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How good are you with money?
Finance expert Laura Rowley will give us tips on how to cope with the current tough economy. Meanwhile, Kathie Lee Gifford tests visitors on their financial savvy
Interview: We’re back with Today’s Money and today we’re gonna play a little game with you guys at home and with Ms. Kathie Lee Gifford who, by the way, is downstairs in our concourse by Starbucks. She’s down there, Hi, Ms. Gifford. (Hello) You look good. All right, what we’re gonna do is that I’m gonna talk to an expert and Kathie Lee is gonna talk to the people and see if we know the answers to some of these complex questions. Yahoo finance expert, Laura Rowley is here to help, hello.
Laura Rowley: Hi.
I: So, right now, we’re all in really tough financial times, clearly, we just talked about it earlier the price of eggs, meat, and all these different kinds of things. So, our money is so much more valuable and we are finding, I guess, the consumers are not buying things like TVs and what not, right?
L: That’s right. Yahoo commissioned a survey, we found that 75% people said they are cutting back, they are holding off their major expenses. They are not buying electronics or clothing, or even some people are cutting back on food.
I: And a lot of people, I will be honest, don’t know much about finance. I went to a lunch yesterday, a woman said, in high school, we take wood shop, we take a Car Auto shop and she asked how many people have changed the carburetor? How many people are willowing furniture? (L: Save money) but then she realized, but she was saying basically we don’t learn about finance. That’s important, isn’t it?
L: We don’t and the states generally don’t and I once talked with my brother in Illinois. He said his son can't graduate without passing consumer education that is a new program, so you do see a little bit more education there but we think the adults who are out here now are left sorta high and dry in terms of financial education.
I: OK. So now, we know a lot of people are getting a checking in the mail and we’re gonna throw down to Ms. Kathie Lee, because there are 600 bucks that people are getting, so the questions is what would they do with that money? Ms. Gifford?
Catherine Gifford: You know what, hold on, I’m gonna ask six people six questions. If they get it right, well, quit looking at my notes, Missy. I’m on to you. They get a hundred dollar American Express, a little card they can use. If they get it wrong, they’ll get one of my records. So, that’s the deal. All right? All right, so there’s an incentive to get this right, what’s your name, ma’am?
Q1: Susan.
C: Where are you from?
Q1: Virginia beach
C: V… oh, good, I love down there, that’s a lot of fun. Here’s your first question? OK? Assuming you’ll receive a rebate check, what’s the last thing you should do with the money? A Put it into a savings account; B Make a fun purchase. Which I can see in your eyes, you wanna do; C Pay off monthly bills; or D Pay off revolving debts.
Q1: The last thing you wanna do?
C: Ah ha, the last thing you should do with a rebate check.
Q1: Make a fun purchase.
C: OK.
Q1: Is that right or wrong?
C: No, it’s wrong. It’s C, “Pay off monthly bill”. Excuse me, here you go, enjoy!
I: Let me ask Laura. Why is that the wrong thing to do?
L: I know it sounds like very counter to an advancer, but if you need a one-time bonus to pay your monthly bill, then something is wrong. You need to make sure your in-go matches your out-flow and if it doesn’t, cut back, don’t use extra money to pay monthly bills.
I: Got it! All right, let’s go back downstairs with the finance.
C: All right. We found a very brave gentleman who is willing to talk to me. What’s your name, sir?
Q2: Raymond T
C: Where are you from?
Q2:Wyoming
C: All right, nice to have you, sir. You mean people are very serious into the point , right?
Q2: Yes.
C: You consider yourself a great financial expert?
Q2:No…just medium.
C: Medium? All right, let’s see! Here is question No.2: When planning for retirement, it’s best to invest your money in…A 401(K) or a individual retirement account; B Real estate; C Hot commodities like oil or gold; or D a Hedge fund.
Q2:I'd say A.
C: And you know what, Mr.? You’ll be right. Get that man. There you go, darling, don’t spend it in one place.
I: I think you should give him a CD, too. Why is that the right thing?
L: Because your money grows either tax free or tax deferred, and when you’re saving money of a long period of time 30 or 40 years, you don’t want the taxman take a little bit , bite out of it year after year after year.
I: OK. So, I think that's the worst, the thing we should not do?
L: Well, hedge fund is not for the average investor and hot commodities, you don’t want to be chasing hot commodities.
I: All right, let’s go back downstairs, Ms. Gifford.
C: I just found a hot man and I like him down here. What’s your name, sweetheart?
Q3: Gerrier Harf from North Cakalaki
C: North Cakalaki
Q3:That’s right.
C: All right, with that kind of attitude, would you rather have, the money or my record?
Q3: I'd rather have another hug, to be honest with you.
C: We were doing a little hug before…OK, here is No.3, all right? Let’s see. What’s? oh, hello, my eyes. You’re in debt and have to pay off tons of bills…which one is the most important to pay off? A Credit card bills; C Mortgage, B, I mean, sorry! You make me nervous; three…C Loans, or I’m going to take my time with this question and D Medical bills.
Q3: I’m going to say especially since credit card interest rates are pretty high, you know, get a tax reduction , I’m gonna say credit cards.
C: You’ll be wrong, darling. You got to go home with my pop record. It’s B, mortgage.
I: And why is that the right thing?
L: Because if you don’t pay your mortgage, you’re going to lose your house. That’s your NO.1 payment and the next thing, NO.2 is credit cards.
I: All right, Laura, thank you so much. Ms. Gifford, thanks and thanks the fun crap downstairs , that was great.
C: I’m gonna, I guess, I’m gonna be giving away money and records down here, right? OK.
