- What led you to write this book?
As a financial educator I speak to audiences across the
country and I had put together a workbook for my seminars.
Let's Talk Money was a natural extension of that workbook
for I have always wanted to give my audience more details
on a subject. And Let's talk Money answers the multitude
of questions my audiences would have.
- What do you feel to be the biggest challenge facing
women today when handling their finances?
The biggest challenge facing woman is that they wait
to start their retirement planning. The excuses range
from I will wait until I get married to start that kind
of planning or I have school debt or I have lots of time
for that. Women live longer and for some industries the
pay scale is lower than a man's so women should start
to save for retirement with their first job.
- How has the atmosphere changed for women investors
in the last 10 years?
Many of the large mutual fund companies and brokerage
companies actually solicit women customers and have seminars
just for women. There are more women Certified Financial
Planners and women brokers available. Many more books
just for women.
- How will the atmosphere change for women investors
in the next 10 years?
The atmosphere will change for all investors not just
for women. The age of instant information is here and
women will be able to take advantage of that when investing.
As women gain more experience with finances and investing
they will be better prepared for the future. More employers
will offer 401(k) type retirement plans and Congress will
change/pass legislation that will simplify the retirement
plans now available and increase contribution amounts.
- Where did you start your career and how did it lead
you to where you are today?
My husband and I were partners in a manufacturing representative
business and I was responsible for the employees and the
benefits. I got involved as the trustee of our retirement
plan and enjoyed the investing aspect of it. Started taking
classes that led to an MBA and then became a Certified
Financial Planner. As a CFP I realized my clients needed
educating on the process of financial planning and investing.
I started holding workshops and seminars for them and
was asked to do these for my corporate clients as well.
Hence, Harvard Financial Educators was created for the
sole purpose of educating the financial consumer. I was
asked to write The Complete Idiot's Guide to 401(k) Plans
because of my familiarity with the subject and then Let's
Talk Money was a natural sequence.
- How much money do you need to start investing?
You can start with as little as $50 a month. There are
mutual funds companies that will help you set up an automatic
investing plan whereby they will debt your checking account
the $50.
- How should a woman get started investing with no investment
experience?
Educating oneself is the first step. Begin to read books,
financial magazines and get into the many websites available.
Then "toe dip" into investing. Begin with using what is
available for you at work such as a 401(k) or a 403(b)
plan. Learn about the choices you have and start there.
- If a woman has debt, at what point should she become
an investor?
It truly depends on how much debt she has incurred. Certainly
getting out of debt is the most important thing you will
do as an investor but if it will take you 5 years you
have also lost the opportunity to have your investments
work for you over the five years. I would counsel an individual
to try to do both. Contribute a small amount to her qualified
retirement plan through her employer even if it is as
little as $50 a month and to pay off her debt at the same
time. Most of us can find an extra $50 a month in our
budgets.
- Have you published any other books before this one?
If so, what are they?
The Complete Idiot's Guide to 401(k) Plans published
by Alpha books a subsidiary of Macmillan.
- What are your future book writing plans?
I strongly believe the most critical time span in a persons
economic life to save for retirement is between the ages
of 22 and 35. My next book will be for that generation
of investors.
Dee Lee is a Certified Financial Planner. Her firm, Harvard Financial
Educators, located in Harvard, Massachusetts conducts financial workshops
for corporations and institutions focusing on educating and motivating the
employee to take charge of their finances. Her latest project, Let's Talk
Money a book she wrote to guide her readers thru the maze of personal
finance is now available in bookstores. The Complete Idiot's Guide to 401(k)
Plans, which she wrote in 1998, is the resource book for retirement planning
using a 401(k) plan.
