By Eric Holmes
American Home Mortgage
A lot is happening in the residential lending business. And world money market trends impact all of our personal finances. I have put together some snippets of financial news -- serious and thought-provoking -- for your review.
1. STOCK PERFORMANCE - The S&P 500 has gained +72% (total return) in the four years since the Iraq war began in the early hours of March 20, 2003 -- an average annual return of +14.6% (source: BTN Research).
2. BACK TO A NEW HIGH - In the first 8 bear markets which produced at least a 20% decline in the S&P 500 in the last half century (1957-2007), the stock market eventually recovered 100% of the loss sustained, i.e., going above the previous bull market high. The average time the stock market took to recover back to a new closing high from the low point in the downturn was 19 months. The longest time it took to reach a new high was 69 ½ months following the end of the 1973-74 market drop. As of today, it has been 53 months since the low point from the 2000-02 bear market (i.e., the 9th bear market since 1957) and the stock market has not advanced back to the previous bull market high of 1527 from March 24, 2000 (source: BTN Research).
3. IT’S BACK - The Chinese Shanghai stock index opened at 3041 on February 27, the day that ultimately resulted in an 8.8% decline, setting off losses worldwide. It closed March 21 at 3057 (source: BTN Research).
4. IMPACT OF INFLATION - $1 million dollars will pay out a fixed amount of $6,000 per month for 28 years and 7 months assuming the principal continues to earn six percent annually. If the $6,000 monthly payment is increased by + three percent each year to account for the impact of inflation, the original $1 million dollars will last 18 years and 2 months. The mathematical calculation ignores the ultimate impact of taxes on the account which are due upon withdrawal, are for illustrative purposes only and are not intended to reflect any specific investment or performance. Actual results will fluctuate with market conditions and results will vary (source: BTN Research).
5. DID NOTHING - The Fed’s # 2 meeting of 2007 ended with a no-change decision, the central bank’s 6th consecutive meeting resulting in maintenance of the status quo. The Fed has either raised or lowered interest rates at least 1 time in each of the previous 13 calendar years (source: Federal Reserve).
6. REAL ESTATE FALLOUT - Some sobering news . . . 13% of adjustable rate mortgages taken out during the past three calendar years (2004-06) are projected to ultimately end in foreclosure (source: First American CoreLogic, Wall Street Journal).
7. DOLLAR DATA - As the financial woes of the mortgage industry continue and concerns about the health of our economy heighten, the value of the dollar has slipped in world markets. As of last Wednesday’s close, the euro had increased (i.e., dollar had fallen) to $1.3381, its highest value since March 16, 2005. A falling dollar theoretically increases the cost of foreign imports but drops the cost of US exports being sold abroad (source: BTN Research).
8. DIFFERENT COUNTRIES - Over the past 16 calendar years (1991-2006), the average American home has appreciated +139%. By comparison, residential properties in Japan declined in value each year for 15 consecutive years (from 1991-2005) and then gained just +0.1% in 2006 (source: OFHEO, Wall Street Journal).
9. TAX TRIVIA - Based upon the 2004 tax year, individual returns with at least $100,000 of adjusted gross income make up 12% of all returns and paid 65% of all federal income tax (source: IRS).
10. SPOILED ROTTEN - Of the 946 billionaires in the world today, the youngest is a 23-year old German prince worth $2 billion who first made this exclusive list as an eight-year old (source: Forbes).
11. BIGGER THAN MOST - To rank in the top one percent of American households based upon net worth (including the value of a family’s primary residence) requires a net worth of $6 million or more (source: Federal Reserve, WSJ).
12. THE CHECK IS IN THE MAIL - An individual retiring in 2007 who is eligible for the maximum social security benefit will receive $2,116 per month or $25,392 per year (source: Social Security Administration).
13. UNION BENEFIT - In August 2005 Shaquille O’Neal signed a 5-year, $100 million contract (i.e., an average of $20 million per year, $54,800 per day) to play basketball for the Miami Heat through 2010. But the 35-year old center still receives $106 of cash each day that his team is on the road (as all NBA players do) to spend as he chooses as a result of the league’s collective bargaining agreement (source: NBA).
