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Heather Olson Beal: Okay, good.

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Heather Olson Beal: Good okay someone on the zoom turn on your camera just for a second and tell us if you can see.

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Heather Olson Beal: Elsa you can scan you see the PowerPoint presentation.

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Alison Reed: I can see the PowerPoint and I can see the audience.

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Heather Olson Beal: Oh that's the logo i'll turn the camera, so we can see, Dr brewer.

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Heather Olson Beal: Okay.

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Heather Olson Beal: Even though the audience FAB okay you're right, it is fat Dr lauren brewer is here to talk about money i'm gonna say something yeah so good morning i'm Dr Warren Brown.

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Heather Olson Beal: i'm a social psychologist by training.

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Heather Olson Beal: And I also like to think about what I think many of us were raised to think that money is taboo.

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Heather Olson Beal: We were believe we were told to pursue passions not dollar video but does that, at the cost of $50.

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Heather Olson Beal: So what I want to talk to you today about or two things my original plan was to come in academic talk with facts and figures and data and talk about women and money and i'm going to do some of that because I can't help myself.

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Heather Olson Beal: i'm going to do what I was talking to some of my friends and i'm going to give this talk.

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Heather Olson Beal: So what do you want what you want to hear if you were the audience and they said, I want to know how to be better than mine.

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Heather Olson Beal: So i'm going to talk a little bit about that too okay somewhere in between my office and here i've lost my clicker so i'm just going to push the button.

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Heather Olson Beal: So let me start off with management, I like to thank our organization for women's leadership and equity altruism amazing things on campus to promote it if you're not involved, please reach out to Dr Henry oldsmobile or any number of other amazing people on this campus.

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Heather Olson Beal: If you want to live in a teaching committee for creating a space for us to have this conversation I like to thank my partner, Dr kyle common without whom any of these ideas would have never come to fruition.

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Heather Olson Beal: One of the most important decisions in your life it's who you choose to marry and one of the biggest reasons people get divorced is because of one.

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Heather Olson Beal: So students, anyone who is not married if you're trying to pick a partner someone with a similar philosophic of monetary philosophy as you mixed marriage and.

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Heather Olson Beal: I also want to thank my friends and family who listen to me talk about money and Nadia.

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Heather Olson Beal: And I also want to acknowledge all the people who are intimidated by money because money is really scary you can really screw it up and i'm here to say that I really screwed up so if you are the kind of person varies your head in the sand, when you start talking about money.

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Heather Olson Beal: i've actually got your back alright so again, I said I can't get away from the academic side of talk so throw some data, you know, try to be brief list a bunch of things that is true, but i'll share the data with you, women make less than men.

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Heather Olson Beal: women earning less money than men, women of color are earning less money than men of color who are earning less money than whiteman We also know that live in, save for retirement these data are from Bangor he's looking at the.

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Heather Olson Beal: benefit plans once you've got the top of the average, which of course is going to be influenced by outliers and the median.

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Heather Olson Beal: Retirement plan for men and women, anything that really doesn't matter the parent doesn't change whether you're looking at voluntary enrollment any retirement plan or you're stealing my.

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Heather Olson Beal: met someone.

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Heather Olson Beal: Steps oh oh great.

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Heather Olson Beal: Okay.

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Heather Olson Beal: It doesn't matter whether these plans are automatic where you are automatically put into a retirement plan, we often women are saving for retirement, we also know, maybe we know.

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Heather Olson Beal: The women are more likely to be caregivers and then end of particular interest in this line at the bottom.

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Heather Olson Beal: But the highest impact of caregiving on individual in terms of lost wages and social security benefits is over $300,000 if you are caring for someone.

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Heather Olson Beal: On average that's 20 hours of unpaid work per week, and that is translating not just lost wages, but it's compounded last social security and other requirements so women are caregivers in the second quarter.

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Heather Olson Beal: And then, of course, women live longer than what you see right here in this positively slope line is that in every culture, regardless of how, in every country, regardless of how long men live.

