Women, Faith, and Finance is a collaborative initiative led by Luther College to educate women of all ages about financial management, retirement and estate planning, and charitable giving.

Fall 2015

Using the imagery of a kitchen table and the many conversations of our lives that happen while sitting there, financial educator and entrepreneur Joanne Seymour Kuster of Johnston, Iowa, presented the opening address at the 11th annual Women, Faith, and Finance seminar on Friday, April 10, 2015. The keynote presentation, “Values and Valuables: Leaving the Best Legacy for Your Heirs,” shared down-to-earth information with effective ideas anyone can use. Joanne emphasized the importance of communicating our values by having conversations, and sharing stories about values, money,

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and the legacy we hope to leave to the next generation. Her message resonated with women of all ages.

More than 80 tri-state area women participated in the day-long seminar to learn more about finance and philanthropy. Thanks to generous sponsorships by Decorah Bank & Trust Company and Thrivent Financial, all participants

received their choice between two resource books in addition to printed materials for each of the session topics.

Following the opening keynote, participants selected two of four concurrent sessions led by area professionals. Sessions included paying for college by Carol Jensen, Luana Savings Bank; charitable gift annuities by Keith Christensen and Ann Sponberg Peterson,

Inspiration for Leaving a Legacy Advisory GroupThe Women, Faith, and Finance Advisory Group includes the following members:

Donella DarringtonDawn Deines-ChristensenTracy DostalMaureen DunckleeMichelle EinckCindy HansmeierJeanie LovellLynn MonroeMaggie SchoepskiJulie Strom HendricksonNicole Waskow

As always, we welcome your ideas and input!

Keynote speaker, Joanne Seymour Kuster

Luther College; giving wisely by Maggie Schoepski, Edward Jones; and teaching kids about money by Joanne Seymour Kuster.

After lunch, the seminar concluded with a session on the “Difficult Conversations We Face: Nursing Homes, End of Life, and Points in Between.” Co-presented by Orson Bauder (nursing home administrator at Cresco Care Center) and Karen Schluter (funeral director at Schluter-Balik Funeral Home), this highly rated session shared valuable information in a light-hearted and candid exchange with the audience, including the opportunity to ask questions specific to their own lives.

Participants once again rated the seminar’s speakers and

topics with high praise. One woman noted, “I enjoy being with other women who are experiencing some of the same things I am experiencing. And being able to hear some viable solutions.”

Planning is underway for the 2016 seminar on Friday, April 8.

“Great information for all women. I always learn something!”

—from participant of Women, Faith, and Finance Seminar

“And let us consider how we may spur one another on toward love and good deeds, not giving up meeting together, as some are in the habit of doing, but encouraging one another…”

—Hebrews 10:24–25

2015 Women, Faith, and Finance Seminar Highlights

Women of all ages enjoyed the light-hearted approach of the closing session on “difficult conversations” we all face. Carol Jensen tackles the topic of paying for college.

Maggie Schoepski shares an overview of 990s.

Joanne Seymour Kuster (right) invites ideas from the audience. Orson Bauder and Karen Schluter field questions in the closing session.

Area women network between sessions.

Special Thanks to Our Sponsors!Special thanks to Thrivent Financial (Regional Relations Program), the Arlin Falck Foundation, and Decorah Bank & Trust Company for their support of our 11th annual seminar. Their generosity helps to bring this exceptional learning opportunity to area women at an affordable price for participants. Thank you again!

WFF program director Jeanie Lovell (left) and Thrivent representative Karen Trewin (right) welcome keynote speaker Joanne Seymour Kuster. Thrivent Financial awarded grant support to underwrite the keynote presentation and provide resource books for participants at the April 2015 seminar.

Preparation = Peace of MindHow prepared are you for the possibility that you might someday become physically or mentally incapacitated and unable to manage your financial affairs? Incapacity isn’t something pleasant to think about, but it’s essential to factor it into your financial plan. Knowing you’ve safeguarded your finances from the risk of incapacity will provide you with peace of mind as you move closer to retirement and then continue through that life stage. Incapacity planning typically includes these important legal documents, which you should discuss with your attorney: • A living will. You can specify in advance what types of medical treatment you do or

don’t wish to receive in the event you become incapacitated and unable to make such decisions on your own.

• A healthcare power of attorney. This document appoints a “power holder” to make medical decisions on your behalf if you’re unable to and in circumstances where your living will doesn’t specifically define your wishes.

• A financial power of attorney. This allows you to appoint a trusted person who can make financial decisions on your behalf if you’re incapacitated.

• An up-to-date will. This defines how your assets will be distributed after you’ve passed away. If you have children who are minors, you can use a will to name a guard-ian so that the decision about who will care for your children won’t be left to a court.

Source: TIAA-CREF Personal Finance eNewsletter

Synthetic Identity TheftEven fake people can get credit. It’s called synthetic identity theft.

This means a thief steals bits and pieces of data, uses a real Social Security number, and creates a fictitious identity and name for a “new” person. The Federal Trade Commission estimates that 85 percent of identity theft is now considered synthetic identity theft.

It takes an average of 220 days to discover identity theft in your accounts, and every three seconds, there is a new victim, according to the U.S. Department of Justice.Source: Money Smart Week’s Money Messages 2015

Helpful money management tips for childrenThe list of things that need to happen before your kid goes to college can be long. Encourage them to get good grades? Check. Visit college campuses? Check. Teach them how to manage money? Oh, they’ll learn that on their own.

Wrong. And that lack of financial knowledge is hurting your kids. Here’s how to make sure they are ready to handle money independently.

