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Updated: September 14, 2025 @ 1:38 am
Jamie Dimon (Provided)
Larry Gies gave the commencement address at 2019’s undergraduate graduation ceremony.
Suze Orman (Provided)
Al Roth (Provided)
Russ Irani (Provided)
Elaine Glusac (Provided)
Tim Leffel (Provided)
Clark Howard (Provided)
Seth Kugel (Provided)
Jialan Wang (Provided)
Editor
The theme of today’s installment in our “how to” series: minding your money. For expert advice, we convened a supersized panel of best-selling authors, UI faculty members, a Nobel-winning economist who once called C-U home, the leader of the country’s largest bank and others.
Jamie Dimon (Provided)
Billionaire JAMIE DIMON, chairman and CEO of JPMorgan Chase: “Early on in my business career, I started the exercise of zero-based budgeting — start the month with ‘zero’ in each spending category and treat every dollar as if you have to justify it from scratch.
“Anyone could apply this strategy to their own personal finances — pick any 30-day window, track every expense and require yourself to justify each one as if it didn’t already exist.
“Is that daily coffee shop habit really worth $7? Do you need the extra streaming service? You might be surprised to find at the end of the month, you’ve cut 15, 20 or more percent of your normal spend.
“Whether in business or managing your own budget, unrelenting discipline will help you reach your goals. It can eliminate bureaucratic inertia and shed ‘automatic’ spending — empowering you because every cut was a conscious choice.”
Larry Gies gave the commencement address at 2019’s undergraduate graduation ceremony.
UI grad LARRY GIES, namesake of Gies Memorial Stadium and the Gies College of Business: “I have always been able to save for things that I am passionate about that have impact on others’ lives. My passion has always been education and if I know children are counting on me, it makes it super easy to stay disciplined.”
Suze Orman (Provided)
UI grad and personal finance guru SUZE ORMAN: “I lived below, my means, but within my needs. How did I do that? Buying only needs versus wants. And then getting as much pleasure out of saving as I did spending. That’s the key.”
Al Roth (Provided)
Former UI professor and 2012 winner of the Nobel Prize in Economic Sciences AL ROTH: “Whenever I had an employer who made a matching contribution to a retirement fund, I always contributed enough to get the full match.”
Russ Irani (Provided)
Julian Simon Faculty Fellow RUSS IRANI, a finance professor at the UI’s Gies College of Business: “Saving for retirement is straightforward for most people: start young, max out tax-advantaged accounts and buy low-cost equity index funds. I’ve seen countless presentations on investing and I’m yet to be convinced I should do something else.
“And then leave it alone. The legend goes that Fidelity’s best-performing retail accounts were the ones people forgot about.”
CHARLES SILVER, co-author of “Overcharged: Why Americans Pay Too Much For Health Care”: “Ask for the cash price when obtaining medical treatments or purchasing drugs. You may save money by paying out of pocket even if you have insurance, because the cash price may be lower than your deductible or copay.”
FRANK LOBB, author of “The Big Lie in My Healthcare Bill”: “On entering a hospital or doctor’s office, we are all given a form that is usually titled ‘Patient’s Rights and Responsibilities’ and has us signing to accept ‘financial responsibility for whatever our insurer fails to pay for the care we receive.’
“However, every form of health insurance contains provisions that bar such bills. So, rather than blindly signing to allow these improper bills, we need to add the following magic words to our signature: ‘My signature is void if billing me is barred by law, regulation or contract.’
“Please note that you are not refusing to pay. You are simply ensuring that you can only be billed when it’s allowed by law, regulation and contract. Our broken health-care system is counting on us overlooking this little-known fact and simply accepting financial responsibility for their improper bills.
“It’s a game where everybody wins but us.”
Elaine Glusac (Provided)
ELAINE GLUSAC, who writes the “Frugal Traveler” advice column for The New York Times: “Many travel expenses are determined by the economic rule of supply and demand. When everyone is traveling, flights, hotels and tours are scarcer so prices rise.
“Thus my advice is to think like a contrarian. Go when others aren’t, which could be the offseason or even a 6 a.m. flight.
“For the same reason, it saves to plan travel well ahead of departure. Save spontaneity for road trips.”
Seth Kugel (Provided)
SETH KUGEL, the Times’ former “Frugal Traveler” and now its “Tripped Up” advice columnist: “The bucket list cities of Europe or buzziest beach towns in Florida are insufferable, especially in high season. Cheaper, better alternatives abound.
“If you’re too lazy to do much research, Google or ask an AI chatbot for something like ‘the top 50 Italian cities for tourists’ and look into numbers 45 to 50.
“Bonus: in less-visited, more economical destinations, the locals are almost always kinder and more open to visitors.
“While we’re at it, here are some worst ways to save money on travel:
“One, reserve through a third-party site you’ve never heard of, with a name like TrainEurope or Flightorama, rather than directly from the hotel or airline or car rental agency, just to save a few bucks. If anything goes wrong, it will be 10 times as hard to fix.
“Two, click a box to ‘insure your trip’ rather than researching the best policy for your needs on sites like travelinsurance.com or squaremouth.com. And read the small print — insurance plans cover exactly what their policies say and nothing more.
“Three, scrimp on a hotel by flying into the city your cruise leaves from hours before departure. If your flight is delayed, and these days it probably will be, you’ll regret it.”
Tim Leffel (Provided)
TIM LEFFEL, author of “The World’s Cheapest Destinations”: “Even casually playing the points and miles game can result in free flights or hotel nights, often as soon as you’ve met the minimum spend for the sign-up bonus.
“If you’re using a credit card that’s not earning you travel points of some kind, you’re leaving a lot of money on the table for others to grab instead.”
Clark Howard (Provided)
National Radio Hall of Famer CLARK HOWARD, who has been dispensing financial advice on his syndicated show since 1989: “The absolute best deal during September is a new electric vehicle. The dealers and manufacturers are desperately trying to get rid of every electric vehicle they have before the $7,500 tax credit ends.”
Jialan Wang (Provided)
UI Associate Professor of Finance JIALAN WANG: “When I was pregnant with my second child, I systematically examined all of my employer’s health insurance options to make sure I switched to one with nationwide coverage. And it turns out, I needed it!
“As a professor who travels a lot for my job, you never know when something might happen when you’re away from home. And nationwide coverage didn’t cost any more than the health plans that mainly provided in-state coverage.”
EMILY GUY BIRKEN, author of “The 5 Years Before You Retire”: “There is no way to know for sure that you will be correct about timing your retirement, calculating an appropriate nest egg, making assumptions about your health and longevity, or predicting any other factors about your retirement plan or the greater economic future. In other words, there is no such thing as fiscal safety.
“This may sound bleak, but it’s anything but. Because money can’t be proactive, but you can be. You can make a fulfilling retirement for yourself even in less-than-ideal financial conditions, as long as you recognize that you, not your money, are the solution to retirement safety.
“Aim to regularly take small actions today that will help smooth the path for your retirement in the future.
“These include things like increasing your contributions to your 401(k) or IRA; paying down high-interest debt; downsizing your expenses prior to retirement; keeping your disability insurance up-to-date; getting regular checkups, sufficient sleep and exercise; delaying Social Security benefits as long as possible; avoiding new debt; increasing your income; and practicing living on your retirement budget before retiring.”
The theme of today’s installment in our “how to” series: writing. For expert advice, we convened a panel of best-selling authors, award-winning columnists, White House speechwriters, dating coaches, obituary writers and college admissions officials.
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