to give you actual car information on buying, selling, and owning a car.
  • CarInfo features car information provided by consumer advocate & auto expert Mark Eskeldson. It includes car buying and leasing secrets, as well as information on used cars, car loans, and insurance.
  • Edmunds Automobile Buyer's Guide has used car prices back to 2000, safety information, and updates on new vehicles.
  • The US EPA Fuel Economy website allows you to compare gas mileage (MPG), greenhouse gas emissions, air pollution ratings, and safety information for new and used cars and trucks. There are also gas mileage tips, a page to search for the cheapest gas in your area, and a page of links to other sites about automobiles, safety, and the environment.
  • The Insurance Institute for Highway Safety/Highway Loss Data Institute provides accident facts, results of crash tests, child safety and teen driving brochures, and news releases about safety for cars, drivers, and pedestrians.
  • The National Highway Traffic Safety Administration maintains a website dedicated to safety. This resource has  information about recalls, crash tests, car seats, drunk driving, and pedestrian safety.
 

In addition to these online resources, the library also has the most current NADA Guides and Kelley Blue Book Guides in print at the information desk in each library location.  The Science and Business Desk at the Central Library even has the Kelley Blue Book guides going back to 1999 so you can see what your vehicle was worth in years past.

For a round up of car repair resources available at your library, see the blog post: Get Your Motor Running: This car isn’t going to fix itself.

Buying or selling an automobile can be a complicated process!  If you do not see the resource you need here to answer your questions, please Ask a Librarian.  We will help you connect to the information you seek!  

 

 

Two women at the Waldorf-Astoria Hotel operating tickers and stock exchange boards, December 11, 1918.Tracking down a historic stock price can be really easy... except when it’s really hard. And it is a common question that we get during tax season.

Here is an example of an easy stock price search.

1. A stock price is needed for a company for a particular date. (Let’s say Nike on February 13, 2009.)
2. You go to a website with financial information (like Yahoo! Finance or Wall St. Journal’s MarketWatch), search for the company name or ticker symbol, and voila! You have the closing price for that day. (Keep in mind that the closing price may or may not already be adjusted.)

But this only works if the company is still in business and hasn’t changed names, hasn’t been involved in a merger or acquisition, and is still trading on the stock exchange under the same ticker symbol. If any of those situations have occurred, the historic price that you need might not be available online.

Take, for example, Macy’s, which went public in 1922 under the name R.H. Macy, and which for many years traded under the symbol MZ. You won’t easily find historic stock prices from before 1992 for this company on Yahoo! Finance or in other online databases because on that year Macy’s merged with Federated Department Stores. (Thanks to New York Public Library for this example!)

Steps for trickier stock price searches.

So how does someone get a historic stock price from before 1992 for Macy’s, or for any other company whose historic prices aren’t online? There are two steps: first, researching the company history to find out any information about different names, ticker symbols, and listings on stock exchanges; and second, looking in a newspaper or newspaper database for the date that you need. The library can help you with both of these steps.

Step 1: Research the company history.

This step can require a little detective work. It is where you figure out the name and ticker symbol of the company or security at the time of the historic price and the stock exchange which it was trading on. Here are several sources that the library offers for learning about a company’s history (you may need to look at more than one of them in order to get a full sense of a company’s history):

  • Capital Changes Reporter: Lists capital changes (such as mergers and splits) for companies, by date, and includes information about stock exchanges and ticker symbols that the company traded under. Available in print in the Science & Business room at Central Library, or online through the CCH Intelliconnect database.
  • International Directory of Company Histories: Provides detailed corporate histories for many companies, both U.S. and international. There are currently 149 volumes. Available in print in the Science & Business room at Central Library.
  • Mergent Intellect: Available through the library website. A database with lots of information about companies, including company histories.
  • Directory of Obsolete Securities: Lists and gives brief info for companies and banks whose original identities have been lost to events like changes in name, acquisitions, mergers, or bankruptcy. Available in print in the Science & Business room at Central Library.
  • EDGAR: This is not a library resource, but it is freely available online through the U.S. Securities and Exchange Commission (SEC), and we can help you if you have trouble using it! It contains many documents that public companies are required to submit to the SEC, including company reports.

Step 2: Look up the historic price in a newspaper or other source from that historic date.

Once you have done some research about the company whose historic stock price you are looking for (and hopefully learned their name, ticker symbol, and the stock exchange they were traded on at the time of the historic price), you are ready to find the stock price in a newspaper or other source from that time. Note that you’ll want to look at a newspaper or publication for the day immediately after the date for which you need the historic price, since the price would not have been published until the next day’s paper. Here are two sources for this, both of which are available electronically through the library website:

  • New York Times Historical (1851-2009): Contains scans of articles from the New York Times, including stock prices. Choose “Advanced Search,” enter the date that you are looking for in the “Publication Date” section, and choose “Stock quote” from the “Document Type” menu. Leave the other search boxes blank, and do your search. You will retrieve a list of articles containing stock prices - to find the major stock exchanges, choose the articles with the most page numbers, then look in them for the company whose stock price you need.
  • The Historical Oregonian (1861-1987): This database will be most useful for stock prices of companies from the Pacific Northwest. Enter the date you are looking for in the “Custom Date Range” box, and then do a search for a word like NYSE or NASDAQ which would appear on the page with stock prices.

In addition to these electronic databases for the New York Times and the Oregonian, the library also has a number of useful resources available in print and on microfilm at Central Library:

So there you have the basic steps for finding historic stock prices. It can indeed be a little bit of a research project sometimes. But don’t despair! Librarians are happy to talk to you about your particular stock price need, and to help you find the information you are looking for. Just get in touch with us using one of the methods on our Contact a librarian webpage. Happy stock price searching!

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