PAULA ROOS’S LIFE By Kayleen Woodin

Biography I was born November 18, 1963 in Helena, Montana. I lived there until I was 4 years old. At age 4 I moved to Lincoln, Montana. I went to school in Lincoln until I was an 8 th grader and age 14. Before I started high school, however, I moved back to Helena where I attended Capital High School. I graduated in the year 1982 from Capital High. After High School I attended Carol College in Helena for four years. Following college I attended medical school at the University of Washington for four years and then residency for another four years. After completing my residency, I moved to Billings where I got a job as an anesthesiologist and I have lived here ever since.

Q: How have your financial needs changed throughout your life? A: They have markedly increased because of having 3 children who are very active, one of whom required heart surgery at 1 year of age. Over the next years I will have at least 2 of them in college at the same time. Recently, I have gone through a divorce, which has been very financially expensive.

Q: What events in your life do you believe have had the greatest impact on your financial plan? A: The birth of my children, planning for their college education, and my decision to become a doctor.

Q: How did these events specifically affect your financial plan? A: The births of my children were the most wonderful experiences and educational in many ways, one of which was the necessity of financial awareness. Planning for their college education was something that my ex husband and I did very early in their lives, thankfully. My decision to become a physician has been a long journey, but is a definite financial security. This was a long process of education and training. Fortunately, I had no debt from my undergraduate years, but medical school was definitely a hardship. The 4 year residency was a little less stressful financially because I was finally getting paid at least a low income which helped. Entering private practice was eye-opening with how much more I got paid but I was blown away with the taxes, basically 50% of the money I made. That was harsh because I paid quarterly taxes and got nailed with some large penalties for the first while until I figured out how to do this.

Q: How have your values and goals affected your financial plan? A: I am quite conservative financially, with my financial goals being aimed at supporting my children in their college opportunities and planning for my retirement, which will probably not be until I am 65 years old. Therefore, I have resisted buying a large house choosing to save as much money as I am able to put away in my 401K. I have also recently begun other methods of saving money tax-deferred.

What are your current financial needs? 1. I have a house mortgage, but got a great interest rate. 2. Have 4 cars, but owe money on 2 of them. 1 will be paid off in 3 months. 1 will be paid off in about 24 months. 3. Pay child support and maintenance (alimony) monthly, for 5 and 4 more years. 4. Living expenses (food, clothing for family). 5. Activities expenses for kids. 6. I have a timeshare property which we don't really use and I would love to sell. I would be stuck with the majority of amount owed, but could get rid of the $4000 annual maintenance fees. 7. Entertainment.

Q: What financial successes have you enjoyed? A: I am in a field of medicine and I love taking care of my patients and a recent move to a partial management position.

Q: What financial lessons have you learned throughout your life? 1. Find out the details on taxes, especially if you are self- employed as I was initially (no employer to automatically take out what you owe). 2. Do not buy timeshare properties. 3. Plan for your children's college education early. 4. Don't buy fancy expensive cars. They are a very poor investment. 5. Buy a house with the idea that you will sell it in a few years and take care of it, which takes time and money. 6. Do on-line banking. It is so much easier to stay current on, and much less time involved with paying everything on time.

Q: What advise could you give me as a young adult learning about finances? 1. Live within your means. 2. Do not ever carry a balance on any credit card. Pay them off monthly, before you get a finance charge. 3. Live off of a budget. Know what you have coming in every month and know what you owe. You must also plan for the unexpected expenses. They will there. 4. Always carry health insurance, even just catastrophic with a high deductible, so if you or a family member gets ill or requires surgery, you aren't bankrupt. 5. There are very few jobs out there which pay very well which don't require hard work. Be willing to work hard and work smart.

Q: Do you think that your current financial needs are similar to others of your same age? A: No, every person is different.

Q: Do you think that you have followed a “traditional” financial path throughout your life? A: Yes

Q: Throughout your life, how have your financial needs been similar and different from others your same age? A: Biggest impacts are children and divorce and I have friends who have not had either. These are huge differences. That's just life and I wouldn't change it.

Financial Changes High school (13-17): My first job as a lawn mower/ house cleaner. Young Adult (18-24): I drove was a 1957 Chevy pickup Adult (25-34): I was in residency and bought a Ford Escort Working Parent (35-44): I was and am currently working at Billings Clinic as an anesthesiologist Midlife (45-54): Divorce Pre-Retirement (55-64): I hope to be getting ready for my retirement and have enough saved in the bank. Retired (65 & Older): I hope to be retired and healthy.

Pictures Mowing lawns was my mom’s first job. She made $6/ hour. A 1957 chevy truck was my mom’s first car. A ford escort was my mom’s first big purchase. My mom attended medical school at The University of Washington. This was very expensive for her. My mom got a job as a doctor at the Billings Clinic 15 years ago, where she still works today.