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Heather Olson Beal: Live look so women, making less money they're saving more money for retirement they're not saving as much money for retirement they're spending your time not working and getting care and they're living longer so they're going to need more money.

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Heather Olson Beal: So the question is, why are women, saving.

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Heather Olson Beal: Right seems pretty simple do the math if women are living longer than then they need more money for just bit more.

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Heather Olson Beal: Well, almost half of all women report, not having enough money at the end up paying their bill there's the money runs out so they can't save anything because they can pay their bills.

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Heather Olson Beal: We also know that women have more bad debt and less good so 56% of women are carrying credit card credit card debt what the worst that.

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Heather Olson Beal: We also know that women are going to college in greater numbers are going to Grad school in greater numbers but they're also taking off course too long 30% of women have student loans.

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Heather Olson Beal: But only 42% of women have a mortgage again this is considered a good deck by many financial advisors it's the kind of depth that actually can appreciate an asset, so I strongly discourage you from thinking always about it, because it can also be a liability.

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Heather Olson Beal: But we know of course that women are less likely to be in these tough conditions, conditions they're not making top dollar.

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Heather Olson Beal: So we can look at the fortune 500 CEOs little tiny sliver of pink at the bottom is the number of fortune 500 CEOs and we've seen this positive.

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Heather Olson Beal: linear trend, of course, where we're seeing more and more CEOs but even a 2021 of the 500 CEOs of fortune 500 only 41 of them are women, well, going back to what marisol was talking about, we have to keep an eye on the table and women are not.

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Heather Olson Beal: Unfortunately, this extends to so.

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Heather Olson Beal: This is not something that's unique to New York City or the corporate world you'll notice that the sister level we're hiring more women than men.

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Heather Olson Beal: Professor little we're not promoting them and we're certainly not promoting them right, however, we are hiring them at our lowest rate at least pavements.

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Heather Olson Beal: got plenty of women in our lowest rate in a room these wealthy and very few women in our lives So what do we do about all of this well just clear and his book atomic habits talks about doing something that 1% 1% but this.

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Heather Olson Beal: Is the beauty of compound interest compounded interest is the one of the most important you can possibly learn when it comes to fighting right, so what Shakespeare says, if you take.

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Heather Olson Beal: One 1%, then the next 1.0 and the next day 1% of that and what percent of that after a year, you have 37.78 of whatever, that is, if your boss says he give you a 1% raise every single day you got $1 on the first day you have $37 for that day contracts that within 1% cheaper.

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Heather Olson Beal: Every day, you lose 1% at the end of the 3.0 appetite but we're getting very close to you, so my suggestion.

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Heather Olson Beal: Is that what we do about this is we just try to be 1% fat that's all for the rest of my talk i'm going to talk a little bit about strategies and approaches, we can take to just be 1%.

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Heather Olson Beal: This is the important point, I am not a financial advisor here i'm not a financial advisor financial advice i'll just discussed your may or may not be right for you.

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Heather Olson Beal: speak with a trusted financial advisor about your personal situation, please don't Sue me a.

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Heather Olson Beal: question I always anticipate when I talk to people that wanted to speak with my financial advisor but who is that.

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Heather Olson Beal: consider a certified financial planning professionals CFP see if either often female they are our fiduciary which means they have to be working in your best interest.

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Heather Olson Beal: they're not trying to sell a product of financial product to make a Commission off of it they're usually phoebe but those are the kinds of people that you probably want to be looking for again that's not legal.

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Heather Olson Beal: Financial Nice.

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Heather Olson Beal: Okay So how do we improve one's financial well i'm going to get on four major points today, and these are not things that are specifically related to.

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Heather Olson Beal: These are the kinds of things that anyone can should be concerned so i'll talk a little bit about budgeting i'll talk a little bit about getting out of debt special effects.

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Heather Olson Beal: Reducing your costs saving money where you can and then investing that money for the future, so that it will.

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Heather Olson Beal: So let's talk briefly about budgeting budgeting for cyclical thing, but I am a quantitative psychologist I make try to make data driven decision.

