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Y2K bugs
By Lee Matthew / Illustration by Robin McClannahan
* For Y2K information about investing and the financial markets, contact the U.S. Securities and Education Commission's Office of Investor Education and Assistance at (800) SEC-0330; www.sec.gov.
* The President's Council on Year 2000 Conversion has information about government agencies and frequently asked questions; www.y2k.gov.
* The National Association of State Information Resource Executives produces information on each state's year 2000 readiness. (606) 231-1971; .www.nasire.org
* U.S. Federal Government Gateway for the Year 2000 focuses on consumer information, with links to a wide variety of areas including banks, credit unions, credit card companies, insurance, Medicare, Social Security and more. www.consumer.gov/y2k.
Your investments
Your records
Lee Matthew is a financial planner in Albuquerque. She is an associate of Kathleen Winslow & Associates, LLC, and an investment adviser and Registered Representative with Financial Network Investment Corporation, a securities broker/dealer (member SIPC).
biz yourmoney
SAGE November, 1999
It probably will be just fine, but it doesn't hurt to prepare yourself for possible short-term glitches
The Year 2000 issue. The Y2K problem. The millennium bug.
Whatever you call it, it's the inability of some computers, software and microchips to correctly recognize dates after 1999. That's because some of those devices might only use the last two digits of a year to express a date.
So when the year 2000 arrives, if those computers aren't fixed, they might incorrectly interpret the date and cause problems.
No one knows for sure what will happen at midnight, Dec. 31, 1999.
Theoretically, the millennium bug could disrupt any system that depends on computers. This is why doomsayers are predicting that the heat will shut off, grocery stores will run out of food, trains won't run, Social Security checks won't arrive and the stock market will crash.
But most experts agree that if there are glitches, they will be temporary. Consider this: The major industries that keep our financial systems running smoothly -- securities, banking, telecommunications, utilities -- have been preparing for the year 2000 for some time, spending billions of dollars to ensure that computer systems are Y2K compliant.
Beware of fraud
There might be people who try to cash in on fears about the Year 2000 issue. Don't give out personal information. If someone unknown to you tries to sell you a product, service or investment that is "guaranteed" to fix or prevent a Year 2000 problem, be careful. Do your research first and check reputable sources.
Your money
For more information
* Call the federal government's toll-free line at (888) USA-4-Y2K, or (888) 872-4925 to receive information about banking, government programs, the power supply, telephone lines and airlines.
* Plan to have some extra cash on hand in case the ATMs are down. You might want to safely store as much cash as you normally would for a long weekend.
* Consider early payment of January bills. You might want to pay those due in early January by late December.
* Work with your financial planner to review your investment portfolio and adjust it, if necessary, to reflect your investment goals and risk tolerance.
* Save copies of your securities and investment transactions, and confirmations and receipts, for several months before and after January 1.
* Save copies of your investment account statements for several months before and after January 1. Compare them to your own records to ensure accurate posting has occurred.
* Save copies of your bank statements, payroll statements and payment records on your bills for several months before and after January 1. Compare them to your own records to ensure accurate posting has occurred. Good record keeping makes sense at all times.
* If you bank by computer, consider downloading your account information before the end of December. Print it out and store it on a backup diskette.
* Keep transaction receipts/records for expenses incurred (including ATM receipts) for several months before and after January 1. Compare them to the bills you receive to ensure accurate posting has occurred.
* Keep paper copies of other key records handy (Social Security records, birth certificates, medical records, insurance policies and payment records, etc.)
* Consider asking for a printed history of your mortgage or other loan payments, before and after January 1. The history should include a breakdown of interest and principal paid. Verify that the information remains correct.
* Consider obtaining a copy of your credit report from each of the three major credit reporting
companies before and after the new year. Their numbers are: Equifax (800) 685-1111; Experian (800) 682-7654, and TransUnion (800) 916-8800. There might be a small charge for your reports.
It's a truism that every cloud has a potential silver lining, and Y2K is no exception. Many financial analysts believe the billions of dollars spent upgrading computer and chip technology to solve the Y2K problem could increase productivity and expand business for years to come, creating potential benefits to investors.
So, as we approach the end of Countdown 2000:
* Talk with your financial adviser.
* Take reasonable precautions.
* Enjoy the new year!
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