After giving a short history of the Lafayette Rotary Foundation and mentioning
that the Foundation now has about $350,000, DAVE LUHMAN introduced KEITH
SMITH to talk to us about how to Survive Financially for 90 Years. He and his
wife, Jane, have published a book entitled Strategies in Personal Finance (which
he feels every adult should own!). A fast summary of his thoughts are: 1) Start
saving early; Diversify, Plan-Execute-Review-Revise investments, Have a
Retirement Management Team. 2) Asset Allocation: 70% Equity/30% fixed
income constantly. 3) Hedge Funds are bad. Exchange Traded Funds are good.
Preferred Stock is great. 4) Estate Planning: Have all the necessary paper work
(will, healthcare representative, etc.); consider a Revocable Living Trust or an
Irrevocable Life Insurance Trust; and consider direct giving to children,
grandchildren, charities or causes. It feels good. And don't forget the Lafayette
Rotary Foundation when giving!