With a bright smile, a hearty handshake, and the enthusiasm of 10 people, Melvin Carrington Smith imparts his signature phrase, "Have a super-fantastic day!" to everyone he meets. Smith, a certified financial planner at First Financial Group in Birmingham, Alabama, has a super-fantastic goal as well: to teach the essentials of money management—investing, estate planning, and wealth building—to those who otherwise might not have access to expert advice. For several years, Smith has been teaching financial planning principles in and around Birmingham. In 1997, he founded Financial Discovery Forum (FDF), an organization dedicated to educating African Americans about securing their financial future. Smith's goal in founding the FDF underscores DOFE Principle No. 5: to engage in sound budget, credit, and tax management practices. "There is a desperate need in our communities for us to take responsibility," he says. "We can improve our financial situation and can't go around blaming others for our plight." While Smith, 55, is content to simply share his knowledge, he knows most people fail to act on what they learn. This has inspired him to lead financial seminars twice a month at local churches and community centers. The FDF has allowed Smith to communicate more effectively with members of his community, while simultaneously galvanizing them to action. Under Smith, FDF holds an annual half-day Financial Wealth Empowerment Symposium, with workshops that focus on specific issues such as retirement planning or predatory lending. FDF is made up of 10 professionals who are knowledgeable in financial matters and who offer services ranging from financial planning to insurance brokering. Seminar attendees can take advantage of a free consultation with any of the members and can also join the forum's e-mail list for additional tips. On average, between 25 and 50 people attend FDF seminars; participants range in age from 35 to 55. Birmingham veterinarian Lavell Galloway, 40, attended FDF's 2002 symposium and participated in an estate-planning workshop with his wife, Cathy, 33. "When you're single, you really don't do much financial planning," he says, "but now that I have a family, I need to get things on track." The Galloways have subsequently become diligent about paying off credit card debt and have started savings and investment accounts. They also made a will and are considering starting a trust. Smith believes everyone can benefit from a little extra guidance on how to handle finances. His aim, however, is to reach those in their teens—years when many are forming what will become lifelong budgeting and spending habits. FDF also reaches out to college students, teaching them about credit, since credit card companies often bombard them with offers on campus. "We show these students that savings can actually grow over time if they put away 50 cents a day rather than buying that candy bar or soft drink," says Smith. Smith has been budgeting, saving, and investing steadily throughout his adult life. In 1990 he hired a financial planner to make sure he was doing everything required to retire comfortably and meet his family's financial needs. "As it turned out, there were some gaps I had not thought about. I didn't have enough home-owners insurance, and I didn't have a will," he says. The financial planner helped Smith map out a plan enabling him to retire from his post as director of marketing at Bell South at age 48. Smith was also able to save enough to pay for all five of his children to attend college. Now he works simply because he likes financial planning, not because he needs the additional income. He says that most people can attain similar objectives by focusing on some basic principles: HAVE CLEAR GOALS "You need to know where you're going to start and where you plan to end up," Smith says. "Ninety-eight percent of those at retirement age are not able to live comfortably because they haven't set clear-cut goals in order to make it happen." Smith suggests writing down a list of clearly defined priorities that encompass all your financial objectives: How much do you need to put away to send your children to college? When do you want to retire, and how much do you need to save and invest to meet that goal? INVEST WISELY, EARLY, AND OFTEN FDF encourages people to save as much as they can of their after-tax income and to invest it intelligently. Smith says it is important to ensure that you have proper diversification of assets. "Don't put all your eggs in one basket and focus on a single stock," he says, citing the examples of Enron and WorldCom. He advises spreading investments over stocks and bonds and allocating portions of your portfolio to value, growth, large, small- and mid-cap companies. BE PREPARED You should also consider what will happen to your assets in the event of an accident. Make sure you have enough disability and life insurance to cover your family's financial obligations, such as your mortgage and future living expenses. You should also have a will that determines how your wealth will be distributed. "You need to protect the wealth that you have," says Smith.