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 Preshow #1 SavingReturn to index of stories... |
Now on New Hampshire Outlook: Outlook on Money-- Learn how to move toward self-sufficiency and a lifetime of saving. Then later: |
| Preshow #2 City Return to index of stories... |
nats of radio. We'll take you to Exchange City --a virtual economics Lab for kids. |
| Hello/Saving & Inves Return to index of stories... |
Hello. I'm Beth Carroll. Welcome to New Hampshire Outlook. How much money do you earn every month? How much money to you spend? Are you saving any of that hard-earned cash? If you are like most Americans you are more likely to be carrying thousands of dollars in debt rather than working on a nest egg. In order to help motivate you to change that, we've launched a special year-long series: Outlook on Money. In this program we're looking at savings and investing. We begin with a look at how one woman turned her financial future around. |
| Saving & Investing Return to index of stories... |
Savings and Investing Kim 215ish "When I first became a single parent household, I was only working part time. I was living in public housing and so I was getting some subsidy towards my rent, and I was definitely struggling, it was difficult." N1 - Kimberley Diemond was living paycheck to paycheck, struggling to make ends meet for herself and her young daughter. The thought of saving and investing money seemed foreign to her. Kim 145ish "I didn't have any kind of an emergency savings, never thought about retirement, never considered, considered owning my own home but never really thought that I would." Tom 340ish " WHAT WOULD YOU SAY ARE THE PERSONAL IMPLICATIONS OF NOT SAVING? I'm seeing some real hard and not very pleasant news about that in some cases." N3 - Tom Sedoric is an investment advisor based in Newington. Kim's situation, he says, is not unusual. Tom 750ish "Right now our savings is the lowest rate it's ever been since they've been measuring. It's right around 1%. So if the average for a long period of time is around 8, and right now we're saving 1%, we're living way beyond our means. And it's not a very encouraging picture." STAND UP: So why have savings? What if you suddenly lost your job? The rule of thumb is have 3 to 5 months salary set aside for unexpected life events. Investing, on the other hand, is putting money to work for you long-term. Retirement is one of those long-term goals. But how should someone begin? Tom 2440 "Reduce their debt. And that means, establish a plan to aggressively reduce your debt. And that means, cut up the credit cards. Get rid of them. Stop using them. Reducing debt is one of the ways that you can immediately start freeing up cash, to save money and pay yourself." N4: Easier said than done? Dan Hebert of the New Hampshire Jumpstart Coalition. Dan Hebert 10812 "So if the individual gets paid this week, the first thing they do is take a portion of that pay according to the budget they've established and put it away and then live off the rest. That at least gets you into that sort of rhythm. Also, if you're company offers you a 401K matching program… perfect way, you never really see that money. It comes out of your pay going into your account. You manage it that way." N5: Kimberely did just that…. She began by taking a hard look at the basics. Kim 340ish "I started looking at what my money values were, what my goals were, whether or not what I was doing in my daily life was going to help me fulfill those goals." N6- Kimberely's goal was self sufficiency. To reach that goal she gained control of her debt. Kim 355ish "The first thing I did was, I took my credit card that I had a pretty large balance on and I converted it into a personal loan so I could knock down a lot of the interest and a lot of the time that I would have been paying on it." N7 - That personal loan was paid off in three years. By then she had a budget. Kim 250ish "And I've gradually gotten more and more involved in being able to take care of, not only my monthly spending and the budget that I have to live on but also planning for what am I going to do when I retire and what am I going to do when Sarah needs to go to college and how are we going to be able to afford our own home and all of those kinds of things." Tom 1454 "There's a very interesting statistic now that I find very troubling, it's that something like 70% of the national population thinks that they're more likely to fund their retirement by winning a game show." N7A- Glamorous but not realistic. Tom 1400/1520ish "I encourage people to save more than they think they can, and this little concept of pay yourself first is something that people forget. / So I think that the idea of saving, whatever, an hour's worth of work or 10% of your income or a fixed amount is absolutely fabulous." Kim 500ish "I started a small savings account. And after a while, I enrolled in the 401k program at our employment and I put a small amount - our company matches, very generously - so I put a small amount weekly into that." N8 - Kim is 32 years old. Tom says start investing for retirement as early as possible. Tom 2050ish "If you start early, it can really add up. But that shouldn't mean that if you're starting a little bit later you should avoid it, because if you're starting a little bit later you can still catch up. I've had people that have come in in their 40's and 50's that have said, I know what I've got to do and this is how I'm gonna do it, and they're committed, and they do exactly what they said they were gonna do, and they're now retired very comfortably." N9- For Kimberely that type of reward is a ways away. Today, she's satisfied with what's she's planned, learned and accomplished. Kim 615/1020ish "It just kind of gives me a feeling of being empowered to say that I can make it, I can do it on my own. / For me, the greatest thing would be to have everything that I wanted and to have my life set and exactly the way that I wanted it to be but the next best thing is knowing that every day I'm working towards it so I will get there someday. And that's what keeps me going, is knowing that I am doing concrete things in my life to make sure that that happens." |