Eric Holmes is a sales manager and mortgage planner with American Home Mortgage in Westerville, Ohio. He provides his clients with honest answers and straight advice on residential mortgages. Visit Eric on the web at: www.americanhm.com/Eric.Holmes
Wednesday, March 28, 2007
Tuesday, March 27, 2007
TRAVEL -- Five Reasons to Visit Europe This Spring
By Mary Stephan
TravelEscapes
Spring is a great time to visit Europe. Lush green pastures, fields ablaze with a riotous explosion of color from poppies, tulips, crocuses. Pastel tree blossoms. Ahhh, Paris in the spring conjures images of romance and love. Even better, less expensive and less crowded.
So here are the top reasons you should visit Europe this spring.
1.) Cheap Airfare. $550-$750 per person as opposed to double that mid-summer. Midweek fares are even less.
2.) Hotel discounts and lots of availability. Top hotels are usually $150 and up in the spring, double that in summer.
3.) Bargain prices for rental cars.
4.) Less crowded museums, less waiting in line.
5.) Europeans are home, savoring the quiet, sipping cappuccino in cafes and restaurants. Enjoying their cities and towns before the summer onslaught of tourists. Art festivals and other events are abundant.
So there you have it. The best reasons to visit Europe this spring!
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
TravelEscapes
Spring is a great time to visit Europe. Lush green pastures, fields ablaze with a riotous explosion of color from poppies, tulips, crocuses. Pastel tree blossoms. Ahhh, Paris in the spring conjures images of romance and love. Even better, less expensive and less crowded.
So here are the top reasons you should visit Europe this spring.
1.) Cheap Airfare. $550-$750 per person as opposed to double that mid-summer. Midweek fares are even less.
2.) Hotel discounts and lots of availability. Top hotels are usually $150 and up in the spring, double that in summer.
3.) Bargain prices for rental cars.
4.) Less crowded museums, less waiting in line.
5.) Europeans are home, savoring the quiet, sipping cappuccino in cafes and restaurants. Enjoying their cities and towns before the summer onslaught of tourists. Art festivals and other events are abundant.
So there you have it. The best reasons to visit Europe this spring!
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
Thursday, March 15, 2007
BANKING/COMMERCIAL LENDING -- Did You Know?
By Reggie Pace Sr.
The First Citizens National Bank
We occasionally send out interesting news of note from the bank. I thought I would share a recent "Did You Know?" roundup with Business Network Advisory readers!
1. DOMESTIC vs. FOREIGN - The S&P 500 has outperformed the international stock index in just 13 of the last 30 calendar years (1977-2006), the last time taking place in 2001. The international index has been the better performing index in each of the last five calendar years.
2. HIGH TO LOW AND BACK AGAIN - From the 2002 bear market low-point until mid-February, the total market capitalization of the US stock market has nearly doubled in value. Domestic stocks were worth $9.5 trillion on 10/09/02, rising to a value of $18.5 trillion last month. At the peak of the bull market in early 2000, the total value of all US stocks exceeded $26 trillion.
3. ANOTHER FED AT WORK - The central bank of Japan (i.e., the Bank of Japan) raised its key benchmark interest rate on February 27 by +0.25% to a new level of 0.50%, its second rate hike in the past seven months. Before its July 2006 rate change, the Bank of Japan had kept interest rates unchanged since 9/19/01. The USA's Federal Reserve has its benchmark interest rate currently set at 5.25%.
4. EVERY MONTH - American workers save $696 per month on average for their retirement years. The median amount saved each month by US workers is $352.
5. LESS AND LESS - An estimated 11% of all US workers will be covered by a defined benefit (DB) "pension plan" in the year 2011 -- four years from now. In 1983, 62% of all workers had a DB plan.