1. Help them realize the value of money Kids of all ages sometimes think mom and dad have unlimited funds, but you can teach them that isn’t the case. Have them help you pay household bills once a month, to see all the expenses that must be paid.

2. Help them open a checking account and learn how such accounts work Start by establishing a joint account in your name and theirs. Show them how to check their balance and reconcile their accounts each month.

3. Show them how to mind their money“A lot of kids are blowing money and don’t know where it’s going,” says David Stringham, a college planning specialist for Thrivent Financial. To avoid this, kids should track their spending against their allowance or part-time job income.

4. Show them how to manage creditGet your child a credit card, with you as the co-signer, as soon as they have a steady earned income (such as getting a part-time job at age 16). Keep the credit limit at $1,000, though, and let them know that it’s for emergencies only and that they have to pay off the balance each month. This will help them learn how to use the card before they go off to college.

5. Caution them about “minimum payments”To show the impact of only making the minimum payment on a credit card debt, show them your bill. Thanks to recent regulations, credit card companies must now tell you just how much it will cost you in interest—and how long it will take you—to pay a debt using only the minimum payment.

6. Stress the importance of paying bills on timeExplain how late or missed payments for a cell phone, credit card, utilities, and more can seriously hurt a person’s credit rating.

7. Remind them to protect their personal information, in person and onlineThat means they shouldn’t lend a credit or debit card to a friend. Shred credit card offers or old papers with account numbers and other information. They should leave their Social Security card in a safe place—not a wallet that can be stolen. When it comes to online transactions, explain that they shouldn’t use their birthdate or Social Security number as a user name or password for accounts. Show them how legitimate some email scams can look. When in doubt, they should keep their financial information—bank accounts, credit cards, Social Security numbers—to themselves.

Printed with permission from Thrivent Financial.

“Start children off on the way they should go, and even when they are old they will not turn from it.”

—Proverbs 22:6

Fond Farewell…The WFF Advisory Group extends our deepest gratitude and heartiest thanks to Keith Christensen. As vice president for development at Luther College, Keith was one of our founding members and biggest cheerleaders for this collaborative women’s philanthropy program. He

stepped down from our committee in late July as he transitions to an exciting new job at Mayo Clinic. Many WFF participants know Keith as a knowledgeable presenter, a warm greeter, and often the only man at our seminars! Best wishes to Keith—we’re grateful for his steadfast support of Women, Faith, and Finance!

American Spiritual EnsembleThursday, April 7The Luther College Center Stage Series will present the operatic voices of the American Spiritual Ensemble on Thursday, April 7, 2016. This captivating group blends a sense of hope, sorrow, joy, and faith with American hymns and African rhythms through their performance of classic spirituals.

Group ticket sales are available by contacting the Luther College Ticket Office at (563) 387-1357. Individual tickets go on sale Thursday, March 10. Those who register for the Women, Faith, and Finance seminar will receive a discounted ticket price for this evening performance. More information will be included in the Spring 2016 WFF newsletter.

No Need for “Charitable Giving Guilt”As autumn approaches, we know the holiday season won’t be far behind. This time of year often brings an abundance of requests to donate money to various causes. New York Times columnist Carl Richards summed it up well: “I love this time of year, except for one teeny, tiny thing: charitable giving guilt. You know exactly what I’m talking about. We’ve all walked past that red bucket without dropping in any money. We’ve all said “no” to those requests at the checkout counter to donate $1 to some worthy cause.”

Those of us who already donate to other worthy causes of our choice shouldn’t feel bad about saying no when asked to make unplanned contributions. It’s okay to say, “Thank you for the opportunity, but I’ve already chosen to give in another way.” (Richards even suggests writing down that statement and carrying it in your pocket as a reminder.) It’s much better to have a charitable giving plan…and to stick with it. No need to feel bad about that. As he notes, “We are already giving. We have a plan. At first it may feel bad to refuse a request for money… Those bad feelings will go away once we remember we have a giving strategy and we’re following it.”

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From the DirectorSome may think of fall as a time for carving. People carve pumpkins for Halloween. Families carve turkey for Thanksgiving. Why not also use this fall to carve out some time for organizing our financial information? (Okay, that was a stretch, but stick with me…)

Many of the women who participated in the 2015 WFF seminar received a complimentary copy of the book Get It Together. (The book is available online and through local retailers.) As the book jacket proclaims, “If you’re like a lot of people, you keep important information—from the whereabouts of family heirlooms to online passwords to automatic bill-pay details—in your head or stashed in the odd desk drawer. Unfortunately this disorganization will likely cause hassles for those who someday take care of you or your estate.”

If you haven’t already done so (and I admit I have not), make a point of beginning to gather and track your important information. The author has made this book a user-friendly guide with the necessary forms included. We can even start with the “easier” sections first and move toward the more complex. And don’t forget you can download the forms and complete them on your computer, if you prefer. Let’s agree together to do this. We can think of it as an important holiday gift to our families and loved ones. (Plus it gives us a little peace of mind knowing we’re prepared…just in case.)

The passage from Hebrews 10 (see front cover) captures the essence of Women, Faith, and Finance—meeting together, then motivating and encouraging one another. Let’s keep learning together and carve out time to put these ideas into action in our own lives.

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

Mark Your Calendars!

April 8, 2016Join us for the 12th annual Women, Faith, and Finance seminar on Friday, April 8, 2016, at the Hotel Winneshiek in Decorah. Watch for more information in the months ahead (including discounted tickets for the Center Stage Series performance of the American Spiritual Ensemble on Thursday, April 7—see page 3).