3/26/24: With a lot of money in pre-tax retirement accounts, am I overthinking the possibility of doing Roth conversions?
Happy Independence Day weekend! Six months in the books, six more to go.
Speaking of independence, we have yet another caller looking to break free from the ball and chain that is his job. In this case, our 48 year old caller is looking to call it quits at 55. Can he make this dream a reality?
Because we're halfway through 2021 it’s time for a little "State of the Economy" with our favorite numbers cruncher and overall badass, Diane Swonk, chief economist at Grant Thornton.
The Federal Open Market Committee (FOMC) unanimously voted to keep short-term interest rates unchanged and the pace of asset purchases at $120 billion per month. The statement following the June meeting was much more upbeat about the progress of vaccinations and the economy.
The bottom line is that Fed Chairman Jerome Powell tried to reassure the public and financial markets that the Fed will not allow inflation to get out of control. The Fed’s own forecast, or “dot plot” as it is called, showed a substantial move up in the timing of rate hikes. The problem for financial markets is that inflation and rate hikes are always unwelcome.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Happy Thanksgiving! I know it’s a weird one this year, but I hope everybody is getting to enjoy it in some way, shape, or form.
Holiday or no holiday, the Jill on Money show carries on, so let’s get started with your emails and a caller who has every reason to be incredibly thankful this holiday weekend.
It’s a family affair in hour two as we bring you two separate interviews from the Schwab family.
First up is Charles Schwab, yes, that Charles Schwab, the founder of The Charles Schwab Corporation.
He joined us in-studio (pre-pandemic) to talk about his personal memoir, Invested: Changing Forever the Way Americans Invest, in which he describes his passion to have Main Street participate in the growing economy as investors and owners, not only earners.
Schwab opens up about the challenges he faced while starting his fledgling company in the 1970s and recounts the company’s game-changing sale to Bank of America, and how, in the end, the merger almost doomed his organization.
We finish up the hour with Carrie Schwab-Pomerantz, who joined us to discuss a recent retirement survey conducted by Schwab.
The online survey was conducted among 2,000 Americans aged 55 to 75 with at least $100,000 in investable assets.
Among the findings:
More than 80% of those who have retired and those soon-to-retire believe their lifestyle in retirement will be everything that they envision
Aspiring retirees expect to retire six years later (at age 66) than accomplished retirees did
19% of survey respondents say they or their spouse were financially impacted by COVID-19
52% of respondents say they’re more focused on developing a retirement plan due to COVID-19
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
The last weekend before Thanksgiving, and to be honest, it doesn’t really feel like the holiday season, at least not to me. Nothing about this year has felt normal.
One thing that has remained the same, is taking questions and calls from you guys, so here we go!
Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.
Earlier in the year, pre-pandemic, we were lucky enough to have two of the founders, Neil Blumenthal and Dave Gilboa, with us in-studio.
By circumventing traditional channels, designing glasses in-house, and engaging with customers directly, Warby Parker is able to provide higher-quality, better-looking prescription eyewear at a fraction of the going price.
The team believes that buying glasses should be easy and fun. It should leave you happy and good-looking, with money in your pocket.
They also believe that everyone has the right to see.
Almost one billion people worldwide lack access to glasses, which means that 15% of the world’s population cannot effectively learn or work.
To help address this problem, Warby Parker partners with nonprofits like VisionSpring to ensure that for every pair of glasses sold, a pair is distributed to someone in need.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Well, the election is over, but it’s not, but it really is. Got it? That’s about all I’m going to say on the subject. That said, for a variety or reasons, it was a pretty wild week on Wall Street.
For the average investor out there, as I like to say, keep calm and carry on! We talk about it a little bit as we start the show and then it’s on to your emails and calls.
One of the booming industries during the pandemic has been estate planning.
Michael Jackson, Prince, Aretha Franklin, these three amazing and wildly successful musicians did not have a will. How could that be, you ask? Don’t they have agents, lawyers and accountants? Didn’t they know at some point they were going to die? “That’s irresponsible,” you say, but welcome to the real world, where even famous people can’t seem to get their acts together to address this difficult topic head on.
Only 42 percent of U.S. adults currently have estate planning documents, including a will. Shockingly, for those with children under the age of 18, the figure is even lower, with just 36 percent having an end-of-life plan in place. Of those who have not done any estate planning, 47 percent said, “I just haven’t gotten around to it.”
I get it, contemplating one’s death is not exactly high on anybody’s to-do list, but it is important that you overcome the anxieties associated with this emotional topic and take control.
