State Auditor's Office Helps Women Secure Financial Future

Commissioner of Securities and Insurance (CSI) Matt Rosendale, Deputy Securities Commissioner Lynne Egan and other staff from the State Auditor’s office made a stop in Glasgow on Oct. 8 as part of their Money Matters for Montana Women workshop tour, which also made a stop in Havre, Glendive and Billings. As they traveled throughout the state, CSI staff also met with seniors to discuss fraud prevention in Lewistown, Shelby, Malta, Fairview, Miles City and Columbus as well as trained law enforcement officials from across the state on how to prevent elder financial exploitation in Bozeman.

After opening statements from Rosendale, the workshop started with Egan providing her personal story on how after her father passed away, her mother had no knowledge of the financial aspects of the family due to her father taking care of it all. “The financial deck is stacked against women due to longer life spans, being caregivers, taking care of kids, parents and grandparents,” she opened. She continued to educate the approximately 40 people in attendance how to make money work for them including investing wisely and also provided tips on estate planning, staying financially safe, setting up beneficiaries and outlined the benefits of planning ahead. She stressed the need in seeking out professionals to help guide an individual through the process, but not just any individual. “Make sure they have professional credentials, and work experience,” stressed Egan. Protecting oneself was also discussed, educating those in attendance the pitfalls of various schemes such as the Pyramid scheme, the ponzi schemes and promissory notes.

After her presentation, two local women provided their personal input on how to make good financial decisions and the scarifies that might be needed to reach your goals. The first speaker was local business owner Haylie Shipp, who shared her story of becoming and staying an entrepreneur in Glasgow. She shared how she acquired the Odd Fellows building after much bartering and how successful she was in the first few months of opening. She also pointed out that her experience hasn’t always been successful and has had to make scarifies along the way, including selling her house. “If you are going to do a small business, then you have to go all in. You have to figure out your boundaries for what you are willing to give up,” Shipp stated. She also provided tips on her successes including having a good banker and a good investor. “Always have someone who believes in you and also someone who doubts you,” expressed Shipp.

The second speaker was Bethanie Knight, who is a financial advisor at Edward Jones. “My goal here today is to help you set up goals,” she stated. Knight equated the pathway to achieving financial goals to taking a road trip. “When you go on a road trip, Siri needs to know where you are and where you are going before being able to get there,” said Knight. Her presentation focused on achieving financial goals by asking: Where am I today?; Where would I like to be?; Can I get there?; How Do I get there?; How can I stay on track?

The State’s Auditor Office decided to host this series of workshops as a result of more women playing bigger and bigger roles in the financial decisions and earnings of households. As a result, many could be in a position to start, buy or grow small businesses as current owners retire, so businesses don’t have to shut down. In rural Montana, current owners are not able to find someone to take over, which can cause a ripple effect in a community. The event not only provided education on how to prevent problems with investments but also gave women the tools to start, buy or grow business, which helps promote capital formation in Montana and improve the economy.