NBC5 and CNBC teamed up with local and national experts for Money Monday, a special report aimed at answering your questions about the economy and how the financial crisis affects you.
Hundreds of questions came via e-mail, and many were answered through our in-studio phone bank. Most questions fell into five general topics: debt, retirement, foreclosure, tuition and investing. Check out the experts' answers below.
Dealing With Credit Card Debt
Terry Savage is a nationally known expert on personal finance and a regular television commentator on CNN, CNBC, PBS, and NBC on issues related to investing and financial markets. She is the nationally syndicated Chicago Sun-Times personal finance columnist. Her fourth book, published in June, 2005, is "The Savage Number: How Much Money Do You Need to Retire?" Terry offers advice ranging from investments to withdrawal calculations to long term care insurance.
Your 401(K) & Retirement
Robert L. Aguilar
Robert Aguilar is Cabrera Capital Markets' Chief Operating Officer and Chief Financial Officer. He oversees business operations, risk management, and business acquisition. Prior to joining Cabrera Capital Markets, Robert was an Operations Manager responsible for directing all daily operations for 12 domestic and international distribution facilities in 4 countries. He is registered with the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Stephanie D. Neely
Stephanie D. Neely was appointed City Treasurer by Mayor Richard M. Daley in December 2006 and won a citywide municipal election in February 2007. A former vice president at Northern Trust Global Investments, Ms. Neely was responsible for working with public and corporate pension funds. As Treasurer, Ms. Neely is responsible for investing a portfolio of approximately $7 billion while trying to ensure the best return for the citizens of Chicago.
Saving For College
Rob Stein is the Managing Partner of Astor. Mr. Stein began his career in 1983 as a project analyst for the Federal Reserve. He also held senior trading or portfolio management positions with Bank of America New York, Harris Bank Chicago and Continental Bank Chicago, later acquired by Bank of America. He has been featured in print and broadcast media such as The Wall Street Journal, Business Week, Investor’s Business Daily, ABC, FOX News, Bloomberg, and CNBC.
Investing in Stock MarketShawn D. Baldwin
Shawn D. Baldwin is the president and CEO of Capital Management Group Securities in Chicago. Baldwin previously served as the Chief Operating Officer of Wall Street Strategies in New York City, a registered investment-advisory firm. He is currently president of the Chicago chapter of the National Association of Securities Professionals (NASP). He is additionally a member of the Chicago Stock Exchange and he holds two seats on the Exchange.