So that’s why today we’re doing an estate planning bootcamp with Russell Fishkind, an attorney with Saul Ewing Arnstein & Lehr.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Apologies for the delay in getting the show posted. We've been waiting to see if there were any major developments in the election, and as of this writing, there's still no winner, although it's pretty clear how it's going to turn out.
That said, let's get to the show where hour one is the usual emails and a call.
Hour two is all about not letting anyone crush your dreams!
Undaunted will inspire you to move past your fears and defy the doubters. It doesn’t matter whether you feel confident; it matters what you actually do.
Author Kara Goldin joins us this weekend to talk about how she turned Hint water into one of the most successful beverage businesses of our time and has been named one of InStyle’s Badass 50, Fast Company’s Most Creative People in Business, Fortune’s Most Powerful Women Entrepreneurs and EY Entrepreneur of the Year for Northern California.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
This is it, the last weekend before Election Day. If you haven’t done so already, get out there and vote!!
Also, if you’re listening on Saturday, don’t forget to set your clocks back when you go to bed.
And happy Halloween! If there’s ever a year to wear a mask, this is the one :)
As for the show, we’ll talk all about the election in hour two, but first up it’s time for a bunch of your questions and a caller.
In October 2016, I warned that in advance of the presidential election, “you should not make changes to your portfolio in an effort to outfox the tried and true investment strategy of identifying your personal goals and objectives; creating and sticking to a diversified asset allocation plan, using low cost index funds; and rebalancing two to four times a year.”
Four years later, I am sticking to that guidance, so let’s just pinky-swear that you won’t try to adjust your investments or time whatever market movement you expect, and I promise not to lecture you about the folly of trying to time the market, OK?
To help us break down how the upcoming election may impact your investments, we're joined by Nathan Sheets, Chief Economist and Head of Global Macroeconomic Research at PGIM Fixed Income.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Just over a week to go before Election Day, can you believe it?!
Next weekend on the show, the last weekend before November 3rd, we’ll have an economist on in hour two to help us break down how the upcoming election may impact your investments.
This weekend it’s business as usual.
In hour two we're joined by consultant and best-selling author, Debbie Epstein Henry, who joins the show to talk about her new podcast, Inspiration Loves Company.
Inspiration. Engagement. Impact. That’s the essence of the podcast. It’s about doing better and being better at life, work and everything in-between.
Episodes (featuring yours truly!) will explore issues around women, bias, happiness, work, race, money, candor, balance, leadership and more.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Just over two weeks to go before Election Day and the emails are coming in from people worried about who might win and what it will mean for their investments. Fear not, as we’ll soon have an expert on the show to break down the financial pros and cons of both candidates.
In the meantime, it’s your questions (and a caller) in hour one.
Ben Cohen and Jerry Greenfield, the founders of Ben & Jerry's Ice Cream join the show in hour two to talk about the role businesses play in social activism.
Also hear how the duo, who met in 7th grade gym class, went on to create the iconic company with no business or ice cream making experience 42 year ago.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
It’s show #501, and here’s hoping we have at least another ten more years of Jill on Money on the horizon!
This week we’re back to doing what we do best, answering all your various money questions, which includes a bunch of emails and a caller.
It’s October, which means it’s officially FAFSA season, the Free Application for Federal Student Aid which determines how much students and their families will receive in college grants, scholarships and loans.
So in hour two we’re revisiting a chat with David Klein and Kelly Peeler from CommonBond, a company that positions itself as a place for simpler, smarter student loans for a brighter future.
CommonBond, founded in 2012, has funded over $2.5 billion in better student loans. Their approach is no big secret: lower rates, simpler options, and a world class experience, all built to support you throughout your student loan journey.
Kelly and David firmly believe that student loans should be for fulfilling your dreams, not emptying your bank account. They’re helping you get there by lowering the cost of school and simplifying the process with no more stressful applications or being treated like an account number.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Hard to believe that this weekend is the 500th episode of Jill on Money.
Mark and I started this journey back in January of 2011 when it was a part-time passion project for both of us.
Little did we know that ten years later we’d be cranking out Jill on Money content on a full-time basis!
Although we’ve been a two person team since day one, two people in particular have helped us out along the way.
For this 500th episode, Mark actually chatted with both of them, Harvey Nagler and Craig Swagler.
Harvey was running the show at CBS News radio when he encouraged us to do some demos and ultimately gave us the green light, so a huge THANK YOU to Harvey.
