One thing’s for sure, money is on our minds. It’s certainly in the media, which often keeps economic woes running through our heads in a continuous loop. But we hope that, in the next few pages, the honest portraits of local women and their thoughtful takes on money will be a bit of a departure from the usual national media diatribes. For one, there’s great advice here from some of the smartest women around about how to keep your business (and the rest of your life) in order. At the very least, these stories are proof that, if you’ve spent time worrying about money or serious mental energy wondering where to stock up on silver coins and Beanee Weenees, don’t worry. You are not alone.

If my money was my child, I would be reported to the authorities for neglect and abuse. In the last two years, I have stopped balancing my checkbook, ravaged my savings, overextended my credit cards and, at 48, my retirement account remains an ancient government pension to which I have not contributed since leaving that job a decade ago. To make matters worse, my personal financial foibles are magnified by staggering daily reports of our collapsing economy.

by Jess McCuan / photos by Rebecca D’Angelo

It’s a tough time to be a banker. In the last six months, Americans have watched the country’s banking system crumble, with Wall Street investment bankers emerging as the 21st century’s most cunning new national villains. Last fall, for the first time in 80 years, bankers around the country faced the specter of a nationwide bank run, as panicked customers walked into their lobbies and offices demanding to know if their money was safe. “No training could have prepared a banker for the financial crisis of the last year,” says Suzanne DeFerie, who was promoted to president and CEO of Asheville Savings Bank in January 2008 after spending 16 years as the bank’s executive vice president and CFO. Last year, DeFerie, who grew up in Lenoir, held a public meeting called a Fireside Chat, reminiscent of FDR’s radio addresses from the 1930s and ‘40s. Her staff even rustled up a DVD of a crackling fireplace to play in the background as DeFerie spoke to a crowd of nervous customers.

In times of economic tumult, most people hit the panic button. But there’s a special level of alarm reserved for the time when everyone decides exactly what to do with their money. Divvy it up into banks and hope none of them fail? Convert it to gold and bury it in the backyard? We asked a few Asheville financial counselors to help us calm down and protect our (probably dwindling) assets.

by Janet Hurley / photo by Milt Hawes

We read about the lucky ducks who win the lottery and figure it was a once-in-a-lifetime event—something that will never happen to us. But it does happen. In January, Rebecca Carrier, a Hickory native and former truck driver who lives in Taylorsville, was on her way to the 3M Polymask plant where she works second shift making protective tape. She stopped off at the Market Basket, a convenience store on Highway 16 in Conover, one of two stores she visits regularly to buy lottery tickets.

With all the children living at home, the Kraus family went through six boxes of cereal a week. Far left, Judith, 16; front row, Matthew, 12; Kathleen and Ken Kraus; Thomas, 15; Samuel, 20. Second row, Justin, 28; Sarah, 23; Meredith, 10; Ellen, 25. Back row, David, 22; Stephen, 18. by Cathy Horton
photo by Brent Fleury

With her serene gray eyes, ready smile and tucked-in appearance, Kathleen Kraus looks like anything but a harried mother of ten. Her children range in age from 10 to 28 and five still live at home, which means the Kraus house in Hendersonville is a beehive of activity. Between her own job, helping with schoolwork and school functions, church activities, grocery shopping, cooking and chores, Kathleen Kraus’s schedule gives new meaning to the word multitasking.

Though we all might have predicted it, the numbers are still a little startling. In 2008, according to the American Bankruptcy Institute, bankruptcy filings around the country increased nearly 33 percent compared to the previous year, an upward trend that’s expected to continue through 2009. Finding yourself completely and utterly broke is never fun, of course, and most people see bankruptcy as a last resort. But it can actually be quite a relief, says Celeste Collins, executive director of OnTrack, a financial counseling agency in downtown Asheville. “With Chapter 7, it’s pretty much a fresh start. It helps with cash flow and relieves the debt burden.” In one of the worst recessions in decades, a fresh start doesn’t sound too shabby. If bankruptcy is where you’re headed, here are some things you should know.

Antiques buyer Lisa Ramseyby John Clausen / photo by Brent Fleury

When it comes to the art of negotiating, few people are more adept than Lisa Ramsey at getting the best price, product and terms. We’re talking about a black belt in shopping who is comfortable almost anywhere deals are being made. We asked Ramsey, whose family has run the 77,000-square-foot Antique Tobacco Barn in Asheville for 24 years, for some tips on navigating the treacherous waters of make-me-an-offer commerce. A buyer for the Tobacco Barn, Ramsey was preparing for a shopping trip to India (yes, India), but was gracious enough to give us the following insights.

Trade Secrets: Kim Kubicke and Kila Donovan, two of the Asheville LETS group’s three founders.by Liisa Sullivan / photo by Scott Lessing

By now, most of us are tired of hearing about the gloomy state of the economy. We’d rather hear about ways to fix it and move on—or perhaps about clever ways to get things we want without shelling out so much cash. If you find yourself willing to get a bit creative, check out Asheville’s Local Exchange Trading System, or LETS.