For women intimidated by today's choppy financial seas, it's better to avoid the deep waters "where the sharks swim" and keep invested in the shallower, safer surf.
That's the advice Pam Krueger, co-host of PBS TV's "MoneyTrack" show, delivered Wednesday at the Sacramento Public Library's first investing series for women only.
Specifically, Krueger advised the 90 women in the audience to take charge and not be passive about becoming financially savvy.
Carol Hrimnak, an executive secretary with the Sacramento County Department of Finance, said she showed up to "acquire some tools to be confident that what I'm doing financially is correct."
Having watched her retirement savings plummet by a third in the last few months, Hrimnak said she's looking for advice so she and her husband "can retire successfully."
Krueger, whose weekly PBS financial show co-stars Sacramento's Jack Gallagher, highlighted three points:
• Get yourself "credit-fortified" to take advantage of investing opportunities in the current down market.
"Don't think everything is frozen," said Krueger, noting that a lot of community banks and credit unions have money to lend to those with solid credit. "If you have a credit score at least above 650, you have power in this market" to take advantage of bargain home prices and low interest rates.
For those with tarnished credit, now's the time to start a cleanup, she said. Begin by limiting credit purchases, paying down balances and using less than half your credit limit.
• Consider your retirement plan your "new best friend."
Small amounts invested regularly in an employer's plan can pay off. "A 401(k) is the safe, shallow end of the swimming pool. It's not the deep end where the sharks swim," and where you'll bump into derivatives and other exotic investments.
"Ten years from now, we'll look back on 2008 and say, 'I should've stayed in the market," said Krueger.
• Find a trusted financial adviser, one who's fee-only and not on commission.
Krueger, a former Bay Area stockbroker who believes the era of commission-only brokers is over, warned women to never pay more than 2 percent annually in fees. If you don't know how much your financial adviser is charging, ask.
Treat your financial adviser like "a personal trainer for (financial) knowledge." Rather than blindly following advice, "tap into their knowledge so they can coach you."
The investing series for women continues the first Wednesday of every month at Sacramento's Central Library, 828 I St. Admission is free. On Dec. 3, Terri Ciochetti, a financial recovery counselor, will talk on women's emotional relationship with money. For more information, go to: www.saclibrary.org.
Call The Bee's Claudia Buck, (916) 321-1968
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