Craig is the current boss at CBS News radio, and when he took over, he could’ve very easily pulled the plug, but he didn’t, and instead is one of our biggest cheerleaders, so a huge THANK YOU to Craig as well.
Enjoy hour one, and a huge THANK YOU to all our listeners!!! Without you, there is no show.
FAFSA season is upon us, so we thought it was a good time to revisit a chat with Erin Lowry, author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together.
As Erin says, it’s easy to get freaked out by finances. But you’re not doomed to spend your life drowning in debt or being mystified by money. It’s time to stop scraping by and take control of your money and your life with this savvy and smart guide.
The book doesn’t just cover stuff like credit card debt, investing, and budgeting, it also tackles tricky money matters and situations.
If you're looking for a gift for the college grad in your life, consider picking up a copy, it could help that person enter the “new” real world on the right path.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Are you guys ready??? For the first time in a long time, we have our first caller on the radio show.
It’s Jess from Florida who’s wondering what he should be doing with some extra cash flow. Another important piece of info is that Jess jumped out of the market back in January and is still sitting on the sidelines.
When you combine near-historic low mortgage rates and fewer homes for sale, you’ve got bidding wars that are driving the housing market during the pandemic.
To talk about the home buying process, we’re bringing back a pre-pandemic interview with Nicole Hamilton, author of Avoid the Money Pit, Turn Your Home into a Financial Powerhouse, and the founder of Homeownering.com, a company that provides unbiased, independent information for homeowners to get the best financial outcome possible.
We touched on a variety of topics and questions facing the average consumer as they try to navigate the murky waters of homeownership.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Holy Moly, it’s that time of year already! Happy Rosh Hashanah to all of our Jewish listeners :) The new year can only be better, right?
To help you celebrate, we’ll ring in the first hour by answering a whole bunch of listener questions.
Ask successful women what they want from their money and they'll tell you: independence, security, choices, a better world, and, oh yes, way less stress, not just for themselves but for their kids, partners, parents, and friends.
That’s the gist of my conversation in hour two with Jean Chatzky, Financial Editor at the Today Show and host of the HerMoney podcast.
In her latest book, Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve, Chatzky helps you get paid what you're worth, build secure relationships, and make your money last.
This interview was recorded well before the pandemic, but it covers many of the financial basics that never get old.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
And so it begins, the homestretch as we begin the final quarter of radio shows in 2020!
And yes, we’re back to answering your questions in hour one, as well as the usual guest spot in hour two.
This week in hour two we’re revisiting an interview I did a while back with Howard Marks, author of Mastering the Market Cycle: Getting the Odds on Your Side.
Even though this was recorded way before the pandemic, now more than ever, the topic of market timing is incredibly relevant.
As co-chairman and co-founder of Oaktree Capital Management, Howard Marks oversees a leading investment firm responsible for over $120 billion in assets.
We all know markets rise and fall, but when should you pull out, and when should you stay in? The answer is never black or white, but is best reached through a keen understanding of the reasons behind the rhythm of cycles.
Confidence about where we are in a cycle comes when you learn the patterns of ups and downs that influence not just economics, markets and companies, but also human psychology and the investing behaviors that result.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Happy Labor Day weekend! Crazy to think that we’re in September when it seems like March was just last week.
Anyhow, this will likely be the last show for a while with two guests. I think next weekend we’ll get back to answering more of your questions, as I know that’s what you guys want :)
First up in hour one is our interview with Roger Ferguson, President and Chief Executive Officer of TIAA, the leading provider of retirement services in the academic, research, medical, and cultural fields and a Fortune 100 financial services organization.
Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System.
He represented the Federal Reserve on several international policy groups and served on key Federal Reserve System committees, including Payment System Oversight, Reserve Bank Operations, and Supervision and Regulation.
As the only Governor in Washington, D.C. on 9/11, he led the Fed’s initial response to the terrorist attacks, taking actions that kept the U.S. financial system functioning while reassuring the global financial community that the U.S. economy would not be paralyzed.
We did this interview right before things shut down in March, but because we thought it was so good we didn't want to waste it!
In hour two we’re talking about insurance and estate planning.
Policygenius, the nation’s leading online insurance marketplace, recently announced the launch of a mobile app that enables consumers to create wills and trusts conveniently on their phones. Consumers can also shop for life and home insurance from the app, creating a mobile one-stop shop for key financial protection needs.
To help explain it all, we're joined by co-founder and CEO, Jennifer Fitzgerald.
