Moving Beyond Your Own Debt Ceiling
I recently interviewed Jean Chatzky, financial editor of "The Today Show" and a bestselling author who specializes in helping people get real about securing their financial futures.
She has been particularly focused on helping folks--especially women--get out of debt, identify some financial goals, and stop making money management so hard and overwhelming.
As we all witness the chaos of the debt ceiling debate on Capitol Hill this week in particular, it seems timely to talk about financial crises of a more personal nature, such as not saving enough for retirement or being so fearful of investing or doing "something wrong" that you just stuff everything into a checking account and let it sit.
According to Chatzky, who will speak August 8 at ASAE's Annual Meeting & Exposition, men and women have different challenges in terms of developing behaviors and attitudes that determine whether they are in good or poor financial shape.
"For women, investing appropriately is more difficult," she says. "For years women have been a little more reluctant about taking risks, and we need to take a certain amount of risk in our investing in order to keep pace with taxes and inflation and [to] achieve enough growth."
Men, meanwhile, often have a harder time responding to their intuition, Chatzky notes. "Listening to that gut sense and understanding when it's leading you in the right direction rather than just jumping on the bandwagon of something because it's hot [is], I think, more difficult for men."
Regardless of gender, professionals should know that associations are doing a lot of things right when it comes to helping them secure a positive financial future.
"A lot of programs that associations are putting into their retirement plans--automatic escalation, automatic enrollment, target date funds as a default--are helping immeasurably, by the way," Chatzky lauds. "They are definitely leading people in the right direction."
Now if only people could be sure that Congress is doing the same.
Read what Chatzky has to say about the debt ceiling debate and its potential impacts on your finances on her blog and mark your calendars for August 8 at 1:30 - 2:45 p.m. for her Game Changer presentation, "The Keys to Personal Financial Happiness and Success."