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Heather Olson Beal: And so, one of the best things about budgeting is that it gives you a whole lot of data I use we use, you need a budget one APP for short, the digital envelope system it uses zero based budgeting.

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Heather Olson Beal: Turn every dollar have a job that means if I make $100 I need to assign $100.

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Heather Olson Beal: When the money is gone from the envelope we're done we get paid monthly so at the end of the month, the 22nd we're out of money in or eating out budget.

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Heather Olson Beal: that's what we don't yeah and so that's the way to zero Based Budgeting works up in case you're interested in picking up something like, why not.

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Heather Olson Beal: It for 34 days are free to try to give you at least one income cycle it's $15 a month or $99 a year.

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Heather Olson Beal: But one of the things that's so great about budgeting software and you might be familiar with something like there's many of you every dollar lots of different.

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Heather Olson Beal: websites out there, that will do something similar, but for many of you, you know that you're going to pay your bill every month it's about the same except the five minute $15.

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Heather Olson Beal: But it's generally about the same those are fixed costs.

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Heather Olson Beal: But there are somethings only come once a year once every six months, your auto insurance or your animal time subscription.

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Heather Olson Beal: And so we put $3 and 14 cents away each month for this and $2 and 77 cents away for that, and so we we are saving a little bit each paycheck for those expenses that come in, frequently.

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Heather Olson Beal: feels like it says short and long term goals, which I think is really, really helpful for three years now we've been putting any $5 away from girls and after three years, we want to have enough money to buy.

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Heather Olson Beal: It today, probably no increase in price, thanks to the question that somebody in terms of the other thing is, and this is another word I promised I get some psychology in their.

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Heather Olson Beal: Budgeting field restricted psychologically even have to tell yourself, no, I can look at my bank account see that I have plenty of money.

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Heather Olson Beal: To go out to eat there's nothing left in my budget for me to go out to eat.

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Heather Olson Beal: that's all I have to ask that self regulation and I often feel restricted, and so one of the things if you decide to budget or encourage you to do.

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Heather Olson Beal: is to create some incentives for yourself, so we have a special envelope called special fun.

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Heather Olson Beal: and special fun trip is the rollover after whatever is left for marketing, so if we budget $120 for power and it's only $117 $3 is rolled into special punches.

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Heather Olson Beal: doesn't seem like much, but the cumulative effects of that are a fun weekend, so I encourage you, if you're going to take this approach.

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Heather Olson Beal: To build in some some positive reinforcement, for your efforts and like I mentioned before, one of the things, what about what software you're using to budget whether it's paper and pencil or an excel file.

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Heather Olson Beal: What is so great we've been using Hello.

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Heather Olson Beal: can tell you, with great actors, how much money we spend on any we have incredible thing so when we're trying to figure out how much we should plan in March for power we can look the last seven years, what did we say.

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Heather Olson Beal: We can real pretty accurately butter budget month over month year over year and so again The other thing that I think it really helps us do is in terms of our family priorities and allows us to look at where we're spending our money.

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Heather Olson Beal: But don't tell me what your priorities are what your priorities are show me your budget and i'll tell you what.

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Heather Olson Beal: So, for us, we were spending way too much by eating out with like.

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Heather Olson Beal: spending time with film traveling reading those things are our priority, and so we wanted to reallocate those funds in a way that we're consistent with our own personal.

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Heather Olson Beal: And so much, I really hope just make sure that we were going.

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Heather Olson Beal: To.

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Heather Olson Beal: Talk faster okay.

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Heather Olson Beal: We can't see buddy and invest when we're in depth, we can and we should we should also prioritize getting I.

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Heather Olson Beal: know.

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Heather Olson Beal: Okay, so let's talk about student loan debt, but this is a personal passion of mine.

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Heather Olson Beal: I graduated undergraduate with no debt and then I did what I was told more talented undergraduates do they go to Grad school to get a PhD professor and next thing I know I just had a snowball from our studio.

