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Money talks at library on April 5

KENT — Money Smart Week is coming up and the Kent Memorial Library is asking: Do you know where your money is?Most people have only a general idea of where their savings are and what their money is doing. National Money Smart Week is sponsored by the American Library Association and the Federal Reserve Bank in Chicago. Its goal is to educate the public about how to take better care of their funds, and perhaps even make some profits. The Kent Memorial Library will begin a week of investing and finance events with a talk by financial advisor Karen Altfest, who lives part-time in Kent and is a principal advisor and executive vice president of client relations at Alftest Personal Wealth Management in New York City. The firm was started 31 years ago by Altfest’s husband, Lewis; she joined the firm a few years later and has been there for 27 years. The firm now has 30 employees (including the Altfests’ son, Andrew). They are fee-only investment advisors with an office on Park Avenue. Karen Altfest has a long and impressive list of credentials but, in a phone interview this week, she came across as energetic but approachable and low-key (despite the Ph.D. that comes after her name and all the books she’s written and organizations she’s headed up).For her talk on Saturday, April 5, from 3 to 4:15 p.m. at the library, she promised to steer clear of jargon and to address the concerns of the average investor in plain English.She will tailor her talk to the sophistication level of the audience and the questions that are presented to her. Altfest has made somewhat of a career sub-specialty of helping women understand their financial choices. “Women are often so fearful of money and of taking control of their finances,” she said. “And they often don’t think about these kinds of things until they have to take control.”But for the library talk on Saturday, she will speak to the general public.“This is one for everybody,” she said. Questions will be welcomed and encouraged.“The most fun is when you’re having a discussion with people,” she said. “You’re communicating with people and they don’t have that deer-in-the-headlights look.”Altfest teaches classes and speaks to groups often, and she said that many people come in hoping for stock tips. “People seem to feel these are black-and-white decisions,” but they are more complex and should be tailored to a person’s individual needs. Should a person take their vacation in Disneyland or Paris? It depends on the person.Another question people ask is how much money they need for their retirement.Again, it depends on the person. “Some people can live happily on $30,000 a year and have all they need,” she said. “Other people can have $300,000 and feel that it’s not enough. These kinds of decisions are about you and your financial life. It’s not a definitive dollar sum.”Just as Altfest sees the gray areas in finance, she also sees them in human nature. “People are all over the spectrum,” she said. “You’d be surprised at who is more or less savvy.”The talk is free and open to the public. Seating is limited, however, so register in advance by emailing kmlinfo@biblio.org or by calling 860-927-3761.To learn more about Altfest Personal Wealth Management and to access the company’s informative newsletters, go to www.altfest.com.

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