FREE - The Coast News

NOV. 12, 2010
years of age, about 6 feet tall
and between 160 and 180
pounds.
The FBI reports that the
bandit is wanted for 10 bank
robberies in San Diego
County and one in Temecula,
the earliest dating back to
August 2009.
Power was arrested Nov. 1
after allegedly entering three
locations within minutes of
each other and demanding
cash with a note, and in one
instance he revealed a handle
of a gun after he lifted his
shirt, according to Lt. Kelly
Cain, investigator with the
Carlsbad Police Department.
“An Oceanside teller
heard him say, ‘I am that guy,’
and a supervisor heard him
say ‘I am the Geezer Bandit,’”
Cain said.
But authorities do not
believe Power is the Geezer
Bandit.
“If we could hammer this
guy as the Geezer Bandit, we
would have done it,” Cain
said.
Besides differences in
Power’s age appearance and
the Geezer Bandit’s, the way
the robberies were conducted
was not similar.
“The Geezer went up and
down the coast,” Cain said of
the Geezer’s bank robberies.
Power went door-to-door,
he said.
According to the
Carlsbad Police Department,
at shortly after 3 p.m. Nov. 1,
Power entered a medical
office at 2626 El Camino Real
and presented a receptionist
with a demand note for cash.
Power left the office after
the receptionist told him
there wasn’t any cash on hand,
police said.
Minutes later, Power then
entered a Bank of America,
which was one block north of
the medical office, and was
unsuccessful at his attempt to
rob the bank with a demand
note, according to police.
At his final robbery
attempt, Power entered the
Wells Fargo Bank on Vista Way
in Oceanside, where he pre-
THE COAST NEWS
Preparing for financial emergencies can save you later
By Consumer Reports
One lesson of the recent
recession is the importance
of stashing away cash in case
you lose your job, your
investments falter, or you’re
hit with some other calamity.
It’s a lesson that many
Americans have taken to
heart. Consumer Reports
Money Adviser reports that
savings as a percentage of
disposable personal income
climbed to 5.9 percent in
2009 from 2.1 percent in
2007, according to the federal
Bureau of Economic
Analysis.
In a spring 2010 survey
by the Consumer Reports
National Research Center, 43
percent said they were put-
BANDIT
CONTINUED FROM A1
ting more into savings.
The editors of CRMA
offer the following tips on
how to amass cash for emergencies
and future purchases:
Set a goal
But how much should
you save, and where should
you keep the money?
A reasonable goal is to
save six months of living
expenses, perhaps more
while the economy remains
sour.
But the amount that
makes sense for you depends
on a number of factors,
including your job security,
your health and the quality
of your health-care coverage,
and how much debt you have.
Other considerations include
the number of wage earners
in your household; whether
you have dependent children;
and your access to
emergency sources of credit,
including home-equity lines
and even family members.
An emergency fund will
help you keep your household
running if you lose your
job or face any other costly
crisis without having to borrow,
especially in a tight
credit environment, or cash
out your investments at what
could be an inopportune
time.
To avoid the temptation
of spending that money, create
a separate capital fund
for big-ticket expenses you
expect within the next five
years, such as a new car or a
down payment on a house.
Getting there
Consumer Reports
Money Adviser recommends
taking a hard look at where
your money is going — your
fixed expenses and your discretionary
spending — to see
where you might free up
some cash to put toward savings
each month.
Your basic living expenses,
including mortgage or
rent, utilities, insurance,
food, and clothing, should
equal no more than about 60
percent of your income. The
remaining 40 percent should
sented a demand note to a
bank teller and revealed the
handle of a dark-colored semiautomatic
pistol, Cain said.
He received an unknown
amount of cash according to a
release on Nov. 1.
An employee at one of
the locations he entered was
able to identify his vehicle
and license plate, which led to
his arrest that same day,
police said.
On Nov. 3 Power pleaded
not guilty to several charges at
his arraignment in a Vista
courtroom, according to
10News.
He faces one count of
robbery and two counts of
attempted robbery.
He was also booked on
be for discretionary spending,
savings, retirement, and
investing. If your living
expenses exceed that, consider
changing your lifestyle or
finding sources of additional
income.
If you’re like many people,
you’re already making
regular contributions into a
retirement fund and perhaps
building funds for your children’s
education. If your
emergency fund is inadequate,
you might need to
adjust those contributions,
along with discretionary
spending. But try not to
reduce your retirement contributions
below the threshold
for getting your employer’s
full 401(k) match.
charges of threatening officers’
lives while in custody,
according to Cain.
Outstanding Agents.
Outstanding Results.
A13
Don’t tap your retirement
funds or college savings
if you run into an emergency,
because it can be costly.
You’ll pay income tax on
IRA withdrawals, and if you
take them before age 59-1/2
you might be subject to a 10
percent tax penalty. The
same applies if you borrow
from your 401(k) or 403(b)
and don’t pay it back within
five years.
Once you determine
how much you can set aside,
have the money taken out of
your paycheck automatically
and direct it to your emergency
and capital funds.
Build your emergency fund
TURN TO CONSUMER ON A23
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