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FM 100's Jill Atwood ReportingFor most women, you start talking about IRA's or mutual funds, and they start to tune out. There seems to be some fear and a lot of uncertainty when it comes to investing. In today's "Smart Woman" Jill Atwood, from our sister station FM100, will help you take the first step, transforming those fears into financial security.
Women work, they own businesses, and they usually make most of the major purchases in the household, yet there seems to be some hesitance when it comes to investing. Single, married, it doesn't matter, it only makes sense that women too learn to make the most of their money.
You don't have to be a wizard on Wall Street to invest wisely. Stocks, bonds, mutual funds, it can all be a little overwhelming, but you don't have to go it alone. Start with a financial advisor.
Lori Chillingworth, Senior Vice President, Zions Bank: "The first step, I would say make sure you build a relationship and feel comfortable with the person that you are dealing with, and that they have the same values and beliefs on how you want the money to perform as you do."
Lori Chillingworth with Zions Bank says the younger you are, the more risk you can take, but regardless of who's advising you, do your own research first.
Lori Chillingworth: "Think about investing in the stock market like you are buying something, because you are buying something. So make sure it is a good decision you want to make sure it is on sale, getting a good price, and do your research just like you would for any purchase that you make."
Lisa Miller: "We've talked about Kroger. We're not shopping for the major name brand products. We are all buying Kroger so we thought that would be a really good one."
Lisa Miller is learning the market with the help of others. She figures, what better way to keep tabs on her finances and her friends than with an investment club?
Lisa Miller, Investment Club Founder: "Every month we bring ten different women together and we are researching ten different stocks, and we come together plug them into the formula and we can easily see which ones were good, which ones were bad."
With each meeting they gain knowledge, confidence and control of their money.
Lisa Miller: "In the past, the men worked so they made the money and took care of the money, but that is not the case anymore."
Make sure you are taking full advantage of your company's 401k plan; in many cases your company will match you up to a certain amount, that is free money. Also, ask questions about fees up front when investing so there are no surprises at the end.