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Chapel Hill hosts CNN Money magazine event

Chapel Hill has long ranked high among the country’s small cities.

And last year, the town once again came in strong when it was named one of the “Best Small Cities in America to Live 2010” by CNN’s Money magazine.

Wednesday night, Money hosted a “Take Charge Live” event at the Knapp-Sanders building on the University’s campus.

The event, which was paid for entirely by Money, provided more than 50 students and local residents who attended the program with professional financial advice —ranging from college saving plans to investment advice for retirement.

Chapel Hill and Boston were the only cities offered the opportunity to host the event this year.

Laurie Paolicelli, executive director of the Chapel Hill- Orange County Visitors Bureau, said she thinks the town was chosen above others to host the event because of its relationship to the University.

“Chapel Hill was chosen as one of only two cities to host the event because of the strong community vibe that UNC carries, and also the fact that the campus is so close to the town,” she said. “They want to gear their messages to young adults who have money issues and want to gain control on their financial life.”

She said the event has also helped benefit the town because visitors paid to stay in local hotels and eat at local restaurants, and it has drawn publicity to the town.

“The event brought revenue to the town as guests are staying in the Carolina Inn,” said Paolicelli. “They also provided free publicity in Money.”

A panel of editorial experts from the magazine conducted a question-and-answer session on investment and managing personal finances.

While most of the advice was geared toward working adults, the experts did provide tips for students.

Craig Matters, managing editor at Money, told students to avoid using credit cards or overextending student loans.

“There is a six-month grace period, but people tend to forget and are not prepared to set up payment plans,” said Matters.

He also advised students to find internships.

Andrew Wood, a freshman and prospective business and chemistry major, attended the event to learn more about business.

“I learned more on financial advising, stocks and trading, and long-term investment,” he said.

In face of budget shortages, Paolicelli said she is glad Money brought the event and financial advice to the community.

“Money is on everybody’s mind now and all these experts are coming to give free advice,” Paolicelli said.

“It’s great that we have access to such experts during a time when we are dealing with challenging financial issues.”

Contact the City Editor at city@dailytarheel.com.

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