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Heather Olson Beal: Up it's expensive school and expensive I don't tell anybody in this room, about how expensive it is, but for those of you who are working at a bank or other public.

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Heather Olson Beal: Sector you're eligible for public student loan forgiveness and if you've been following the news there's been some major changes recently with Labor and the temporary expansion of public service loan forgiveness, I know, several people personally have six figure of death hundred thousand.

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Heather Olson Beal: So if you were working at as a bit if you have to own them, even if you think you know all the rules have changed in October i'd be happy to talk to.

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Heather Olson Beal: The resurrection there's a lot of people who never thought they're willing to be forgiven there now forgivable so.

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Heather Olson Beal: If you are struggling this please do some looking into your private student loan debt considering consolidation short your turn.

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Heather Olson Beal: make payments to the principal reduce your your interest rate and he got federal loans, remember that there are income driven repayment options.

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Heather Olson Beal: You pay less than the amortize the payment for things and your term but, after so many years that.

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Heather Olson Beal: would be forgiving certainly feel credit card debt work with nonprofit agencies that can consolidate or work to reduce that credit card debt.

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Heather Olson Beal: And if your mortgage has fallen into default contact your lender, especially because of the pandemic lenders are really willing to work with people.

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Heather Olson Beal: Our economy does not want a whole bunch of housing, other than foreclosed upon we did that, together, and he was a great.

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Heather Olson Beal: Alright, so other ways we can reduce our costs i'm going to talk a little bit about credit cards and I need to be like this big giant warning that says like not for everyone, you have that don't do it if you've ever been in critical decisions when everyone.

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Heather Olson Beal: Is Michael I tried to use both, certainly if you have credit card debt if you don't have excellent credit if you don't watch it, but we know that when we swipe a credit card mcdonald's for $5 we know.

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Heather Olson Beal: Exactly what's coming from as soon as we spoke with they don't always pair of pants in Florida recognizing privilege, in that, but that was the way that we have found success in terms of budgeting.

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Heather Olson Beal: So one of the cool things about credit cards is that, especially for those people with good friends and relatively high salaries, you can get signed up.

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Heather Olson Beal: With this can be worth $1,000 and they're not they're all beginning to end points, and so this is a really great way you know you have expensive so, for example.

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Heather Olson Beal: In a daycare every month we pay a lot of money predictive so we know that that's an expense we're gonna have to incur we can put it on the tennis court get some points for it so again, these are these are things you're going to spend anyway, but.

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Heather Olson Beal: Also, different people have different groups so so we'll have.

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Heather Olson Beal: we'll have 2% on everything or 3% of.

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Heather Olson Beal: What quarter, we have 90% 5% grocery store.

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Heather Olson Beal: You know, and again if you have the data from your budget, you can be really strategic and this part this place in this part of this, and you can really maximize the rewards and catch.

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Heather Olson Beal: The benefit of shopping with credit cards, as opposed to cash out with a debit card is it safer if the credit cards will often offer.

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Heather Olson Beal: We bought a washing machine and a couple of weeks later it went on sale for $75 to.

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Heather Olson Beal: check for $75 the record company did they offer extended warranties additional insurances so there's a real benefit to shopping there either generally free to use so, certainly when you're paying on line sometimes there will be feet.

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Heather Olson Beal: But when you're shopping at Amazon or walmart those companies are assuming that you're pointing to pray part and they're incorporating defeated credit card fees at the merchant pays to the.

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Heather Olson Beal: record company, including them in the club, so if you're not using your credit card you're subsidizing the perks of the TRIPS the reward the people who are using credit cards are earning.

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Heather Olson Beal: So again, credit card strategy, not for everyone if you struggle with honey if you've got your credit score as well don't have cash on hand this is not the strategy, probably, but I can talk to your point profit financial professional.

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Heather Olson Beal: Okay, so in terms of reducing costs, these are some other things that will encourage you to think about.

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Heather Olson Beal: Some of the work for us and have them don't one of them is contributing to a flexible spending account health and bakey dependent care account.