6. BIGGER SLICE OF THE PIE - The national total of health costs in America has escalated from 9% of our economy in 1980, to 16% in 2005, to a projected 20% of our economy in the year 2016.
7. RETIREMENT EXPENSE - A 65-year old husband and wife couple will need $295,000 on average during their retirement years to pay for health insurance premiums and out-of-pocket medical expenses if they live until life expectancy.
Reggie Pace Sr. is first vice president of The First Citizens National Bank in Powell, Ohio. Email: powell.fcnb@firstcitizensnational.com
The First Citizens National Bank
We occasionally send out interesting news of note from the bank. I thought I would share a recent "Did You Know?" roundup with Business Network Advisory readers!
1. DOMESTIC vs. FOREIGN - The S&P 500 has outperformed the international stock index in just 13 of the last 30 calendar years (1977-2006), the last time taking place in 2001. The international index has been the better performing index in each of the last five calendar years.
2. HIGH TO LOW AND BACK AGAIN - From the 2002 bear market low-point until mid-February, the total market capitalization of the US stock market has nearly doubled in value. Domestic stocks were worth $9.5 trillion on 10/09/02, rising to a value of $18.5 trillion last month. At the peak of the bull market in early 2000, the total value of all US stocks exceeded $26 trillion.
3. ANOTHER FED AT WORK - The central bank of Japan (i.e., the Bank of Japan) raised its key benchmark interest rate on February 27 by +0.25% to a new level of 0.50%, its second rate hike in the past seven months. Before its July 2006 rate change, the Bank of Japan had kept interest rates unchanged since 9/19/01. The USA's Federal Reserve has its benchmark interest rate currently set at 5.25%.
4. EVERY MONTH - American workers save $696 per month on average for their retirement years. The median amount saved each month by US workers is $352.
5. LESS AND LESS - An estimated 11% of all US workers will be covered by a defined benefit (DB) "pension plan" in the year 2011 -- four years from now. In 1983, 62% of all workers had a DB plan.
6. BIGGER SLICE OF THE PIE - The national total of health costs in America has escalated from 9% of our economy in 1980, to 16% in 2005, to a projected 20% of our economy in the year 2016.
7. RETIREMENT EXPENSE - A 65-year old husband and wife couple will need $295,000 on average during their retirement years to pay for health insurance premiums and out-of-pocket medical expenses if they live until life expectancy.
Reggie Pace Sr. is first vice president of The First Citizens National Bank in Powell, Ohio. Email: powell.fcnb@firstcitizensnational.com
Tuesday, March 13, 2007
COMMERCIAL REAL ESTATE -- 'Too Soon Old, Too Late Smart'
By Brent Greer
Prudential CRES Commercial Real Estate
These words, "Too Soon Old, Too Late Smart," resonated with me earlier today. During lunch with a long-time buddy, Jude Cuddy, he mentioned that those words have become a favorite catchphrase his father, Joe, uses. I had to laugh . . . I know the meaning all too well. Especially when I cross paths with younger people who ask me to help them jump into investment real estate.
Recently, I have begun working with a gentleman in his mid 20s. He has worked hard, stashed away money, lives "frugally," and through research has recognized that investment real estate can help him go far toward setting himself, and ultimately, his heirs, up for life. I'm not talking about house flipping, or buying the no money down properties that are repeatedly re-financed (you are reading about a lot of THOSE purchases these days in the foreclosure pages). I'm talking about shrewdly investing in investment real estate to hold for income, then exchange for larger properties in five to six years time, and exploiting a number of tax advantages during the process. When I met this young man for the first time, and quickly learned what he knew, I was reminded of the old phrase, "I wish I knew then what I know now." For on several occasions I have remarked on the things I wish I knew when I was 25 or so, that some of my younger clients know today at that age. What's more -- they are are acting on what they know!
"Too Soon Old, Too Late Smart." That really hit home for me. We DID think we knew everything when we were still wet behind the ears, didn't we?