| Intro Conversation Return to index of stories... |
Here to talk more about the value of Saving and Investing is Beth Lord, Senior Vice President at Citizens Bank --who manages branches in the Greater Manchester area. We should mention, The Citizens Bank Foundation, has provided major support for the production of the Outlook on Money Series. Q BETH LORD: can you paint us a picture of the AVERAGE bank customer in the Granite State? Q We know we're NOT a nation of savers. How are we doing as a STATE in terms of savings? |
| Saving Conversation Return to index of stories... |
Q Why do you think most people are SPENDING more and Saving LESS? Q BETH: As a banker, one might assume you're DISCIPLINED about Saving and Investing? Ever a time when you WEREN'T SAVING what you knew you should? Q Here's a Common DILEMMA for Families: What BILLS do you pay FIRST. ** Should you pay your CREDIT CARDS first, or are you better off putting EXTRA money toward say your MORTGAGE or Car Loan? -- OR, is it smarter to put EXTRA cash into savings? ** Credit Cards generally more expensive than CAR loans Q When it comes to paying CREDIT card bills -- should you pay cards with the BIGGEST balances relative to credit limit --rather than the ones with the HIGHEST rates. Q EXAMPLE: If you have cards with small balances should you consider paying them off in FULL -- == maybe free up cash for other debts? Q If you have low-rate CAR, home and student loans -- are you better off INVESTING any extra money toward RETIREMENT rather than pay them off.??? Q Should we be thinking of SPECIFIC goals when saving. IE: new refrigerator, college, retirement? Is that a good place to start? Q In Saving for SHORT TERM GOALS. Where's best place to start? Savings accounts, CD's, Mutual Funds. What's the PROS and CONS of each. ** Should SHORT-Term savings be LIQUID. Q LONG-TERM Savings -- usually means 5 years or more. Where's the BEST place to put your money in this regard? ** What's the difference between a load and no load mutual fund. Q Does everyone need a FINANCIAL Advisor? How would someone go about CHOOSING an advisor? Q What would you say is the biggest MISTAKE people make in money management? ==================== Q Are there some basic questions people should be thinking of when researching savings and investing options? Q Years ago banks used to have Christmas clubs, etc. Do they still have these incentives or do people need to set up their own "vacation fund" etc.? Q What do you say to someone who says: I barely make enough money to cover expenses, how can I save anything? Q We hear a lot about employee match retirement plans. What other tools are there for individuals and the self-employeed. |
| Intro Exchange City Return to index of stories... |
It's estimated that Tweens spend about 15-billion dollars of their own money each year. Helping kids spend wisely is one of the goals of a national program called "Exchange City." It's an innovative economics and civics program which couples real-life education with classroom instruction. Educators are convinced when it comes to understanding economics - students learn best by doing. So, when 6th graders from the Nashua Elm Street School recently paid a visit to Exchange City New England in Portsmouth-- we decided to tag along to see how it works. |
| Exchange City Return to index of stories... |
N1: This life-sized replica of a town -- is a virtual economics lab. It took 6 years to get the license rights to bring exchange city to NH. Phil 1:22:33 We're going to Do something that is lacking and missing in the schools.real life skills in real life setting 1:22:43 N2: In January of 2003 -- ground was broken at the old Wentworth School in Portsmouth. And the city -built for kids and run by kids - sprung to life. NATS: phil: here they come 1:53 / N3: An estimated 10-thousand students from all over NE will take part in the civic and economic experiment -- this year alone. Phil to kids:: Tape 1 starts on kid shots / 4:17 You have been preparing for today for about 6 weeks, 30 hours, learning about the economy. N4: It's more than just a field trip. Here… young people will learn how a city works - and how businesses make money. I'm the owner of Wenday's …. and good food, applause 56:52 57:02 Distribution Center I am the owner of distribution center…wants and needs and lowest prices. 58:04 Tape 1: Bank CU I am the President of Bank…smoothly as possible 58:16 Phil 22:04/ They are going to work, get paid, have taxes taken out of their paychecks and have a checking account with a check book that they use to shop at the retail stores in the city. Tape 1 Blonde woman: Figure out how to make the money and how to make a profit so we end up not owning anybody at the end. The idea is to make money -- Make broadcast schedule…this is also Kayla, the morning presentation guide. 