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Heather Olson Beal: Is reduce your taxable income through your federal income tax goes down your adjusted gross income is from.

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Heather Olson Beal: And, of course, if you're on an income driven repayment plan for your student loans.

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Heather Olson Beal: That decrease in your adjusted gross income is going to mean less money required to be paid each month for your student loans.

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Heather Olson Beal: So again, you can put your maximums here if you're interested in is rejecting the resources but.

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Heather Olson Beal: yeah some of those things that you might you might have a surgery you pay the cost on your credit card rewards points you submit the reimbursement through your flexible spending account there's a way to do that also this is so obvious, of course, I want to say it coupon.

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Heather Olson Beal: When we were in classical we saved in one year we get this right, and look at minimum $3,000 by using coupons on things like.

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Heather Olson Beal: At the grocery store toothbrush toothpaste and we use that one vacation we're in Grad school, so this is coupons are amazing they're less now than they used to be.

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Heather Olson Beal: Popular fusion, but you can get them in the Sunday paper coupons.com you go to a website like I part kroger there's coupon database, so if you know you're going to buy.

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Heather Olson Beal: Yes, land of lakes, but you can look for a land of lakes, butter Google and so those are really great you can buy on eBay so you can actually buy them and then just this weekend I was shopping somewhere with chuck did you.

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Heather Olson Beal: actually do anything so don't don't hesitate to just ask.

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Heather Olson Beal: You can also use coupon code when you're shopping online cashback sites in your browser extension or if you click through their website first to get some cash back just going to purchase a walgreens last week.

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Heather Olson Beal: 12% back by clicking on be frugal first before trends are completed my transaction will reserve home.

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Heather Olson Beal: Oh, certainly the credit cards, also have these cashback offers, these are some that are on our credit card right now 10% accuracy, do I can walk in and buy airbrushing get 10% back.

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Heather Olson Beal: Back back at chevrolet 20% on espn plus subscription So these are pretty great and also become a member of AAA and aarp i'm 38 years old and probably the longest triple aarp Member.

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Heather Olson Beal: But there's discounts also I thought that free or paid membership or making a purchase a woman's exceeded 50 bucks and again you're probably.

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Heather Olson Beal: Right so i'm going to pay for my airfare membership, but they did great things in terms of discounts for hotels and insurances.

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Heather Olson Beal: are so many things I want to share.

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Heather Olson Beal: Those of you who work with university incredible travel benefits, by the way, you're traveling on business you're a lot of people, so one of York City I can't afford a $500 night hotel room to stay outside.

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Heather Olson Beal: When you're traveling on business state your full conference very murky New York City Times Square $249 and 90 people in New York City don't seem to know.

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Heather Olson Beal: Enterprise now for personal use option right, I have a girlfriend who just save $600 a week long rental but by using by using.

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Heather Olson Beal: The statement using tuning the personal often you're not you're not doing anything that she doesn't want to build.

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Heather Olson Beal: Something I do every year it's been great it's a thrilling spring break activity and I always renegotiate my auto policy.

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Heather Olson Beal: programs like policy genius and others are looking brokers to do the same thing, ask for discounts last year, when I was.

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Heather Olson Beal: Negotiating my policy liberty mutual I happen to click through the discount purchase program provided to us from human resources sponsored by employees and there was a code I just sent to my person the agent was hoping it.

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Heather Olson Beal: would tell you is just $78 on my animal and just just asked her.

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Heather Olson Beal: To dinner at a fancy restaurant from within our control your phone and many of us don't have outdated phone plans we have here you go plan.

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Heather Olson Beal: If you have at amp T H our website says, if you give them this will give you 50% of your phone bill, maybe So those are other things, to consider.

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Heather Olson Beal: If you are a teacher or student friendly number one student, you can verify your status of teachers do on sunny days, if your student ID be your faculty Member and there's also one to 510 15% off discount a variety of on.

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Heather Olson Beal: Another thing that you can consider doing gift cards, especially around the holidays go on sale, I recently bought a $50 gift cards for old navy for 40 bucks 20% off.