We also dive into a variety of other topics, such as recent trends in the insurance industry, the future of the workplace, and how current economic conditions are impacting the company.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
And here we are already, the last weekend of August. Hard to believe there’s only one more month in the third quarter of 2020. Before you know it, the holiday season will be upon us.
Just like last week, we have two guests for you this week, with some of your questions mixed in along the way.
First up we’re talking about bonds.
What’s a portfolio without a bond position? It’s incomplete and potentially riskier than necessary.
We rarely dive into bonds in great detail, what they are, how they work, and why you absolutely need them, which is why I thought it would be time for a little Bond Boot Camp.
Joining us in hour one is Kathy Jones, Senior VP and Chief Fixed Income Strategist at Schwab.
If the pandemic has acted as an accelerant to business trends, it has also become an accelerant to inequality.
Last year, before the onset of coronavirus, the Census Bureau found income inequality was at its highest level in 50 years, with two-thirds of the total wealth in the country owned by the richest 5-percent.
Meanwhile, 4 out of 10 American adults said they would have difficulty covering a $400 unexpected expense and more than 38 million Americans are living in poverty.
When discussing these facts and figures, it is important to remember that there are people behind the numbers.
To do a deeper dive with us on this topic, we're joined in hour two by Dane Holmes, co-founder and CEO at Eskalera, a diversely founded company, committed to providing employees and managers with the knowledge and skills to build a more inclusive culture and helping organizations drive systemic and sustainable change.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
In keeping with the theme of August, it’s another show with two guests, along with some of your questions sprinkled in.
First up we’re talking about the labor force, which has been decimated over the last several weeks, and perhaps no group has been impacted more than the older works.
According to an analysis from the Economic Policy Institute, older workers are less likely than younger ones to have jobs that can be done remotely. Almost 8 in 10 workers over 65 can’t telecommute, compared with about 6 in 10 between 35 to 44, the analysis found.
At the same time, older Americans may be at higher risk of complications from the coronavirus due to their higher rate of chronic health issues.
To discuss this and much, much more, we're joined by labor economist Teresa Ghilarducci.
Next up is Chieh Huang, the CEO of Boxed, an online and mobile membership-free wholesale retailer that offers direct delivery of bulk-sized packages.
Founded in 2013, there’s really one simple idea behind Boxed: make shopping for bulk easy, convenient and fun, so you can focus on the things that really matter.
But there’s much more going on behind the scenes, especially in the HR department, and that’s really what got me interested in having this conversation.
Chieh Huang has such a refreshing perspective when it comes to his employees that it’s hard not to be a fan.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
A bit of a curve ball this week as we bring you interviews in both hours, something we’ll being doing through Labor Day as Mark and I try to take some time off and recharge the batteries!
First up it’s all about mortgages and refinancing, and realizing that when it comes to finding a mortgage for a new home purchase or a refinance, there’s more to consider than simply getting a low interest rate.
That's why we're bringing on Mike Raimi, Managing Director at Luxury Mortgage Corp.
Mike covers all the usual topics, such as a 15 or 30 year mortgage, who should (and should not) be looking to refinance, and how the real estate market has changed, if at all, given what's going on with the pandemic.
Hour two is all about timing.
Everyone knows that timing is everything. But we don't know much about timing itself. Our lives are a never-ending stream of "when" decisions: when to start a business, schedule a class, get serious about a person. Yet we make those decisions based on intuition and guesswork.
Timing, it's often assumed, is an art. But today’s second hour guest, Daniel H. Pink shows us that timing is really a science.
In When: The Scientific Secrets of Perfect Timing, Pink draws on a rich trove of research from psychology, biology, and economics, revealing how best to live, work, and succeed.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
This is our last show before Mark and I take a bit of a break. Heck, we’ve been going non-stop with daily episodes since March, so we need to recharge the batteries. Don’t worry, there will still be shows (and guests!) coming your way!
Now more than ever, it seems the more you know, the better off you’ll be, especially in your career.
Plenty of experts argue that anyone who wants to develop a skill, play an instrument, or lead their field should start early, focus intensely, and rack up as many hours of deliberate practice as possible. If you dabble or delay, you’ll never catch up to the people who got a head start.
But a closer look at research on the world’s top performers, from professional athletes to Nobel laureates, shows that early specialization is the exception, not the rule.
Our guest in hour two, David Epstein, uses his latest book, Range: Why Generalists Triumph in a Specialized World, to examine the world’s most successful athletes, artists, musicians, inventors, forecasters and scientists. He discovered that in most fields, especially those that are complex and unpredictable, generalists, not specialists, are primed to excel.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.