PMI

Are We on Track for Retirement?

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We start the show this week with Nick from Wisconsin who had a few questions regarding his current mortgage which also led to a discussion about his retirement savings strategy.

Next up was a great retirement planning discussion with Michelle from Georgia. She and her husband are in great shape, sometimes it just helps to hear that from an unbiased third party, like yours truly!

Who's a better financial planner, a man or a woman?

That was the gist of the story when today’s guest, Blair duQuesnay, penned an op-ed in the New York Times.

I’m guessing she didn’t think it would go viral. Welp, it did.

Consider Firing Your Male Broker took off like gangbusters with reaction coming down on both sides of the aisle.

What follows is from Blair’s blog, The Belle Curve, and it explains why exactly there was so much reaction:

Some criticized the use of the term broker, which applies only to registered representatives of brokerage firms, commissioned sales agents. Those of us who work for independent RIA firms are advisers who adhere to a fiduciary standard. That is a different and equally important topic for an NYT op-ed. Maybe they will let me write it. Bottom line, the investing public uses the words broker/advisor/adviser interchangeably. They do not know the difference, and the article met them where they are.

Other criticism revolved around the use of research on investment performance to justify the argument. In my mind, the research was not central to the thesis there should be more women advisors. Barber and Odean found that among individual investors, women outperformed men because the traded less often and incurred less trading costs. That information is fascinating and led to additional work on the affect of overconfidence on investment performance. It is not the sole basis of my argument, merely additional ammunition.

Less than 20% of financial advisors are women, a statistic that has not changed in the 15 years I have been here. It’s about time for more.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Is Our Advisor Screwing Us?

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You're pretty certain your mom is getting screwed by her advisor, yet she doesn't want to hear your concerns. What do you do? How do you have the talk? Can she be convinced? That’s how we started the show with Diane from Indiana.

Next up was Melanie from New Jersey who was required to buy private mortgage insurance (PMI) but is now in a position to get rid of it. Should she and her husband ditch it by refinancing? And is it okay to deplete the brokerage account for a kitchen renovation?

In hour two we’re joined by 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.

As companies large and small define and redefine the American workplace, cultivating a mission-driven culture has taken hold among America’s most successful startups. This culture is not just about free snacks and nap rooms, it is about creating an environment where feedback is not just encouraged but actively sought by upper management.

How do companies make this happen? What can you do in yours to cultivate a mission-driven culture?

Chieh Huang has such a refreshing perspective when it comes to his employees that it’s hard not to be a fan. 

More companies need to follow his lead. 

Have a money question? Email me here.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

What You Need to Know About PMI + Early Retirement

We kicked off this week with the always popular topic of early retirement. This time it's Terri from New York who is looking to hang it up. Terri and her husband have a pretty solid plan in place but she wanted to run it by me just to make sure she's not missing anything. 

Rising home prices has helped many homeowners get richer on paper...they have also prompted a big influx of questions about private mortgage insurance (PMI) and refinancing, so we figured it was time to bring on an expert.

Nicole Hamilton, a tech executive-turned-mortgage and homeownership expert, founded Tactile Finance, the first digital tools that let people visualize their homeownership outcomes over time, putting consumers on a level playing field with the professionals who serve them.

Nicole is also the author of the book 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:

  • What if I don’t have 20% for a downpayment?
  • What is PMI?
  • How do I know if I need PMI?
  • Should PMI be a dealbreaker?
  • Will PMI eventually go away?
  • Will PMI go away on its own or is it my responsibility?
  • Is refinancing always a good idea?
  • Pros and cons of an adjustable rate mortgage (ARM)
  • Should I prepay my mortgage?

All those topics and more! And based on what we’ve been seeing in the inbox, I think we did a pretty good job covering all your burning questions!

So when you’re checking out those open houses this summer, or considering a refi before rates go even higher, playback this episode and you’ll be well armed with loads of information.

Have a money question? Email me here.

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Private Mortgage Insurance (PMI) and Refinancing

Rising home prices has helped many homeowners get richer on paper...they have also prompted a big influx of questions about private mortgage insurance (PMI) and refinancing, so we figured it was time to bring on an expert.

Nicole Hamilton, a tech executive-turned-mortgage and homeownership expert, founded Tactile Finance, the first digital tools that let people visualize their homeownership outcomes over time, putting consumers on a level playing field with the professionals who serve them.

Nicole is also the author of the book 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:

  • What if I don’t have 20% for a downpayment?
  • What is PMI?
  • How do I know if I need PMI?
  • Should PMI be a dealbreaker?
  • Will PMI eventually go away?
  • Will PMI go away on its own or is it my responsibility?
  • Is refinancing always a good idea?
  • Pros and cons of an adjustable rate mortgage (ARM)
  • Should I prepay my mortgage?

All those topics and more! And based on what we’ve been seeing in the inbox, I think we did a pretty good job covering all your burning questions!

So when you’re checking out those open houses this summer, or considering a refi before rates go even higher, playback this episode and you’ll be well armed with loads of information.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

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https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

Should I Pay Down My Mortgage?

If you have some extra cash on hand does it make sense to try and pay off the mortgage early? That's the topic this week on the latest BONUS call as we chat with Nick from Milwaukee. 

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

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The Upside and Downside of Rising House Prices

The Upside and Downside of Rising House Prices

A couple of months ago, I noted that the housing market had a problem: there were too few homes for sale. Persistently low inventory means that there are a lot of frustrated would-be buyers out there, spending weekends at open houses. It also has led to home prices continuing to rise at a more than six percent clip from a year ago.

Better Off BONUS call: Saving for House

If you're determined to buy your first house, should the priority be saving for retirement or saving for the down payment? That's what Erin from Salt Lake City was wondering on the latest BONUS call. Do they pull back on their 401(k) contributions or keep maxing out and pay PMI due to a smaller down payment?

“Better Off” is sponsored by Betterment.

Have a finance related question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

KISS for Summer 2017

KISS for Summer 2017

With Independence Day behind us, the heart of summer has begun. For some, it is the time to disengage from real life issues, like personal financial. For me, it’s time for my annual “KISS” for your money! What is KISS? “Keep It Simple, Stupid” and it’s the perfect mantra for this time of year. Here are five tasks that are easy to complete before you shut down.