Women learn how to save $1 million | ParkRecord.com

Women learn how to save $1 million

At the Smart Women Finish Rich seminar on Saturday, Ryan Hurley, regional vice president for Van Kampen Investments, urged women to give up their lattes. He said all women, even those living paycheck to paycheck, can alter their habits to save money. Based on the book, Smart Women Finish Rich by David Back, Hurley said working women who spend money on take-out coffee drinks, smoothies and snacks could instead go grocery shopping and put the leftover money into a savings account. By putting down the lattes and depositing the extra $4 to $7 a day into a 10 percent interest savings account, he said these women could save over $1 million in 42 years. At the Smart Women Finish Rich seminar, held at the Grub Steak Restaurant, Hurley and Joe Cronley, an investment representative from the Park City branch of the financial planning firm Edward Jones, urged a room of over 30 women to take a financial challenge. They told the attendees to keep a spiral notebook on them at all times for a week to document expenses. Hurley said with this information in hand, it makes it easier to decide where to reduce expenses. He said it may be buying coffee from Albertsons instead of Starbucks, reducing new clothing expenses by 50 percent or dining out every other week instead of every week. Cronley said writing down financial goals is a first and important step in budget cutting and financial planning. "Things that you write down you tend to take more action on and they tend to be a part of your everyday life," Cronley said. Sue Barker, a registered nurse from Heber, said she plans to reduce her spending and impulse buying after attending the Smart Women Finish Rich seminar. "It’s a world of roller coasters as far as finances and I need more information," she said. Hurley advised the women to max out their 401(k) savings plans through their employers and/or to open a traditional Roth IRA savings accounts if they earn less than $110,000 per year. He recommends SEP IRAs, or self-employed savings accounts, for people with their own businesses. Nell Jones, 25, a nanny in Heber and a ski instructor at The Canyons, found out about the Smart Women Finish Rich seminar after meeting with Cronley for advice about opening an IRA and savings plan. She said she appreciates that the saving tips are geared toward women of all financial situations. "They relate it to people of all ages and all incomes and ski bums with no income," she said. "It’s not just for everybody with a high tax bracket. During Saturday’s presentation, Hurley said if women in their 20s save $4 a day in a savings account, they will have $1 million by age 65. He said people who start in their 30s will need to save $11 a day to reach the same amount, people in their 40s will need to save $30 per day and people in their 50s would need to save $95 a day. Hurley recommends that women get rid of all credit cards except one for emergencies and warns, "If you cut down on your expenses, don’t turn around and spend it somewhere else."

Cronley said people should save a "money airbag" with three to 24 months worth of income for emergencies, they should keep an updated will or living trust and they should make sure they are properly insured with health, life, disability and long-term care plans. Cronley said he leads a variety of financial seminars every other month. The next seminar will be held on Feb. 1, and the topic has not yet been decided. For more information visit http://www.edwardjones.com or call 615-2009.

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