14:41:29 N5: Students will operate the stores, the bank, the post office, and broadcast center…all outfitted with modern office equipment and business supplies. Nat snd 1:37:40 Here's what's happening…international stuff… Mackenzie: money fits in to almost everything. You have to get paid for your job, money ahs to go to the bank then you can spend it on wants and needs and it pretty much applies to everything. 01:34:05 01:36:16 -- Mackenzie: I just had my lunch break while ago, and it was very relaxing cause it can be stressful. Beth Q: LONG HOURS IN THIS BUSINESS. Yea, but they make it here so that its so much fun and enjoyable to work 18:08 back to music. music up N6: It's not just about finances - it's also about government. Students elect a mayor to run city hall. / shot of police officers 18:24 1:18:04/ Samantha Kwan/Mayor: Everyone was walking on the grass - which was one of our fines. N7: Meanwhile at the Bank - it was check cashing time - workers were getting paid and lines were forming. Beth: What are you trying to do to make sure people get their money smoothly. 1:08:22 Brandon: Oh, just try and get em through - as fast as we can, I guess. 01:08:27 Beth: Does the bank have enough money to accommodate all of its customers? 01:08:30 Brandon: Oh yeah, we're earning a lot of money as they pay back their loans. 01:08:33 Beth: You have enough employees? 01:08:34 Brandon: I- I think we could use a few more 01:08:38 Beth: Has it- has this been fun? 01:08:40 Brandon: Uh yeah, and stressful. 01:12:04 Beth: How's Brandon doing? 01:12:05 Man: Uh he looked, uh he looked a little frazzled a few minutes ago, so, I think, uh, we warned him, we said you will be busy all day long so he's, but he was up for the challenge, he likes, he likes a challenge so I think he got one today. N8: Teachers say Students express themselves in a way they can't at a desk. 42:17 They are definetly more motivated here because everything is right there for them. They are rushing to get their businesses done, they're mailing envelopes, doing all kinds of stuff, check writing, depositing at the bank, they're doing all kinds of stuff. 42:38. Teacher: Tape 1: - Beth:43:31 How would you rate their level of financial literacy before this experience. Teacher 43:37: Before this experience it was fairly low. They didn't know anything about check writing, how to keep a ledger, any of that stuff. writing check 1:48:17/ 149:00 Tape 1 15:55 / think about it like real money, If I get your check book and I start writing checks, do you have one so that you can secure it. N8: In Exchange City Parents are on the front line - serving as volunteers in every business. WOMAN: It was incredible, first field trip I had to go and take a class in order to participate. I literally was given all kinds of info to read at home. I had to to go to a 2 hour presentation given by director of exchange city. 1:24:37/ They told us how to be there but to stand back and let the children take over too. BETH Q: 00:31:22/ HOW DO STUDENTS GET ASSIGNED TO THE DIFFERENT BUSINESSES? Phil: Students have a job hiring experience as part of exchange city. After they've had some lessons, curriculum on the economy the interaction of business and government, business and employees and banks. They have to fill out a resume, complete a job application, and then have a real job interview. N10: In some cases the job itself involved interviewing: Victoria: Well, I've learned that it is really hard to hold a microphone because your hands get all sweaty and then you feel like its going to slip out of your hand. And, its hard because my videographer doesn't really want to go everywhere that I want to go, so it was a compromise. N11: In this world of everyday economics - students quickly learn the principles of Marketing and the power of advertising: N12: How the Cost of Electricity - adds up. 2:03:10 N13: and that every job is important in making a business run smoothly. N14: Once today's "hands on" lesson is over --2 weeks of follow-up activities give teachers the opportunity to "reinforce" what was learned in the city. The goal is to run Exchange City like a company. While they don't make a profit, there is a charge. 00:36:32 two shot with Beth PHILL: $25 dollars is the charge per student. $25 dollars for the seven week program. Its probably the best $25 dollars to be spent on education in New Hampshire at this point in time. That covers everything. Teacher: 45:33: It's a small price to pay to get them learning and get them motivated. Parent: 1:26:34/ the way that exchange city has developed this program it brings so much excitement for the children. DAD: 1:11:27/ this is a practical application of what they learn in school and its something they will carry on in their life, a life lesson kind of thing. PHIL 30:10 / this is a true treasure of an education program available for students. The outcomes the benefits are dramatic. PHIL: 28:46 I am very hopeful for the future. Our kids know a great deal more and have a lot more ability than they let us know. do I have to pay for this.I don't have 13 dollars. DISSOVLE OUT |
| Tag Exchange City Return to index of stories... |
This is the first time Nashua schools have participated in Exchange City. Kids are already clamoring to go back. In fact, Exchange city NE -- boasts a 100-percent return rate. They hope to expand to high school in the next 5 years. |
| Web Pointer Return to index of stories... |
If you'd like to learn more about Exchange City New England log on to our website, nhptv.org/outlook You'll also find streaming video of ALL our broadcasts -- on-line, and on-demand. |