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Prudential CRES Commercial Real Estate
These words, "Too Soon Old, Too Late Smart," resonated with me earlier today. During lunch with a long-time buddy, Jude Cuddy, he mentioned that those words have become a favorite catchphrase his father, Joe, uses. I had to laugh . . . I know the meaning all too well. Especially when I cross paths with younger people who ask me to help them jump into investment real estate.
Recently, I have begun working with a gentleman in his mid 20s. He has worked hard, stashed away money, lives "frugally," and through research has recognized that investment real estate can help him go far toward setting himself, and ultimately, his heirs, up for life. I'm not talking about house flipping, or buying the no money down properties that are repeatedly re-financed (you are reading about a lot of THOSE purchases these days in the foreclosure pages). I'm talking about shrewdly investing in investment real estate to hold for income, then exchange for larger properties in five to six years time, and exploiting a number of tax advantages during the process. When I met this young man for the first time, and quickly learned what he knew, I was reminded of the old phrase, "I wish I knew then what I know now." For on several occasions I have remarked on the things I wish I knew when I was 25 or so, that some of my younger clients know today at that age. What's more -- they are are acting on what they know!
"Too Soon Old, Too Late Smart." That really hit home for me. We DID think we knew everything when we were still wet behind the ears, didn't we?
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Monday, March 12, 2007
TRAVEL -- Disney Cruise Lines Has Announced Exciting News!
By Mary Stephan
Travel Escapes
Disney Cruise Lines is adding two new ships! These new ships will debut in 2011 and 2012. Both will be 122,000 gross tons and will be two decks taller than the Disney Magic and Wonder, both at 83,000 tons respectively. New itineraries will be unveiled with the addition of both ships.
Currently, Disney Cruise line has three-, four- and seven-day Eastern & Western Caribbean Itineraries leaving from Port Canaveral. Special cruises for 2007 include; a 10- or 11-night Mediterranean Itinerary for the summer, 14-day eastbound and westbound transatlantic cruise and a 4 day Bahamas Pin Trading Cruise in November.
In 2008, a seven-night Mexican Rivera Cruise departing from the Port of Los Angeles, a 15 night westbound Panama Canal crossing and a 15-night eastbound Panama Canal will be offered.
You can combine a seven-night land and sea option, a three-nights land, four-nights sea or four-nights sea and three-nights land with the "Magic Your Way Package." The best of both worlds!
For those of you who have not cruised before, I highly recommend it. There is something for everyone on a cruise. Disney Cruise Line has set the bar for on-board children’s programs and activities. Mom and Dad can relax in an adult only area while their kids are immersed in activities just for them. Award winning spa services on both ships, great food and Disney’s signature service and attention to detail make this a win-win for a great family vacation!
Mary Stephan is a travel consultant with Travel Escapes in Westerville, Ohio. Her posts appear regularly on the Business Network Advisory. Email: mbs@columbus.rr.com.
Travel Escapes
Disney Cruise Lines is adding two new ships! These new ships will debut in 2011 and 2012. Both will be 122,000 gross tons and will be two decks taller than the Disney Magic and Wonder, both at 83,000 tons respectively. New itineraries will be unveiled with the addition of both ships.
Currently, Disney Cruise line has three-, four- and seven-day Eastern & Western Caribbean Itineraries leaving from Port Canaveral. Special cruises for 2007 include; a 10- or 11-night Mediterranean Itinerary for the summer, 14-day eastbound and westbound transatlantic cruise and a 4 day Bahamas Pin Trading Cruise in November.
In 2008, a seven-night Mexican Rivera Cruise departing from the Port of Los Angeles, a 15 night westbound Panama Canal crossing and a 15-night eastbound Panama Canal will be offered.
You can combine a seven-night land and sea option, a three-nights land, four-nights sea or four-nights sea and three-nights land with the "Magic Your Way Package." The best of both worlds!
For those of you who have not cruised before, I highly recommend it. There is something for everyone on a cruise. Disney Cruise Line has set the bar for on-board children’s programs and activities. Mom and Dad can relax in an adult only area while their kids are immersed in activities just for them. Award winning spa services on both ships, great food and Disney’s signature service and attention to detail make this a win-win for a great family vacation!
