Passing Along a Financial Lesson
After a divorce, Marie Salerno, mother of two, had to get a job and take control of her finances. Now she is helping other women learn to be independent. As told to Candice Lee Jones.
From Kiplinger's Personal Finance magazine, February 2009
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| Marie Salerno shares her self-taught financial skills with other women. |
You hit bottom. what happened? Seven years ago, I was a stay-at-home mom and my husband handled our finances. But then we got divorced. On top of going back to work and caring for our two children, I had to take control of my finances. And I had no idea where to begin. I had no pension. I didn't even know what an IRA was.
When did you realize you had to do something? It sounds so silly, but it was when the transmission on my car went out and I didn't have the money to fix it. Then I worried: What would I do if something really terrible happened?
What did you do first? I decided to talk to some friends. One day we spent nine hours going through my financial records and putting all that information into a spreadsheet. One friend gave me a copy of Kiplinger's, and I started reading and reading. I created a budget and started saving for retirement.
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How much are you saving? In the beginning, I was putting away $50 or so each paycheck toward my 403(b). For the past two years, I have been able to contribute about 12% of my salary toward retirement. I am also putting money into a 529 college-savings plan for my daughter, Samantha, and son, Michael.
How did all this lead to educating other women? I always swore that when I was back on my feet, I would pay it forward. My friends and co-workers at the Jericho School District on Long Island, where I am the computer help desk coordinator, joined me in starting the Jericho Project to teach women the skills they need to step into the workforce or be more independent. We offer free classes in computer basics, resume-building and personal finance. We tell them that they don't need to wait for Prince Charming.
How are you doing now? I am happily remarried and feeling very comfortable with my finances. I know that if, God forbid, I ever have to be on my own again, I will be financially stable. My daughter is 17 now, and I tell her that not having to worry about money not only makes you independent, it also strengthens a relationship.
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Reader Comments (4)
Posted by: gary dale at 01/15/2009 03:23:44 PM
I think a women is crazy (or lazy) to have no knowledge or control of their financial well being. Or for that matter not having the ability to, or not contributing to the financial well-being of a household. With few exceptions it is probable that she will find herself in that position by death, divorce, or illness.
Posted by: shelley at 01/15/2009 10:52:53 PM
I think it is important for women, whether working full time or just a plain housewife, to know how to handle the finances. My husband has been working full time for the last 18 years of us being married and if I leave him or something happens to me, he will be clueless on how the finances works. He doesn't even know how much is his monthly paycheck !!!! what more his retirement account or savings account???
Posted by: Grace Kramer at 01/15/2009 11:42:28 PM
Kudos Marie...you are a wonderful example to all women of all ages. I want my 18 yr old daughter to read your article. I was widowed three years ago and have hit some tough times as well. You are an inspiration. Thanks for reaching out and sharing your success story.
Posted by: Marie Salerno ( the at 02/15/2009 12:00:04 AM
Thank you all for your comments. In response to Gary Dale's comment I wasn't lazy nor crazy just naive and trusted my partner. Because I was not the bread winner and a stay at home mom. I had little control of my husband's paycheck. I contributed to the "financial well-being" of my household by not pulling a salary for my 24/7 job of caring for my young children. Hardship, hardwork and knowledge gave me power to be the person I am today. Nothing gives me more joy then to pass on my skills and wisdom to other women. Jericho Project for the Advancement of Women. jerichoschools.org/jpaw