| Goodnight Return to index of stories... |
That concludes our program. Thanks for watching. I'm Beth Carroll. We'll see you next time. |
| key:economy/business Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 08/3/05 HOST: Beth Carroll Length: 10:00 minutes Now on New Hampshire Outlook: Outlook on Money Learn how to move to self-sufficiency and a lifetime of saving. We'll take you to Exchange City a virtual economics Lab for kids. Here to talk more about the value of Saving and Investing is Beth Lord, Senior Vice President at Citizens Bank who manages branches in the Greater Manchester area. We should mention, The Citizens Bank Foundation, has provided major support for the production of the Outlook on Money Series. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Beth Lord\Citizens Bank, Share your views about money |
| key:education Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 08/3/05 HOST: Beth Carroll Length: 10:00 minutes Now on New Hampshire Outlook: Outlook on Money Learn how to move to self-sufficiency and a lifetime of saving. We'll take you to Exchange City a virtual economics Lab for kids. Here to talk more about the value of Saving and Investing is Beth Lord, Senior Vice President at Citizens Bank who manages branches in the Greater Manchester area. We should mention, The Citizens Bank Foundation, has provided major support for the production of the Outlook on Money Series. PRODUCER/REPORTER: NAME OF PARTICIPANTS: Beth Lord\Citizens Bank, Share your views about money |
| key:economy/business Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 08/3/05 HOST: Beth Carroll Length: 10:00 minutes Now on New Hampshire Outlook: Outlook on Money Learn how to move to self-sufficiency and a lifetime of saving. We'll take you to Exchange City a virtual economics Lab for kids. Educators are convinced when it comes to understanding economics - students learn best by doing. So, when 6th graders from the Nashua Elm Street School recently paid a visit to Exchange City New England in Portsmouth we decided to tag along to see how it works. It's estimated that Tweens spend about 15-billion dollars of their own money each year. Helping kids spend wisely is one of the goals of a national program called "Exchange City." It's an innovative economics and civics program which couples real-life education with classroom instruction. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS:Philip Ross \Executive Dir., Exchange City New England, MacKenzie Turnbull \ Broadcast News Reporter, Samantha Kwan\Exchange City Mayor, Brandon Karkhanis\Bank President, Nitin Karkhanis\Brandon's Dad, John Lysik\Teacher, Nashua Elm Street School ,Renee Whitten\Parent Volunteer, Victoria Whitten\Script Writer/Reporter |
| key: education Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 08/3/05 HOST: Beth Carroll Length: 10:00 minutes Now on New Hampshire Outlook: Outlook on Money Learn how to move to self-sufficiency and a lifetime of saving. We'll take you to Exchange City a virtual economics Lab for kids. Educators are convinced when it comes to understanding economics - students learn best by doing. So, when 6th graders from the Nashua Elm Street School recently paid a visit to Exchange City New England in Portsmouth we decided to tag along to see how it works. It's estimated that Tweens spend about 15-billion dollars of their own money each year. Helping kids spend wisely is one of the goals of a national program called "Exchange City." It's an innovative economics and civics program which couples real-life education with classroom instruction. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS:Philip Ross \Executive Dir., Exchange City New England, MacKenzie Turnbull \ Broadcast News Reporter, Samantha Kwan\Exchange City Mayor, Brandon Karkhanis\Bank President, Nitin Karkhanis\Brandon's Dad, John Lysik\Teacher, Nashua Elm Street School ,Renee Whitten\Parent Volunteer, Victoria Whitten\Script Writer/Reporter |
| key: youth Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 08/3/05 HOST: Beth Carroll Length: 10:00 minutes Now on New Hampshire Outlook: Outlook on Money Learn how to move to self-sufficiency and a lifetime of saving. We'll take you to Exchange City a virtual economics Lab for kids. Educators are convinced when it comes to understanding economics - students learn best by doing. So, when 6th graders from the Nashua Elm Street School recently paid a visit to Exchange City New England in Portsmouth we decided to tag along to see how it works. It's estimated that Tweens spend about 15-billion dollars of their own money each year. Helping kids spend wisely is one of the goals of a national program called "Exchange City." It's an innovative economics and civics program which couples real-life education with classroom instruction. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS:Philip Ross \Executive Dir., Exchange City New England, MacKenzie Turnbull \ Broadcast News Reporter, Samantha Kwan\Exchange City Mayor, Brandon Karkhanis\Bank President, Nitin Karkhanis\Brandon's Dad, John Lysik\Teacher, Nashua Elm Street School ,Renee Whitten\Parent Volunteer, Victoria Whitten\Script Writer/Reporter |
| key: UNH Return to index of stories... |
no UNH stories |
| Tonight 10:00 Return to index of stories... |
Tonight on New Hampshire Outlook: Join us tonight at 10:00 only on New Hampshire Public Television. |
| WEB PROMO Return to index of stories... |
Tonight on New Hampshire Outlook. . Tonight at 10pm on New Hampshire Public Television. |