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Financial Tip

When you invest for the future, it's important to start early so you can keep time on your side. To achieve your goals, consider the following steps:

  • Start investing as early as you can.
  • Add to your investments as regularly as possible.
  • Monitor your portfolio over time to see if you need to make any changes.
  • Keep a long-term perspective as you invest toward your goals.

Don't be discouraged if you haven't already started investing for your long-term goals. Simply start as soon as you can - it's never too late to plan for the future.

As you watch your investment, it's probably best to ignore day-to-day market fluctuations and stick to your investment plan. Instead, focus on accumulating the assets you need farther down the road. Money earmarked for longer-term goals should not be disturbed solely because of short-term market fluctuations.

Would You Like Fries with Your Fill Up?

Rising gas prices, uncertainty in oil-producing nations and on-going environmental concerns have led consumers to become more vocal in their support of research and manufacturing efforts to produce reliable, sustainable sources of alternative energy to power the increasing number of vehicles used around the world.
Since the early days of the automobile in the United States, efforts have been made to develop alternative fuel sources that are cleaner, more efficient, environmentally friendly and sustainable. Some of the first attempts at developing alternative fuel include efforts by Henry Ford to harness nature as a source of energy. This included mixing coal by-products with gasoline, using propane, zero-emission hydroelectric energy and building a farm tractor that could run on alcohol as well as gasoline.
While fossil fuel (gasoline and petroleum products) currently represents the primary source of power for automobiles, interest in and limited use of new alternative fuels and hybrid power are quickly gaining momentum. Especially as new car buyers are looking for greater operating efficiency.
When someone mentions a hybrid vehicle, one of the first images that comes to mind for most people is a smaller, somewhat awkward looking car. This vision is based on the early hybrid models which pursued extreme aerodynamics and required large bulk space for battery cells. While most hybrids on the road today still combine gasoline engines with an electronic power source to extend the mileage range, they are taking on more traditional styling and include trucks, coupes and sedans.
As fuel supply and environmental concerns continue to grow, it is possible that the following alternatives could make their way into the marketplace.
Ethanol is an alcohol-based fuel manufactured mainly by fermenting and distilling starch crops, such as corn. However, it also can be made from trees and grasses. Ethanol blends include E10 (or gasohol), a blend of 10 percent ethanol and 90 percent gasoline and E85, a blend of 85 percent ethanol and 15 percent gasoline.
Natural Gas is one of the cleanest burning alternative fuels. It is a fossil fuel comprised mostly of methane and can be used in the form of compressed natural gas (CNG) or liquefied natural gas (LNG) to fuel cars and trucks.
Propane Gas or Liquefied Petroleum Gas (LPG) is a clean-burning fuel for powering internal combustion engines. LPG-powered vehicles produce fewer toxic and smog-forming air pollutants. LPG is usually less expensive than gasoline and comes from domestic sources.
Hydrogen is a potential environmentally-friendly source of power for cars and trucks that could dramatically reduce the need for imported oil, however it is currently expensive to produce and only available in limited areas.
Biodiesel is a form of diesel fuel manufactured from vegetable oils, animal fats or recycled restaurant greases such as those used to make french fries. Biodiesel is safe, biodegradable and produces less air pollutants than petroleum-based diesel. There are several blends of biodiesel that can be safely used in most diesel engines. However, grease or vegetable oil should never be used as fuel before it has been converted to biodiesel.

Teachable Moments

While these alternative fuels offer advantages over gasoline such as being more environmentally friendly, renewable and available domestically, some require specially-designed engines, provide fewer miles per gallon, are less readily available and can be more expensive to produce.

If your family is considering a car that uses alternative fuel, assign each family member with a different type of fuel and research the pros and cons it offers. Some things to look at include:

  • Efficiency: How many miles per gallon or charge?
  • Overall cost: How much to purchase price and maintain?
  • Emissions output: What is its carbon footprint?
  • Fuel availability: Where's the nearest place to fill up?