Mary Stephan is a travel consultant with Travel Escapes in Westerville, Ohio. Her posts appear regularly on the Business Network Advisory. Email: mbs@columbus.rr.com.
Friday, March 2, 2007
HUMAN RESOURCES -- Blogged Out of a Job!
By Randy Hamilton
Hamilton Human Resources
I read an article that I think is appropriate to today’s technology and issues employers face in virtually every industry. I did not write the original piece, but have added materials I believe are essential. Regardless, this is an issue many companies are facing with increasing concern.
Can employees "diss" your company on the Internet and get away with it? In a growing number of cases, the answer is No. I remember last December Time magazine named as its Person of the Year-a title usually reserved for world leaders and Nobel Prize winners-"You." They even attached a mirror to the magazine so that "You" could see your picture on the cover. The Internet has let just about anyone with a computer stake a claim to fame these days, by writing a blog, creating a personal Web page on sites such as MySpace.com, or starring in a personal video on sites like YouTube.com. Through the power of the net, whatever they do then becomes available for the whole world to see.
What most people on the Net probably don't count on, though, is that among their audience are employers. And while Internet celebrity can make you famous, it can also cost you your job. There's even a name for this phenomenon ... getting "dooced." The name comes from a blog whose creator met that fate.
There have been two paths to losing ... or not getting ... a job via the Internet: One starts with the fact that, increasingly, employers on the hire are looking past pristine resumes and rock-solid interviews to other expressions of their candidate's minds. The other path to unemployment opens when bloggers, mistakenly, as it turns out, think their blogs are private, protected, or untraceable and then use them to knock bosses or co-workers, or to reveal future products or other company secrets.
In fact, blogs are not protected, either under free speech rights (which don't apply to private companies) or the freedom of the press provisions of the Constitution, say legal experts. And, especially if written on company computers and/or company time, they have no protection under privacy rules. This is true even if the blogger uses his or her private outside-provider account on a company computer.
Some experts similarly believe that there is no protection against employment actions based on disparaging or untrue remarks about the company, even if the blogger uses a personal computer at home to make them.
I provide Human Resource consulting service to business owners, which includes writing Employee Handbooks. After being made aware of such issues, I strongly urge each business owner to stand on secure ground about taking a worker to task about blogging. I recommend business owners write a policy and publish it in the Employee Handbook that addresses the following:
--Prohibits the publication of either employer or client proprietary information
--Bans negative remarks about the company, management, and co-workers
--Outlaws the use of company time or equipment to post to personal blogs
Be sure to also put employees on notice that they're being monitored, and that not only blogs but also instant messages, e-mails, and even cell phone text messages are covered under this policy. Let them also know that the way technology works, even if the delete key is pressed, every message leaves an electronic trail that's both traceable to them and accessible by you.
Randy Hamilton is president of Hamilton Human Resources Inc. Email: randyhamilton@columbus.rr.com
Hamilton Human Resources
I read an article that I think is appropriate to today’s technology and issues employers face in virtually every industry. I did not write the original piece, but have added materials I believe are essential. Regardless, this is an issue many companies are facing with increasing concern.
Can employees "diss" your company on the Internet and get away with it? In a growing number of cases, the answer is No. I remember last December Time magazine named as its Person of the Year-a title usually reserved for world leaders and Nobel Prize winners-"You." They even attached a mirror to the magazine so that "You" could see your picture on the cover. The Internet has let just about anyone with a computer stake a claim to fame these days, by writing a blog, creating a personal Web page on sites such as MySpace.com, or starring in a personal video on sites like YouTube.com. Through the power of the net, whatever they do then becomes available for the whole world to see.
What most people on the Net probably don't count on, though, is that among their audience are employers. And while Internet celebrity can make you famous, it can also cost you your job. There's even a name for this phenomenon ... getting "dooced." The name comes from a blog whose creator met that fate.
