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Ohio Securities Division Urges Fiscal Fitness
COLUMBUS, Ohio -- The Ohio Department of Commerce's Division of Securities is urging Buckeye State residents to resolve to become fiscally fit in the new year by improving their money management and developing a financial plan for their future. "While many Ohioans will resolve to become physically fit in 2005, I encourage Ohioans to resolve also to become fiscally fit by making sound saving and investment decisions in the new year," said Ohio Securities Commissioner Dale Jewell. Just as the goal of becoming physically fit often requires developing and following a plan, regular saving and investing is a habit that can be developed through commitment and discipline. Jewell recommends that Ohioans develop a financial plan with specific goals such as paying off debt, purchasing a home, or saving for a child's education or one's retirement.In developing a financial plan, he recommends the following:Define the purpose for saving and investingSet short-term and long-term financial goalsEstablish a level of risk toleranceConsider which saving and investing products are best for your goals and risk tolerance (including employer-sponsored plans)Stay disciplinedOnce you have a financial plan in place, Jewell says 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.Jewell further suggests that Ohioans check with the Division of Securities if they are considering whether to hire an investment adviser to assist in developing a financial plan. Ohioans should first call the Division's Investor Protection Hotline, (800) 788-1194, to check if the investment adviser is licensed and if there are any enforcement actions against him or her. In addition, the division has a publication titled Who's Who In The Financial Planner and Investment Adviser Field that explains the testing and educational qualifications associated with the various professional designations used by financial planners and investment advisers. The publication is available at the division's Web site.Visit the Ohio Division of Securities: www.securities.state.oh.us"