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Jun 2010  |  By Susan B. Noyes  |  Comments (0)

Making Money Make Sense

TAGS: July 2010 magazine, Jean Chatzky, Susan B Noyes, financial advice, money matters, parenting

Nationally prominent personal finance journalist Jean Chatzky has written nine books, contributes regularly to O magazine, blogs at jeanchatzky.com and is a financial reporter for “The Today Show.”

She recently spoke about raising financially responsible children at the Woman’s Board of Rush Medical Center’s annual fundraising luncheon. The money guru also shared her secrets with Make It Better.

MIB: Tell us about yourself, your family and your work?

JC: I have two teenagers, am married and live in Westchester County, N.Y. I help money make sense for people by first understanding complex concepts and then breaking them down and explaining them for people.  

MIB: What do you love best about your work?

JC: I like that I learn something new all the time. I’m very fortunate as a journalist to have a lot of different outlets for my work. If it’s for tomorrow—it can be on “The Today Show.” If it’s something that needs to marinate for a month, it can be in O magazine.

MIB: We live in a community with an abundance of resources; do you have advice on how NOT to raise spoiled children?

JC: It’s important for kids to work for the things that they want. Put them in a position that teaches them that delayed gratification is often the best gratification. They will quickly discover that their money is always more meaningful than your money.

MIB: Why should women take control of their financial lives?

JC: Because women outlive men. At some point in our lives, 95 percent of us will be in charge of our money. It’s better to learn it now, while we aren’t under pressure, than later, when we are.

MIB: What do women need to do in order to control their financial lives?  

JC: They need to know how to spend less than they have, and how to invest what they have to protect it. My book, “Make Money, Not Excuses,” is written specifically for these women.

MIB: On a happiness scale of 1–10, you describe 8 as the perfect place to be in life, financially. Why?

JC: People who are 8s are still a little hungry, a little cynical, still working toward something. They believe that something could go wrong in their lives, so they are less likely to be scammed, they are more cautious—like having savings and emergency funds.

MIB: And for women with an entrepreneurial itch, 8s or otherwise, what advice do you have for them?

JC: Figure out what you love doing and whether there is a business in it. It doesn’t have to be a new idea. It just has to be better than the way it is being done by others. If it isn’t, it won’t succeed. It will just be a great hobby.

For more information about Jean Chatzky’s books, or to read her blog, visit jeanchatzky.com.