Call-in event reveals common investing concerns
Since Jo Kudla's divorce five years ago, she has been hesitant about how to invest her money.
The Mount Prospect woman didn't know if she should consolidate her extensive stock and mutual fund portfolio. Kudla, 49, was skeptical about how to find a financial planner.
She was one of more than 70 readers who called in Wednesday night with questions about investments and how to take charge of their finances during the Daily Herald's fourth annual Financial Planning Night.
The Financial Planning Association of Illinois, a trade group that offers resources to help the public understand the importance of financial planning, co-hosted the free call-in event.
Fourteen certified financial planners, all association members, volunteered to provide general advice and information. They did not promote any firms or products.
Martin Friedman, founder of Northbrook-based Friedman Financial Strategies fielded Kudla's call. "He knew his game and he made me feel hopeful and comfortable with my situation," Kudla said. She added that Friedman told her she was headed in the right direction and gave her tools to use in finding a financial planner.
Nearly half the callers asked questions about either retirement savings or how to save and pay for their children's college.
Don Hamm, a retired Barrington High School teacher, called in and asked about his retirement savings and the taxes that go along with it. Hamm said it was helpful to hear planner Lawrence P. Strzelecki substantiate his financial plans. Strzelecki is a partner with Assured Concepts Group in West Dundee.
Other questions targeted real estate, inheritance investments and 401(k)s, among other topics. Callers ranged in age from 22 to 87.
A young caller asked about how to pay for classes at Harper Community College. Advisor Agnes A. Roach, founder of Northbrook-based AA Roach Financial Planning, suggested that he find out if his employer would assist with tuition costs.
Another reader asked the best way to finance a car while another asked the best way to handle her $16,000 credit card balance.
For more information about the association, visit www.fpaillinois.org.