Personal Finance Advice For Women

WGN-TV Show Notes — April 30, 2002

ANCHOR: Although women make up half the workforce, many leave the job of balancing the family checkbook and investing for the future to their husbands or partners.

ANCHOR: Financial illiteracy is a problem that many women, of all ages, face, even those who are attorneys and bankers, as WGN’s Money Saving Expert Ilyce Glink explains in lesson two of our MONEY 101 week: Women and Money.

ELLEN SOLOMON’S FATHER BALANCED HER CHECKBOOK IN COLLEGE. HER HUSBAND TOOK OVER AFTER GRADUATION. THIRTY-FIVE YEARS LATER, AS HE LAY DYING, HE TRIED TO TELL HER WHERE EVERYTHING WAS.

ELLEN SOLOMON, DIR OF WOMEN’S ISSUES, STATE TREASURER’S OFFICE 01 02 45
“I REFUSED. I DIDN’T WANT TO DEAL WITH IT, DIDN’T WANT TO FACE IT.”

SOLOMON’S HUSBAND FINALLY CREATED A NOTEBOOK THAT CONTAINED THE DETAILS OF THEIR FINANCIAL LIFE. MOST OF THE TIME, WOMEN DON’T GET THAT LUCKY.

THERESE MEYER, ASSOC. VP AG EDWARDS

“WHEN I SEE WOMEN, IT’S WHEN THEY HAVE FACED A LIFE-CHANGING EVENT. THEY’VE EITHER BEEN THROUGH A DIVORCE OR WIDOWED OR MAYBE THEY ARE FACING A JOB CHANGE.”

WHY DO WOMEN GIVE UP THE GOAT WHEN IT COMES TO MONEY? OFTEN, THEY DON’T FEEL SMART ENOUGH TO RUN THE NUMBERS.

ELLEN SOLOMON, DIR OF WOMEN’S ISSUES, STATE TREASURER’S OFFICE
“IN THE BACK OF MY MIND, I FELT I COULDN’T UNDERSTAND IT ANYWAY SO WHY EVEN THINK ABOUT IT.”

IN THE PAST EIGHTEEN MONTHS, SOLOMON’S FINANCIAL ADVISORS HAVE BROUGHT HER UP TO SPEED. SHE’S REALIZED THAT WOMEN CAN AND SHOULD HANDLE THEIR FINANCES. NOW THE DIRECTOR OF WOMEN’S ISSUES FOR THE STATE TREASURER’S OFFICE, SOLOMON IS DEVELOPING A SERIES OF PROGRAMS TO GIVE WOMEN THE CONFIDENCE TO TAKE CHARGE OF THEIR MONEY.

ELLEN SOLOMON, DIR OF WOMEN’S ISSUES, STATE TREASURER’S OFFICE

“I AM FINDING THAT, NO, EVEN SUCCESSFUL PROFESSIONALS, ATTORNEYS, BANKERS, DON’T KNOW AS MUCH ABOUT THEIR FINANCES AS THEY SHOULD.”

ILYCE: “IF YOU TAKE IT STEP BY STEP, IT’S EASY TO INCORPORATE MANAGING YOUR MONEY INTO YOUR DAILY LIFE. IT DOESN’T HAVE TO BE OVERWHELMING OR SCARY.”

START BY MAKING A LIST OF WHERE YOUR MONEY AND ASSETS ARE, INCLUDING NAMES AND NUMBERS. NEXT, TAKE A CLOSE LOOK AT ALL OF THE BENEFITS YOU GET FROM YOUR JOB, AND THOSE YOUR SPOUSE OR PARTNER RECEIVES. ANALYZE YOUR MONTHLY AND ANNUAL EXPENSES. BALANCE YOUR CHECKING, SAVING, AND CREDIT CARD ACCOUNT. FINALLY, SET SHORT, MEDIUM, AND LONG-TERM FINANCIAL GOALS.

HOW TO MANAGE YOUR MONEY

“LIST YOUR MONEY AND ASSETS, INCLUDE NAMES AND NUMBERS

“LOOK AT YOUR JOB’S BENEFITS

“ANALYZE MONTHLY AND ANNUAL EXPENSES

“BALANCE CHECKING, SAVING, AND CREDIT CARD ACCOUNTS

“SET SHORT, MEDIUM, AND LONG-TERM FINANCIAL GOALS

DON’T PASS DOWN MONEY FEARS

THERESE MAYER, ASSOC VP AG EDWARDS

“I THINK IT’S VERY IMPORTANT FOR YOUNG WOMEN TO THINK ABOUT SETTING UP THEIR OWN ACCOUNTS AND THEIR OWN MONEY EVEN IF THEY MEET SOMEONE WHO’S A GREAT GUY.”

THE ABILITY TO SUCCESSFULLY MANAGE YOUR OWN MONEY MIGHT BE YOUR BEST ASSET.

FOR WGN NEWS, I’M ILYCE GLINK — SAVING YOU MONEY!

ANCHOR: YOU CAN FIND OUT MORE ABOUT YOUR FINANCES THIS WEEK AT FREE SEMINARS ACROSS THE CITY, SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO. TODAY’S SEMINARS INCLUDE:

THE WOMEN’S FINANCE FAIR, STATE OF ILLINOIS BUILDING LOBBY AT NOON, EQUITIES 101: WHAT YOU REALLY NEED TO KNOW ABOUT THE STOCK MARKET, HAROLD WASHINGTON LIBRARY

AT 1:00 PM AVOIDING FRAUDS AND SCAMS, EDGEBROOK BRANCH OF THE CHICAGO PUBLIC LIBRARY AND AT 6PM UNDERSTANDING YOUR CREDIT, LASALLE BANK IN OAK LAWN

TUESDAY’S FREE MONEY SEMINARS