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Heather Olson Beal: And if I shop facility it's even so there's some ways to do that also don't forget about the Apps for places that you prefer.

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Heather Olson Beal: So I am a vegetarian well it's hard to get vegetarian food and beverages to taco bell their beans are beaten in case anyone cares so I spent a lot of time to talk about I talk about the water in their APP you can get a free burrito.

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Heather Olson Beal: Right how about every dollar you spend it goes pretty quick, so you can get that price screens open every day you don't have to wait, what have you if you were in the.

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Heather Olson Beal: gift shop your sales plan your meals around without fail the grocery store stock up on non perishable items when you can again there's privileged.

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Heather Olson Beal: To have money to spend the money, so I recognize what i'm saying there a fire big ticket items will be time flooring goes on sale in January and just.

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Heather Olson Beal: Because that's not what people are doing home renovation by your materials, then, do the work in December we do the work as a service that's what movie, but I think when they're their lowest price and, of course, if you can use this question excellent you're saving the planet it's.

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Heather Olson Beal: Okay i'm just going to scroll through some things local discounts, I was really hoping we can do this, it will take you on just a couple that i'm familiar with.

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Heather Olson Beal: Thursday after that the barkeep liberal arts 10% off with us to maybe raising kids after we went home football basketball game ready for the box combo.

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Heather Olson Beal: marble slab and just learned this last week, what is pretty flat half price pepper average ice cream is you still deployments and if you join the APP after your first I think you get $5 off anyway it's it's a way to say okay So what can we do in terms of investing in the future.

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Heather Olson Beal: One of the things we know psychology is that we don't miss the money that we never had to make a contribution to different accounts.

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Heather Olson Beal: you've got short term savings goals like vacation or holiday gift giving people $75 out of every paycheck every every month $900 a year, rather than putting Christmas on credit card, you can now take Christmas simply like my finger headed that way i'll contribute to.

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Heather Olson Beal: The best things you can do students, if you do not have a job, yet it has retirement option when you get one contribute up to the match, at least that money we're walking with them if you're not contributing consult your financial professional.

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Heather Olson Beal: there's a couple of really good options we have a text favorite 47 plan and a survey, and this is a really great plan.

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Heather Olson Beal: There can be some remote the options they're run by fiduciary so the actions that are in the plans are really high quality, in my opinion.

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Heather Olson Beal: And you have that money when you separate from university or for unforeseen events so if you were to move, you can have access to that money there's a little more complicated.

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Heather Olson Beal: just another thing you can consider a high deductible health plan to insurance plan, as well as a coordinated health savings account.

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Heather Olson Beal: Other things to consider how to invest your liquid assets right now to save a little money you have some money.

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Heather Olson Beal: How your savings account brokerage accounts, maybe something more risky like a rental property a cryptocurrency an unquenchable token and energy.

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Heather Olson Beal: you've got some some options there and then, of course, if you have children, you might want to apologize there's a couple of ways that you might want that, so we talked about a couple things I just want to wrap up here that makes up for low wages.

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Heather Olson Beal: Oh, we have our salaries are welcome to the meeting it doesn't matter whether you're looking at the Faculty.

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Heather Olson Beal: and staff so you can't budget your way out of a low salary will be really clear about that we often hear that millennials are just eating too much avocado.

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Heather Olson Beal: And kind of all kind of toast and you're not making enough money to pay your bill it doesn't matter how good your budget, so I don't want to leave these tough that actually i've got four seconds so just scroll through.

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Heather Olson Beal: There we go, I will say one final thing, and that is, we know that money doesn't buy happiness, but.

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Heather Olson Beal: When he does by choice and research and positive psychology so the choices.

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Heather Olson Beal: So thank you so much for your time if you're interested in talking about any of these kinds of money things relative to consult HR console your financial professional whatever very casual informal bogglingly binding conversation.

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Heather Olson Beal: Oh, my plan was to take 20 minutes of time for questions and comments that didn't happen.