There have been two paths to losing ... or not getting ... a job via the Internet: One starts with the fact that, increasingly, employers on the hire are looking past pristine resumes and rock-solid interviews to other expressions of their candidate's minds. The other path to unemployment opens when bloggers, mistakenly, as it turns out, think their blogs are private, protected, or untraceable and then use them to knock bosses or co-workers, or to reveal future products or other company secrets.
In fact, blogs are not protected, either under free speech rights (which don't apply to private companies) or the freedom of the press provisions of the Constitution, say legal experts. And, especially if written on company computers and/or company time, they have no protection under privacy rules. This is true even if the blogger uses his or her private outside-provider account on a company computer.
Some experts similarly believe that there is no protection against employment actions based on disparaging or untrue remarks about the company, even if the blogger uses a personal computer at home to make them.
I provide Human Resource consulting service to business owners, which includes writing Employee Handbooks. After being made aware of such issues, I strongly urge each business owner to stand on secure ground about taking a worker to task about blogging. I recommend business owners write a policy and publish it in the Employee Handbook that addresses the following:
--Prohibits the publication of either employer or client proprietary information
--Bans negative remarks about the company, management, and co-workers
--Outlaws the use of company time or equipment to post to personal blogs
Be sure to also put employees on notice that they're being monitored, and that not only blogs but also instant messages, e-mails, and even cell phone text messages are covered under this policy. Let them also know that the way technology works, even if the delete key is pressed, every message leaves an electronic trail that's both traceable to them and accessible by you.
Randy Hamilton is president of Hamilton Human Resources Inc. Email: randyhamilton@columbus.rr.com
Thursday, March 1, 2007
TRAVEL -- Passport Information Made Easy
By Mary Stephan
Travel Escapes
Last week I was in the Post Office buying stamps when I noticed a couple in front of me applying for passports they would need with the upcoming honeymoon. Everything seemed to be going smoothly, until the Postal Employee asked them for a personal check to cover the fee of the application. Neither of them had a personal check. After waiting in line and going through the paperwork, they could not get their passport application completed because of this lack of a check on their person.
There appears to be a great deal of confusion and misinformation regarding passport applications. I tell all my clients traveling -- even on cruise ships -- that they need to get a passport, and they need to do it now if traveling late spring or summer. Simply put, if you are traveling out of the country for Spring Break and do not have a passport, you will have to get it expedited. The regular processing time is 6-8 weeks. Expedited passports generally take 2 weeks or 10 business days.
Here is the latest passport information and tips to help you with the process. As of January 23, 2007, U.S. citizens traveling by air to the Caribbean, Mexico, Central and South America, Bahamas, Bermuda and Canada are required to have passports. Beginning January 1, 2008, all land and sea U.S. citizens may be required to have passports. Travel to and from the U.S. Territories from the States does not require a passport -- yet. U.S. territories include the following: Guam, Puerto Rico, the U.S. Virgin Islands, American Samoa, Swains Island, and the Commonwealth of the Northern Mariana Islands. If you are going to a cruise and your cruise does not involve air travel outside the US, should you be required to unexpectedly depart a vessel prior to the end of your cruise, a passport is required to re-enter the U.S. All the major cruise lines strongly suggest you have a valid passport just in case.
Some tips to help you expedite the process of getting your passport. Go to the U.S. Dept. of State’s website: http://travel.state.gov/passport/passport_1738.html and read which documents you will need to show when you apply for your passport, download a passport application and have your pictures taken before you get to the Post Office. Passport photos must be 2 x 2, with a white or off-white background and you must submit 2 photos. Currently Meijer & CVS Stores have passport photo capability. To find additional stores check your yellow pages under passport photos. Certain Post Office Locations now have photo availability on-site. All children under 14 must accompany their both parents in applying for their passport. Again, refer to the State Dept. website for more information.
