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STRATEGIC ISSUES...ONLINE
For week of February 28, 2005, Issue #201
 
Featured Articles:
1.  Are You Prepared for a Job Loss?
2.  Two Guilty in Ad Fraud
3.  Tech Tip Weekly:  Zooming MS Excel Worksheets
4.  Compliance Calendar
 
 
1.  Are You Prepared for a Job Loss?
 
While the economy is slowly recovering, the job market is still not completely secure.  Companies are still downsizing, reducing hours, or cutting salaries to remain competitive.  Losing your job or having your pay cut can be financially devastating.  But there are things you can do to protect yourself, whether you job is threatened or you're suddenly terminated.
 
If you feel your job is in danger:
 
1. Take stock of your finances.  List all your debts and the monthly payments.  Estimate what your monthly living expenses would be if you were not working.
 
2. Line up sources of extra cash in case you need it.  It's easier to obtain credit while you're still employed.
 
3. Consider an equity line of credit if you own a house.  You can draw this down as you need it, tapping into the equity in your home.  Check whether it would pay to refinance your mortgage.
 
4. Consider increasing credit card limits or obtaining new cards.  Only draw on these as a last resort and only for essential expenditures.  This is the most expensive type of debt you can have.
 
5. Start networking to get a feel for the job market.  Investigate the opportunities for part-time or evening jobs.
 
6. Set a budget.  Force yourself to make changes in lifestyle to reduce expenses. 
 
If you lose your job:
 
1.  Start your job search immediately.  Resist the temptation to take a vacation to "recover."
 
2.  Set yourself an aggressive budget and stick to it.  It's better to reduce spending now than regret it later.
 
3.  If you begin to have problems making loan payments, talk to a reputable credit counseling service.  Then talk to the lenders before you fall into arrears, and try to work out a payment plan.
 
4.  Tap into retirement savings such as IRAs or 401(k)s only as a last resort.
 
Hopefully you will never find yourself in this situation.  While you're working, develop a regular savings habit. Try to build a reserve equal to three months of living expenses for job loss or other disasters.  Then at least you'll have a financial cushion if the worst should happen.
 
 
2.  Two Guilty in Ad Fraud
 
Two former Ogilvy and Mather execs face 50 years in prison after they were found guilty of overcharging the government $3 million for a series of acclaimed anti-drug ads.
 
Click here for the story:
 
 
ChoicePoint's Error Sparks Talk of ID Theft Law
 
The revelation last week that data collector ChoicePoint mistakenly gave private information on up to 145,000 U.S. residents to identity thieves has led to renewed calls for a national data privacy law.
 
Click here for the story:
 
 
 
3.  Tech Tip Weekly: Zooming MS Excel Worksheets
 
Normally, everything you see in MS Excel is at 100 percent size.  You can change the zoom percentage from 10 percent (very tiny) to 400 percent (huge).  Using a small zoom percentage can help you get a bird's-eye view of your worksheet to see how it's laid out.  Zooming in is helpful if your eyesight isn't quite what it used to be and you have trouble deciphering those 8-point sales figures.
 
Here are techniques for zooming in and out of worksheets:
  • Click the Zoom down arrow on the Standard toolbar and select the desired zoom factor from the list.  Your screen transforms immediately.  (You can also choose View, Zoom to bring up the Zoom dialog box and make a choice there.)
  • Type a number directly into the Zoom box on the Standard toolbar and press the Enter key.
  • If you have a Microsoft IntelliMouse, or equivalent device, zoom out on a worksheet by pressing Ctrl while you move the mouse wheel.  Make sure the Zoom on Roll with IntelliMouse option is selected in the Options dialog box (choose Tools, Options and click the General tab).
If you choose the Election option in the Zoom drop-down list, MS Excel zooms the worksheet to display only the selected cells.  This option is useful if you want to view only a particular range.
 
 
4.  Compliance Calendar
 
March 2
-Employers deposit Social Security, Medicare, and withheld income tax for payments on February 23, 24, and 25.
 
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Prangley Marks, LLP
Accountants and Consultants
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