Once upon a time, in a land very close by, a wise person decided that he (or maybe it was a she - I actually don't know) wanted to make the world (or at least Chicago) a better place. This person worked at the Federal Reserve Bank of Chicago, so of course they wanted to help the people of the land learn how to better manage their money. And so this person put out a call across the land to bring together a group of like-minded people. And that was how Money Smart Week was created.

OK, I'm no Aesop, this is no fairy tale, and I've probably taken a few liberties with the truth. But Money Smart Week truly has become a legend. Starting in Chicago around 8 years ago, it has spread across Illinois and to many other states. From April 18 through the 25th, we will observe Money Smart Week 2009 across the state of Illinois. During this weeklong observance, partners from literally hundreds of organizations provide free workshops on every conceivable financial topic. It's a bonanza of financial education opportunities. Most programs are in English, but some are in Spanish or other languages. They cover everything from how to do a budget or manage your credit, to choosing investments and planning for retirement. And best of all, they're taking place at all sorts of locations, probably one near you - maybe your library, or a bank, or a community organization, or a University of Illinois Extension office in your community.

University of Illinois Extension has been an active partner in Money Smart Week from the beginning. I and the other Consumer & Family Economics Educators across Illinois will be presenting dozens of workshops, drawing on our research-based, unbiased store of knowledge.

Come join us! Check out the searchable online calendar for your part of the state:

• the Chicago calendar of events,
• the Illinois calendar, which includes the greater Peoria area, Bloomington/Normal, Champaign, Springfield, and Rockford
• or the Quad Cities calendar.

You can also check our Extension calendar to find events where our educators will be presenting, during Money Smart Week or at any time of year.

Have you been to a Money Smart Week event in the past? Click on my name below and tell me what you thought about it.

If you are like me, you read a headline today - "Madoff pleads guilty in largest Ponzi scheme ever."

The largest Wall Street scam to date has everyone questioning how such a scam could happen. Even more so, many people might be asking how do I know who to trust with my money?

So, how do you know who to trust with your money? To help you in the process of choosing a financial professional, University of Illinois Extension has developed a website entitled: "Choosing a Financial Professional." The website provides resources and answers to questions everyone is asking about who do you trust with your money?

For those of you that want a few quick tips, here are my thoughts:

• Do your homework. Choosing someone requires you to investigate and make your decison more from your research and should be based on more than name or reputation or recommendations from a friend.
• Make sure you interview the finanical advisor and ask questions. This is your money they are handling and you should how are they investing your money!
• Check out qualifications. Because financial professionals can have a broad range of titles and licensure, it is important to investigate any said designations. Find out if an advisor is licensed and registered by checking with your state regulatory agency and FINRA.
• Visit the Choosing a Financial Professional website for more detailed answers to your questions about finding someone you can trust with your money.

My last bit of advice for today's blog --- remember, if it sounds too good to be true, it probably is!

Yesterday, I met with a group of colleagues for a session about retirement planning. A number of them could retire at any time. But should they? Starting to take distributions from your investments when values have dropped so much is a worst-case scenario. But what other factors should they consider? Perhaps you would enjoy taking the very unscientific, magazine-style self-test that I gave them:

1. I have projected what my expense will be in retirement.
1. Yes
2. No
2. If you retire now, where will the money come from for expenses not covered by a pension or Social Security?
1. sell investments
2. use money in savings accounts, money market accounts, savings bonds, etc.
3. use my credit card or borrow from other sources
3. I expect to have some large expenses early in my retirement, such as home remodeling or extensive travel.
1. Yes
2. No
4. I have already moved all my money to cash.
1. Yes, after I'd already lost quite a bit.
2. Yes, before the bear market started.
3. I only moved some of it, but I'm thinking about moving more of it to cash.
4. No.
5. For government workers: I have done a calculation of my Social Security benefits including reductions for my government pension.
1. Yes
2. No
6. I currently track my expenses and/or follow a budget.
1. Yes
2. No
7. Right now, I spend less than my income.
1. Yes
2. No
8. I have a plan for how to manage my investments in retirement.
1. Yes
2. No
9. I know how my money is invested, and why it's invested that way.
1. Yes
2. No

What's the moral of the story? You can't control or predict how the stock market will perform, but you can control your spending decisions and have a plan.

How many points do you think each of these answers should get? Click on my name below and let me know. You can also go to www.RetireWell.uiuc.edu to learn more about how to save, invest, and prepare for retirement.