Several U.S. Post Office branches are open on Saturdays to process passports. In Central Ohio, where I reside and work, both Dublin Branch Offices are open 10-Noon, Old Worthington, 9-1pm. Here is a link to locations where you can get your passport processed: http://iafdb.travel.state.gov/
The fees are as follows:
- Under 16 years of age-Application fee is $52.00. The execution fee is $30.00. Total fee is $82.00
- 16 years of age and older-Application fee is $67.00. The execution fee is $30.00. Total fee is $97.00.
- Expedited Passport Fees-$60.00 plus Overnight delivery service fees apply.
All fees are non-refundable. For passport application fees personal check, money order or bank draft only. Credit cards are not accepted for payment. The only exception is the execution fee, which is collected by the U.S. Post Office. There, they will take credit or debit card.
Mary Stephan is a travel consultant with Travel Escapes, Westerville, Ohio. Her posts on the travel industry appear periodically in the Business Network Advisory. Email: mbs@columbus.rr.com
Travel Escapes
Last week I was in the Post Office buying stamps when I noticed a couple in front of me applying for passports they would need with the upcoming honeymoon. Everything seemed to be going smoothly, until the Postal Employee asked them for a personal check to cover the fee of the application. Neither of them had a personal check. After waiting in line and going through the paperwork, they could not get their passport application completed because of this lack of a check on their person.
There appears to be a great deal of confusion and misinformation regarding passport applications. I tell all my clients traveling -- even on cruise ships -- that they need to get a passport, and they need to do it now if traveling late spring or summer. Simply put, if you are traveling out of the country for Spring Break and do not have a passport, you will have to get it expedited. The regular processing time is 6-8 weeks. Expedited passports generally take 2 weeks or 10 business days.
Here is the latest passport information and tips to help you with the process. As of January 23, 2007, U.S. citizens traveling by air to the Caribbean, Mexico, Central and South America, Bahamas, Bermuda and Canada are required to have passports. Beginning January 1, 2008, all land and sea U.S. citizens may be required to have passports. Travel to and from the U.S. Territories from the States does not require a passport -- yet. U.S. territories include the following: Guam, Puerto Rico, the U.S. Virgin Islands, American Samoa, Swains Island, and the Commonwealth of the Northern Mariana Islands. If you are going to a cruise and your cruise does not involve air travel outside the US, should you be required to unexpectedly depart a vessel prior to the end of your cruise, a passport is required to re-enter the U.S. All the major cruise lines strongly suggest you have a valid passport just in case.
Some tips to help you expedite the process of getting your passport. Go to the U.S. Dept. of State’s website: http://travel.state.gov/passport/passport_1738.html and read which documents you will need to show when you apply for your passport, download a passport application and have your pictures taken before you get to the Post Office. Passport photos must be 2 x 2, with a white or off-white background and you must submit 2 photos. Currently Meijer & CVS Stores have passport photo capability. To find additional stores check your yellow pages under passport photos. Certain Post Office Locations now have photo availability on-site. All children under 14 must accompany their both parents in applying for their passport. Again, refer to the State Dept. website for more information.
Several U.S. Post Office branches are open on Saturdays to process passports. In Central Ohio, where I reside and work, both Dublin Branch Offices are open 10-Noon, Old Worthington, 9-1pm. Here is a link to locations where you can get your passport processed: http://iafdb.travel.state.gov/
The fees are as follows:
- Under 16 years of age-Application fee is $52.00. The execution fee is $30.00. Total fee is $82.00
- 16 years of age and older-Application fee is $67.00. The execution fee is $30.00. Total fee is $97.00.
- Expedited Passport Fees-$60.00 plus Overnight delivery service fees apply.
All fees are non-refundable. For passport application fees personal check, money order or bank draft only. Credit cards are not accepted for payment. The only exception is the execution fee, which is collected by the U.S. Post Office. There, they will take credit or debit card.
Mary Stephan is a travel consultant with Travel Escapes, Westerville, Ohio. Her posts on the travel industry appear periodically in the Business Network Advisory. Email: mbs@columbus.rr.com
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