Today's article theme in the “How To” series: Minding Your Money. For expert advice, we have convened a skilled panel of UI faculty members, the Nobel Prize-winning economist who once called CU Home, the leader of the nation's largest bank.
Jamie Dimon (Provided by)
Billionaire Jamie Dimon, chairman and CEO of JPMorgan Chase: “Early in my business career, I started exercising zero-based budgeting. Starting a month with 'zero' in each spending category, treating a dollar as if I needed to justify it from scratch.
“Everyone can apply this strategy to their own personal finances, they need to choose a 30-day window, track every cost, and justify each one as if it doesn't exist yet.
“Is that daily coffee shop habit really worth $7? Do you need an additional streaming service? You might be surprised to find it at the end of the month. Cut 15, 20% or more of your regular spending.
“Whether it's business or managing your own budget, relentless discipline will help you achieve your goals. It eliminates bureaucratic inertia and allows you to flush “automatic” spending.
Larry Gies gave an opening speech at the 2019 undergraduate graduation ceremony.
Gies Memorial Stadium and Gies College of Business name UI Grad Larry Gies: “I've been able to save myself of having a passion for impacting other people's lives. My passion has always been education and if I know that my kids are counting on me, it's very easy to discipline.”
Suze Orman (Provided by)
Suze Orman, a leading UI graduate and personal finance expert: “I lived under and was in my means, how did I do that? I buy only needs and desires.
Arlos (Provided)
Former UI professor and recipient of the 2012 Economic Science Award Al Roth Award: “Whenever I have an employer who has made a matching contribution to the Retirement Fund, I have always contributed enough to get a full match.”
Rasuilani (Provided by)
Russ Irani, professor of finance at UI's Gies College of Business: “Saving for retirement is easy for most people.
“And leave it alone. The legend is that Fidelity's best performing retail accounts are something people have forgotten.”
Charles Silver, co-author of “Overcharge: Why Americans Pay Largest For Health Care,” says Charles Silver, “When you get medical procedures or buy medicines, ask for cash prices. Even if you have insurance, the cash price may be deductible or lower than your out-of-pocket, so paying from your pocket saves money.”
Frank Robb, author of “My Big Lies in My Health Care Bill,” signs him to accept “the form when entering a hospital or physician's office, usually entitled “Patient Rights and Responsibilities,” and “financial liability for those who fail to pay the care they receive.”
“However, all forms of health insurance contain provisions that prohibit such invoices, so rather than blindly signing these inappropriate invoices, you must add the following magic words to your signature:
“Please note that we are not refusing to pay. We guarantee that we can only claim if permitted by law, regulations and contracts. Our broken health system expects to overlook this lesser-known fact and simply accept liability for fraudulent claims.
“It's a game where everyone except us wins.”
ElaineGlusac (Provided by)
Elaine Grusack, who writes the New York Times' advice column for “Frugal Travelers,” said, “Many travel expenses are determined by the economic rules of supply and demand. When everyone is traveling, prices rise because flights, hotels and tours are scarce.
“So my advice is paradoxical: when there are no others, it's offseason or even a 6am flight.
“For the same reasons, you save a lot of planning your trip before you leave. Save spontaneity for a road trip.”
CescGel (Provided by)
Seth Kugel, former Times “Frugal Traveller,” is a “Trip Up” advice columnist, “Trip Up” columnist: “Florida's most European bucket list city or most talked about beach towns are unbearable, especially in the high season.
“If you're too lazy to do much research, go to Google or look up numbers from 45-50, looking for something like “Top 50 Italian cities of tourists” in an AI chatbot.
“Bonus: In non-visited, more economical destinations, locals are almost always kind and open to visitors.
“While we work on it, there are the worst ways to save money on travel.
“For one, book third-party sites you've never heard of, not from hotels, airlines or car rental agents, but under names like Traineurope and Flightorama, just to save a few dollars.
“The second is to research the best policies for your needs on sites like TravelInsurance.com or Squaremouth.com, click on the 'Insurance' box and read a small print – the insurance plan accurately covers what their insurance says and more.
“Three hotels, fly to town, and the cruise leaves a few hours before departure. If the flight is late, it will probably be, you'll regret it.”
Tim Reffel (Provided by)
Tim Reffel, author of “The World's Cheapest Destination”: “Even casually playing points or Miles games can be a free flight or hotel night as soon as you meet the minimum spend on sign-up bonuses.
“If you're using a credit card that doesn't earn some sort of travel points, you're leaving a lot of money at the table for others to grab it instead.”
Clark Howard (Provided by)
National Radio Hall Clark Howard, who has been distributing financial advice at syndicated shows since 1989: “The absolute best deal in September is the new electric vehicle. Dealers and manufacturers are trying to drive away all electric vehicles before the $7,500 tax credit ends.”
Provided by Jialan Wang
Jialan Wang, Associate Professor of Finance, UI: “When I was pregnant with my second child, I systematically looked at all my employer's health insurance options to see that I switched to one with national coverage.
“As a professor who travels a lot for my work, I never know when something will happen when you're away from home, and national compensation was less expensive than health plans that primarily provided in-state compensation.”
Emily Guy Birken, author of “Five Years Before You Resign,”: “There is no way to know for certain that you are right about timing your retirement, calculating the right nest egg, assumptions about health and longevity, or predicting other factors regarding your retirement plan or larger economic future.
“This may be bleak, but it's nothing. Money is not aggressively aggressive, but you can do so. As long as you realize that it's not money and you're a safe solution for retirement, you can make a fulfilling retirement for yourself, even in non-ideal financial conditions.
“Aim to take the small actions today that will help smooth your future retirement path.
“These include increasing contributions to your 401(k) or IRA, reducing high-profit debt, reducing expenses before retirement, staying up to date with disability insurance, staying regular sleep and exercise, delaying Social Security benefits whenever possible, avoiding new debts, and practicing retiring retirement budget practices.”
